First Watch Restaurant (FWRG) Gross Margin (2020 - 2026)
First Watch Restaurant (FWRG) posted quarterly Gross Margin of 84.32% for Q1 2026, down 748.0% year-over-year from 13.01% in Q1 2025, and up 50.48% quarter-over-quarter from 56.03% in Q4 2025.
First Watch Restaurant (FWRG) Gross Margin (2020 - 2026) Analysis & Trends
First Watch Restaurant's Gross Margin history runs 7 years deep, the most recent figure standing at 84.32% for Q1 2026.
- In Q1 2026, Gross Margin fell 748.0% year-over-year to 84.32%; the TTM figure through Mar 2026 stood at 77.54% (down 266.0% YoY), while the FY2025 annual figure was 77.09%, down 795.0% from the prior year.
- Gross Margin for Q1 2026 stood at 84.32%, up from 56.03% in the prior quarter.
- The five-year high for Gross Margin was 130.51% in Q4 2023, with the low at 56.03% in Q4 2025.
- The 5-year median for Gross Margin is 84.54% (2022), against an average of 85.07%.
- The sharpest annual moves came in 2023 and 2024: Gross Margin surged 4597 bps in 2023, then plunged 6516 bps in 2024.
- First Watch Restaurant's Gross Margin stood at 84.54% in 2022, then jumped by 54 bps to 130.51% in 2023, then slumped by 50 bps to 65.35% in 2024, then declined by 14 bps to 56.03% in 2025, then jumped by 50 bps to 84.32% in 2026.
- Business Quant data shows FWRG's Gross Margin at 84.32% in Q1 2026, 56.03% in Q4 2025, and 77.94% in Q3 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Mcdonalds | 193.05 Bn | 192.23 Bn | 6.42 Bn | 90.42% |
| 2 | Starbucks | 122.77 Bn | 119.16 Bn | 6.49 Bn | 69.66% |
| 3 | Chipotle Mexican Grill | 42.40 Bn | 41.73 Bn | 2.35 Bn | 70.33% |
| 4 | Yum Brands | 40.42 Bn | 39.75 Bn | 1.47 Bn | 67.73% |
| 5 | Restaurant Brands International | 27.11 Bn | 27.59 Bn | 1.89 Bn | 74.80% |
| 6 | Darden Restaurants | 25.70 Bn | 25.48 Bn | 3.68 Bn | 98.84% |
| 7 | Restaurant Brands International Limited Partnership | 17.24 Bn | 16.18 Bn | 1.89 Bn | 74.80% |
| 8 | Yum China Holdings | 16.42 Bn | 15.74 Bn | 2.22 Bn | 70.75% |
| 9 | Texas Roadhouse | 13.58 Bn | 13.40 Bn | 1.44 Bn | 85.89% |
| 10 | First Watch Restaurant | 784.98 Mn | 764.50 Mn | 272.08 Mn | 76.71% |
Historic Data
Download Data| Date | Value |
|---|---|
| Jun 28, 2026 | 76.71% |
| Mar 29, 2026 | 84.32% |
| Dec 28, 2025 | 56.03% |
| Sep 28, 2025 | 77.94% |
| Jun 29, 2025 | 91.94% |
| Mar 30, 2025 | 91.80% |
| Dec 29, 2024 | 65.35% |
| Sep 29, 2024 | 84.54% |
| Jun 30, 2024 | 78.42% |
| Mar 31, 2024 | 84.82% |
| Dec 31, 2023 | 130.51% |
| Sep 24, 2023 | 91.99% |
| Jun 25, 2023 | 77.95% |
| Mar 26, 2023 | 92.46% |
| Dec 25, 2022 | 84.54% |
| Sep 25, 2022 | 91.92% |
| Jun 26, 2022 | 84.41% |
| Mar 27, 2022 | 77.24% |
| Dec 26, 2021 | 66.91% |
| Sep 26, 2021 | 77.22% |