First Watch Restaurant Group, Inc. (FWRG)

FWRG Cash Flow Statement

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

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY
Period Ending	Dec 31, 2025	Dec 29, 2024	Dec 31, 2023	Dec 25, 2022	Dec 26, 2021
Net Income	19.43	18.93	25.39	6.91	-2.11
Depreciation & Amortization	75.01	57.72	41.22	34.23	32.38
Stock-Based Compensation	10.76	8.53	7.6	10.37	8.6
Other Adjustments	23.87	34.85	29.6	21.86	18.14
Change in Receivables	0.38	-1.7	0.63	-1.71	-0.54
Changes in Inventories	-0.87	-0.51	-0.06	-1.01	-1.11
Changes in Accounts Payable	1.74	0.64	-1.3	-3.47	6.7
Changes in Accrued Expenses	9.62	2.18	9.89	1.44	12.34
Changes in Unearned Revenue	0.56	-0.14	-0.66	0.72	0.65
Changes in Other Operating Activities	-14.58	-4.82	-16.98	-6.41	-12.08
Operating Cash Flow	125.91	115.67	95.34	62.94	62.97
Operating Cash Flow Growth	8.85%	21.33%	51.48%	-0.05%	-
Capital Expenditures	-156.91	-127.92	-83.33	-62.22	-35.31
Purchases of Intangible Assets	-0.85	-0.1	-0.16	-1.11	-0.37
Payments for Business Acquisitions	-56.01	-78.64	-39.88	-	-
Other Investing Activities	-	-	-	0.22	-
Investing Cash Flow	-213.76	-206.65	-123.37	-63.11	-35.68
Short-Term Debt Issued	443.5	22.5	30	-	-
Short-Term Debt Repaid	-387.5	-52.5	-	-	-
Net Short-Term Debt Issued (Repaid)	56	-30	30	-	-
Long-Term Debt Issued	27.5	197.5	-	1.89	102.87
Long-Term Debt Repaid	-8.91	-96.79	-7.56	-5.26	-292.12
Net Long-Term Debt Issued (Repaid)	18.59	100.71	-7.56	-3.37	-189.25
Issuance of Common Stock	1.19	6.43	5.83	1.43	182.1
Net Common Stock Issued (Repurchased)	1.19	6.43	5.83	1.43	182.1
Other Financing Activities	-	-2.81	-0.2	-0.08	-7.12
Financing Cash Flow	75.79	74.33	28.07	-2.02	-14.27
Net Cash Flow	-12.07	-16.65	0.04	-2.19	13.02
Free Cash Flow	-30.99	-12.24	12.01	0.72	27.66
Free Cash Flow Growth	-	-	1572.56%	-97.40%	-
FCF Margin	-2.54%	-1.21%	1.35%	0.10%	4.60%
Free Cash Flow Per Share	-0.49	-0.20	0.20	0.01	0.57
Levered Free Cash Flow	8.6	16.79	-3.38	-33.17	-187.79
Unlevered Free Cash Flow	-41.37	-46.57	-22.17	-27.43	-123.1

Updated Dec 31, 2025. Data Source: Fiscal.ai. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q