First Watch Restaurant Group annual operating margin
2019
2020
2021
2022
2023
2024
2025
First Watch Restaurant Group Operating Margin Growth & History (FWRG)
First Watch Restaurant Group's operating margin was 2.25% for fiscal 2025.
View full First Watch Restaurant Group company overviewFirst Watch Restaurant Group annual operating margin history
| Fiscal year | Period ended | Operating margin | Change (percentage points) |
|---|---|---|---|
| 2025 | 2025-12-28 | 2.25% | −1.58 pp |
| 2024 | 2024-12-29 | 3.83% | −0.80 pp |
| 2023 | 2023-12-31 | 4.63% | +2.31 pp |
| 2022 | 2022-12-25 | 2.32% | −1.38 pp |
| 2021 | 2021-12-26 | 3.70% | +17.49 pp |
| 2020 | 2020-12-27 | −13.79% | −5.19 pp |
| 2019 | 2019-12-29 | −8.61% | — |
First Watch Restaurant Group quarterly operating margin
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 margin | Change (percentage points) |
|---|---|---|---|
| Q2 2026 | 2026-06-28 | 2.29% | −0.08 pp |
| Q1 2026 | 2026-03-29 | 0.30% | −0.09 pp |
| Q4 2025 | 2025-12-28 | 2.86% | +1.39 pp |
| Q3 2025 | 2025-09-28 | 3.18% | +0.67 pp |
| Q2 2025 | 2025-06-29 | 2.38% | −3.99 pp |
| Q1 2025 | 2025-03-30 | 0.39% | −4.67 pp |
| Q4 2024 | 2024-12-29 | 1.47% | −1.34 pp |
| Q3 2024 | 2024-09-29 | 2.51% | −1.02 pp |
| Q2 2024 | 2024-06-30 | 6.36% | +1.12 pp |
| Q1 2024 | 2024-03-31 | 5.07% | −2.18 pp |
| Q4 2023 | 2023-12-31 | 2.80% | +2.01 pp |
| Q3 2023 | 2023-09-24 | 3.53% | +2.13 pp |
| Q2 2023 | 2023-06-25 | 5.24% | +2.50 pp |
| Q1 2023 | 2023-03-26 | 7.25% | +2.77 pp |
| Q4 2022 | 2022-12-25 | 0.80% | +1.45 pp |
| Q3 2022 | 2022-09-25 | 1.40% | −3.14 pp |
| Q2 2022 | 2022-06-26 | 2.74% | −5.26 pp |
| Q1 2022 | 2022-03-27 | 4.48% | +1.46 pp |
| Q4 2021 | 2021-12-26 | −0.66% | +7.98 pp |
| Q3 2021 | 2021-09-26 | 4.54% | — |
| Q2 2021 | 2021-06-27 | 8.00% | — |
| Q1 2021 | 2021-03-28 | 3.02% | — |
| Q3 2020 | 2020-09-27 | −8.64% | — |
First Watch Restaurant Group operating margin trends
Over the last five reported fiscal years, First Watch Restaurant Group's operating margin increased from −13.79% to 2.25%, a change of +16.04 percentage points. The latest reported quarter, Q2 2026, shows 2.29%.
About the metric
What operating margin means
Operating margin measures the percentage of revenue left after operating costs and expenses. It shows how much operating profit a company generates from each dollar of revenue.
Calculation and source
How operating margin is calculated
TickerStat calculates operating margin as SEC-reported operating income divided by SEC-reported revenue for the same fiscal period. Changes are shown in percentage points. Fiscal periods can differ from calendar years, so exact period-end dates are included.
Review First Watch Restaurant Group filings at SEC.gov ↗