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Asset Utilization RatioAssets AverageDebt RatioDebt to EquityEBIT MarginEBITDA MarginEBT MarginEnterprise ValueEquity AverageEquity RatioFCF MarginGross MarginInterest Coverage RatioInventory AverageInvested CapitalNet MarginOperating MarginReturn on AssetsReturn on Capital EmployedReturn on EquityReturn on Invested CapitalReturn on SalesTimes Interest Earned

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

First Watch Restaurant has reported Operating Margin over the past 6 years, most recently at 2.86% for Q4 2025.

  • Quarterly results put Operating Margin at 2.86% for Q4 2025, up 139.0% from a year ago — trailing twelve months through Dec 2025 was 2.25% (down 158.0% YoY), and the annual figure for FY2025 was 2.25%, down 158.0%.
  • Operating Margin for Q4 2025 was 2.86% at First Watch Restaurant, down from 3.18% in the prior quarter.
  • Over the last five years, Operating Margin for FWRG hit a ceiling of 8.0% in Q2 2021 and a floor of 0.66% in Q4 2021.
  • Median Operating Margin over the past 5 years was 2.94% (2021), compared with a mean of 3.37%.
  • Biggest five-year swings in Operating Margin: surged 1318bps in 2021 and later tumbled -526bps in 2022.
  • First Watch Restaurant's Operating Margin stood at 0.66% in 2021, then skyrocketed by 221bps to 0.8% in 2022, then surged by 252bps to 2.8% in 2023, then plummeted by -48bps to 1.47% in 2024, then surged by 95bps to 2.86% in 2025.
  • The last three reported values for Operating Margin were 2.86% (Q4 2025), 3.18% (Q3 2025), and 2.38% (Q2 2025) per Business Quant data.