First Watch Restaurant (FWRG) Operating Margin (2020 - 2026)

First Watch Restaurant's Operating Margin history runs 7 years deep, the most recent figure standing at 0.3% for Q1 2026.

• In Q1 2026, Operating Margin fell 9.0% year-over-year to 0.3%; the TTM figure through Mar 2026 stood at 2.16% (down 47.0% YoY), while the FY2025 annual figure was 2.25%, down 158.0% from the prior year.
• Operating Margin for Q1 2026 stood at 0.3%, down from 2.86% in the prior quarter.
• The five-year high for Operating Margin was 7.25% in Q1 2023, with the low at 0.3% in Q1 2026.
• The 5-year median for Operating Margin is 2.8% (2023), against an average of 3.1%.
• The sharpest annual moves came in 2022 and 2023: Operating Margin sank 526 bps in 2022, then jumped 277 bps in 2023.
• First Watch Restaurant's Operating Margin stood at 0.8% in 2022, then soared by 252 bps to 2.8% in 2023, then plunged by 48 bps to 1.47% in 2024, then soared by 95 bps to 2.86% in 2025, then sank by 89 bps to 0.3% in 2026.
• Business Quant data shows FWRG's Operating Margin at 0.3% in Q1 2026, 2.86% in Q4 2025, and 3.18% in Q3 2025.