First Watch Restaurant (FWRG) Operating Margin (2020 - 2026)
First Watch Restaurant's Operating Margin was 2.29% in Q2 2026, down 0.08 percentage points from 2.38% a year earlier but up 1.99 percentage points from the prior quarter.
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Analysis
First Watch Restaurant (FWRG) Operating Margin (2020 - 2026) Analysis & Trends
On a trailing twelve-month basis, First Watch Restaurant's Operating Margin was 2.14% through Jun 28, 2026, up 0.46 percentage points year-over-year; for FY2025, it was 2.25%, down 1.58 percentage points from FY2024.
- Operating Margin shows a five-year change of +16.04 percentage points (FY2020 to FY2025).
- In earlier years, Operating Margin was 3.83% in FY2024 (-0.80 pp), 4.63% in FY2023 (+2.31 pp), 2.32% in FY2022 (-1.38 pp) and 3.70% in FY2021 (+17.49 pp).
- Quarterly Operating Margin has moved between -0.66% (Q4 2021) and 7.25% (Q1 2023) over five years.
- Compared with a year earlier, Operating Margin was higher in two of the last eight quarters, with an average year-over-year change of -1.14 percentage points.
- The best year-over-year quarter for Operating Margin over five years was Q3 2021 (a gain of 13.18 percentage points); the worst was Q2 2022 (a drop of 5.26 percentage points).
- Per Business Quant data, FWRG's Operating Margin in the three quarters before Q2 2026 was 0.30% (Q1 2026), 2.86% (Q4 2025) and 3.18% (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Mcdonalds | 163.51 Bn | 158.34 Bn | 6.42 Bn | 47.02% |
| 2 | Starbucks | 107.11 Bn | 94.75 Bn | - | 10.52% |
| 3 | Chipotle Mexican Grill | 40.42 Bn | 36.40 Bn | - | 15.70% |
| 4 | Yum Brands | 37.23 Bn | 34.12 Bn | 1.47 Bn | 30.20% |
| 5 | Restaurant Brands International | 24.82 Bn | 21.92 Bn | 1.38 Bn | 28.41% |
| 6 | Darden Restaurants | 22.06 Bn | 21.17 Bn | -113.70 Mn | 13.90% |
| 7 | Restaurant Brands International Limited Partnership | 17.01 Bn | 12.57 Bn | 1.38 Bn | 28.41% |
| 8 | Yum China Holdings | 14.18 Bn | 8.54 Bn | 537.00 Mn | 11.09% |
| 9 | Texas Roadhouse | 10.25 Bn | 9.62 Bn | - | 8.50% |
| 10 | First Watch Restaurant | 627.62 Mn | 541.61 Mn | - | 2.29% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 28, 2026 | 2.29% |
| Mar 29, 2026 | 0.30% |
| Dec 28, 2025 | 2.86% |
| Sep 28, 2025 | 3.18% |
| Jun 29, 2025 | 2.38% |
| Mar 30, 2025 | 0.39% |
| Dec 29, 2024 | 1.47% |
| Sep 29, 2024 | 2.51% |
| Jun 30, 2024 | 6.36% |
| Mar 31, 2024 | 5.07% |
| Dec 31, 2023 | 2.80% |
| Sep 24, 2023 | 3.53% |
| Jun 25, 2023 | 5.24% |
| Mar 26, 2023 | 7.25% |
| Dec 25, 2022 | 0.80% |
| Sep 25, 2022 | 1.40% |
| Jun 26, 2022 | 2.74% |
| Mar 27, 2022 | 4.48% |
| Dec 26, 2021 | -0.66% |
| Sep 26, 2021 | 4.54% |
API Access
First Watch Restaurant Operating Margin 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-margin&ticker=FWRG&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-margin", "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-margin&ticker=FWRG&period=max&api_key=YOUR_API_KEY");
const data = await res.json();