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

First Watch Restaurant has reported Operating Margin for 7 years, with the latest figure at 0.3% in Q1 2026.

• For the quarter ending Q1 2026, Operating Margin fell 9.0% year-over-year to 0.3%; the trailing twelve-month figure through Mar 2026 stood at 2.16% (down 47.0% YoY), and the FY2025 full-year result 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.
• Average Operating Margin over 5 years is 3.1%, with a median of 2.8% recorded in 2023.
• Year-over-year, Operating Margin slumped 526 bps in 2022 and jumped 277 bps in 2023.
• Tracing FWRG's Operating Margin over 5 years: stood at 0.8% in 2022, then surged by 252 bps to 2.8% in 2023, then plunged by 48 bps to 1.47% in 2024, then surged by 95 bps to 2.86% in 2025, then sank by 89 bps to 0.3% in 2026.
• The last three Operating Margin figures came in at 0.3% (Q1 2026), 2.86% (Q4 2025), and 3.18% (Q3 2025), per Business Quant data.

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