← First Watch Restaurant Group, Inc.
| Annual Trend | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|---|
| ASSETS | |||||||
| Current assets: | |||||||
| Cash and Cash Equivalents, at Carrying Value | $38.8m | $51.9m | $49.7m | $49.6m | $33.3m | $21.2m | |
| Cash and cash equivalents | $38.8m | $51.9m | $49.7m | $49.6m | $33.3m | $21.2m | |
| Accounts receivable | $3.9m | $4.5m | $6.2m | $5.5m | $7.2m | $6.9m | |
| Prepaid expenses | $2.5m | $5.7m | $5.8m | $7.5m | $7.0m | $7.9m | |
| Deposits and other current assets | $621k | $1.4m | $373k | $2.4m | $2.2m | $5.9m | |
| Inventory, Net | $2.9m | $4.0m | $5.0m | $5.4m | $6.1m | $7.2m | |
| Assets, Current | $49.0m | $67.7m | $67.3m | $71.2m | $55.9m | $49.1m | |
| Total current assets | $49.0m | $67.7m | $67.3m | $71.2m | $55.9m | $49.1m | |
| Property, fixtures and equipment, net of accumulated depreciation of $285,706 and $229,227, respectively | $160.7m | $164.7m | $195.1m | $263.1m | $361.4m | $478.5m | |
| Property, Plant and Equipment, Net | $160.7m | $164.7m | — | — | — | — | |
| Goodwill | $345.2m | $345.2m | $345.2m | $359.9m | $398.6m | $420.2m | |
| Intangible Assets, Net (Excluding Goodwill) | $143.7m | $143.0m | $143.2m | $151.2m | $167.6m | $174.9m | |
| Goodwill (primarily expected synergies and assembled workforce; tax deductible) | $345.2m | $345.2m | $345.2m | $359.9m | $398.6m | $420.2m | |
| Intangible assets, net | $143.7m | $143.0m | $143.2m | $151.2m | $167.6m | $174.9m | |
| Operating Lease, Right-of-Use Asset | $307.6m | $325.0m | $352.4m | $420.0m | $527.7m | $614.5m | |
| Other Assets, Noncurrent | $1.3m | $1.3m | $1.3m | $1.7m | $3.3m | $4.8m | |
| Operating lease right-of-use assets | $307.6m | $325.0m | $352.4m | $420.0m | $527.7m | $614.5m | |
| Other long-term assets | $1.3m | $1.3m | $1.3m | $1.7m | $3.3m | $4.8m | |
| Additional Financial Items | |||||||
| Accounts Receivable, after Allowance for Credit Loss, Current | $3.9m | $4.5m | $6.2m | $5.5m | $7.2m | $6.9m | |
| Deferred revenues | $4.3m | $4.7m | $5.2m | $5.5m | $5.6m | $6.8m | |
| Current portion of operating lease liabilities | $40.1m | $38.2m | $38.9m | $40.3m | $55.7m | $75.0m | |
| Interest rate swap liabilities, current | — | — | — | $0 | $105k | $900k | |
| Operating lease liabilities | $307.8m | $330.5m | $366.1m | $441.3m | $555.6m | $651.3m | |
| Deferred income taxes | $10.3m | $12.5m | $17.2m | $25.3m | $32.2m | $22.0m | |
| Derivative liabilities | — | — | $0 | $1.3m | $503k | $557k | |
| Accrued Liabilities, Current | $13.5m | $15.9m | $22.7m | $35.6m | $39.6m | $38.5m | |
| Total equity | $320.9m | $504.4m | $523.1m | $561.3m | $595.4m | $626.3m | |
| Assets | $1.0b | $1.0b | $1.1b | $1.3b | $1.5b | $1.7b | |
| Total assets | $1.0b | $1.0b | $1.1b | $1.3b | $1.5b | $1.7b | |
| LIABILITIES AND EQUITY | |||||||
| Current liabilities: | |||||||
| Operating Lease, Liability, Current | $40.1m | $38.2m | $38.9m | $40.3m | $55.7m | $75.0m | |
| Accounts Payable, Current | $4.2m | $11.1m | $7.6m | $6.3m | $7.0m | $8.7m | |
| Operating Lease, Liability, Noncurrent | $307.8m | $330.5m | $366.1m | $441.3m | $555.6m | $651.3m | |
| Accrued compensation | $10.9m | $21.2m | $17.9m | $21.7m | $21.2m | $24.3m | |
| Current portion of long-term debt | $3.6m | $3.2m | $6.3m | $5.6m | $9.2m | $13.3m | |
| Liabilities, Current | $76.5m | $96.5m | $100.0m | $115.1m | $138.5m | $167.5m | |
| Total current liabilities | $76.5m | $96.5m | $100.0m | $115.1m | $138.5m | $167.5m | |
| Deferred Income Tax Liabilities, Net | $10.3m | $12.5m | $17.2m | $25.3m | $32.2m | $22.0m | |
| Other Liabilities, Noncurrent | $2.3m | $3.2m | $3.4m | $3.0m | $3.2m | $5.4m | |
| Long-term debt, net | $286.4m | $99.8m | $94.7m | $119.8m | $189.0m | $269.1m | |
| Other long-term liabilities | $2.3m | $3.2m | $3.4m | $3.0m | $3.2m | $5.4m | |
| Deferred Tax Liabilities, Net | $10.3m | $12.5m | $17.2m | $25.3m | $32.2m | $22.0m | |
| Liabilities | $686.6m | $542.5m | $581.3m | $705.8m | $919.0m | $1.1b | |
| Total liabilities | $686.6m | $542.5m | $581.3m | $705.8m | $919.0m | $1.1b | |
| Stockholders’ equity: | |||||||
| Preferred Stock, Value, Issued | $3k | $0 | $0 | $0 | $0 | $0 | |
| Common Stock, Value, Issued | $450k | $590k | $592k | $599k | $607k | $611k | |
| Additional Paid in Capital | $423.3m | $608.9m | $620.7m | $634.1m | $649.0m | $661.2m | |
| Retained Earnings (Accumulated Deficit) | ($102.9m) | ($105.0m) | ($98.1m) | ($72.7m) | ($53.8m) | ($34.4m) | |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | — | — | — | ($667k) | ($441k) | ($1.1m) | |
| Preferred stock; $0.01 par value; 10,000,000 shares authorized; none issued and outstanding | 3k | 0 | 0 | 0 | 0 | 0 | |
| Common stock; $0.01 par value; 300,000,000 shares authorized; 61,131,978 and 60,700,090 shares issued and outstanding at December 28, 2025 and December 29, 2024, respectively | 450k | 590k | 592k | 599k | 607k | 611k | |
| Accumulated deficit | ($102.9m) | ($105.0m) | ($98.1m) | ($72.7m) | ($53.8m) | ($34.4m) | |
| Accumulated other comprehensive loss | — | — | $0 | ($667k) | ($441k) | ($1.1m) | |
| Stockholders' Equity Attributable to Parent | $320.9m | $504.4m | $523.1m | $561.3m | $595.4m | $626.3m | |
| Liabilities and Equity | $1.0b | $1.0b | $1.1b | $1.3b | $1.5b | $1.7b | |
| Total liabilities and equity | $1.0b | $1.0b | $1.1b | $1.3b | $1.5b | $1.7b |
Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.