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First Watch Restaurant (FWRG) Operating Expenses (2020 - 2025)

First Watch Restaurant has reported Operating Expenses over the past 6 years, most recently at $307.3 million for Q4 2025.

  • Quarterly results put Operating Expenses at $307.3 million for Q4 2025, up 18.46% from a year ago — trailing twelve months through Dec 2025 was $1.2 billion (up 22.31% YoY), and the annual figure for FY2025 was $1.2 billion, up 22.31%.
  • Operating Expenses for Q4 2025 was $307.3 million at First Watch Restaurant, roughly flat from $306.0 million in the prior quarter.
  • Over the last five years, Operating Expenses for FWRG hit a ceiling of $307.3 million in Q4 2025 and a floor of $123.3 million in Q1 2021.
  • Median Operating Expenses over the past 5 years was $208.2 million (2023), compared with a mean of $215.7 million.
  • Biggest five-year swings in Operating Expenses: surged 43.43% in 2021 and later grew 9.11% in 2024.
  • First Watch Restaurant's Operating Expenses stood at $163.7 million in 2021, then grew by 12.57% to $184.3 million in 2022, then rose by 29.04% to $237.8 million in 2023, then grew by 9.11% to $259.4 million in 2024, then rose by 18.46% to $307.3 million in 2025.
  • The last three reported values for Operating Expenses were $307.3 million (Q4 2025), $306.0 million (Q3 2025), and $300.6 million (Q2 2025) per Business Quant data.