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First Watch Restaurant Group, Inc. balance sheet

At the end of fiscal 2025, First Watch Restaurant Group, Inc. had total assets of $1.74bn, total liabilities of $1.12bn and shareholders' equity of $626m. It held $21.2m in cash against $282m of debt: net debt of $261m.

Balance sheet

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMSept 2026
Cash and equivalents1139525050332121
Receivables—4466777
Inventory—3455677
Total current assets—49686771564947
Goodwill—345345345360399420420
Total assets—1,0081,0471,1041,2671,5141,7421,858
Accounts payable—411867910
Deferred revenue (current)—4555674
Total current liabilities—7797100115138167191
Long-term debt—28610095120189269275
Total debt0290105102125198282291
Total liabilities—6875425817069191,1161,215
Shareholders' equity330321504523561595626644
Net debt (negative = net cash)−11251535376165261270
Shares outstanding—45m59m59m60m61m61m62m

Balances at each fiscal year end (quarter end in the quarterly view). Total debt is short- plus long-term borrowings, including lease debt where the company reports it within debt. Where assets do not equal liabilities plus shareholders' equity, the difference (non-controlling interests, redeemable preferred shares) is shown on its own line.

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Figures from First Watch Restaurant Group, Inc.'s SEC filings (10-K and 10-Q), retrieved November 3, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to First Watch Restaurant Group, Inc.