First Watch Restaurant (FWRG) Tax Rate (2021 - 2026)
First Watch Restaurant (FWRG) posted Tax Rate of 30.55% for Q2 2026, down 10.56 percentage points from 41.11% a year earlier but up 8.74 percentage points from the prior quarter.
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Analysis
First Watch Restaurant (FWRG) Tax Rate (2021 - 2026) Analysis & Trends
For the trailing twelve months through Jun 28, 2026, Tax Rate at First Watch Restaurant was -77.59%, down 112.42 percentage points year-over-year; for FY2025, it was -60.16%, down 92.63 percentage points from FY2024.
- Annual Tax Rate shows a five-year change of -88.73 percentage points (FY2020 to FY2025).
- In prior years, First Watch Restaurant's Tax Rate was 32.47% in FY2024 (+2.84 pp), 29.63% in FY2023 (-15.51 pp), 45.14% in FY2022 (-624.32 pp) and 669.46% in FY2021 (+640.89 pp).
- Quarterly Tax Rate has run from a low of -243.08% in Q4 2025 to a high of 289.84% in Q4 2022 over five years.
- On a year-over-year basis, Tax Rate has declined in each of the last three quarters, with an average year-over-year change of -34.67 percentage points over the last eight quarters.
- The strongest year-over-year quarter for Tax Rate in the past five years was Q4 2022, with a gain of 286.38 percentage points; the weakest was Q4 2025, with a drop of 248.36 percentage points.
- According to Business Quant data, Tax Rate for the three prior quarters was 21.81% (Q1 2026), -243.08% (Q4 2025) and 47.29% (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Tax Rate (Qtr) |
|---|---|---|---|---|---|
| 1 | Mcdonalds | 163.51 Bn | 158.34 Bn | 6.42 Bn | 19.55% |
| 2 | Starbucks | 107.11 Bn | 94.75 Bn | - | 26.38% |
| 3 | Chipotle Mexican Grill | 40.42 Bn | 36.40 Bn | - | 24.33% |
| 4 | Yum Brands | 37.23 Bn | 34.12 Bn | 1.47 Bn | - |
| 5 | Restaurant Brands International | 24.82 Bn | 21.92 Bn | 1.38 Bn | - |
| 6 | Darden Restaurants | 22.06 Bn | 21.17 Bn | -113.70 Mn | 12.41% |
| 7 | Restaurant Brands International Limited Partnership | 17.01 Bn | 12.57 Bn | 1.38 Bn | - |
| 8 | Yum China Holdings | 14.18 Bn | 8.54 Bn | 537.00 Mn | 25.99% |
| 9 | Texas Roadhouse | 10.25 Bn | 9.62 Bn | - | 13.53% |
| 10 | First Watch Restaurant | 627.62 Mn | 541.61 Mn | - | 30.55% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 28, 2026 | 30.55% |
| Sep 28, 2025 | 47.29% |
| Jun 29, 2025 | 41.11% |
| Dec 29, 2024 | 5.28% |
| Sep 29, 2024 | 39.59% |
| Jun 30, 2024 | 35.41% |
| Mar 31, 2024 | 27.95% |
| Dec 31, 2023 | 51.90% |
| Sep 24, 2023 | 18.66% |
| Jun 25, 2023 | 20.34% |
| Mar 26, 2023 | 32.75% |
| Dec 25, 2022 | 289.84% |
| Sep 25, 2022 | 96.65% |
| Jun 26, 2022 | 33.04% |
| Mar 27, 2022 | 32.92% |
| Sep 26, 2021 | 40.55% |
| Jun 27, 2021 | 37.52% |
API Access
First Watch Restaurant Tax Rate 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=tax-rate&ticker=FWRG&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "tax-rate", "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=tax-rate&ticker=FWRG&period=max&api_key=YOUR_API_KEY");
const data = await res.json();