First Watch Restaurant Group, Inc. (FWRG)

FWRG Balance Sheet

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

Assets

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep 27, 2026	Dec 28, 2025	Dec 29, 2024	Dec 31, 2023	Dec 25, 2022	Dec 26, 2021
Cash & Equivalents	21.07	21.25	33.31	49.63	49.67	51.86
Cash & Short-Term Investments	21.07	21.25	33.31	49.63	49.67	51.86
Cash Growth	1.70%	-36.22%	-32.88%	-0.08%	-4.23%	33.51%
Accounts Receivable	4.22	5.07	4.12	4.53	3.62	3.4
Other Receivables	2.95	1.79	3.12	1	2.55	1.05
Receivables	7.16	6.86	7.24	5.53	6.16	4.45
Inventory	7.3	7.17	6.12	5.38	5.03	4.02
Prepaid Expenses	8.28	7.95	7.01	7.49	5.8	5.68
Restricted Cash	-	-	-	0.33	0.25	0.25
Other Current Assets	3.37	5.86	2.2	2.82	0.37	1.43
Total Current Assets	47.18	49.08	55.88	71.19	67.29	67.7
Property, Plant & Equipment	1,214	1,093	889.07	683.08	547.49	489.69
Goodwill	420.21	420.21	398.57	359.88	345.22	345.22
Other Intangible Assets	168.64	174.91	167.6	151.19	143.15	143
Other Long-Term Assets	8.33	4.83	3.25	1.7	1.3	1.31
Total Assets	1,858	1,742	1,514	1,267	1,104	1,047

Liabilities

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep 27, 2026	Dec 28, 2025	Dec 29, 2024	Dec 31, 2023	Dec 25, 2022	Dec 26, 2021
Accounts Payable	10.01	8.7	6.96	6.32	7.59	11.06
Accrued Expenses	64.55	49.95	43.02	42.24	32.91	32.01
Short-Term Debt	-	-	-	-	1.38	2.35
Current Portion of Long-Term Debt	14.09	12.15	8.75	5	5.63	2.5
Current Portion of Leases	83.22	77.09	56.29	40.91	39.57	38.87
Current Unearned Revenue	3.56	6.78	5.62	5.5	5.19	4.65
Other Current Liabilities	15.63	12.83	17.83	15.1	7.72	5.07
Total Current Liabilities	191.07	167.5	138.47	115.07	99.98	96.52
Long-Term Debt	256.72	255.17	183.81	116.27	90.82	98.42
Long-Term Leases	735.04	665.15	560.81	444.79	369.96	331.83
Long-Term Unearned Revenue	1.25	1.23	1.69	1.79	2.47	2.29
Long-Term Deferred Tax Liabilities	22.54	21.97	32.22	25.33	17.17	12.49
Other Long-Term Liabilities	7.96	4.73	1.97	2.51	0.91	0.94
Total Liabilities	1,215	1,116	918.97	705.76	581.31	542.49

Shareholders' Equity

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep 27, 2026	Dec 28, 2025	Dec 29, 2024	Dec 31, 2023	Dec 25, 2022	Dec 26, 2021
Common Stock	0.62	0.61	0.61	0.6	0.59	0.59
Additional Paid-In Capital	672.48	661.15	649.05	634.1	620.68	608.88
Retained Earnings	-29.95	-34.39	-53.82	-72.75	-98.13	-105.04
Comprehensive Income & Other	0.7	-1.1	-0.44	-0.67	-	-
Total Common Equity	643.84	626.28	595.39	561.28	523.14	504.43
Shareholders' Equity	643.84	626.28	595.39	561.28	523.14	504.43
Total Liabilities & Equity	1,858	1,742	1,514	1,267	1,104	1,047

Additional Metrics

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep 27, 2026	Dec 28, 2025	Dec 29, 2024	Dec 31, 2023	Dec 25, 2022	Dec 26, 2021
Total Debt	1,089	1,010	809.66	606.97	507.35	473.97
Net Cash (Debt)	-1,068	-988.32	-776.34	-557.33	-457.68	-422.11
Net Cash Growth	-	-	-	-	-	-
Net Cash Per Share	-17.04	-15.73	-12.45	-9.11	-7.61	-8.75
Filing Date Shares Outstanding	61.73	61.14	60.7	59.91	59.26	59.05
Total Common Shares Outstanding	61.73	61.13	60.7	59.89	59.21	59.05
Working Capital	-143.88	-118.42	-82.6	-43.88	-32.69	-28.83
Book Value Per Share	10.43	10.24	9.81	9.37	8.84	8.54
Tangible Book Value	54.99	31.16	29.23	50.22	34.77	16.21
Tangible Book Value Per Share	0.89	0.51	0.48	0.84	0.59	0.27
Land	-	1.19	1.19	1.19	1.19	1.19
Buildings	-	1.35	1.35	1.35	1.35	1.35
Machinery	-	279.3	223.6	180.43	145.85	119.19
Construction In Progress	-	36.14	34.78	17.47	10.48	8.64
Leasehold Improvements	-	434.44	324.39	240.98	178.89	146.58

SEC Filings: 10-K · 10-Q

Data Source: S&P Global Market Intelligence Last updated: Nov 3, 2026

Financial data is provided by S&P Global Market Intelligence and updates within hours after each earnings release, which is every three months for this company.

Update frequency:

Quarterly

Last checked:

Nov 9, 2026

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