0001789940-26-000060 | 10-Q | XBRL Viewer | First Watch Restaurant Group INC

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Equity and Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 29, 2026	Mar. 30, 2025	Mar. 27, 2026	Dec. 26, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Closing price of common stock on Nasdaq (in dollars per share)			$ 10.31	$ 15.91
Stock-based compensation	$ 3,420	$ 2,259
Share-based payment arrangement, amount capitalized	100
Additional Paid-in Capital
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 3,420	$ 2,259
Tranche 1.1
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage	33.00%
Tranche 1.2
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage	33.00%
Tranche 1.3
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage	33.00%
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	1,005,581
Restricted stock units \| One year
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	896,026
Award vesting period	3 years
Restricted stock units \| Two years
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	9,302
Award vesting period	1 year
Restricted stock units \| Three years
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	94,636
Award vesting period	3 years
Restricted stock units \| Four years
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	5,617
Restricted stock units \| Tranche 4.1: 25% And One Year
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	1 year
Percentage of remaining grants	25.00%
Restricted stock units \| Tranche 4.1: 25% And Two Years
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	2 years
Percentage of remaining grants	25.00%
Restricted stock units \| Tranche 4.1: 50% And Three Years
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Percentage of remaining grants	50.00%

Revenues

3 Months Ended

Mar. 29, 2026

Revenue from Contract with Customer [Abstract]

Revenues

Revenues recognized, disaggregated by type, were as follows:


	THIRTEEN WEEKS ENDED
(in thousands)	MARCH 29, 2026		MARCH 30, 2025
Restaurant sales:
In-restaurant dining sales	$	265,722	$	226,727
Third-party delivery sales	39,692		32,005
Take-out sales	22,734		20,859
Total restaurant sales	328,148		279,591

Franchise revenues:
Royalty and system fund contributions	2,755		2,587
Initial fees	56		62
Total franchise revenues	2,811		2,649
Total revenues	$	330,959	$	282,240

The following tables include a detail of liabilities from contracts with customers:


(in thousands)	MARCH 29, 2026		DECEMBER 28, 2025
Deferred revenues:
Deferred gift card revenue	$	4,092	$	6,548
Deferred franchise fee revenue - current	222		230
Total current deferred revenues	$	4,314	$	6,778
Other long-term liabilities:
Deferred franchise fee revenue - non-current	$	1,250	$	1,226

Changes in deferred gift card contract liabilities were as follows:


	THIRTEEN WEEKS ENDED
(in thousands)	MARCH 29, 2026		MARCH 30, 2025
Deferred gift card revenue:
Balance, beginning of period	$	6,548	$	5,385
Gift card sales	1,846		1,548
Gift card redemptions	(3,837)		(3,374)
Gift card breakage	(465)		(405)
Balance, end of period	$	4,092	$	3,154

Changes in deferred franchise fee contract liabilities were as follows:


	THIRTEEN WEEKS ENDED
(in thousands)	MARCH 29, 2026		MARCH 30, 2025
Deferred franchise fee revenue:
Balance, beginning of period	$	1,456	$	1,929
Cash received	72		35
Franchise revenues recognized	(56)		(62)
Balance, end of period	$	1,472	$	1,902

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 29, 2026
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The Company reports financial information on a 52- or 53-week fiscal year ending on the last Sunday of each calendar year. The quarters ended March 29, 2026 and March 30, 2025 were 13-week periods. These unaudited interim consolidated financial statements (“these financial statements”) include only the information and notes required for interim financial statements by generally accepted accounting principles in the United States of America (“GAAP”) and the Securities and Exchange Commission (“SEC”) and should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K as of and for the year ended December 28, 2025 (“2025 Form 10‑K”). These financial statements have been prepared on the same basis as those presented in the 2025 Form 10-K and include all adjustments necessary for fair presentation of the quarterly periods presented. The quarterly results of operations are not necessarily indicative of the expected results for other quarters or the entire fiscal year. Preparation of financial statements requires Management to make estimates and assumptions that affect the reported assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses for the reporting periods. Actual results could differ materially from the estimates. Fair Value of Financial Instruments Certain assets and liabilities are carried at fair value. Fair value is the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The carrying amounts of the Company’s financial instruments, including cash equivalents, accounts receivable, accounts payable, accrued expenses, deposits and other current assets, and other current liabilities approximate their fair values due to their short-term maturities. Interest Rate Swaps As an element of the Company’s interest rate risk management strategy, Management uses interest rate swaps. The intent of these instruments is to reduce cash flow exposure to variability in future interest rates on the Company’s debt. Management has elected to designate and qualify the interest rate swaps as cash flow hedges. As such, the instruments are recorded on the consolidated balance sheets at fair value. Thereafter, gains or losses on the instruments are recognized in equity as changes to Other Comprehensive Income (Loss) and subsequently reclassified into earnings at the time of the Company’s debt interest payments. Summary of Recently Issued Accounting Pronouncements In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures, which establishes new disclosure requirements related to purchases of inventory, employee compensation, selling expenses, depreciation and intangible amortization. The new guidance is effective for fiscal years beginning after December 15, 2026, and interim periods beginning after December 15, 2027, and should be applied on a prospective basis with the option to apply the standard retrospectively. Early adoption is permitted. Management is currently evaluating the impact of this new standard. In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software, which updates the accounting for internal-use software by replacing stage-based rules with a principles-based framework, clarifying the criteria for capitalization and merging website development cost guidance. The amendments in this update are effective for annual periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. The update may be applied prospectively, retrospectively, or on a modified transition basis based on the status of the project and whether software costs were capitalized before the date of adoption. Management is currently evaluating the impact of this new standard. In November 2025, the FASB issued ASU 2025-09, Derivatives and Hedging: Hedge Accounting Improvements, which includes amendments to more closely align hedge accounting with the economics of the Company’s risk management activities. The amendments in this update are effective for annual periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods. Early adoption is permitted. Management is currently evaluating the impact of this new standard. In December 2025, the FASB issued ASU 2025-11, Interim Reporting: Narrow-Scope Improvements, which makes targeted, narrow scope improvements to interim reporting to clarify application and improve consistency in practice. The amendments in this update are effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. Management is currently evaluating the impact of this new standard. Recent accounting guidance not discussed herein is not applicable or did not have, or is not expected to have, a material impact to the Company.

Equity and Stock-Based Compensation - Schedule of Nonvested Restricted Stock Units Activity (Details) - Restricted stock units $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 29, 2026 USD ($) $ / shares shares
RESTRICTED STOCK UNITS
Beginning balance (in shares) \| shares	2,010,917
Granted (in shares) \| shares	1,005,581
Forfeited (in shares) \| shares	(79,553)
Vested (in shares) \| shares	(484,126)
Ending balance (in shares) \| shares	2,452,819
WEIGHTED AVERAGE GRANT DATE FAIR VALUE PER SHARE
Beginning balance, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 17.60
Granted, weighted average exercise price (in dollars per share) \| $ / shares	12.48
Forfeited, weighted average grant date fair value (in dollars per share) \| $ / shares	16.09
Vested, weighted average grant date fair value (in dollars per share) \| $ / shares	18.61
Ending balance, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 15.35
AGGREGATE INTRINSIC VALUE (in thousands)
Beginning balance outstanding, aggregate intrinsic value \| $	$ 31,994
Ending outstanding, aggregate intrinsic value \| $	$ 25,289

Leases

3 Months Ended

Mar. 29, 2026

Leases [Abstract]

Leases

The following table includes detail of lease assets and liabilities:


(in thousands)	Consolidated Balance Sheet Classification	MARCH 29, 2026		DECEMBER 28, 2025
Finance lease assets - current	Deposits and other current assets	$	—	$	120
Operating lease right-of-use assets	Operating lease right-of-use assets	631,458		614,548
Finance lease assets	Property, fixtures and equipment, net	12,675		10,730
Total lease assets		$	644,133	$	625,398

Operating lease liabilities - current(1)	Current portion of operating lease liabilities	$	76,004	$	75,034
Operating lease liabilities - non-current	Operating lease liabilities	672,562		651,254
Finance lease liabilities - current(1)	Current portion of long-term debt	2,109		2,059
Finance lease liabilities - non-current	Long-term debt, net	12,734		10,847
Total lease liabilities		$	763,409	$	739,194

_____________

(1) Excludes all variable lease expense.

The components of lease expense were as follows:


(in thousands)	Consolidated Statements of Operations and Comprehensive Loss Classification	THIRTEEN WEEKS ENDED
		MARCH 29, 2026		MARCH 30, 2025
Operating lease expense	Other restaurant operating expenses Occupancy expenses Pre-opening expenses General and administrative expenses	$	22,975	$	19,630
Variable lease expense	Food and beverage costs Occupancy expenses General and administrative expenses	5,966		5,234
Finance lease expense:
Amortization of leased assets	Depreciation and amortization	493		193
Interest on lease liabilities	Interest expense	210		44
Total lease expense (1)		$	29,644	$	25,101

_____________

(1) Includes contingent rent expense of $0.5 million during the thirteen week periods ended March 29, 2026 and March 30, 2025.

Supplemental cash flow information related to leases was as follows:


(in thousands)	THIRTEEN WEEKS ENDED
	MARCH 29, 2026		MARCH 30, 2025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows - operating leases	$	17,607	$	16,373
Operating cash flows - finance leases	$	210	$	44
Financing cash flows - finance leases	$	382	$	136

Supplemental information related to leases was as follows:


	THIRTEEN WEEKS ENDED
	MARCH 29, 2026		MARCH 30, 2025
Weighted-average remaining lease term (in years)
Operating leases	12.6		13.1
Finance leases	11.8		13.1
Weighted-average discount rate (1)
Operating leases	7.7	%	7.7	%
Finance leases	6.5	%	6.0	%

____________

(1) Based on the Company’s incremental borrowing rate.

Leases

The following table includes detail of lease assets and liabilities:


(in thousands)	Consolidated Balance Sheet Classification	MARCH 29, 2026		DECEMBER 28, 2025
Finance lease assets - current	Deposits and other current assets	$	—	$	120
Operating lease right-of-use assets	Operating lease right-of-use assets	631,458		614,548
Finance lease assets	Property, fixtures and equipment, net	12,675		10,730
Total lease assets		$	644,133	$	625,398

Operating lease liabilities - current(1)	Current portion of operating lease liabilities	$	76,004	$	75,034
Operating lease liabilities - non-current	Operating lease liabilities	672,562		651,254
Finance lease liabilities - current(1)	Current portion of long-term debt	2,109		2,059
Finance lease liabilities - non-current	Long-term debt, net	12,734		10,847
Total lease liabilities		$	763,409	$	739,194

_____________

(1) Excludes all variable lease expense.

The components of lease expense were as follows:


(in thousands)	Consolidated Statements of Operations and Comprehensive Loss Classification	THIRTEEN WEEKS ENDED
		MARCH 29, 2026		MARCH 30, 2025
Operating lease expense	Other restaurant operating expenses Occupancy expenses Pre-opening expenses General and administrative expenses	$	22,975	$	19,630
Variable lease expense	Food and beverage costs Occupancy expenses General and administrative expenses	5,966		5,234
Finance lease expense:
Amortization of leased assets	Depreciation and amortization	493		193
Interest on lease liabilities	Interest expense	210		44
Total lease expense (1)		$	29,644	$	25,101

_____________

(1) Includes contingent rent expense of $0.5 million during the thirteen week periods ended March 29, 2026 and March 30, 2025.

Supplemental cash flow information related to leases was as follows:


(in thousands)	THIRTEEN WEEKS ENDED
	MARCH 29, 2026		MARCH 30, 2025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows - operating leases	$	17,607	$	16,373
Operating cash flows - finance leases	$	210	$	44
Financing cash flows - finance leases	$	382	$	136

Supplemental information related to leases was as follows:


	THIRTEEN WEEKS ENDED
	MARCH 29, 2026		MARCH 30, 2025
Weighted-average remaining lease term (in years)
Operating leases	12.6		13.1
Finance leases	11.8		13.1
Weighted-average discount rate (1)
Operating leases	7.7	%	7.7	%
Finance leases	6.5	%	6.0	%

____________

(1) Based on the Company’s incremental borrowing rate.

Debt (Tables)

3 Months Ended

Mar. 29, 2026

Debt Disclosure [Abstract]

Long-Term Debt, Net

Long-term debt, net consisted of the following:


	MARCH 29, 2026			DECEMBER 28, 2025
(in thousands)	Balance		Interest Rate	Balance		Interest Rate
Term Facilities	$	208,813	6.56%	$	211,625	6.54%

Revolving Credit Facility	56,500		7.02%	56,000		7.17%
Finance lease liabilities	14,843			12,906
Financing obligation	3,050			3,050
Less: Unamortized debt discount and deferred issuance costs	(1,103)			(1,201)
Total debt, net	282,103			282,380
Less: Current portion of long-term debt	(13,359)			(13,309)
Long-term debt, net	$	268,744		$	269,071

Schedule of Estimated Fair Value of the Outstanding Debt, Excluding Finance Lease Liabilities and Financing Obligations

The following table includes the carrying value and fair value of the Company’s debt as of the dates indicated:


	MARCH 29, 2026				DECEMBER 28, 2025
(in thousands)	Carrying Value		Fair Value		Carrying Value		Fair Value
Term Facilities	$	208,813	$	207,051	$	211,625	$	210,860
Revolving Credit Facility	$	56,500	$	55,957	$	56,000	$	55,761

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Net Loss Per Common Share (Tables)

3 Months Ended

Mar. 29, 2026

Earnings Per Share [Abstract]

Computations of Basic and Diluted Net Income (Loss) Per Common Share

The following table sets forth the computations of basic and diluted net loss per common share:


	THIRTEEN WEEKS ENDED
(in thousands, except share and per share data)	MARCH 29, 2026		MARCH 30, 2025
Numerator:
Net loss	$	(2,685)	$	(829)
Denominator:
Weighted average common shares outstanding - basic	61,243,494		60,767,401
Weighted average common shares outstanding - diluted	61,243,494		60,767,401
Net loss per common share - basic	$	(0.04)	$	(0.01)
Net loss per common share - diluted	$	(0.04)	$	(0.01)
Stock options outstanding not included in diluted net loss per common share as their effect is anti-dilutive	12,552		12,552
Restricted stock units outstanding not included in diluted net loss per share as their effect is anti-dilutive	543,535		—

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 29, 2026	Mar. 30, 2025
Leases [Abstract]
Operating cash flows - operating leases	$ 17,607	$ 16,373
Operating cash flows - finance leases	210	44
Financing cash flows - finance leases	$ 382	$ 136

Accounts Receivable (Details) - USD ($) $ in Thousands	Mar. 29, 2026	Dec. 28, 2025
Receivables [Abstract]
Receivables from third-party delivery providers	$ 2,685	$ 2,068
Receivables from franchisees	1,200	907
Receivables from vendors	1,413	1,337
Receivables related to gift card sales	430	2,091
Other receivables	303	456
Total accounts receivable	$ 6,031	$ 6,859

Interest Rate Swaps (Details) - Interest Rate Swap $ in Millions	3 Months Ended
	Mar. 29, 2026 USD ($)	May 17, 2024 USD ($) derivative	Jun. 23, 2023 USD ($)
Derivative [Line Items]
Derivative, notional amount		$ 60.0	$ 90.0
Derivative, average fixed interest rate		4.42%	4.16%
Number of additional interest rate derivatives entered into \| derivative		2
Other comprehensive income (loss), cash flow hedge, gain (loss), reclassification, after tax	$ 0.2
Cash flow hedge amount to be reclassified within 12 months	$ 0.6

Debt - Long-Term Debt, Net (Details) - USD ($) $ in Thousands	Mar. 29, 2026	Dec. 28, 2025
Debt Instrument [Line Items]
Finance lease liabilities	$ 14,843	$ 12,906
Less: Unamortized debt discount and deferred issuance costs	(1,103)	(1,201)
Total debt, net	282,103	282,380
Less: Current portion of long-term debt	(13,359)	(13,309)
Long-term debt, net	268,744	269,071
Other Debt \| Financing obligation
Debt Instrument [Line Items]
Carrying Value	3,050	3,050
Term Facilities \| Line of Credit \| New Facilities
Debt Instrument [Line Items]
Carrying Value	$ 208,813	$ 211,625
Interest Rate	6.56%	6.54%
Revolving Credit Facility \| Line of Credit \| New Facilities
Debt Instrument [Line Items]
Carrying Value	$ 56,500	$ 56,000
Interest Rate	7.02%	7.17%

Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 29, 2026	Dec. 28, 2025
Payables and Accruals [Abstract]
Construction liabilities	$ 13,658	$ 11,588
Sales tax	9,866	8,806
Insurance liabilities	4,350	4,047
Utilities	2,874	2,892
Credit card fees	2,465	2,110
Property tax	1,852	1,453
Contingent rent	762	1,239
Other	7,757	6,361
Accrued liabilities	$ 43,584	$ 38,496

Accounts Receivable

3 Months Ended

Mar. 29, 2026

Receivables [Abstract]

Accounts Receivable

Accounts receivable consisted of the following:


(in thousands)	MARCH 29, 2026		DECEMBER 28, 2025

Receivables from third-party delivery providers	$	2,685	$	2,068
Receivables from vendors	1,413		1,337
Receivables from franchisees	1,200		907
Receivables related to gift card sales	430		2,091
Other receivables	303		456
Total accounts receivable	$	6,031	$	6,859

Revenues - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 29, 2026	Mar. 30, 2025
Disaggregation of Revenue [Line Items]
Total revenues	$ 330,959	$ 282,240
Restaurant sales
Disaggregation of Revenue [Line Items]
Total revenues	328,148	279,591
In-restaurant dining sales
Disaggregation of Revenue [Line Items]
Total revenues	265,722	226,727
Third-party delivery sales
Disaggregation of Revenue [Line Items]
Total revenues	39,692	32,005
Take-out sales
Disaggregation of Revenue [Line Items]
Total revenues	22,734	20,859
Franchise revenues
Disaggregation of Revenue [Line Items]
Total revenues	2,811	2,649
Royalty and system fund contributions
Disaggregation of Revenue [Line Items]
Total revenues	2,755	2,587
Initial fees
Disaggregation of Revenue [Line Items]
Total revenues	$ 56	$ 62

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Leases - Lease Assets and Lease Liabilities (Details) - USD ($) $ in Thousands	Mar. 29, 2026	Dec. 28, 2025
Leases [Abstract]
Finance lease assets - current	$ 0	$ 120
Operating lease right-of-use assets	631,458	614,548
Finance lease assets	12,675	10,730
Total lease assets	644,133	625,398
Operating lease liabilities - current	76,004	75,034
Operating lease liabilities - non-current	672,562	651,254
Finance lease liabilities - current	2,109	2,059
Finance lease liabilities - non-current	12,734	10,847
Total lease liabilities	$ 763,409	$ 739,194
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Current portion of long-term debt	Current portion of long-term debt
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Long-term debt, net	Long-term debt, net

Equity and Stock-Based Compensation - Schedule of Fair Value Non-vested Options at Grant Dates (Details)	3 Months Ended
	Mar. 29, 2026 $ / shares shares
NUMBER OF OPTIONS
Beginning balance (in shares) \| shares	3,946
Vested (in shares) \| shares	(3,946)
Ending balance (in shares) \| shares	0
WEIGHTED AVERAGE GRANT DATE FAIR VALUE PER SHARE
Beginning balance, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 5.22
Vested, weighted average grant date fair value (in dollars per share) \| $ / shares	5.22
Ending balance, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 0

Segment Information (Tables)

3 Months Ended

Mar. 29, 2026

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following table details consolidated net loss for the segment for the periods indicated:


	THIRTEEN WEEKS ENDED
(in thousands)	MARCH 29, 2026		MARCH 30, 2025
Total revenues	$	330,959	$	282,240
Less:
Food and beverage costs	74,310		66,647
Labor and other related expenses	110,609		96,754
Other restaurant operating expenses	51,904		44,259
Occupancy expenses	27,410		23,149
Pre-opening expenses	3,057		2,660
Stock-based compensation, net of amounts capitalized	3,352		2,259
General and administrative expenses (1)	36,593		27,960
Depreciation and amortization	21,396		16,557
Other segment items (2)	1,329		882
Interest expense	4,778		3,334
Other income, net	(345)		(684)
Income tax benefit	(749)		(708)
Net loss	$	(2,685)	$	(829)

(1) General and administrative expenses excludes stock-based compensation, net of amounts capitalized, which is presented separately.

(2) Other segment items included in segment net loss include transaction and restructuring expenses, net and impairments and loss on disposal of assets.

Accrued Liabilities (Tables)

3 Months Ended

Mar. 29, 2026

Payables and Accruals [Abstract]

Schedule of Accrued Liabilities

Accrued liabilities consisted of the following:


(in thousands)	MARCH 29, 2026		DECEMBER 28, 2025
Construction liabilities	$	13,658	$	11,588
Sales tax	9,866		8,806
Insurance liabilities	4,350		4,047
Utilities	2,874		2,892
Credit card fees	2,465		2,110
Property tax	1,852		1,453
Contingent rent	762		1,239



Other	7,757		6,361
Total accrued liabilities	$	43,584	$	38,496

Debt - Schedule of Estimated Fair Value of the Outstanding Debt, Excluding Finance Lease Liabilities and Financing Obligations (Details) - New Facilities - Line of Credit - USD ($) $ in Thousands	Mar. 29, 2026	Dec. 28, 2025
Term Facilities
Debt Instrument [Line Items]
Carrying Value	$ 208,813	$ 211,625
Term Facilities \| Fair Value, Inputs, Level 3
Debt Instrument [Line Items]
Fair Value	207,051	210,860
Revolving Credit Facility
Debt Instrument [Line Items]
Carrying Value	56,500	56,000
Revolving Credit Facility \| Fair Value, Inputs, Level 3
Debt Instrument [Line Items]
Fair Value	$ 55,957	$ 55,761

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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- Definition

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+ Details

Income Taxes - Components of Income Tax Expense (Benefit) and Effective Income Tax Rate (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 29, 2026	Mar. 30, 2025
Income Tax Disclosure [Abstract]
Loss before income taxes	$ (3,434)	$ (1,537)
Income tax benefit	$ 749	$ 708
Effective income tax rate	21.80%	46.10%

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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+ Details

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 29, 2026
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Proceedings The Company is subject to legal proceedings, claims and liabilities that arise in the ordinary course of business. The amount of the anticipated liability with respect to these matters was not material as of March 29, 2026. In the event any litigation losses become probable and estimable, the Company will recognize anticipated losses.

Leases - Supplemental Information Related to Leases (Details)	Mar. 29, 2026	Mar. 30, 2025
Weighted-average remaining lease term (in years)
Operating leases	12 years 7 months 6 days	13 years 1 month 6 days
Finance leases	11 years 9 months 18 days	13 years 1 month 6 days
Weighted-average discount rate
Operating leases	7.70%	7.70%
Finance leases	6.50%	6.00%

Segment Information - Schedule of Segment Reporting Information, by Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 29, 2026	Mar. 30, 2025
Revenues
Total revenues	$ 330,959	$ 282,240
Restaurant operating expenses (exclusive of depreciation and amortization shown below):
Food and beverage costs	74,310	66,647
Labor and other related expenses	110,609	96,754
Other restaurant operating expenses	51,904	44,259
Occupancy expenses	27,410	23,149
Pre-opening expenses	3,057	2,660
General and administrative expenses	39,945	30,219
Depreciation and amortization	21,396	16,557
Interest expense	4,778	3,334
Other income, net	(345)	(684)
Income tax benefit	(749)	(708)
Net loss	(2,685)	(829)
Reportable Segment
Revenues
Total revenues	330,959	282,240
Restaurant operating expenses (exclusive of depreciation and amortization shown below):
Food and beverage costs	74,310	66,647
Labor and other related expenses	110,609	96,754
Other restaurant operating expenses	51,904	44,259
Occupancy expenses	27,410	23,149
Pre-opening expenses	3,057	2,660
Stock-based compensation, net of amounts capitalized	3,352	2,259
General and administrative expenses	36,593	27,960
Depreciation and amortization	21,396	16,557
Other segment items	1,329	882
Interest expense	4,778	3,334
Other income, net	(345)	(684)
Income tax benefit	(749)	(708)
Net loss	$ (2,685)	$ (829)

Income Taxes

3 Months Ended

Mar. 29, 2026

Income Tax Disclosure [Abstract]

Income Taxes


	THIRTEEN WEEKS ENDED
(in thousands)	MARCH 29, 2026			MARCH 30, 2025
Loss before income taxes	$	(3,434)		$	(1,537)
Income tax benefit	$	749		$	708
Effective income tax rate	21.8		%	46.1		%

Management accounts for income taxes in interim periods using an estimated annual effective tax rate, adjusted for discrete items recognized during the period. For the thirteen weeks ended March 29, 2026 the Company recorded an income tax benefit. The income tax benefit reflects the application of the estimated annual effective tax rate to the Company’s loss before income taxes for the period, partially offset by discrete tax items, which include the impact of executive stock-based

compensation. Discrete items recorded during the thirteen weeks ended March 30, 2025 were immaterial.

The effective income tax rate for the thirteen weeks ended March 29, 2026 differed from the prior year period primarily due to the changes in loss before income taxes, the benefit of federal tax credits for FICA taxes paid on certain employee tips, and the impact of executive compensation.

Valuation allowance

Management routinely assess the realizability of deferred tax assets, and may record a valuation allowance if, based on all available positive and negative evidence, the determination is reached that some portion of the deferred tax assets may not be realized prior to expiration. If we determine that the Company may be able to realize the deferred tax assets in the future, we would make an adjustment to the deferred tax assets valuation allowance, which would reduce the provision for income taxes during the period in which the determination was made. As of the period ended March 29, 2026 based upon all available evidence, Management has maintained a valuation allowance against a portion of the deferred tax assets.

As the Company’s future taxable earnings increase and the deferred tax assets are utilized, it is possible that a portion of the valuation allowance will no longer be needed. Release of any valuation allowance would result in the recognition of certain deferred tax assets and a decrease to income tax expense in the period of the release. The timing and amount of any release related to future taxable income is currently indeterminable.

- Definition

The entire disclosure for income tax.

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+ Details

Cover - shares	3 Months Ended
Cover - shares	Mar. 29, 2026	May 01, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 29, 2026
Document Transition Report	false
Entity File Number	001-40866
Entity Registrant Name	First Watch Restaurant Group, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-4271369
Entity Address, Address Line One	8725 Pendery Place
Entity Address, Address Line Two	Suite 201
Entity Address, City or Town	Bradenton
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	34201
City Area Code	941
Local Phone Number	907-9800
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	FWRG
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		61,644,885
Entity Central Index Key	0001789940
Amendment Flag	false
Current Fiscal Year End Date	--12-27
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1

Equity and Stock-Based Compensation - Schedule of Unrecognized Stock-based Compensation Expense (Details) - Restricted stock units $ in Thousands	3 Months Ended
	Mar. 29, 2026 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
UNRECOGNIZED STOCK-BASED COMPENSATION EXPENSE (in thousands)	$ 33,737
REMAINING WEIGHTED AVERAGE RECOGNITION PERIOD (in years)	2 years 9 months 18 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Net Loss Per Common Share

3 Months Ended

Mar. 29, 2026

Earnings Per Share [Abstract]

Net Loss Per Common Share

The following table sets forth the computations of basic and diluted net loss per common share:


	THIRTEEN WEEKS ENDED
(in thousands, except share and per share data)	MARCH 29, 2026		MARCH 30, 2025
Numerator:
Net loss	$	(2,685)	$	(829)
Denominator:
Weighted average common shares outstanding - basic	61,243,494		60,767,401
Weighted average common shares outstanding - diluted	61,243,494		60,767,401
Net loss per common share - basic	$	(0.04)	$	(0.01)
Net loss per common share - diluted	$	(0.04)	$	(0.01)
Stock options outstanding not included in diluted net loss per common share as their effect is anti-dilutive	12,552		12,552
Restricted stock units outstanding not included in diluted net loss per share as their effect is anti-dilutive	543,535		—

Diluted net loss per common share is calculated by adjusting the weighted average shares outstanding for the theoretical effect of potential common shares that would be issued for stock awards outstanding and unvested as of the respective periods using the treasury method.

Segment Information - Narrative (Details)	3 Months Ended
Segment Information - Narrative (Details)	Mar. 29, 2026 segment
Segment Reporting [Abstract]
Number of operating segments	1
Number of Reportable Segments	1

Accounts Receivable (Tables)

3 Months Ended

Mar. 29, 2026

Receivables [Abstract]

Accounts Receivable

Accounts receivable consisted of the following:


(in thousands)	MARCH 29, 2026		DECEMBER 28, 2025

Receivables from third-party delivery providers	$	2,685	$	2,068
Receivables from vendors	1,413		1,337
Receivables from franchisees	1,200		907
Receivables related to gift card sales	430		2,091
Other receivables	303		456
Total accounts receivable	$	6,031	$	6,859

Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 29, 2026	Mar. 30, 2025
Leases [Abstract]
Operating lease expense	$ 22,975	$ 19,630
Variable lease expense	5,966	5,234
Amortization of leased assets	493	193
Interest on lease liabilities	210	44
Total lease expense	29,644	25,101
Contingent rent	$ 500	$ 500

Equity and Stock-Based Compensation - Schedule of Stock Options Roll Forward (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 29, 2026	Dec. 28, 2025
NUMBER OF OPTIONS
Options outstanding, beginning of period (in shares)	3,577,374
Options exercised (in shares)	(9,051)
Options outstanding, end of period (in shares)	3,568,323	3,577,374
Options exercisable, end of period (in shares)	3,568,323
WEIGHTED AVERAGE EXERCISE PRICE PER SHARE
Outstanding, beginning of period, weighted average exercise price (in dollars per share)	$ 10.15
Exercised, weighted average exercise price (in dollars per share)	9.77
Outstanding, end of period, weighted average exercise price (in dollars per share)	10.16	$ 10.15
Exercisable, end of period, weighted average exercise price (in dollars per share)	$ 10.16
AGGREGATE INTRINSIC VALUE (in thousands)
Outstanding, beginning of period, aggregate intrinsic value	$ 20,614
Outstanding, end of period, aggregate intrinsic value	3,993	$ 20,614
Exercisable, end of period, aggregate intrinsic value	$ 3,993
WEIGHTED AVERAGE REMAINING CONTRACTUAL LIFE (in years)
Outstanding, weighted average remaining contractual term	2 years 9 months 18 days	3 years 2 months 12 days
Exercisable, weighted average remaining contractual term	2 years 9 months 18 days

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 29, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Nature of Business and Organization - Additional Information (Details)	Mar. 29, 2026 state restaurant
Franchisor Disclosure [Line Items]
Number of states where company operates and franchises restaurants \| state	32
Company-owned restaurants
Franchisor Disclosure [Line Items]
Number of restaurants	572
Franchise-owned restaurants
Franchisor Disclosure [Line Items]
Number of restaurants	76

Debt

3 Months Ended

Mar. 29, 2026

Debt Disclosure [Abstract]

Debt

Long-term debt, net consisted of the following:


	MARCH 29, 2026			DECEMBER 28, 2025
(in thousands)	Balance		Interest Rate	Balance		Interest Rate
Term Facilities	$	208,813	6.56%	$	211,625	6.54%

Revolving Credit Facility	56,500		7.02%	56,000		7.17%
Finance lease liabilities	14,843			12,906
Financing obligation	3,050			3,050
Less: Unamortized debt discount and deferred issuance costs	(1,103)			(1,201)
Total debt, net	282,103			282,380
Less: Current portion of long-term debt	(13,359)			(13,309)
Long-term debt, net	$	268,744		$	269,071

Credit Facility

FWR Holding Corporation (“FWR”), a subsidiary of the Company, is the borrower under the credit agreement dated October 6, 2021, the terms of which were amended on February 24, 2023 and January 5, 2024, which provides for (i) a $225.0 million term loan A facility and delayed draw facility (the “Term Facilities”) and (ii) a $125.0 million revolving credit facility (the “Revolving Credit Facility” and, collectively with the Term Facilities, the “Credit Facility”). The Credit Facility matures on January 5, 2029.

As of March 29, 2026, borrowings under the Credit Facility bear interest at the option of FWR at either (i) the alternate base rate plus a margin of between 150 and 225 basis points depending on the total rent adjusted net leverage ratio of FWR and its restricted subsidiaries on a consolidated basis (the “Total Rent Adjusted Net Leverage Ratio”) or (ii) the secured overnight financing rate (“SOFR”), plus a credit spread adjustment of 10 basis points plus a margin of between 250 and 325 basis points depending on the Total Rent Adjusted Net Leverage Ratio. Additionally, an unused commitment fee of between 37.5 and 50 basis points is paid on the undrawn commitments under the Revolving Credit Facility, also depending on the Total Rent Adjusted Net Leverage Ratio. Refer to Note 7, Interest Rate Swaps, for information about the Company’s variable-to-fixed interest rate swap agreements.

Fair Value of Debt

The estimated fair value of the outstanding debt, excluding finance lease obligations and financing obligations, is classified as Level 3 in the fair value hierarchy and was estimated using discounted cash flow models, market yield and yield volatility. The following table includes the carrying value and fair value of the Company’s debt as of the dates indicated:


	MARCH 29, 2026				DECEMBER 28, 2025
(in thousands)	Carrying Value		Fair Value		Carrying Value		Fair Value
Term Facilities	$	208,813	$	207,051	$	211,625	$	210,860
Revolving Credit Facility	$	56,500	$	55,957	$	56,000	$	55,761

Debt Covenants

The Credit Facility is guaranteed by all of FWR’s wholly-owned domestic restricted subsidiaries, subject to customary exceptions, and by AI Fresh Parent, Inc., a Delaware corporation and the direct parent company of FWR (“Holdings”), and is secured by associated collateral agreements that pledge a lien on substantially all of FWR’s and each guarantor’s assets, including fixed assets and intangible assets, in each case, subject to customary exceptions.

Under the Credit Agreement, FWR (and in certain circumstances, Holdings) and its restricted subsidiaries are subject to customary affirmative, negative and financial covenants, maintenance of certain ratios, restrictions on additional indebtedness and events of default for facilities of this type (with customary grace periods, as applicable, and lender remedies). FWR was in compliance with the covenants under the Credit Agreement as of March 29, 2026.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Net Loss Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 29, 2026	Mar. 30, 2025
Numerator
Net loss	$ (2,685)	$ (829)
Denominator
Weighted average common shares outstanding - basic (in shares)	61,243,494	60,767,401
Weighted average common shares outstanding - diluted (in shares)	61,243,494	60,767,401
Net loss per common share - basic (in dollars per share)	$ (0.04)	$ (0.01)
Net loss per common share - diluted (in dollars per share)	$ (0.04)	$ (0.01)
Employee Stock Option
Denominator
Stock units outstanding not included in diluted net (loss) income per share as their effect is anti-dilutive (in shares)	12,552	12,552
Restricted stock units
Denominator
Stock units outstanding not included in diluted net (loss) income per share as their effect is anti-dilutive (in shares)	543,535	0

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 29, 2026	Dec. 28, 2025
Current assets:
Cash and cash equivalents	$ 23,565	$ 21,246
Accounts receivable	6,031	6,859
Inventory	7,137	7,174
Prepaid expenses	12,370	7,945
Deposits and other current assets	2,463	5,856
Total current assets	51,566	49,080
Goodwill	420,208	420,208
Intangible assets, net	172,576	174,908
Operating lease right-of-use assets	631,458	614,548
Property, fixtures and equipment, net of accumulated depreciation of $303,086 and $285,706, respectively	493,246	478,451
Other long-term assets	5,001	4,834
Total assets	1,774,055	1,742,029
Current liabilities:
Accounts payable	9,766	8,701
Accrued liabilities	43,584	38,496
Accrued compensation	29,943	24,281
Deferred revenues	4,314	6,778
Current portion of operating lease liabilities	76,004	75,034
Current portion of long-term debt	13,359	13,309
Interest rate swap liabilities, current	520	900
Total current liabilities	177,490	167,499
Operating lease liabilities	672,562	651,254
Long-term debt, net	268,744	269,071
Deferred income taxes	20,782	21,972
Derivative liabilities	201	557
Other long-term liabilities	6,619	5,397
Total liabilities	1,146,398	1,115,750
Commitments and contingencies (Note 11)
Equity:
Preferred stock; $0.01 par value; 10,000,000 shares authorized; none issued and outstanding	0	0
Common stock; $0.01 par value; 300,000,000 shares authorized; 61,625,155 and 61,131,978 shares issued and outstanding at March 29, 2026 and December 28, 2025, respectively	616	611
Additional paid-in capital	664,657	661,153
Accumulated deficit	(37,075)	(34,390)
Accumulated other comprehensive loss	(541)	(1,095)
Total equity	627,657	626,279
Total liabilities and equity	$ 1,774,055	$ 1,742,029

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended
	Mar. 29, 2026	Mar. 30, 2025
Revenues
Total revenues	$ 330,959	$ 282,240
Restaurant operating expenses (exclusive of depreciation and amortization shown below):
Food and beverage costs	74,310	66,647
Labor and other related expenses	110,609	96,754
Other restaurant operating expenses	51,904	44,259
Occupancy expenses	27,410	23,149
Pre-opening expenses	3,057	2,660
General and administrative expenses	39,945	30,219
Depreciation and amortization	21,396	16,557
Impairments and loss on disposal of assets	153	9
Transaction and restructuring expenses, net	1,176	873
Total operating costs and expenses	329,960	281,127
Income from operations	999	1,113
Interest expense	(4,778)	(3,334)
Other income, net	345	684
Loss before income taxes	(3,434)	(1,537)
Income tax benefit	749	708
Net loss	(2,685)	(829)
Net loss	(2,685)	(829)
Other comprehensive income (loss):
Unrealized gain (loss) on derivatives	736	(883)
Income tax related to other comprehensive income (loss)	(182)	220
Comprehensive loss	$ (2,131)	$ (1,492)
Net loss per common share - basic (in dollars per share)	$ (0.04)	$ (0.01)
Net loss per common share - diluted (in dollars per share)	$ (0.04)	$ (0.01)
Weighted average common shares outstanding - basic (in shares)	61,243,494	60,767,401
Weighted average common shares outstanding - diluted (in shares)	61,243,494	60,767,401
Restaurant sales
Revenues
Total revenues	$ 328,148	$ 279,591
Franchise revenues
Revenues
Total revenues	$ 2,811	$ 2,649

Equity and Stock-Based Compensation

3 Months Ended

Mar. 29, 2026

Share-Based Payment Arrangement [Abstract]

Equity and Stock-Based Compensation

Stock option awards

There were no stock option awards granted during the thirteen weeks ended March 29, 2026. A summary of stock option activity during the thirteen weeks ended March 29, 2026 was as follows:


	NUMBER OF OPTIONS	WEIGHTED AVERAGE EXERCISE PRICE PER SHARE		AGGREGATE INTRINSIC VALUE (in thousands)		WEIGHTED AVERAGE REMAINING CONTRACTUAL LIFE (in years)
Outstanding, December 28, 2025	3,577,374	$	10.15	$	20,614	3.2

Exercised	(9,051)	$	9.77
Outstanding, March 29, 2026	3,568,323	$	10.16	$	3,993	2.8

Exercisable, March 29, 2026	3,568,323	$	10.16	$	3,993	2.8

The aggregate intrinsic value is based on the difference between the exercise price of the stock option and the closing price of the Company’s common stock on the Nasdaq Global Select Market on the last trading day of the period.

A summary of the non-vested stock option activity during the thirteen weeks ended March 29, 2026 is as follows:


	NUMBER OF OPTIONS	WEIGHTED AVERAGE GRANT DATE FAIR VALUE PER SHARE
Nonvested, December 28, 2025	3,946	$	5.22
Vested	(3,946)	$	5.22
Nonvested, March 29, 2026	—	$	—

Restricted stock units

During the thirteen weeks ended March 29, 2026, a total of 1,005,581 restricted stock units (“RSUs”) were granted. Of these RSUs, 896,026 will vest ratably over a period of three years, with one-third vesting on each anniversary of the grant date; 9,302 will vest in full one year from the grant date; and 94,636 will vest in full three years from the grant date. Of the remaining 5,617 RSUs, 25% of such RSUs will vest one year from the grant date, 25% will vest two years from the grant date and 50% will vest three years from the grant date.

A summary of the Company’s RSU activity during the thirteen weeks ended March 29, 2026 is as follows:


	RESTRICTED STOCK UNITS	WEIGHTED AVERAGE GRANT DATE FAIR VALUE PER SHARE		AGGREGATE INTRINSIC VALUE (in thousands)
Outstanding, December 28, 2025	2,010,917	$	17.60	$	31,994
Granted	1,005,581	$	12.48
Forfeited	(79,553)	$	16.09
Vested	(484,126)	$	18.61
Outstanding, March 29, 2026	2,452,819	$	15.35	$	25,289

The aggregate intrinsic value is based on the closing price of the Company’s common stock on Nasdaq of $10.31 and $15.91 on March 27, 2026 and December 26, 2025, the last trading days of the periods, respectively.

Stock-based compensation expense, net of amounts capitalized, was $3.4 million and $2.3 million during the thirteen weeks ended March 29, 2026 and March 30, 2025, respectively. Capitalized stock-based compensation included in property, fixtures and equipment totaled $0.1 million for the thirteen weeks ended March 29, 2026.

Unrecognized stock-based compensation expense

The following represents unrecognized stock-based compensation expense and the remaining weighted average vesting period as of March 29, 2026:


	UNRECOGNIZED STOCK-BASED COMPENSATION EXPENSE (in thousands)		REMAINING WEIGHTED AVERAGE RECOGNITION PERIOD (in years)
Restricted stock units	$	33,737	2.8

As of March 29, 2026, all stock options were fully vested and there were no unvested stock options outstanding.

Interest Rate Swaps	3 Months Ended
Interest Rate Swaps	Mar. 29, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Interest Rate Swaps	Interest Rate Swaps Interest rate swaps are utilized to hedge a portion of the cash flows of the Company’s variable rate debt. On June 23, 2023, the Company entered into two variable-to-fixed interest rate swaps. These interest rate swaps have an aggregate notional amount of $90.0 million and mature on October 6, 2026. Under the terms of these interest rate swaps, the Company will pay a weighted average fixed rate of 4.16% on the notional amount and will receive payments from, or make payments to, the counterparties based on the three-month SOFR rate. On May 17, 2024, the Company entered into two additional variable-to-fixed interest rate swaps. These interest rate swaps have an aggregate notional amount of $60.0 million and mature on June 30, 2027. Under the terms of these interest rate swaps, the Company will pay a weighted average fixed rate of 4.42% on the notional amount and will receive payments from, or make payments to, the counterparties based on the three-month SOFR rate. The fair value measurement of the interest rate swaps was based on the contractual terms and used observable market-based inputs. The interest rate swaps were valued using a discounted cash flow analysis on the expected cash flows using observable inputs including interest rate curves and credit spreads. Although the majority of the inputs used to value the instruments fall within Level 2 of the fair value hierarchy, the credit valuation adjustments utilized Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by the Company and the counterparties. The Company has determined that the impact of the credit valuation adjustments was not significant to the overall valuation. As a result, the derivatives were classified within Level 2 of the fair value hierarchy. Amounts reported in Other comprehensive income (loss) related to the interest rate swaps will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. During the thirteen weeks ended March 29, 2026, a total of $0.2 million was reclassified from Other comprehensive income (loss) as an increase to interest expense. Over the next 12 months, Management estimates that $0.6 million will be reclassified as an increase to interest expense.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

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+ Details

Revenues (Tables)

3 Months Ended

Mar. 29, 2026

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

Revenues recognized, disaggregated by type, were as follows:


	THIRTEEN WEEKS ENDED
(in thousands)	MARCH 29, 2026		MARCH 30, 2025
Restaurant sales:
In-restaurant dining sales	$	265,722	$	226,727
Third-party delivery sales	39,692		32,005
Take-out sales	22,734		20,859
Total restaurant sales	328,148		279,591

Franchise revenues:
Royalty and system fund contributions	2,755		2,587
Initial fees	56		62
Total franchise revenues	2,811		2,649
Total revenues	$	330,959	$	282,240

Contract with Customer, Contract Asset, Contract Liability, and Receivable

The following tables include a detail of liabilities from contracts with customers:


(in thousands)	MARCH 29, 2026		DECEMBER 28, 2025
Deferred revenues:
Deferred gift card revenue	$	4,092	$	6,548
Deferred franchise fee revenue - current	222		230
Total current deferred revenues	$	4,314	$	6,778
Other long-term liabilities:
Deferred franchise fee revenue - non-current	$	1,250	$	1,226

Changes in deferred gift card contract liabilities were as follows:


	THIRTEEN WEEKS ENDED
(in thousands)	MARCH 29, 2026		MARCH 30, 2025
Deferred gift card revenue:
Balance, beginning of period	$	6,548	$	5,385
Gift card sales	1,846		1,548
Gift card redemptions	(3,837)		(3,374)
Gift card breakage	(465)		(405)
Balance, end of period	$	4,092	$	3,154

Changes in deferred franchise fee contract liabilities were as follows:


	THIRTEEN WEEKS ENDED
(in thousands)	MARCH 29, 2026		MARCH 30, 2025
Deferred franchise fee revenue:
Balance, beginning of period	$	1,456	$	1,929
Cash received	72		35
Franchise revenues recognized	(56)		(62)
Balance, end of period	$	1,472	$	1,902

Debt - Narrative (Details) - New Facilities - USD ($) $ in Millions		3 Months Ended
	Mar. 28, 2026	Mar. 29, 2026	Jan. 05, 2024
Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Variable rate	0.10%
Minimum \| Adjusted Leverage Rate
Debt Instrument [Line Items]
Variable rate	1.50%
Minimum \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Variable rate	2.50%
Maximum \| Adjusted Leverage Rate
Debt Instrument [Line Items]
Variable rate	2.25%
Maximum \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Variable rate	3.25%
Term Facilities \| Minimum
Debt Instrument [Line Items]
Line of credit facility, unused capacity, commitment fee percentage		0.375%
Term Facilities \| Maximum
Debt Instrument [Line Items]
Line of credit facility, unused capacity, commitment fee percentage		0.50%
Term Facilities \| Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity			$ 225.0
New Revolving Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity			$ 125.0

Revenues - Change in Contract Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 29, 2026	Mar. 30, 2025
Changes in contract liabilities, deferred gift card revenue
Balance, beginning of period	$ 6,548	$ 5,385
Gift card sales	1,846	1,548
Gift card redemptions	(3,837)	(3,374)
Gift card breakage	(465)	(405)
Balance, end of period	4,092	3,154
Changes in contract liabilities, deferred franchise fee revenue
Balance, beginning of period	1,456	1,929
Cash received	72	35
Franchise revenues recognized	(56)	(62)
Balance, end of period	$ 1,472	$ 1,902

Accrued Liabilities

3 Months Ended

Mar. 29, 2026

Payables and Accruals [Abstract]

Accrued Liabilities

Accrued liabilities consisted of the following:


(in thousands)	MARCH 29, 2026		DECEMBER 28, 2025
Construction liabilities	$	13,658	$	11,588
Sales tax	9,866		8,806
Insurance liabilities	4,350		4,047
Utilities	2,874		2,892
Credit card fees	2,465		2,110
Property tax	1,852		1,453
Contingent rent	762		1,239



Other	7,757		6,361
Total accrued liabilities	$	43,584	$	38,496

Nature of Business and Organization	3 Months Ended
Nature of Business and Organization	Mar. 29, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business and Organization	Nature of Business and Organization First Watch Restaurant Group, Inc. (collectively with its wholly-owned subsidiaries, “the Company,” or “Management”) is a Delaware holding company. The Company operates and franchises restaurants in 32 states operating under the “First Watch” trade name, which are focused on made-to-order breakfast, brunch and lunch. The Company does not operate outside of the United States and all of its assets are located in the United States. As of March 29, 2026, the Company operated 572 company-owned restaurants and had 76 franchise-owned restaurants.

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 29, 2026	Mar. 30, 2025
Cash flows from operating activities
Net loss	$ (2,685)	$ (829)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	21,396	16,557
Stock-based compensation, net of amounts capitalized	3,352	2,259
Non-cash operating lease costs	8,919	7,679
Deferred income taxes	(1,372)	(1,197)
Amortization of debt discount and deferred issuance costs	170	154
Impairments and loss on disposal of assets	153	9
Changes in assets and liabilities, net of effects of business combinations:
Accounts receivable	828	1,275
Inventory	37	(83)
Prepaid expenses	(4,425)	(3,675)
Deposits and other assets, current and long-term	2,960	88
Accounts payable	1,065	732
Accrued liabilities and other long-term liabilities	4,387	1,996
Accrued compensation	5,662	1,853
Deferred revenues, current and long-term	(2,440)	(2,258)
Operating lease liabilities	(3,551)	(4,422)
Net cash provided by operating activities	34,456	20,138
Cash flows from investing activities
Capital expenditures	(29,346)	(36,544)
Acquisitions	(171)	(10)
Purchase of intangible assets	(15)	(51)
Net cash used in investing activities	(29,532)	(36,605)
Cash flows from financing activities
Proceeds from borrowings on revolving credit facility	174,500	6,000
Repayments of borrowings on revolving credit facility	(174,000)	(3,000)
Repayments of long-term debt, including finance lease liabilities	(3,194)	(1,371)
Proceeds from exercise of stock options, net of employee taxes paid	89	133
Net cash (used in) provided by financing activities	(2,605)	1,762
Net increase (decrease) in cash and cash equivalents	2,319	(14,705)
Cash and cash equivalents and restricted cash, beginning of period	21,246	33,312
Cash and cash equivalents and restricted cash, end of period	23,565	18,607
Supplemental cash flow information
Cash paid for interest, net of amounts capitalized	4,603	3,072
Cash paid for income taxes, net of refunds	0	101
Supplemental disclosures of non-cash investing and financing activities
Leased assets obtained in exchange for new operating lease liabilities	24,837	26,821
Leased assets obtained in exchange for new finance lease liabilities	2,455	922
Remeasurements and terminations of operating lease assets and lease liabilities	992	1,732
Remeasurements and terminations of finance lease assets and lease liabilities	(16)	(97)
Increase (decrease) in liabilities from acquisition of property, fixtures and equipment	$ 2,070	$ (550)

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 29, 2026	Dec. 28, 2025
Statement of Financial Position [Abstract]
Accumulated depreciation	$ 303,086	$ 285,706
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock authorized (in shares)	300,000,000	300,000,000
Common stock, shares issued (in shares)	61,625,155	61,131,978
Common stock, shares outstanding (in shares)	61,625,155	61,131,978

Income Taxes (Tables)

3 Months Ended

Mar. 29, 2026

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit) and Effective Income Tax Rate


	THIRTEEN WEEKS ENDED
(in thousands)	MARCH 29, 2026			MARCH 30, 2025
Loss before income taxes	$	(3,434)		$	(1,537)
Income tax benefit	$	749		$	708
Effective income tax rate	21.8		%	46.1		%

Leases (Tables)

3 Months Ended

Mar. 29, 2026

Leases [Abstract]

Supplemental Information Related to Leases

The following table includes detail of lease assets and liabilities:


(in thousands)	Consolidated Balance Sheet Classification	MARCH 29, 2026		DECEMBER 28, 2025
Finance lease assets - current	Deposits and other current assets	$	—	$	120
Operating lease right-of-use assets	Operating lease right-of-use assets	631,458		614,548
Finance lease assets	Property, fixtures and equipment, net	12,675		10,730
Total lease assets		$	644,133	$	625,398

Operating lease liabilities - current(1)	Current portion of operating lease liabilities	$	76,004	$	75,034
Operating lease liabilities - non-current	Operating lease liabilities	672,562		651,254
Finance lease liabilities - current(1)	Current portion of long-term debt	2,109		2,059
Finance lease liabilities - non-current	Long-term debt, net	12,734		10,847
Total lease liabilities		$	763,409	$	739,194

_____________

(1) Excludes all variable lease expense.

Supplemental information related to leases was as follows:


	THIRTEEN WEEKS ENDED
	MARCH 29, 2026		MARCH 30, 2025
Weighted-average remaining lease term (in years)
Operating leases	12.6		13.1
Finance leases	11.8		13.1
Weighted-average discount rate (1)
Operating leases	7.7	%	7.7	%
Finance leases	6.5	%	6.0	%

____________

(1) Based on the Company’s incremental borrowing rate.

Supplemental Cash Flow Information

The components of lease expense were as follows:


(in thousands)	Consolidated Statements of Operations and Comprehensive Loss Classification	THIRTEEN WEEKS ENDED
		MARCH 29, 2026		MARCH 30, 2025
Operating lease expense	Other restaurant operating expenses Occupancy expenses Pre-opening expenses General and administrative expenses	$	22,975	$	19,630
Variable lease expense	Food and beverage costs Occupancy expenses General and administrative expenses	5,966		5,234
Finance lease expense:
Amortization of leased assets	Depreciation and amortization	493		193
Interest on lease liabilities	Interest expense	210		44
Total lease expense (1)		$	29,644	$	25,101

_____________

(1) Includes contingent rent expense of $0.5 million during the thirteen week periods ended March 29, 2026 and March 30, 2025.

Supplemental cash flow information related to leases was as follows:


(in thousands)	THIRTEEN WEEKS ENDED
	MARCH 29, 2026		MARCH 30, 2025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows - operating leases	$	17,607	$	16,373
Operating cash flows - finance leases	$	210	$	44
Financing cash flows - finance leases	$	382	$	136

Segment Information

3 Months Ended

Mar. 29, 2026

Segment Reporting [Abstract]

Segment Information

Management determined the Company’s single operating segment on the basis that the Company’s Chief Operating Decision Maker (the “CODM”), the Chief Executive Officer, assesses performance and allocates resources at the Company’s consolidated level. The Company’s CODM uses consolidated net income (loss) to evaluate performance and make key operating decisions, such as investments in our long-term growth strategy. This measure is also used to monitor budget against actual results.

Revenue is derived from sales of food and beverage, net of discounts, by our restaurants as well as franchise royalty, system fund and initial franchise fees. The measure of total assets for the reporting segment is reported on the consolidated balance sheets as total assets. The measure of capital expenditures for the reporting segment is reported on the consolidated statements of cash flows as total capital expenditures.

The following table details consolidated net loss for the segment for the periods indicated:


	THIRTEEN WEEKS ENDED
(in thousands)	MARCH 29, 2026		MARCH 30, 2025
Total revenues	$	330,959	$	282,240
Less:
Food and beverage costs	74,310		66,647
Labor and other related expenses	110,609		96,754
Other restaurant operating expenses	51,904		44,259
Occupancy expenses	27,410		23,149
Pre-opening expenses	3,057		2,660
Stock-based compensation, net of amounts capitalized	3,352		2,259
General and administrative expenses (1)	36,593		27,960
Depreciation and amortization	21,396		16,557
Other segment items (2)	1,329		882
Interest expense	4,778		3,334
Other income, net	(345)		(684)
Income tax benefit	(749)		(708)
Net loss	$	(2,685)	$	(829)

(1) General and administrative expenses excludes stock-based compensation, net of amounts capitalized, which is presented separately.

(2) Other segment items included in segment net loss include transaction and restructuring expenses, net and impairments and loss on disposal of assets.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Equity and Stock-Based Compensation (Tables)

3 Months Ended

Mar. 29, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Options Roll Forward

A summary of stock option activity during the thirteen weeks ended March 29, 2026 was as follows:


	NUMBER OF OPTIONS	WEIGHTED AVERAGE EXERCISE PRICE PER SHARE		AGGREGATE INTRINSIC VALUE (in thousands)		WEIGHTED AVERAGE REMAINING CONTRACTUAL LIFE (in years)
Outstanding, December 28, 2025	3,577,374	$	10.15	$	20,614	3.2

Exercised	(9,051)	$	9.77
Outstanding, March 29, 2026	3,568,323	$	10.16	$	3,993	2.8

Exercisable, March 29, 2026	3,568,323	$	10.16	$	3,993	2.8

Schedule of Fair Value Non-vested Options at Grant Dates

A summary of the non-vested stock option activity during the thirteen weeks ended March 29, 2026 is as follows:


	NUMBER OF OPTIONS	WEIGHTED AVERAGE GRANT DATE FAIR VALUE PER SHARE
Nonvested, December 28, 2025	3,946	$	5.22
Vested	(3,946)	$	5.22
Nonvested, March 29, 2026	—	$	—

Schedule of Nonvested Restricted Stock Units Activity

A summary of the Company’s RSU activity during the thirteen weeks ended March 29, 2026 is as follows:


	RESTRICTED STOCK UNITS	WEIGHTED AVERAGE GRANT DATE FAIR VALUE PER SHARE		AGGREGATE INTRINSIC VALUE (in thousands)
Outstanding, December 28, 2025	2,010,917	$	17.60	$	31,994
Granted	1,005,581	$	12.48
Forfeited	(79,553)	$	16.09
Vested	(484,126)	$	18.61
Outstanding, March 29, 2026	2,452,819	$	15.35	$	25,289

Schedule of Unrecognized Stock-based Compensation Expense

The following represents unrecognized stock-based compensation expense and the remaining weighted average vesting period as of March 29, 2026:


	UNRECOGNIZED STOCK-BASED COMPENSATION EXPENSE (in thousands)		REMAINING WEIGHTED AVERAGE RECOGNITION PERIOD (in years)
Restricted stock units	$	33,737	2.8

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss
Beginning balance (in shares) at Dec. 29, 2024		60,700,090
Beginning balance at Dec. 29, 2024	$ 595,389	$ 607	$ 649,045	$ (53,822)	$ (441)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(829)			(829)
Stock-based compensation	2,259		2,259
Common stock issued under stock-based compensation plans, net (in shares)		274,453
Common stock issued under stock-based compensation plans, net	133	$ 3	130
Other comprehensive income (loss), net of tax	(663)				(663)
Ending balance (in shares) at Mar. 30, 2025		60,974,543
Ending balance at Mar. 30, 2025	$ 596,289	$ 610	651,434	(54,651)	(1,104)
Beginning balance (in shares) at Dec. 28, 2025	61,131,978	61,131,978
Beginning balance at Dec. 28, 2025	$ 626,279	$ 611	661,153	(34,390)	(1,095)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(2,685)			(2,685)
Stock-based compensation	$ 3,420		3,420
Common stock issued under stock-based compensation plans, net (in shares)	9,051	493,177
Common stock issued under stock-based compensation plans, net	$ 89	$ 5	84
Other comprehensive income (loss), net of tax	$ 554				554
Ending balance (in shares) at Mar. 29, 2026	61,625,155	61,625,155
Ending balance at Mar. 29, 2026	$ 627,657	$ 616	$ 664,657	$ (37,075)	$ (541)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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Revenues - Detail of Contract Liabilities (Details) - USD ($) $ in Thousands	Mar. 29, 2026	Dec. 28, 2025
Revenue from Contract with Customer [Abstract]
Deferred gift card revenue	$ 4,092	$ 6,548
Deferred franchise fee revenue - current	222	230
Total current deferred revenues	4,314	6,778
Deferred franchise fee revenue - non-current	$ 1,250	$ 1,226

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 29, 2026
Accounting Policies [Abstract]
Fiscal Period	The Company reports financial information on a 52- or 53-week fiscal year ending on the last Sunday of each calendar year. The quarters ended March 29, 2026 and March 30, 2025 were 13-week periods.
Basis of Presentation	These unaudited interim consolidated financial statements (“these financial statements”) include only the information and notes required for interim financial statements by generally accepted accounting principles in the United States of America (“GAAP”) and the Securities and Exchange Commission (“SEC”) and should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K as of and for the year ended December 28, 2025 (“2025 Form 10‑K”).
Consolidation	These financial statements have been prepared on the same basis as those presented in the 2025 Form 10-K and include all adjustments necessary for fair presentation of the quarterly periods presented. The quarterly results of operations are not necessarily indicative of the expected results for other quarters or the entire fiscal year
Use of Estimates	Preparation of financial statements requires Management to make estimates and assumptions that affect the reported assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses for the reporting periods. Actual results could differ materially from the estimates.
Fair Value of Financial Instruments	Fair Value of Financial Instruments Certain assets and liabilities are carried at fair value. Fair value is the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The carrying amounts of the Company’s financial instruments, including cash equivalents, accounts receivable, accounts payable, accrued expenses, deposits and other current assets, and other current liabilities approximate their fair values due to their short-term maturities.
Interest Rate Swaps	Interest Rate Swaps As an element of the Company’s interest rate risk management strategy, Management uses interest rate swaps. The intent of these instruments is to reduce cash flow exposure to variability in future interest rates on the Company’s debt. Management has elected to designate and qualify the interest rate swaps as cash flow hedges. As such, the instruments are recorded on the consolidated balance sheets at fair value. Thereafter, gains or losses on the instruments are recognized in equity as changes to Other Comprehensive Income (Loss) and subsequently reclassified into earnings at the time of the Company’s debt interest payments.
Summary of Recently Issued Accounting Pronouncements	Summary of Recently Issued Accounting Pronouncements In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures, which establishes new disclosure requirements related to purchases of inventory, employee compensation, selling expenses, depreciation and intangible amortization. The new guidance is effective for fiscal years beginning after December 15, 2026, and interim periods beginning after December 15, 2027, and should be applied on a prospective basis with the option to apply the standard retrospectively. Early adoption is permitted. Management is currently evaluating the impact of this new standard. In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software, which updates the accounting for internal-use software by replacing stage-based rules with a principles-based framework, clarifying the criteria for capitalization and merging website development cost guidance. The amendments in this update are effective for annual periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. The update may be applied prospectively, retrospectively, or on a modified transition basis based on the status of the project and whether software costs were capitalized before the date of adoption. Management is currently evaluating the impact of this new standard. In November 2025, the FASB issued ASU 2025-09, Derivatives and Hedging: Hedge Accounting Improvements, which includes amendments to more closely align hedge accounting with the economics of the Company’s risk management activities. The amendments in this update are effective for annual periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods. Early adoption is permitted. Management is currently evaluating the impact of this new standard. In December 2025, the FASB issued ASU 2025-11, Interim Reporting: Narrow-Scope Improvements, which makes targeted, narrow scope improvements to interim reporting to clarify application and improve consistency in practice. The amendments in this update are effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. Management is currently evaluating the impact of this new standard. Recent accounting guidance not discussed herein is not applicable or did not have, or is not expected to have, a material impact to the Company.

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