First Watch Restaurant (FWRG) Operating Leases (2020 - 2026)
First Watch Restaurant's Operating Leases came in at $701.66 million for Q2 2026, up 11.5% from $629.35 million a year earlier and up 4.3% from the prior quarter.
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Analysis
First Watch Restaurant (FWRG) Operating Leases (2020 - 2026) Analysis & Trends
At the end of FY2025, First Watch Restaurant's Operating Leases was $651.25 million, up 17.2% from FY2024.
- Operating Leases has increased in each of the last five years, with a five-year compound annual growth rate of 16.2% (FY2020 to FY2025).
- Going back by year, Operating Leases was $555.58 million in FY2024 (+25.9%), $441.29 million in FY2023 (+20.5%), $366.11 million in FY2022 (+10.8%) and $330.5 million in FY2021 (+7.4%).
- The Q2 2026 figure represents the highest quarterly Operating Leases in data going back to Q4 2020.
- Year-over-year, Operating Leases has increased for 16 consecutive quarters, with growth averaging 21.7% over the last eight quarters.
- Across the past five years, year-over-year growth in Operating Leases ran from 7.4% in Q4 2021 to 30.3% in Q1 2025.
- Business Quant data shows FWRG's Operating Leases at $672.56 million (Q1 2026), $651.25 million (Q4 2025) and $645.46 million (Q3 2025) in the three quarters before Q2 2026.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) |
|---|---|---|---|---|
| 1 | Mcdonalds | 165.62 Bn | 160.44 Bn | 6.42 Bn |
| 2 | Starbucks | 108.79 Bn | 96.42 Bn | - |
| 3 | Chipotle Mexican Grill | 40.35 Bn | 36.33 Bn | - |
| 4 | Yum Brands | 37.59 Bn | 34.48 Bn | 1.47 Bn |
| 5 | Restaurant Brands International | 24.96 Bn | 22.07 Bn | 1.38 Bn |
| 6 | Darden Restaurants | 22.28 Bn | 21.39 Bn | -113.70 Mn |
| 7 | Restaurant Brands International Limited Partnership | 17.01 Bn | 12.57 Bn | 1.38 Bn |
| 8 | Yum China Holdings | 14.08 Bn | 8.44 Bn | 537.00 Mn |
| 9 | Texas Roadhouse | 10.31 Bn | 9.67 Bn | - |
| 10 | First Watch Restaurant | 640.58 Mn | 554.57 Mn | - |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 28, 2026 | 701.66 Mn |
| Mar 29, 2026 | 672.56 Mn |
| Dec 28, 2025 | 651.25 Mn |
| Sep 28, 2025 | 645.46 Mn |
| Jun 29, 2025 | 629.35 Mn |
| Mar 30, 2025 | 578.90 Mn |
| Dec 29, 2024 | 555.58 Mn |
| Sep 29, 2024 | 533.85 Mn |
| Jun 30, 2024 | 504.13 Mn |
| Mar 31, 2024 | 444.38 Mn |
| Dec 31, 2023 | 441.29 Mn |
| Sep 24, 2023 | 420.50 Mn |
| Jun 25, 2023 | 387.87 Mn |
| Mar 26, 2023 | 370.73 Mn |
| Dec 25, 2022 | 366.11 Mn |
| Sep 25, 2022 | 361.17 Mn |
| Jun 26, 2022 | 353.78 Mn |
| Mar 27, 2022 | 338.46 Mn |
| Dec 26, 2021 | 330.50 Mn |
| Sep 26, 2021 | 322.52 Mn |
API Access
First Watch Restaurant Operating Leases 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-leases&ticker=FWRG&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-leases", "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-leases&ticker=FWRG&period=max&api_key=YOUR_API_KEY");
const data = await res.json();