First Watch Restaurant Group annual net debt
2020
2021
2022
2023
2024
2025
First Watch Restaurant Group Net Debt Growth & History (FWRG)
First Watch Restaurant Group's net debt was $987.4M for fiscal 2025.
View full First Watch Restaurant Group company overviewFirst Watch Restaurant Group annual net debt history
| Fiscal year | Period ended | Net debt | Change | Growth |
|---|---|---|---|---|
| 2025 | 2025-12-28 | $987.4M | $211.2M | +27.21% |
| 2024 | 2024-12-29 | $776.2M | $218.9M | +39.28% |
| 2023 | 2023-12-31 | $557.3M | $101.0M | +22.14% |
| 2022 | 2022-12-25 | $456.3M | $36.5M | +8.71% |
| 2021 | 2021-12-26 | $419.8M | −$179.3M | −29.93% |
| 2020 | 2020-12-27 | $599.1M | — | — |
First Watch Restaurant Group quarterly net debt
Q4.20
Q3.21
Q4.21
Q1.22
Q2.22
Q3.22
Q4.22
Q1.23
Q2.23
Q3.23
Q4.23
Q1.24
Q2.24
Q3.24
Q4.24
Q1.25
Q2.25
Q3.25
Q4.25
Q1.26
Q2.26
| Fiscal quarter | Period ended | Net debt | Change | YoY change |
|---|---|---|---|---|
| Q2 2026 | 2026-06-28 | $1.05B | $113.4M | +12.07% |
| Q1 2026 | 2026-03-29 | $1.01B | $188.5M | +23.03% |
| Q4 2025 | 2025-12-28 | $987.4M | $211.2M | +27.21% |
| Q3 2025 | 2025-09-28 | $961.6M | $233.9M | +32.14% |
| Q2 2025 | 2025-06-29 | $939.6M | $236.1M | +33.56% |
| Q1 2025 | 2025-03-30 | $818.6M | $250.4M | +44.07% |
| Q4 2024 | 2024-12-29 | $776.2M | $218.9M | +39.28% |
| Q3 2024 | 2024-09-29 | $727.8M | $206.5M | +39.61% |
| Q2 2024 | 2024-06-30 | $703.5M | $243.6M | +52.97% |
| Q1 2024 | 2024-03-31 | $568.2M | $112.4M | +24.65% |
| Q4 2023 | 2023-12-31 | $557.3M | $101.0M | +22.14% |
| Q3 2023 | 2023-09-24 | $521.3M | $75.5M | +16.94% |
| Q2 2023 | 2023-06-25 | $459.9M | $24.9M | +5.73% |
| Q1 2023 | 2023-03-26 | $455.8M | $27.7M | +6.48% |
| Q4 2022 | 2022-12-25 | $456.3M | $36.5M | +8.71% |
| Q3 2022 | 2022-09-25 | $445.7M | −$155.8M | −25.90% |
| Q2 2022 | 2022-06-26 | $435.0M | — | — |
| Q1 2022 | 2022-03-27 | $428.1M | — | — |
| Q4 2021 | 2021-12-26 | $419.8M | −$179.3M | −29.93% |
| Q3 2021 | 2021-09-26 | $601.6M | — | — |
| Q4 2020 | 2020-12-27 | $599.1M | — | — |
First Watch Restaurant Group net debt trends
Over the last five fiscal years, First Watch Restaurant Group's net debt increased from $599.1M to $987.4M, a change of $388.4M. The latest reported quarter, Q2 2026, shows $1.05B.
About the metric
What net debt means
Net debt compares a company’s interest-bearing debt with its cash and cash equivalents. Positive net debt means debt exceeds cash, while a negative value indicates the company has more cash than debt on this measure.
Calculation and source
How net debt is calculated
TickerStat calculates net debt as total interest-bearing debt minus cash and cash equivalents at the same reporting-period end. Short-term investments are not subtracted because they are not included in the standardized cash series. Fiscal periods can differ from calendar years, so exact period-end dates are included.
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