First Watch Restaurant Group, Inc. (FWRG) Balance Sheet
FWRG balance sheet, 2025
December 31, 2025 · U.S. dollars$1.74B assets = $1.12B liabilities + $626.3M equity
Both columns are drawn to the same scale: what FWRG owns equals what it owes plus shareholders’ equity. Hover a block for its value.
FWRG financial health
Descriptive bands, not a rating. Fiscal 2025.
FWRG balance sheet trends, 2018–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $664.5M2018 | $1.74B2025 | +14.8%/yr | |
| Total liabilities | $289.8M2018 | $1.12B2025 | +21.2%/yr | |
| Shareholders’ equity | $374.4M2018 | $626.3M2025 | +7.6%/yr | |
| Cash & short-term investments | $16.3M2018 | $21.2M2025 | +3.9%/yr | |
| Total debt | $195.0M2018 | $1.01B2025 | +26.5%/yr | |
| Net cash (debt) | −$178.8M2018 | −$987.4M2025 | −$808.7M | |
| Working capital | −$7.5M2018 | −$118.4M2025 | −$111.0M | |
| Book value per share | $8.322018 | $9.972025 | +2.6%/yr | |
| Current ratio | 0.802018 | 0.292025 | −0.50 | |
| Debt / equity | 0.522018 | 1.612025 | +1.09 | |
| Shares outstanding | 45.0M2018 | 62.8M2025 | +4.9%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
FWRG assets
FWRG liabilities and equity
FWRG debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
FWRG balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Cash & short-term investments | $21.2M | $33.3M | $49.6M | $49.7M | $51.9M | $38.8M | $11.1M | $16.3M |
| Cash & equivalents | $21.2M | $33.3M | $49.6M | $49.7M | $51.9M | $38.8M | $11.1M | $16.3M |
| Receivables | $6.9M | $7.2M | $5.5M | $6.2M | $4.5M | $3.9M | $5.7M | $1.9M |
| Inventory | $7.2M | $6.1M | $5.4M | $5.0M | $4.0M | $2.9M | $2.7M | $2.1M |
| Other current assets | $13.8M | $9.2M | $10.6M | $6.4M | $7.4M | $3.4M | $4.7M | $9.1M |
| Total current assets | $49.1M | $55.9M | $71.2M | $67.3M | $67.7M | $49.0M | $24.2M | $29.4M |
| Property, plant & equipment (net) | $1.09B | $889.1M | $683.1M | $547.5M | $489.7M | $468.3M | $466.8M | $124.8M |
| Goodwill & intangible assets | $595.1M | $566.2M | $511.1M | $488.4M | $488.2M | $488.9M | $489.8M | $509.1M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $4.8M | $3.3M | $1.7M | $1.3M | $1.3M | $1.3M | $1.2M | $1.2M |
| Total assets | $1.74B | $1.51B | $1.27B | $1.10B | $1.05B | $1.01B | $982.1M | $664.5M |
| Liabilities | ||||||||
| Accounts payable | $8.7M | $7.0M | $6.3M | $7.6M | $11.1M | $4.2M | $5.1M | $5.6M |
| Short-term debt | $88.3M | $64.9M | $45.9M | $46.6M | $43.7M | $43.7M | $30.4M | $1.9M |
| Deferred revenue | $6.8M | $5.6M | $5.5M | $5.2M | $4.7M | $4.3M | $7.1M | — |
| Total current liabilities | $167.5M | $138.5M | $115.1M | $100.0M | $96.5M | $76.5M | $73.0M | $36.9M |
| Long-term debt | $269.1M | $189.0M | $119.8M | $94.7M | $99.8M | $286.4M | $250.4M | $0 |
| Lease obligations | $726.3M | $611.3M | $481.6M | $405.0M | $368.7M | $347.9M | $323.1M | — |
| Other long-term liabilities | $679.2M | $591.5M | $470.9M | $386.7M | $346.2M | $323.7M | $328.9M | $252.9M |
| Total liabilities | $1.12B | $919.0M | $705.8M | $581.3M | $542.5M | $686.6M | $652.3M | $289.8M |
| Shareholders' equity | ||||||||
| Common stock & paid-in capital | $611,000 | $607,000 | $599,000 | $592,000 | $590,000 | $450,000 | $450,000 | $38,000 |
| Retained earnings (deficit) | −$34.4M | −$53.8M | −$72.7M | −$98.1M | −$105.0M | −$102.9M | −$53.3M | −$7.7M |
| Accumulated other comprehensive income | −$1.1M | −$441,000 | −$667,000 | $0 | $0 | $0 | $0 | $0 |
| Total shareholders' equity | $626.3M | $595.4M | $561.3M | $523.1M | $504.4M | $320.9M | $329.8M | $374.4M |
| Key figures | ||||||||
| Total debt | $1.01B | $809.6M | $607.0M | $507.4M | $474.0M | $637.9M | $576.4M | $195.0M |
| Net cash (debt) | −$987.4M | −$776.2M | −$557.3M | −$457.7M | −$422.1M | −$599.1M | −$565.3M | −$178.8M |
| Working capital | −$118.4M | −$82.6M | −$43.9M | −$32.7M | −$28.8M | −$27.5M | −$48.8M | −$7.5M |
| Tangible book value | $31.2M | $29.2M | $50.2M | $34.8M | $16.2M | −$168.0M | −$160.0M | −$134.7M |
| Book value per share | $9.97 | $9.55 | $9.17 | $8.70 | $10.46 | $5.48 | $5.64 | $8.32 |
| Shares outstanding | 62.8M | 62.4M | 61.2M | 60.1M | 48.2M | 58.5M | 58.5M | 45.0M |
| Current ratio | 0.29 | 0.40 | 0.62 | 0.67 | 0.70 | 0.64 | 0.33 | 0.80 |
| Quick ratio | 0.17 | 0.29 | 0.48 | 0.56 | 0.58 | 0.56 | 0.23 | 0.49 |
| Debt / equity | 1.61 | 1.36 | 1.08 | 0.97 | 0.94 | 1.99 | 1.75 | 0.52 |
| Equity / assets | 36.0% | 39.3% | 44.3% | 47.4% | 48.2% | 31.8% | 33.6% | 56.3% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $20.5M | $23.6M | $21.2M | $20.7M | $19.2M | $18.6M | $33.3M | $51.1M | $45.1M | $43.2M | $49.6M | $39.9M |
| Cash & equivalents | $20.5M | $23.6M | $21.2M | $20.7M | $19.2M | $18.6M | $33.3M | $51.1M | $45.1M | $43.2M | $49.6M | $39.9M |
| Receivables | $6.8M | $6.0M | $6.9M | $5.5M | $5.5M | $6.0M | $7.2M | $4.9M | $4.0M | $4.1M | $5.5M | $5.0M |
| Inventory | $7.8M | $7.1M | $7.2M | $6.5M | $6.8M | $6.2M | $6.1M | $5.3M | $5.7M | $5.2M | $5.4M | $4.8M |
| Other current assets | $12.4M | $14.8M | $13.8M | $11.0M | $11.5M | $13.5M | $9.2M | $11.6M | $12.6M | $10.9M | $10.6M | $8.9M |
| Total current assets | $47.5M | $51.6M | $49.1M | $43.7M | $42.9M | $44.3M | $55.9M | $73.0M | $67.4M | $63.4M | $71.2M | $58.6M |
| Property, plant & equipment (net) | $1.18B | $1.12B | $1.09B | $1.07B | $1.03B | $931.9M | $889.1M | $840.7M | $796.2M | $699.6M | $683.1M | $638.3M |
| Goodwill & intangible assets | $591.0M | $592.8M | $595.1M | $597.4M | $599.3M | $564.5M | $566.2M | $567.9M | $569.6M | $512.0M | $511.1M | $507.2M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $6.8M | $5.0M | $4.8M | $4.7M | $4.1M | $3.5M | $3.3M | $3.4M | $3.5M | $4.2M | $1.7M | $1.7M |
| Total assets | $1.82B | $1.77B | $1.74B | $1.72B | $1.68B | $1.54B | $1.51B | $1.48B | $1.44B | $1.28B | $1.27B | $1.21B |
| Liabilities | ||||||||||||
| Accounts payable | $10.3M | $9.8M | $8.7M | $7.2M | $7.5M | $7.7M | $7.0M | $6.9M | $7.2M | $5.7M | $6.3M | $5.5M |
| Short-term debt | $94.1M | $89.4M | $88.3M | $85.9M | $79.4M | $66.8M | $64.9M | $55.4M | $52.4M | $44.4M | $45.9M | $49.7M |
| Deferred revenue | $4.4M | $4.3M | $6.8M | $2.6M | $3.5M | $3.4M | $5.6M | $2.4M | $3.2M | $3.3M | $5.5M | $2.7M |
| Total current liabilities | $177.9M | $177.5M | $167.5M | $176.8M | $158.3M | $141.8M | $138.5M | $134.0M | $118.8M | $106.5M | $115.1M | $110.0M |
| Long-term debt | $277.7M | $268.7M | $269.1M | $251.0M | $250.0M | $191.5M | $189.0M | $189.7M | $192.1M | $122.7M | $119.8M | $90.9M |
| Lease obligations | $780.9M | $748.6M | $726.3M | $718.2M | $697.0M | $635.4M | $611.3M | $581.4M | $549.9M | $485.7M | $481.6M | $463.4M |
| Other long-term liabilities | $731.1M | $700.2M | $679.2M | $685.2M | $666.3M | $614.5M | $591.5M | $572.2M | $540.0M | $475.6M | $470.9M | $447.8M |
| Total liabilities | $1.19B | $1.15B | $1.12B | $1.11B | $1.07B | $947.8M | $919.0M | $895.8M | $850.9M | $704.8M | $705.8M | $648.8M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $617,000 | $616,000 | $611,000 | $610,000 | $610,000 | $610,000 | $607,000 | $606,000 | $604,000 | $604,000 | $599,000 | $597,000 |
| Retained earnings (deficit) | −$34.7M | −$37.1M | −$34.4M | −$49.6M | −$52.5M | −$54.7M | −$53.8M | −$54.5M | −$56.6M | −$65.5M | −$72.7M | −$75.4M |
| Accumulated other comprehensive income | −$305,000 | −$541,000 | −$1.1M | −$1.1M | −$1.2M | −$1.1M | −$441,000 | −$2.5M | $188,000 | $262,000 | −$667,000 | $825,000 |
| Total shareholders' equity | $634.2M | $627.7M | $626.3M | $607.3M | $601.3M | $596.3M | $595.4M | $589.1M | $585.8M | $574.4M | $561.3M | $557.1M |
| Key figures | ||||||||||||
| Total debt | $1.07B | $1.03B | $1.01B | $982.4M | $958.8M | $837.2M | $809.6M | $778.9M | $748.6M | $611.4M | $607.0M | $561.2M |
| Net cash (debt) | −$1.05B | −$1.01B | −$987.4M | −$961.6M | −$939.6M | −$818.6M | −$776.2M | −$727.8M | −$703.5M | −$568.2M | −$557.3M | −$521.3M |
| Working capital | −$130.4M | −$125.9M | −$118.4M | −$133.1M | −$115.4M | −$97.6M | −$82.6M | −$61.0M | −$51.4M | −$43.0M | −$43.9M | −$51.5M |
| Tangible book value | $43.2M | $34.9M | $31.2M | $9.9M | $2.0M | $31.8M | $29.2M | $21.2M | $16.2M | $62.4M | $50.2M | $49.8M |
| Book value per share | $10.18 | $10.25 | $9.97 | $9.67 | $9.61 | $9.81 | $9.55 | $9.52 | $9.38 | $9.19 | $9.08 | $9.05 |
| Shares outstanding | 62.3M | 61.2M | 62.8M | 62.8M | 62.6M | 60.8M | 62.3M | 61.9M | 62.5M | 62.5M | 61.8M | 61.6M |
| Current ratio | 0.27 | 0.29 | 0.29 | 0.25 | 0.27 | 0.31 | 0.40 | 0.54 | 0.57 | 0.60 | 0.62 | 0.53 |
| Quick ratio | 0.15 | 0.17 | 0.17 | 0.15 | 0.16 | 0.17 | 0.29 | 0.42 | 0.41 | 0.44 | 0.48 | 0.41 |
| Debt / equity | 1.69 | 1.64 | 1.61 | 1.62 | 1.59 | 1.40 | 1.36 | 1.32 | 1.28 | 1.06 | 1.08 | 1.01 |
| Equity / assets | 34.8% | 35.4% | 36.0% | 35.3% | 35.9% | 38.6% | 39.3% | 39.7% | 40.8% | 44.9% | 44.3% | 46.2% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 24, 2026); data from EODHD.
FWRG financial position
At the end of fiscal 2025 (December 31, 2025), First Watch Restaurant had total assets of $1.7 billion (up 15.0% from a year earlier), total liabilities of $1.1 billion and shareholders' equity of $626.3 million. It held $21.2 million in cash and short-term investments against $1.0 billion of debt, net debt of $987.4 million. Its current ratio was 0.29. In the latest quarter (ended June 30, 2026) total assets were $1.8 billion and equity $634.2 million.
Related: FWRG income statement, FWRG cash flow statement, FWRG key metrics. See the FWRG stock overview for the latest quote and news.
FWRG balance sheet FAQ
What are First Watch Restaurant's total assets?
First Watch Restaurant reported total assets of $1.7 billion at the end of fiscal 2025 (December 31, 2025), compared with $1.5 billion a year earlier.
How much debt does First Watch Restaurant have?
First Watch Restaurant had $1.0 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 1.61.
How much cash does First Watch Restaurant have?
First Watch Restaurant held $21.2 million in cash and short-term investments at the end of fiscal 2025; with $1.0 billion of debt that is net debt of $987.4 million.
What is First Watch Restaurant's book value?
First Watch Restaurant's shareholders' equity (book value) was $626.3 million at the end of fiscal 2025, or $9.97 per share.
What is First Watch Restaurant's current ratio?
First Watch Restaurant had current assets of $49.1 million and current liabilities of $167.5 million, a current ratio of 0.29 (current liabilities exceed current assets).
How much goodwill does First Watch Restaurant have?
First Watch Restaurant carried $595.1 million of goodwill and intangible assets, 34.2% of total assets, at the end of fiscal 2025.