First Watch Restaurant Group annual operating expenses
2019
2020
2021
2022
2023
2024
2025
First Watch Restaurant Group Operating Expenses Growth & History (FWRG)
First Watch Restaurant Group's operating expenses was $1.19B for fiscal 2025.
View full First Watch Restaurant Group company overviewFirst Watch Restaurant Group annual operating expenses history
| Fiscal year | Period ended | Operating expenses | Change | Growth |
|---|---|---|---|---|
| 2025 | 2025-12-28 | $1.19B | $218.0M | +22.31% |
| 2024 | 2024-12-29 | $977.0M | $126.7M | +14.90% |
| 2023 | 2023-12-31 | $850.3M | $137.0M | +19.21% |
| 2022 | 2022-12-25 | $713.2M | $134.3M | +23.20% |
| 2021 | 2021-12-26 | $579.0M | $189.3M | +48.60% |
| 2020 | 2020-12-27 | $389.6M | −$84.3M | −17.79% |
| 2019 | 2019-12-29 | $473.9M | — | — |
First Watch Restaurant Group quarterly operating expenses
Q3.20
Q1.21
Q2.21
Q3.21
Q4.21
Q1.22
Q2.22
Q3.22
Q4.22
Q1.23
Q2.23
Q3.23
Q4.23
Q1.24
Q2.24
Q3.24
Q4.24
Q1.25
Q2.25
Q3.25
Q4.25
Q1.26
Q2.26
| Fiscal quarter | Period ended | Operating expenses | Change | YoY change |
|---|---|---|---|---|
| Q2 2026 | 2026-06-28 | $346.5M | $46.0M | +15.29% |
| Q1 2026 | 2026-03-29 | $330.0M | $48.8M | +17.37% |
| Q4 2025 | 2025-12-28 | $307.3M | $47.9M | +18.46% |
| Q3 2025 | 2025-09-28 | $306.0M | $60.7M | +24.74% |
| Q2 2025 | 2025-06-29 | $300.6M | $58.5M | +24.15% |
| Q1 2025 | 2025-03-30 | $281.1M | $51.0M | +22.14% |
| Q4 2024 | 2024-12-29 | $259.4M | $21.7M | +9.11% |
| Q3 2024 | 2024-09-29 | $245.3M | $33.8M | +15.99% |
| Q2 2024 | 2024-06-30 | $242.1M | $37.2M | +18.13% |
| Q1 2024 | 2024-03-31 | $230.2M | $34.1M | +17.39% |
| Q4 2023 | 2023-12-31 | $237.8M | $53.5M | +29.04% |
| Q3 2023 | 2023-09-24 | $211.5M | $27.2M | +14.79% |
| Q2 2023 | 2023-06-25 | $205.0M | $25.6M | +14.25% |
| Q1 2023 | 2023-03-26 | $196.1M | $30.7M | +18.58% |
| Q4 2022 | 2022-12-25 | $184.3M | $20.6M | +12.57% |
| Q3 2022 | 2022-09-25 | $184.2M | $33.9M | +22.59% |
| Q2 2022 | 2022-06-26 | $179.4M | $37.7M | +26.65% |
| Q1 2022 | 2022-03-27 | $165.4M | $42.0M | +34.08% |
| Q4 2021 | 2021-12-26 | $163.7M | — | — |
| Q3 2021 | 2021-09-26 | $150.3M | $41.9M | +38.69% |
| Q2 2021 | 2021-06-27 | $141.7M | — | — |
| Q1 2021 | 2021-03-28 | $123.3M | — | — |
| Q3 2020 | 2020-09-27 | $108.4M | — | — |
First Watch Restaurant Group operating expenses trends
Over the last five fiscal years, First Watch Restaurant Group's operating expenses increased from $389.6M to $1.19B, a change of $805.4M. The latest reported quarter, Q2 2026, shows $346.5M.
About the metric
What operating expenses mean
Operating expenses are the recurring costs of running a company’s business beyond the direct costs used to calculate gross profit. They commonly include selling, general and administrative expenses, research and development, and other operating costs.
Calculation and source
SEC-reported and calculated operating expenses
TickerStat uses operating expenses reported in company SEC filings when available. When a separate total is unavailable, it calculates operating expenses as aligned gross profit minus operating income for the same fiscal period. Fiscal periods can differ from calendar years, so exact period-end dates are included.
Review First Watch Restaurant Group source filings ↗