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Asset Utilization RatioAssets AverageDebt RatioDebt to EquityEBIT MarginEBITDA MarginEBT MarginEnterprise ValueEquity AverageEquity RatioFCF MarginGross MarginInterest Coverage RatioInventory AverageInvested CapitalNet MarginOperating MarginReturn on AssetsReturn on Capital EmployedReturn on EquityReturn on Invested CapitalReturn on SalesTimes Interest Earned

First Watch Restaurant (FWRG) Gross Margin (2020 - 2025)

First Watch Restaurant has reported Gross Margin over the past 6 years, most recently at 134.0% for Q4 2025.

  • Quarterly results put Gross Margin at 134.0% for Q4 2025, up 318.0% from a year ago — trailing twelve months through Dec 2025 was 99.2% (up 229.0% YoY), and the annual figure for FY2025 was 91.76%, down 10.0%.
  • Gross Margin for Q4 2025 was 134.0% at First Watch Restaurant, up from 91.81% in the prior quarter.
  • Over the last five years, Gross Margin for FWRG hit a ceiling of 134.0% in Q4 2025 and a floor of 59.2% in Q4 2023.
  • Median Gross Margin over the past 5 years was 91.33% (2022), compared with a mean of 92.38%.
  • Biggest five-year swings in Gross Margin: plummeted -3358bps in 2022 and later surged 7162bps in 2024.
  • First Watch Restaurant's Gross Margin stood at 125.18% in 2021, then fell by -27bps to 91.6% in 2022, then plummeted by -35bps to 59.2% in 2023, then soared by 121bps to 130.82% in 2024, then rose by 2bps to 134.0% in 2025.
  • The last three reported values for Gross Margin were 134.0% (Q4 2025), 91.81% (Q3 2025), and 91.94% (Q2 2025) per Business Quant data.