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

First Watch Restaurant (FWRG) has 6 years of Operating Expenses data on record, last reported at $307.3 million in Q4 2025.

  • For Q4 2025, Operating Expenses rose 18.46% year-over-year to $307.3 million; the TTM value through Dec 2025 reached $1.2 billion, up 22.31%, while the annual FY2025 figure was $1.2 billion, 22.31% up from the prior year.
  • Operating Expenses reached $307.3 million in Q4 2025 per FWRG's latest filing, roughly flat from $306.0 million in the prior quarter.
  • Across five years, Operating Expenses topped out at $307.3 million in Q4 2025 and bottomed at $123.3 million in Q1 2021.
  • Average Operating Expenses over 5 years is $215.7 million, with a median of $208.2 million recorded in 2023.
  • Peak YoY movement for Operating Expenses: surged 1189.18% in 2021, then increased 9.11% in 2024.
  • A 5-year view of Operating Expenses shows it stood at $163.7 million in 2021, then rose by 12.57% to $184.3 million in 2022, then increased by 29.04% to $237.8 million in 2023, then rose by 9.11% to $259.4 million in 2024, then increased by 18.46% to $307.3 million in 2025.
  • Per Business Quant database, its latest 3 readings for Operating Expenses were $307.3 million in Q4 2025, $306.0 million in Q3 2025, and $300.6 million in Q2 2025.