First Watch Restaurant (FWRG) Operating Expenses (2020 - 2026)
First Watch Restaurant (FWRG) posted Operating Expenses of $346.55 million for Q2 2026, up 15.3% from $300.57 million a year earlier and up 5.0% from the prior quarter.
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Analysis
First Watch Restaurant (FWRG) Operating Expenses (2020 - 2026) Analysis & Trends
For the trailing twelve months through Jun 28, 2026, Operating Expenses at First Watch Restaurant was $1.29 billion, up 18.7% year-over-year; for FY2025, it came in at $1.19 billion, up 22.3% from FY2024.
- Annual Operating Expenses has increased for five consecutive years, with a five-year compound annual growth rate of 25.1% (FY2020 to FY2025).
- In prior years, First Watch Restaurant's Operating Expenses was $977 million in FY2024 (+14.9%), $850.28 million in FY2023 (+19.2%), $713.25 million in FY2022 (+23.2%) and $578.95 million in FY2021 (+48.6%).
- The Q2 2026 figure stands as the highest quarterly Operating Expenses in data going back to Q3 2020.
- On a year-over-year basis, Operating Expenses has increased in each of the last 20 quarters, with growth averaging 18.4% over the last eight quarters.
- Across the past five years, year-over-year growth in Operating Expenses ran from 9.1% in Q4 2024 to 43.4% in Q4 2021.
- According to Business Quant data, Operating Expenses for the three prior quarters was $329.96 million (Q1 2026), $307.32 million (Q4 2025) and $305.97 million (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Mcdonalds | 165.62 Bn | 160.44 Bn | 6.42 Bn | 3.76 Bn |
| 2 | Starbucks | 108.79 Bn | 96.42 Bn | - | 8.42 Bn |
| 3 | Chipotle Mexican Grill | 40.35 Bn | 36.33 Bn | - | 2.82 Bn |
| 4 | Yum Brands | 37.59 Bn | 34.48 Bn | 1.47 Bn | 1.51 Bn |
| 5 | Restaurant Brands International | 24.96 Bn | 22.07 Bn | 1.38 Bn | 1.80 Bn |
| 6 | Darden Restaurants | 22.28 Bn | 21.39 Bn | -113.70 Mn | 3.20 Bn |
| 7 | Restaurant Brands International Limited Partnership | 17.01 Bn | 12.57 Bn | 1.38 Bn | 1.80 Bn |
| 8 | Yum China Holdings | 14.08 Bn | 8.44 Bn | 537.00 Mn | 2.79 Bn |
| 9 | Texas Roadhouse | 10.31 Bn | 9.67 Bn | - | 1.54 Bn |
| 10 | First Watch Restaurant | 640.58 Mn | 554.57 Mn | - | 346.55 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 28, 2026 | 346.55 Mn |
| Mar 29, 2026 | 329.96 Mn |
| Dec 28, 2025 | 307.32 Mn |
| Sep 28, 2025 | 305.97 Mn |
| Jun 29, 2025 | 300.57 Mn |
| Mar 30, 2025 | 281.13 Mn |
| Dec 29, 2024 | 259.43 Mn |
| Sep 29, 2024 | 245.30 Mn |
| Jun 30, 2024 | 242.11 Mn |
| Mar 31, 2024 | 230.16 Mn |
| Dec 31, 2023 | 237.78 Mn |
| Sep 24, 2023 | 211.47 Mn |
| Jun 25, 2023 | 204.96 Mn |
| Mar 26, 2023 | 196.08 Mn |
| Dec 25, 2022 | 184.27 Mn |
| Sep 25, 2022 | 184.23 Mn |
| Jun 26, 2022 | 179.40 Mn |
| Mar 27, 2022 | 165.35 Mn |
| Dec 26, 2021 | 163.69 Mn |
| Sep 26, 2021 | 150.29 Mn |
API Access
First Watch Restaurant Operating Expenses API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=operating-expenses&ticker=FWRG&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-expenses", "ticker": "FWRG", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=operating-expenses&ticker=FWRG&period=max&api_key=YOUR_API_KEY");
const data = await res.json();