First Watch Restaurant Group, Inc. (FWRG)

FWRG Balance Sheet

Financials in millions USD. Fiscal year is January - December.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep 28, 2025	Dec 29, 2024	Dec 31, 2023	Dec 25, 2022	Dec 26, 2021	Dec 27, 2020
Cash & Equivalents	20.71	33.31	49.63	49.67	51.86	38.85
Cash & Short-Term Investments	20.71	33.31	49.63	49.67	51.86	38.85
Cash Growth	-59.49%	-32.88%	-0.08%	-4.23%	33.51%	249.30%
Accounts Receivable	3.65	4.12	4.53	3.62	3.4	3.36
Other Receivables	1.86	3.12	1	2.55	1.05	0.55
Receivables	5.51	7.24	5.53	6.16	4.45	3.92
Inventory	6.49	6.12	5.38	5.03	4.02	2.92
Prepaid Expenses	6.71	7.01	7.49	5.8	5.68	2.49
Restricted Cash	-	-	0.33	0.25	0.25	0.25
Other Current Assets	4.3	2.2	2.82	0.37	1.43	0.62
Total Current Assets	43.72	55.88	71.19	67.29	67.7	49.04
Property, Plant & Equipment	1,074	889.07	683.08	547.49	489.69	468.3
Goodwill	420.21	398.57	359.88	345.22	345.22	345.22
Other Intangible Assets	177.24	167.6	151.19	143.15	143	143.66
Other Long-Term Assets	4.66	3.25	1.7	1.3	1.31	1.29
Total Assets	1,720	1,514	1,267	1,104	1,047	1,008
Accounts Payable	7.23	6.96	6.32	7.59	11.06	4.22
Accrued Expenses	62.78	43.02	42.24	32.91	32.01	19.8
Short-Term Debt	-	-	-	1.38	2.35	-
Current Portion of Long-Term Debt	11.85	8.75	5	5.63	2.5	2.95
Current Portion of Leases	74.66	56.29	40.91	39.57	38.87	40.76
Current Unearned Revenue	2.64	5.62	5.5	5.19	4.65	4.27
Other Current Liabilities	17.62	17.83	15.1	7.72	5.07	4.54
Total Current Liabilities	176.77	138.47	115.07	99.98	96.52	76.53
Long-Term Debt	236.89	183.81	116.27	90.82	98.42	284.75
Long-Term Leases	659.56	560.81	444.79	369.96	331.83	309.46
Long-Term Unearned Revenue	1.24	1.69	1.79	2.47	2.29	2.03
Long-Term Deferred Tax Liabilities	33.79	32.22	25.33	17.17	12.49	10.31
Other Long-Term Liabilities	4.68	1.97	2.51	0.91	0.94	3.57
Total Liabilities	1,113	918.97	705.76	581.31	542.49	686.65
Common Stock	0.61	0.61	0.6	0.59	0.59	0.45
Additional Paid-In Capital	657.39	649.05	634.1	620.68	608.88	423.35
Retained Earnings	-49.55	-53.82	-72.75	-98.13	-105.04	-102.93
Comprehensive Income & Other	-1.13	-0.44	-0.67	-	-	-
Total Common Equity	607.31	595.39	561.28	523.14	504.43	320.86
Shareholders' Equity	607.31	595.39	561.28	523.14	504.43	320.87
Total Liabilities & Equity	1,720	1,514	1,267	1,104	1,047	1,008
Total Debt	982.95	809.66	606.97	507.35	473.97	637.9
Net Cash (Debt)	-962.23	-776.34	-557.33	-457.68	-422.11	-599.06
Net Cash Per Share	-15.35	-12.45	-9.11	-7.61	-8.75	-13.31
Filing Date Shares Outstanding	61.03	60.7	59.91	59.26	59.05	45.01
Total Common Shares Outstanding	61.03	60.7	59.89	59.21	59.05	45.01
Working Capital	-133.05	-82.6	-43.88	-32.69	-28.83	-27.49
Book Value Per Share	9.95	9.81	9.37	8.84	8.54	7.13
Tangible Book Value	9.87	29.23	50.22	34.77	16.21	-168.02
Tangible Book Value Per Share	0.16	0.48	0.84	0.59	0.27	-3.73
Land	-	1.19	1.19	1.19	1.19	1.19
Buildings	-	1.35	1.35	1.35	1.35	1.35
Machinery	-	223.6	180.43	145.85	119.19	105.98
Construction In Progress	-	34.78	17.47	10.48	8.64	7.09
Leasehold Improvements	-	324.39	240.98	178.89	146.58	128.25

Updated Nov 4, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

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