Filing Flows › First Watch Restaurant Group (FWRG) › Operating margin
First Watch Restaurant Group (FWRG) operating margin by quarter
First Watch Restaurant Group's operating margin was 3.2% in Q3 2026 (third quarter 2026), +0.9 pts from Q2 2026. Over the last 5 quarters it ranged from 2.3% (Q2 2026) to 3.2% (Q3 2025).
| Quarter | Operating margin | Q/Q | Y/Y |
|---|---|---|---|
| Q3 2026 | 3.2% | +0.9 pts | -0.0 pts |
| Q2 2026 | 2.3% | -0.6 pts | -0.1 pts |
| Q4 2025 | 2.9% | -0.3 pts | — |
| Q3 2025 | 3.2% | +0.8 pts | — |
| Q2 2025 | 2.4% | — | — |
Q3 2026 at a glance
First Watch Restaurant Group, Q3 2026: revenue $350M (+11% year over year), operating margin 3.2%, net earnings $4.8M, operating cash flow $48.5M. The chart follows the revenue to costs, profit and cash.
Questions
What is First Watch Restaurant Group's operating margin?
First Watch Restaurant Group's operating margin was 3.2% in Q3 2026 (third quarter 2026), +0.9 pts from Q2 2026.
How has First Watch Restaurant Group's operating margin changed?
Over the last 5 quarters it ranged from 2.3% (Q2 2026) to 3.2% (Q3 2025).
Q3 2026 results → · How First Watch Restaurant Group makes money →