0001789940-25-000086 | 10-Q | XBRL Viewer | First Watch Restaurant Group INC

Accrued Liabilities

9 Months Ended

Sep. 28, 2025

Accrued liabilities consisted of the following:


(in thousands)	SEPTEMBER 28, 2025		DECEMBER 29, 2024
Construction liabilities	$	16,378	$	16,769
Sales tax	8,973		7,919
Interest payable	4,663		267
Insurance liabilities	3,499		2,521
Utilities	3,011		2,156
Credit card fees	2,090		1,973
Property tax	2,262		830
Contingent rent	1,241		1,058


Other	7,714		6,114
Total accrued liabilities	$	49,831	$	39,607

Segment Information - Schedule of Segment Reporting Information, by Segment (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 28, 2025	Jun. 29, 2025	Mar. 30, 2025	Sep. 29, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 28, 2025	Sep. 29, 2024
Revenues:
Total revenues	$ 316,022			$ 251,609			$ 906,149	$ 752,619
Restaurant operating expenses (exclusive of depreciation and amortization shown below):
Food and beverage costs	69,730			55,865			208,355	163,852
Labor and other related expenses	102,387			83,756			300,451	247,332
Other restaurant operating expenses	50,140			38,891			141,002	113,232
Occupancy expenses	25,891			21,075			73,849	60,733
Pre-opening expenses	3,813			2,387			9,980	5,782
General and administrative expenses	33,746			27,680			97,150	82,527
Depreciation and amortization	19,662			15,153			54,355	41,960
Interest expense	4,567			3,441			11,904	9,421
Other income, net	(191)			(624)			(1,141)	(1,663)
Income tax expense	2,683			1,384			3,445	9,062
Net income	2,991	$ 2,106	$ (829)	2,112	$ 8,900	$ 7,214	4,268	18,226
Reportable Segment
Revenues:
Total revenues	316,022			251,609			906,149	752,619
Restaurant operating expenses (exclusive of depreciation and amortization shown below):
Food and beverage costs	69,730			55,865			208,355	163,852
Labor and other related expenses	102,387			83,756			300,451	247,332
Other restaurant operating expenses	50,140			38,891			141,002	113,232
Occupancy expenses	25,891			21,075			73,849	60,733
Pre-opening expenses	3,813			2,387			9,980	5,782
Stock-based compensation, net of amounts capitalized	2,877			2,076			7,926	6,394
General and administrative expenses	30,869			25,604			89,224	76,133
Depreciation and amortization	19,662			15,153			54,355	41,960
Other segment items	603			489			2,531	2,155
Interest expense	4,567			3,441			11,904	9,421
Other income, net	(191)			(624)			(1,141)	(1,663)
Income tax expense	2,683			1,384			3,445	9,062
Net income	$ 2,991			$ 2,112			$ 4,268	$ 18,226

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 28, 2025	Dec. 29, 2024
Current assets:
Cash and cash equivalents	$ 20,714	$ 33,312
Accounts receivable	5,506	7,235
Inventory	6,486	6,117
Prepaid expenses	6,712	7,008
Derivative assets, current	0	20
Other current assets	4,298	2,184
Total current assets	43,716	55,876
Goodwill	420,208	398,565
Intangible assets, net	177,235	167,596
Operating lease right-of-use assets	609,820	527,674
Property, fixtures and equipment, net of accumulated depreciation of $268,698 and $229,227, respectively	464,593	361,394
Other long-term assets	4,657	3,251
Total assets	1,720,229	1,514,356
Current liabilities:
Accounts payable	7,231	6,961
Accrued liabilities	49,831	39,607
Accrued compensation	30,564	21,244
Deferred revenues	2,637	5,623
Current portion of operating lease liabilities	72,785	55,704
Current portion of long-term debt	13,123	9,228
Derivative liabilities, current	596	105
Total current liabilities	176,767	138,472
Operating lease liabilities	645,455	555,576
Long-term debt, net	250,988	189,043
Deferred income taxes	33,787	32,218
Derivative liabilities	912	503
Other long-term liabilities	5,009	3,155
Total liabilities	1,112,918	918,967
Commitments and contingencies (Note 13)
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; 61,032,105 and 60,700,090 shares issued and outstanding at September 28, 2025 and December 29, 2024, respectively	610	607
Additional paid-in capital	657,387	649,045
Accumulated deficit	(49,554)	(53,822)
Accumulated other comprehensive loss	(1,132)	(441)
Total equity	607,311	595,389
Total liabilities and equity	$ 1,720,229	$ 1,514,356

Equity and Stock-Based Compensation - Schedule of Unrecognized Stock-based Compensation Expense (Details) $ in Thousands	9 Months Ended
	Sep. 28, 2025 USD ($)
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
UNRECOGNIZED STOCK-BASED COMPENSATION EXPENSE (in thousands)	$ 1
REMAINING WEIGHTED AVERAGE VESTING PERIOD (in years)	2 months 12 days
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
UNRECOGNIZED STOCK-BASED COMPENSATION EXPENSE (in thousands)	$ 20,160
REMAINING WEIGHTED AVERAGE VESTING PERIOD (in years)	2 years 2 months 12 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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+ Details

Debt

9 Months Ended

Sep. 28, 2025

Debt Disclosure [Abstract]

Debt

Long-term debt, net consisted of the following:


	SEPTEMBER 28, 2025			DECEMBER 29, 2024
(in thousands)	Balance		Interest Rate	Balance		Interest Rate
Term Facilities	$	214,438	7.15%	$	193,797	6.93%

Revolving Credit Facility	35,000		7.49%	—
Finance lease liabilities	12,924			2,766
Financing obligation	3,050			3,050
Less: Unamortized debt discount and deferred issuance costs	(1,301)			(1,342)
Total debt, net	264,111			198,271
Less: Current portion of long-term debt	(13,123)			(9,228)
Long-term debt, net	$	250,988		$	189,043

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, 2025, 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 together with the Term Facilities, (the “Credit Facility”). The Credit Facility matures on January 5, 2029.

During the second quarter of 2025, the Company drew $27.5 million on the delayed draw facility and $32.5 million on the Revolving Credit Facility, primarily to fund the business acquisitions referenced in Note 3, Business Acquisitions. As of September 28, 2025, the delayed draw facility was fully drawn with the same servicing and repayment terms as the term loan A facility.

As of September 28, 2025, 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) 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. Refer to Note 8, 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:


	SEPTEMBER 28, 2025				DECEMBER 29, 2024
(in thousands)	Carrying Value		Fair Value		Carrying Value		Fair Value
Term Facilities	$	214,438	$	214,322	$	193,797	$	193,417
Revolving Credit Facility	$	35,000	$	34,980	$	—	$	—

Debt Covenants

The Credit Facility is guaranteed by all of FWR’s wholly-owned subsidiaries 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 intangibles, in each case, subject to customary exceptions.

Under the credit agreement, FWR (and in certain circumstances, Holdings) and its subsidiaries are subject to 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 its covenants under the credit agreement as of September 28, 2025.

- 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

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+ Details

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	Sep. 28, 2025	Dec. 29, 2024
Term Facilities
Debt Instrument [Line Items]
Carrying Value	$ 214,438	$ 193,797
Term Facilities \| Fair Value, Inputs, Level 3
Debt Instrument [Line Items]
Fair Value	214,322	193,417
Revolving Credit Facility
Debt Instrument [Line Items]
Carrying Value	35,000	0
Revolving Credit Facility \| Fair Value, Inputs, Level 3
Debt Instrument [Line Items]
Fair Value	$ 34,980	$ 0

- 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

The fair value amount of long-term debt whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission.

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+ Details

Business Acquisitions - Schedule of Business Acquisitions, by Acquisition (Details) $ in Thousands			3 Months Ended			9 Months Ended
	Apr. 28, 2025 USD ($) restaurant	Apr. 14, 2025 USD ($) restaurant	Sep. 28, 2025 USD ($)	Jun. 29, 2025 restaurant	Sep. 29, 2024 USD ($)	Sep. 28, 2025 USD ($)	Sep. 29, 2024 USD ($)	Dec. 29, 2024 USD ($)
Business Combination [Line Items]
Deferred franchise fees recognized as a result of termination of pre-existing franchise agreement			$ 0		$ 0	$ 398	$ 413
Recognized amounts of identifiable assets acquired and liabilities assumed:
Goodwill			$ 420,208			$ 420,208		$ 398,565
Business Combination, Series of Individually Immaterial Business Combinations
Business Combination [Line Items]
Number of acquired restaurants \| restaurant	16	3		19
Purchase price (cash)	$ 49,247	$ 6,985
Transaction costs incurred	1,005	416
Deferred franchise fees recognized as a result of termination of pre-existing franchise agreement	398	0
Recognized amounts of identifiable assets acquired and liabilities assumed:
Cash	24	5
Inventory	159	31
Other assets	124	9
Property, fixtures and equipment	19,800	2,998
Reacquired rights	13,060	1,920
Goodwill	18,767	2,876
Operating right-of-use assets, net of lease positions and prepaid rent	17,305	2,922
Operating lease liabilities	(19,896)	(3,735)
Accounts payable	0	(2)
Deferred revenues - gift card liabilities assumed	$ (96)	$ (39)

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 28, 2025	Dec. 29, 2024
Statement of Financial Position [Abstract]
Accumulated depreciation	$ 268,698	$ 229,227
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)	61,032,105	60,700,090
Common stock, shares outstanding (in shares)	61,032,105	60,700,090

Equity and Stock-Based Compensation - Schedule of Stock Options Roll Forward (Details) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 28, 2025 USD ($) $ / shares shares	Dec. 29, 2024 USD ($) $ / shares shares
NUMBER OF OPTIONS
Options outstanding, beginning of period (in shares) \| shares	3,701,017
Options forfeited (in shares) \| shares	(964)
Options exercised (in shares) \| shares	(30,959)
Options outstanding, end of period (in shares) \| shares	3,669,094	3,701,017
Options exercisable, end of period (in shares) \| shares	3,659,622
WEIGHTED AVERAGE EXERCISE PRICE PER SHARE
Outstanding, beginning of period, weighted average exercise price (in dollars per share) \| $ / shares	$ 10.14
Forfeited, weighted average exercise price (in dollars per share) \| $ / shares	12.58
Exercised, weighted average exercise price (in dollars per share) \| $ / shares	9.79
Outstanding, end of period, weighted average exercise price (in dollars per share) \| $ / shares	10.14	$ 10.14
Exercisable, end of period, weighted average exercise price (in dollars per share) \| $ / shares	$ 10.14
AGGREGATE INTRINSIC VALUE (in thousands)
Outstanding, beginning of period, aggregate intrinsic value \| $	$ 31,676
Outstanding, end of period, aggregate intrinsic value \| $	21,512	$ 31,676
Exercisable, end of period, aggregate intrinsic value \| $	$ 21,480
WEIGHTED AVERAGE REMAINING CONTRACTUAL LIFE (in years)
Outstanding, weighted average remaining contractual term	3 years 4 months 24 days	4 years 1 month 6 days
Exercisable, weighted average remaining contractual term	3 years 4 months 24 days

Deferred Compensation	9 Months Ended
Deferred Compensation	Sep. 28, 2025
Compensation Related Costs [Abstract]
Deferred Compensation	Deferred Compensation The First Watch Deferred Compensation Plan was adopted by the Company effective January 1, 2025. The First Watch Deferred Compensation Plan allows officers and other key employees to defer their compensation within designated annual limits. Discretionary matching and other credits may be made to the accounts of active participants, which vest based on an employee’s years of service or vest in full upon an active participant’s death, disability or a Company change in control event, as defined in the plan. Participants’ earnings on contributions fluctuate with the actual earnings and losses of available investment choices selected by the participants. While the First Watch Deferred Compensation Plan is unsecured, Management has elected to fund certain of these obligations through a rabbi trust, the assets of which consist of Company-owned life insurance policies. The assets held in the rabbi trust are not available for general corporate purposes and are subject to creditor claims in the event of insolvency. The cash surrender value of the life insurance policies held in the rabbi trust is recorded in other long-term assets. As of September 28, 2025, rabbi trust assets totaled $1.4 million. Changes to the cash surrender value and any increases or decreases to deferred compensation liabilities incurred under the First Watch Deferred Compensation Plan are recorded as general and administrative expenses. As of September 28, 2025, the deferred compensation obligation included in other long-term liabilities totaled $1.5 million.

Equity and Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 28, 2025	Jun. 29, 2025	Mar. 30, 2025	Sep. 29, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 28, 2025	Sep. 29, 2024	Sep. 26, 2025	Dec. 27, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Closing price of common stock on Nasdaq (in dollars per share)									$ 16.00	$ 18.70
Stock-based compensation	$ 2,941	$ 2,842	$ 2,259	$ 2,076	$ 2,452	$ 1,866
Share-based payment arrangement, amount capitalized							$ 100
Share-based payment arrangement, expense, tax benefit	100			100			1,300	$ 1,600
Additional Paid-in Capital
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 2,941	$ 2,842	$ 2,259	$ 2,076	$ 2,452	$ 1,866	$ 7,900	$ 6,400
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)							1,028,509
Restricted stock units \| Three years
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)							597,737
Award vesting period							3 years
Restricted stock units \| One year
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)							65,364
Award vesting period							1 year
Restricted stock units \| Four years
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)							365,408
Award vesting period							4 years

Income Taxes

9 Months Ended

Sep. 28, 2025

Income Tax Disclosure [Abstract]

Income Taxes


	THIRTEEN WEEKS ENDED						THIRTY-NINE WEEKS ENDED
(in thousands)	SEPTEMBER 28, 2025			SEPTEMBER 29, 2024			SEPTEMBER 28, 2025			SEPTEMBER 29, 2024
Income before income taxes	$	5,674		$	3,496		$	7,713		$	27,288
Income tax expense	$	(2,683)		$	(1,384)		$	(3,445)		$	(9,062)
Effective income tax rate	47.3		%	39.6		%	44.7		%	33.2		%

The Company’s income tax expense for interim periods is determined using an estimate of its annual effective tax rate, adjusted for discrete items arising during interim periods. For both the thirteen and thirty-nine weeks ended September 28, 2025, and the thirteen and thirty-nine weeks ended September 29, 2024, there were no significant discrete items recorded.

In the United States, a restaurant company employer may claim a credit against its federal income taxes for FICA taxes paid on certain tipped wages (the “FICA tax credit”). The amount of FICA tax credits generated is primarily driven by restaurant sales.

The effective income tax rates for the thirteen and thirty-nine weeks ended September 28, 2025 increased as compared to the same periods in the prior year primarily due to the changes in income before income taxes, the increase in FICA tax credits and the corresponding change in the valuation allowance, and the impact of executive compensation.

For the thirteen and thirty-nine weeks ended September 28, 2025 and September 29, 2024, the income tax expense includes the impact of changes to the estimate of forecasted annual income before taxes relative to the prior period in each respective year.

Management applied the relevant provisions of H.R. 1 – One Big Beautiful Bill in the third quarter of 2025 following its enactment on July 4, 2025, including provisions related to research and development. The impact on our consolidated financial statements was immaterial.

Valuation allowance

Management evaluates quarterly whether the resulting deferred tax assets are realizable given the Company’s earnings history. Based on the available evidence, the Company does not meet the more likely than not standard related to the realization of a portion of the deferred tax assets as of September 28, 2025. Accordingly, the Company has established a valuation allowance on the portion of deferred tax assets deemed not realizable, including state charitable contribution carryovers, various state loss carryforwards and various federal tax credit carryforwards.

Management continues to assess the rationale for recording a valuation allowance for deferred tax assets. As the Company’s future taxable earnings increase and 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

Revenues - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2025	Sep. 29, 2024	Sep. 28, 2025	Sep. 29, 2024
Disaggregation of Revenue [Line Items]
Total revenues	$ 316,022	$ 251,609	$ 906,149	$ 752,619
Restaurant sales
Disaggregation of Revenue [Line Items]
Total revenues	313,636	248,965	898,210	743,730
In-restaurant dining sales
Disaggregation of Revenue [Line Items]
Total revenues	254,155	207,047	728,282	613,422
Third-party delivery sales
Disaggregation of Revenue [Line Items]
Total revenues	37,163	22,372	103,633	72,682
Take-out sales
Disaggregation of Revenue [Line Items]
Total revenues	22,318	19,546	66,295	57,626
Franchise revenues
Disaggregation of Revenue [Line Items]
Total revenues	2,386	2,644	7,939	8,889
Royalty and system fund contributions
Disaggregation of Revenue [Line Items]
Total revenues	2,333	2,587	7,371	8,257
Initial fees
Disaggregation of Revenue [Line Items]
Total revenues	53	57	170	219
Business combinations - revenues recognized
Disaggregation of Revenue [Line Items]
Total revenues	$ 0	$ 0	$ 398	$ 413

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 28, 2025
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 September 28, 2025. In the event any litigation losses become probable and estimable, the Company will recognize anticipated losses.

Revenues - Change in Contract Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2025	Sep. 29, 2024	Sep. 28, 2025	Sep. 29, 2024
Changes in contract liabilities, deferred gift card revenue
Balance, beginning of period	$ 3,301	$ 3,022	$ 5,385	$ 5,224
Gift card sales	1,455	1,271	6,305	5,518
Gift card redemptions	(2,073)	(1,915)	(8,422)	(7,766)
Gift card breakage	(260)	(237)	(980)	(1,000)
Gift card liabilities assumed through acquisitions	0	0	135	165
Balance, end of period	2,423	2,141	2,423	2,141
Changes in contract liabilities, deferred franchise fee revenue
Balance, beginning of period	1,489	1,893	1,929	2,061
Cash received	20	32	95	439
Franchise revenues recognized	(53)	(57)	(170)	(219)
Business combinations - franchise revenues recognized	0	0	(398)	(413)
Balance, end of period	$ 1,456	$ 1,868	$ 1,456	$ 1,868

Nature of Business and Organization	9 Months Ended
Nature of Business and Organization	Sep. 28, 2025
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 September 28, 2025, the Company operated 548 company-owned restaurants and had 72 franchise-owned restaurants.

Interest Rate Swaps (Details) - Interest Rate Swap $ in Millions	9 Months Ended
	Sep. 28, 2025 USD ($)	May 17, 2024 USD ($) derivative	Jun. 23, 2023 USD ($) derivative
Derivative [Line Items]
Number of interest rate derivatives held \| derivative			2
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	$ 0.1
Cash flow hedge amount to be reclassified within 12 months	$ 0.9

Equity and Stock-Based Compensation - Schedule of Nonvested Restricted Stock Units Activity (Details) - Restricted stock units $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 28, 2025 USD ($) $ / shares shares
RESTRICTED STOCK UNITS
Beginning balance (in shares) \| shares	759,721
Granted (in shares) \| shares	1,028,509
Forfeited (in shares) \| shares	(8,846)
Vested (in shares) \| shares	(301,056)
Ending balance (in shares) \| shares	1,478,328
WEIGHTED AVERAGE GRANT DATE FAIR VALUE PER SHARE
Beginning balance, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 20.67
Granted, weighted average exercise price (in dollars per share) \| $ / shares	16.75
Forfeited, weighted average grant date fair value (in dollars per share) \| $ / shares	19.95
Vested, weighted average grant date fair value (in dollars per share) \| $ / shares	19.36
Ending balance, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 18.22
AGGREGATE INTRINSIC VALUE (in thousands)
Beginning balance outstanding, aggregate intrinsic value \| $	$ 14,207
Ending outstanding, aggregate intrinsic value \| $	$ 23,653

Segment Information - Narrative (Details)	9 Months Ended
Segment Information - Narrative (Details)	Sep. 28, 2025 segment
Segment Reporting [Abstract]
Number of operating segments	1

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive (Loss) Income
Beginning balance (in shares) at Dec. 31, 2023		59,891,705
Beginning balance at Dec. 31, 2023	$ 561,284	$ 599	$ 634,099	$ (72,747)	$ (667)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	7,214			7,214
Stock-based compensation	1,866		1,866
Common stock issued under stock-based compensation plans, net (in shares)		480,826
Common stock issued under stock-based compensation plans, net	3,147	$ 5	3,142
Other comprehensive income (loss), net of tax	929				929
Ending balance (in shares) at Mar. 31, 2024		60,372,531
Ending balance at Mar. 31, 2024	574,440	$ 604	639,107	(65,533)	262
Beginning balance (in shares) at Dec. 31, 2023		59,891,705
Beginning balance at Dec. 31, 2023	561,284	$ 599	634,099	(72,747)	(667)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	18,226
Stock-based compensation			6,400
Ending balance (in shares) at Sep. 29, 2024		60,552,093
Ending balance at Sep. 29, 2024	589,131	$ 606	645,530	(54,521)	(2,484)
Beginning balance (in shares) at Mar. 31, 2024		60,372,531
Beginning balance at Mar. 31, 2024	574,440	$ 604	639,107	(65,533)	262
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	8,900			8,900
Stock-based compensation	2,452		2,452
Common stock issued under stock-based compensation plans, net (in shares)		30,307
Common stock issued under stock-based compensation plans, net	66		66
Other comprehensive income (loss), net of tax	(74)				(74)
Ending balance (in shares) at Jun. 30, 2024		60,402,838
Ending balance at Jun. 30, 2024	585,784	$ 604	641,625	(56,633)	188
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	2,112			2,112
Stock-based compensation	2,076		2,076
Common stock issued under stock-based compensation plans, net (in shares)		149,255
Common stock issued under stock-based compensation plans, net	1,831	$ 2	1,829
Other comprehensive income (loss), net of tax	(2,672)				(2,672)
Ending balance (in shares) at Sep. 29, 2024		60,552,093
Ending balance at Sep. 29, 2024	$ 589,131	$ 606	645,530	(54,521)	(2,484)
Beginning balance (in shares) at Dec. 29, 2024	60,700,090	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 income	(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. 29, 2024	60,700,090	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 income	$ 4,268
Stock-based compensation			7,900
Common stock issued under stock-based compensation plans, net (in shares)	30,959
Ending balance (in shares) at Sep. 28, 2025	61,032,105	61,032,105
Ending balance at Sep. 28, 2025	$ 607,311	$ 610	657,387	(49,554)	(1,132)
Beginning balance (in shares) at Mar. 30, 2025		60,974,543
Beginning balance at Mar. 30, 2025	596,289	$ 610	651,434	(54,651)	(1,104)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	2,106			2,106
Stock-based compensation	2,842		2,842
Common stock issued under stock-based compensation plans, net (in shares)		49,428
Common stock issued under stock-based compensation plans, net	170		170
Other comprehensive income (loss), net of tax	(94)				(94)
Ending balance (in shares) at Jun. 29, 2025		61,023,971
Ending balance at Jun. 29, 2025	601,313	$ 610	654,446	(52,545)	(1,198)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	2,991			2,991
Stock-based compensation	2,941		2,941
Common stock issued under stock-based compensation plans, net (in shares)		8,134
Other comprehensive income (loss), net of tax	$ 66				66
Ending balance (in shares) at Sep. 28, 2025	61,032,105	61,032,105
Ending balance at Sep. 28, 2025	$ 607,311	$ 610	$ 657,387	$ (49,554)	$ (1,132)

- 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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+ Details

Debt - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended	9 Months Ended
Debt - Narrative (Details) - USD ($) $ in Thousands	Sep. 28, 2025	Jun. 29, 2025	Sep. 28, 2025	Sep. 29, 2024	Jan. 05, 2025
Debt Instrument [Line Items]
Proceeds from borrowings on revolving credit facility			$ 261,500	$ 22,500
New Facilities \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Variable rate	0.10%
New Facilities \| Minimum \| Adjusted Leverage Rate
Debt Instrument [Line Items]
Variable rate	1.50%
New Facilities \| Minimum \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Variable rate	2.50%
New Facilities \| Maximum \| Adjusted Leverage Rate
Debt Instrument [Line Items]
Variable rate	2.25%
New Facilities \| Maximum \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Variable rate	3.25%
Term Facilities \| New Facilities \| Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity					$ 225,000
New Delayed Draw Term Facility \| New Facilities \| Line of Credit
Debt Instrument [Line Items]
Proceeds from borrowings on revolving credit facility		$ 27,500
New Revolving Credit Facility \| New Facilities \| Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity					$ 125,000
Proceeds from borrowings on revolving credit facility		$ 32,500

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 28, 2025	Sep. 29, 2024
Cash flows from operating activities:
Net income	$ 4,268	$ 18,226
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	54,355	41,960
Stock-based compensation, net of amounts capitalized	7,926	6,394
Non-cash operating lease costs	24,167	19,241
Non-cash loss on extinguishments and modifications of debt	0	358
Deferred income taxes	1,798	7,497
Amortization of debt discount and deferred issuance costs	493	412
Impairments and loss on disposal of assets	311	386
Changes in assets and liabilities, net of effects of business combinations:
Accounts receivable	1,729	600
Inventory	(179)	280
Prepaid expenses	365	78
Other assets, current and long-term	(2,590)	(1,912)
Accounts payable	270	550
Accrued liabilities and other long-term liabilities	11,546	6,567
Accrued compensation and deferred payroll taxes	9,320	3,486
Deferred revenues, current and long-term	(3,570)	(3,441)
Other liabilities	0	(259)
Operating lease liabilities	(2,757)	(7,674)
Net cash provided by operating activities	107,452	92,749
Cash flows from investing activities:
Capital expenditures	(120,108)	(87,272)
Acquisitions, net of cash acquired	(54,833)	(78,547)
Purchase of intangible assets	(830)	(100)
Net cash used in investing activities	(175,771)	(165,919)
Cash flows from financing activities:
Proceeds from borrowings on revolving credit facility	261,500	22,500
Repayments of borrowings on revolving credit facility	(226,500)	(52,500)
Proceeds from issuance of long-term debt	27,500	197,500
Repayments of long-term debt, including finance lease liabilities	(7,082)	(95,401)
Payment of debt discount and deferred issuance costs	0	(2,430)
Proceeds from exercise of stock options, net of employee taxes paid	303	5,044
Contingent consideration payment	0	(375)
Net cash provided by financing activities	55,721	74,338
Net (decrease) increase in cash and cash equivalents	(12,598)	1,168
Cash and cash equivalents and restricted cash, beginning of period	33,312	49,961
Cash and cash equivalents and restricted cash, end of period	20,714	51,129
Supplemental cash flow information:
Cash paid for interest, net of amounts capitalized	6,918	5,943
Cash paid for income taxes, net of refunds	2,061	2,952
Supplemental disclosures of non-cash investing and financing activities:
Leased assets obtained in exchange for new operating lease liabilities	104,097	104,433
Leased assets obtained in exchange for new finance lease liabilities	9,536	195
Remeasurements and terminations of operating lease assets and lease liabilities	5,620	3,084
Remeasurements and terminations of finance lease assets and lease liabilities	(520)	(13)
(Decrease) Increase in liabilities from acquisition of property, fixtures and equipment	$ (391)	$ 3,044

Accounts Receivable (Tables)

9 Months Ended

Sep. 28, 2025

Receivables [Abstract]

Accounts Receivable

Accounts receivable consisted of the following:


(in thousands)	SEPTEMBER 28, 2025		DECEMBER 29, 2024
Receivable rebates from vendors	$	1,332	$	1,657
Receivables from third-party delivery providers	2,354		1,445
Receivables from franchisees	934		987
Receivables related to gift card sales	362		1,683
Other receivables	524		1,463
Total accounts receivable	$	5,506	$	7,235

Deferred Compensation (Details) $ in Millions	Sep. 28, 2025 USD ($)
Compensation Related Costs [Abstract]
Rabbi trust assets	$ 1.4
Deferred compensation obligation, long-term liabilities	$ 1.5

Business Acquisitions

9 Months Ended

Sep. 28, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Business Acquisitions

During the second quarter of 2025, the Company acquired, in two separate transactions, substantially all the assets associated with 19 franchise-operated First Watch restaurants. For both transactions, the purchase price was allocated to the fair value of the assets acquired and the liabilities assumed. The allocations were based on preliminary valuations and are subject to adjustment as additional information is available. The Company expects to finalize the valuations of these assets no later than one year from the respective acquisition dates.


	DATE OF ACQUISITION
(in thousands, except number of acquired restaurants)	APRIL 14, 2025		APRIL 28, 2025
Number of acquired restaurants	3		16
Purchase price (cash)	$	6,985	$	49,247
Transaction costs incurred	$	416	$	1,005
Deferred franchise fees recognized as a result of termination of pre-existing franchise agreement	$	—	$	398
Recognized amounts of identifiable assets acquired and liabilities assumed:
Cash	$	5	$	24
Inventory	$	31	$	159
Other assets	$	9	$	124
Property, fixtures and equipment	$	2,998	$	19,800
Reacquired rights	$	1,920	$	13,060
Goodwill	$	2,876	$	18,767
Operating right-of-use assets, net of lease positions and prepaid rent	$	2,922	$	17,305
Operating lease liabilities	$	(3,735)	$	(19,896)
Accounts payable	$	(2)	$	—
Deferred revenues - gift card liabilities assumed	$	(39)	$	(96)

Goodwill reflects the value of expected synergies and assembled workforce, and was assigned to the Company’s single reporting unit. The Company will treat the transactions as asset acquisitions for income tax purposes, which allows for any goodwill recognized to be tax deductible and amortized over a 15-year statutory life.

The weighted average estimated useful life of the reacquired rights is 6.1 years.

Pro-forma financial information of the acquired restaurants for periods prior to the acquisition dates is not presented due to the immaterial impact on the consolidated financial statements.

- Definition

The entire disclosure for business combination.

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+ Details

Revenues (Tables)

9 Months Ended

Sep. 28, 2025

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

Revenues recognized disaggregated by type were as follows:


	THIRTEEN WEEKS ENDED				THIRTY-NINE WEEKS ENDED
(in thousands)	SEPTEMBER 28, 2025		SEPTEMBER 29, 2024		SEPTEMBER 28, 2025		SEPTEMBER 29, 2024
Restaurant sales:
In-restaurant dining sales	$	254,155	$	207,047	$	728,282	$	613,422
Third-party delivery sales	37,163		22,372		103,633		72,682
Take-out sales	22,318		19,546		66,295		57,626
Total restaurant sales	313,636		248,965		898,210		743,730

Franchise revenues:
Royalty and system fund contributions	2,333		2,587		7,371		8,257
Initial fees	53		57		170		219
Business combinations - revenues recognized	—		—		398		413
Total franchise revenues	2,386		2,644		7,939		8,889
Total revenues	$	316,022	$	251,609	$	906,149	$	752,619

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

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


(in thousands)	SEPTEMBER 28, 2025		DECEMBER 29, 2024
Deferred revenues:
Deferred gift card revenue	$	2,423	$	5,385
Deferred franchise fee revenue - current	214		238
Total current deferred revenues	$	2,637	$	5,623
Other long-term liabilities:
Deferred franchise fee revenue - non-current	$	1,242	$	1,691

Changes in deferred gift card contract liabilities were as follows:


	THIRTEEN WEEKS ENDED				THIRTY-NINE WEEKS ENDED
(in thousands)	SEPTEMBER 28, 2025		SEPTEMBER 29, 2024		SEPTEMBER 28, 2025		SEPTEMBER 29, 2024
Deferred gift card revenue:
Balance, beginning of period	$	3,301	$	3,022	$	5,385	$	5,224
Gift card sales	1,455		1,271		6,305		5,518
Gift card redemptions	(2,073)		(1,915)		(8,422)		(7,766)
Gift card breakage	(260)		(237)		(980)		(1,000)
Gift card liabilities assumed through acquisitions	—		—		135		165
Balance, end of period	$	2,423	$	2,141	$	2,423	$	2,141

Changes in deferred franchise fee contract liabilities were as follows:


	THIRTEEN WEEKS ENDED				THIRTY-NINE WEEKS ENDED
(in thousands)	SEPTEMBER 28, 2025		SEPTEMBER 29, 2024		SEPTEMBER 28, 2025		SEPTEMBER 29, 2024
Deferred franchise fee revenue:
Balance, beginning of period	$	1,489	$	1,893	$	1,929	$	2,061
Cash received	20		32		95		439
Franchise revenues recognized	(53)		(57)		(170)		(219)
Business combinations - franchise revenues recognized	—		—		(398)		(413)
Balance, end of period	$	1,456	$	1,868	$	1,456	$	1,868

CONSOLIDATED STATEMENTS OF CASH FLOWS - (Parenthetical) - USD ($) $ in Thousands	9 Months Ended
	Sep. 28, 2025	Sep. 29, 2024
Leased assets obtained in exchange for new operating lease liabilities	$ 104,097	$ 104,433
Business Combination, Series of Individually Immaterial Business Combinations
Leased assets obtained in exchange for new operating lease liabilities	$ 23,600	$ 28,100

Equity and Stock-Based Compensation

9 Months Ended

Sep. 28, 2025

Share-Based Payment Arrangement [Abstract]

Equity and Stock-Based Compensation

Stock option awards

There were no stock option awards granted during the thirty-nine weeks ended September 28, 2025. A summary of stock option activity during the thirty-nine weeks ended September 28, 2025 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 29, 2024	3,701,017	$	10.14	$	31,676	4.1
Forfeited	(964)	$	12.58

Exercised	(30,959)	$	9.79
Outstanding, September 28, 2025	3,669,094	$	10.14	$	21,512	3.4

Exercisable, September 28, 2025	3,659,622	$	10.14	$	21,480	3.4

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 Nasdaq on the last trading day of the period.

A summary of the non-vested stock option activity during the thirty-nine weeks ended September 28, 2025 is as follows:


	NUMBER OF OPTIONS	WEIGHTED AVERAGE GRANT DATE FAIR VALUE PER SHARE
Nonvested, December 29, 2024	324,245	$	6.55
Forfeited	(963)	$	6.76
Vested	(313,810)	$	6.66
Nonvested, September 28, 2025	9,472	$	2.88

Restricted stock units

During the thirty-nine weeks ended September 28, 2025, a total of 1,028,509 restricted stock units (“RSUs”) were granted. Of the total RSUs granted, 597,737 will vest ratably over a period of three years from grant date, 65,364 will vest one year from the grant date, and the remaining 365,408 will vest four years from the grant date. A summary of the Company’s RSU activity during the thirty-nine weeks ended September 28, 2025 is as follows:


	RESTRICTED STOCK UNITS	WEIGHTED AVERAGE GRANT DATE FAIR VALUE PER SHARE		AGGREGATE INTRINSIC VALUE (in thousands)
Outstanding, December 29, 2024	759,721	$	20.67	$	14,207
Granted	1,028,509	$	16.75
Forfeited	(8,846)	$	19.95
Vested	(301,056)	$	19.36
Outstanding, September 28, 2025	1,478,328	$	18.22	$	23,653

The aggregate intrinsic value is based on the closing price of the Company’s common stock on Nasdaq of $16.00 and $18.70 on September 26, 2025 and December 27, 2024, the last trading days of the periods, respectively.

Stock-based compensation expense, net of amounts capitalized, was $2.9 million and $2.1 million during the thirteen weeks ended September 28, 2025 and September 29, 2024, respectively, and $7.9 million and $6.4 million during the thirty-nine weeks ended September 28, 2025 and September 29, 2024, respectively. Capitalized stock-based compensation included in property, fixtures and equipment totaled $0.1 million for the thirty-nine weeks ended September 28, 2025. The total related income tax benefit for stock-based compensation expense was $0.1 million during the thirteen weeks ended September 28, 2025 and September 29, 2024, respectively, and $1.3 million and $1.6 million during the thirty-nine weeks ended September 28, 2025 and September 29, 2024, respectively.

Unrecognized stock-based compensation expense

The following represents unrecognized stock-based compensation expense and the remaining weighted average vesting period as of September 28, 2025:


	UNRECOGNIZED STOCK-BASED COMPENSATION EXPENSE (in thousands)		REMAINING WEIGHTED AVERAGE VESTING PERIOD (in years)
Stock options	$	1	0.2
Restricted stock units	$	20,160	2.2

Debt - Long-Term Debt, Net (Details) - USD ($) $ in Thousands	Sep. 28, 2025	Dec. 29, 2024
Debt Instrument [Line Items]
Finance lease liabilities	$ 12,924	$ 2,766
Less: Unamortized debt discount and deferred issuance costs	(1,301)	(1,342)
Total debt, net	264,111	198,271
Less: Current portion of long-term debt	(13,123)	(9,228)
Long-term debt, net	250,988	189,043
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	$ 214,438	$ 193,797
Interest Rate	7.15%	6.93%
Revolving Credit Facility \| Line of Credit \| New Facilities
Debt Instrument [Line Items]
Carrying Value	$ 35,000	$ 0
Interest Rate	7.49%

Business Acquisitions - Narrative (Details) - Business Combination, Series of Individually Immaterial Business Combinations			3 Months Ended
	Apr. 28, 2025 restaurant	Apr. 14, 2025 restaurant	Jun. 29, 2025 state restaurant
Business Combination [Line Items]
Number of transactions \| state			2
Number of acquired restaurants \| restaurant	16	3	19
Weighted average estimated useful life of the reacquired rights			6 years 1 month 6 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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+ Details

Income Taxes - Components of Income Tax Expense (Benefit) and Effective Income Tax Rate (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2025	Sep. 29, 2024	Sep. 28, 2025	Sep. 29, 2024
Income Tax Disclosure [Abstract]
Income before income taxes	$ 5,674	$ 3,496	$ 7,713	$ 27,288
Income tax expense	$ (2,683)	$ (1,384)	$ (3,445)	$ (9,062)
Effective income tax rate	47.30%	39.60%	44.70%	33.20%

- 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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- Definition

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

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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Income Taxes (Tables)

9 Months Ended

Sep. 28, 2025

Income Tax Disclosure [Abstract]

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


	THIRTEEN WEEKS ENDED						THIRTY-NINE WEEKS ENDED
(in thousands)	SEPTEMBER 28, 2025			SEPTEMBER 29, 2024			SEPTEMBER 28, 2025			SEPTEMBER 29, 2024
Income before income taxes	$	5,674		$	3,496		$	7,713		$	27,288
Income tax expense	$	(2,683)		$	(1,384)		$	(3,445)		$	(9,062)
Effective income tax rate	47.3		%	39.6		%	44.7		%	33.2		%

Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2025	Sep. 29, 2024	Sep. 28, 2025	Sep. 29, 2024
Leases [Abstract]
Operating lease expense	$ 21,905	$ 18,269	$ 62,449	$ 51,021
Variable lease expense	5,953	4,816	16,997	14,242
Amortization of leased assets	342	134	760	395
Interest on lease liabilities	155	15	286	51
Total lease expense	28,355	23,234	80,492	65,709
Contingent rent	$ 500	$ 400	$ 1,500	$ 1,300

Leases

9 Months Ended

Sep. 28, 2025

Leases [Abstract]

Leases

The following table includes detail of lease assets and liabilities:


(in thousands)	Consolidated Balance Sheet Classification	SEPTEMBER 28, 2025		DECEMBER 29, 2024
Finance lease assets - current	Other current assets	$	1,365	$	—
Operating lease right-of-use assets	Operating lease right-of-use assets	609,820		527,674
Finance lease assets	Property, fixtures and equipment, net	10,962		2,724
Total lease assets		$	622,147	$	530,398

Operating lease liabilities - current(1)	Current portion of operating lease liabilities	$	72,785	$	55,704
Operating lease liabilities - non-current	Operating lease liabilities	645,455		555,576
Finance lease liabilities - current(1)	Current portion of long-term debt	1,873		587
Finance lease liabilities - non-current	Long-term debt, net	11,051		2,179
Total lease liabilities		$	731,164	$	614,046

_____________

(1) Excludes all variable lease expense for real estate leases.

The components of lease expense were as follows:


(in thousands)	Consolidated Statements of Operations and Comprehensive Income (Loss) Classification	THIRTEEN WEEKS ENDED				THIRTY-NINE WEEKS ENDED
		SEPTEMBER 28, 2025		SEPTEMBER 29, 2024		SEPTEMBER 28, 2025		SEPTEMBER 29, 2024
Operating lease expense	Other restaurant operating expenses Occupancy expenses Pre-opening expenses General and administrative expenses	$	21,905	$	18,269	$	62,449	$	51,021
Variable lease expense	Food and beverage costs Occupancy expenses General and administrative expenses	5,953		4,816		16,997		14,242
Finance lease expense:
Amortization of leased assets	Depreciation and amortization	342		134		760		395
Interest on lease liabilities	Interest expense	155		15		286		51
Total lease expense (1)		$	28,355	$	23,234	$	80,492	$	65,709

_____________

(1) Includes contingent rent expense of $0.5 million and $0.4 million during the thirteen weeks ended September 28, 2025 and September 29, 2024, respectively, and $1.5 million and $1.3 million for the thirty-nine weeks ended September 28, 2025 and September 29, 2024, respectively.

Supplemental cash flow information related to leases was as follows:


(in thousands)	THIRTY-NINE WEEKS ENDED
	SEPTEMBER 28, 2025		SEPTEMBER 29, 2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows - operating leases	$	41,044	$	39,450
Operating cash flows - finance leases	$	286	$	51
Financing cash flows - finance leases	$	223	$	431

Supplemental information related to leases was as follows:


	THIRTY-NINE WEEKS ENDED
	SEPTEMBER 28, 2025		SEPTEMBER 29, 2024
Weighted-average remaining lease term (in years)
Operating leases	12.9		13.4
Finance leases	9.4		3.5
Weighted-average discount rate (1)
Operating leases	7.8	%	7.8	%
Finance leases	6.2	%	6.4	%

____________

(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	SEPTEMBER 28, 2025		DECEMBER 29, 2024
Finance lease assets - current	Other current assets	$	1,365	$	—
Operating lease right-of-use assets	Operating lease right-of-use assets	609,820		527,674
Finance lease assets	Property, fixtures and equipment, net	10,962		2,724
Total lease assets		$	622,147	$	530,398

Operating lease liabilities - current(1)	Current portion of operating lease liabilities	$	72,785	$	55,704
Operating lease liabilities - non-current	Operating lease liabilities	645,455		555,576
Finance lease liabilities - current(1)	Current portion of long-term debt	1,873		587
Finance lease liabilities - non-current	Long-term debt, net	11,051		2,179
Total lease liabilities		$	731,164	$	614,046

_____________

(1) Excludes all variable lease expense for real estate leases.

The components of lease expense were as follows:


(in thousands)	Consolidated Statements of Operations and Comprehensive Income (Loss) Classification	THIRTEEN WEEKS ENDED				THIRTY-NINE WEEKS ENDED
		SEPTEMBER 28, 2025		SEPTEMBER 29, 2024		SEPTEMBER 28, 2025		SEPTEMBER 29, 2024
Operating lease expense	Other restaurant operating expenses Occupancy expenses Pre-opening expenses General and administrative expenses	$	21,905	$	18,269	$	62,449	$	51,021
Variable lease expense	Food and beverage costs Occupancy expenses General and administrative expenses	5,953		4,816		16,997		14,242
Finance lease expense:
Amortization of leased assets	Depreciation and amortization	342		134		760		395
Interest on lease liabilities	Interest expense	155		15		286		51
Total lease expense (1)		$	28,355	$	23,234	$	80,492	$	65,709

_____________

Supplemental cash flow information related to leases was as follows:


(in thousands)	THIRTY-NINE WEEKS ENDED
	SEPTEMBER 28, 2025		SEPTEMBER 29, 2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows - operating leases	$	41,044	$	39,450
Operating cash flows - finance leases	$	286	$	51
Financing cash flows - finance leases	$	223	$	431

Supplemental information related to leases was as follows:


	THIRTY-NINE WEEKS ENDED
	SEPTEMBER 28, 2025		SEPTEMBER 29, 2024
Weighted-average remaining lease term (in years)
Operating leases	12.9		13.4
Finance leases	9.4		3.5
Weighted-average discount rate (1)
Operating leases	7.8	%	7.8	%
Finance leases	6.2	%	6.4	%

____________

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

Revenues

9 Months Ended

Sep. 28, 2025

Revenue from Contract with Customer [Abstract]

Revenues

Revenues recognized disaggregated by type were as follows:


	THIRTEEN WEEKS ENDED				THIRTY-NINE WEEKS ENDED
(in thousands)	SEPTEMBER 28, 2025		SEPTEMBER 29, 2024		SEPTEMBER 28, 2025		SEPTEMBER 29, 2024
Restaurant sales:
In-restaurant dining sales	$	254,155	$	207,047	$	728,282	$	613,422
Third-party delivery sales	37,163		22,372		103,633		72,682
Take-out sales	22,318		19,546		66,295		57,626
Total restaurant sales	313,636		248,965		898,210		743,730

Franchise revenues:
Royalty and system fund contributions	2,333		2,587		7,371		8,257
Initial fees	53		57		170		219
Business combinations - revenues recognized	—		—		398		413
Total franchise revenues	2,386		2,644		7,939		8,889
Total revenues	$	316,022	$	251,609	$	906,149	$	752,619

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


(in thousands)	SEPTEMBER 28, 2025		DECEMBER 29, 2024
Deferred revenues:
Deferred gift card revenue	$	2,423	$	5,385
Deferred franchise fee revenue - current	214		238
Total current deferred revenues	$	2,637	$	5,623
Other long-term liabilities:
Deferred franchise fee revenue - non-current	$	1,242	$	1,691

Changes in deferred gift card contract liabilities were as follows:


	THIRTEEN WEEKS ENDED				THIRTY-NINE WEEKS ENDED
(in thousands)	SEPTEMBER 28, 2025		SEPTEMBER 29, 2024		SEPTEMBER 28, 2025		SEPTEMBER 29, 2024
Deferred gift card revenue:
Balance, beginning of period	$	3,301	$	3,022	$	5,385	$	5,224
Gift card sales	1,455		1,271		6,305		5,518
Gift card redemptions	(2,073)		(1,915)		(8,422)		(7,766)
Gift card breakage	(260)		(237)		(980)		(1,000)
Gift card liabilities assumed through acquisitions	—		—		135		165
Balance, end of period	$	2,423	$	2,141	$	2,423	$	2,141

Changes in deferred franchise fee contract liabilities were as follows:


	THIRTEEN WEEKS ENDED				THIRTY-NINE WEEKS ENDED
(in thousands)	SEPTEMBER 28, 2025		SEPTEMBER 29, 2024		SEPTEMBER 28, 2025		SEPTEMBER 29, 2024
Deferred franchise fee revenue:
Balance, beginning of period	$	1,489	$	1,893	$	1,929	$	2,061
Cash received	20		32		95		439
Franchise revenues recognized	(53)		(57)		(170)		(219)
Business combinations - franchise revenues recognized	—		—		(398)		(413)
Balance, end of period	$	1,456	$	1,868	$	1,456	$	1,868

- 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
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Revenues - Detail of Contract Liabilities (Details) - USD ($) $ in Thousands	Sep. 28, 2025	Dec. 29, 2024
Revenue from Contract with Customer [Abstract]
Deferred gift card revenue	$ 2,423	$ 5,385
Deferred franchise fee revenue - current	214	238
Total current deferred revenues	2,637	5,623
Deferred franchise fee revenue - non-current	$ 1,242	$ 1,691

Segment Information (Tables)

9 Months Ended

Sep. 28, 2025

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

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


	THIRTEEN WEEKS ENDED				THIRTY-NINE WEEKS ENDED
(in thousands)	SEPTEMBER 28, 2025		SEPTEMBER 29, 2024		SEPTEMBER 28, 2025		SEPTEMBER 29, 2024
Total revenues	$	316,022	$	251,609	$	906,149	$	752,619
Less:
Food and beverage costs	69,730		55,865		208,355		163,852
Labor and other related expenses	102,387		83,756		300,451		247,332
Other restaurant operating expenses	50,140		38,891		141,002		113,232
Occupancy expenses	25,891		21,075		73,849		60,733
Pre-opening expenses	3,813		2,387		9,980		5,782
Stock-based compensation, net of amounts capitalized	2,877		2,076		7,926		6,394
General and administrative expenses (1)	30,869		25,604		89,224		76,133
Depreciation and amortization	19,662		15,153		54,355		41,960
Other segment items (2)	603		489		2,531		2,155
Interest expense	4,567		3,441		11,904		9,421
Other income, net	(191)		(624)		(1,141)		(1,663)
Income tax expense	2,683		1,384		3,445		9,062
Net income	$	2,991	$	2,112	$	4,268	$	18,226

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

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

Net Income Per Common Share

9 Months Ended

Sep. 28, 2025

Earnings Per Share [Abstract]

Net Income Per Common Share

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


	THIRTEEN WEEKS ENDED				THIRTY-NINE WEEKS ENDED
(in thousands, except share and per share data)	SEPTEMBER 28, 2025		SEPTEMBER 29, 2024		SEPTEMBER 28, 2025		SEPTEMBER 29, 2024
Numerator:
Net income	$	2,991	$	2,112	$	4,268	$	18,226
Denominator:
Weighted average common shares outstanding - basic	61,027,278		60,428,016		60,933,443		60,275,167
Weighted average common shares outstanding - diluted	62,834,080		61,851,127		62,798,962		62,343,751
Net income per common share - basic	$	0.05	$	0.03	$	0.07	$	0.30
Net income per common share - diluted	$	0.05	$	0.03	$	0.07	$	0.29
Stock options outstanding not included in diluted net income per common share as their effect is anti-dilutive	12,552		14,584		12,552		12,552
Restricted stock units outstanding not included in diluted net income per share as their effect is anti-dilutive	222,055		419,863		9		317,530

Diluted net income 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.

Leases (Tables)

9 Months Ended

Sep. 28, 2025

Leases [Abstract]

Supplemental Information Related to Leases

The following table includes detail of lease assets and liabilities:


(in thousands)	Consolidated Balance Sheet Classification	SEPTEMBER 28, 2025		DECEMBER 29, 2024
Finance lease assets - current	Other current assets	$	1,365	$	—
Operating lease right-of-use assets	Operating lease right-of-use assets	609,820		527,674
Finance lease assets	Property, fixtures and equipment, net	10,962		2,724
Total lease assets		$	622,147	$	530,398

Operating lease liabilities - current(1)	Current portion of operating lease liabilities	$	72,785	$	55,704
Operating lease liabilities - non-current	Operating lease liabilities	645,455		555,576
Finance lease liabilities - current(1)	Current portion of long-term debt	1,873		587
Finance lease liabilities - non-current	Long-term debt, net	11,051		2,179
Total lease liabilities		$	731,164	$	614,046

_____________

(1) Excludes all variable lease expense for real estate leases.

Supplemental information related to leases was as follows:


	THIRTY-NINE WEEKS ENDED
	SEPTEMBER 28, 2025		SEPTEMBER 29, 2024
Weighted-average remaining lease term (in years)
Operating leases	12.9		13.4
Finance leases	9.4		3.5
Weighted-average discount rate (1)
Operating leases	7.8	%	7.8	%
Finance leases	6.2	%	6.4	%

____________

(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 Income (Loss) Classification	THIRTEEN WEEKS ENDED				THIRTY-NINE WEEKS ENDED
		SEPTEMBER 28, 2025		SEPTEMBER 29, 2024		SEPTEMBER 28, 2025		SEPTEMBER 29, 2024
Operating lease expense	Other restaurant operating expenses Occupancy expenses Pre-opening expenses General and administrative expenses	$	21,905	$	18,269	$	62,449	$	51,021
Variable lease expense	Food and beverage costs Occupancy expenses General and administrative expenses	5,953		4,816		16,997		14,242
Finance lease expense:
Amortization of leased assets	Depreciation and amortization	342		134		760		395
Interest on lease liabilities	Interest expense	155		15		286		51
Total lease expense (1)		$	28,355	$	23,234	$	80,492	$	65,709

_____________

Supplemental cash flow information related to leases was as follows:


(in thousands)	THIRTY-NINE WEEKS ENDED
	SEPTEMBER 28, 2025		SEPTEMBER 29, 2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows - operating leases	$	41,044	$	39,450
Operating cash flows - finance leases	$	286	$	51
Financing cash flows - finance leases	$	223	$	431

Equity and Stock-Based Compensation - Schedule of Fair Value Non-vested Options at Grant Dates (Details)	9 Months Ended
	Sep. 28, 2025 $ / shares shares
NUMBER OF OPTIONS
Beginning balance (in shares) \| shares	324,245
Forfeited (in shares) \| shares	(963)
Vested (in shares) \| shares	(313,810)
Ending balance (in shares) \| shares	9,472
WEIGHTED AVERAGE GRANT DATE FAIR VALUE PER SHARE
Beginning balance, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 6.55
Forfeited, weighted average grant date fair value (in dollars per share) \| $ / shares	6.76
Vested, weighted average grant date fair value (in dollars per share) \| $ / shares	6.66
Ending balance, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 2.88

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 28, 2025	Sep. 29, 2024
Leases [Abstract]
Operating cash flows - operating leases	$ 41,044	$ 39,450
Operating cash flows - finance leases	286	51
Financing cash flows - finance leases	$ 223	$ 431

Leases - Lease Assets and Lease Liabilities (Details) - USD ($) $ in Thousands	Sep. 28, 2025	Dec. 29, 2024
Leases [Abstract]
Finance lease assets - current	$ 1,365	$ 0
Operating lease right-of-use assets	609,820	527,674
Finance lease assets	10,962	2,724
Total lease assets	622,147	530,398
Operating lease liabilities - current	72,785	55,704
Operating lease liabilities - non-current	645,455	555,576
Finance lease liabilities - current	1,873	587
Finance lease liabilities - non-current	11,051	2,179
Total lease liabilities	$ 731,164	$ 614,046
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

Net Income Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 28, 2025	Jun. 29, 2025	Mar. 30, 2025	Sep. 29, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 28, 2025	Sep. 29, 2024
Numerator
Net income	$ 2,991	$ 2,106	$ (829)	$ 2,112	$ 8,900	$ 7,214	$ 4,268	$ 18,226
Denominator
Weighted average common shares outstanding - basic (in shares)	61,027,278			60,428,016			60,933,443	60,275,167
Weighted average common shares outstanding - diluted (in shares)	62,834,080			61,851,127			62,798,962	62,343,751
Net income per common share - basic (in dollars per share)	$ 0.05			$ 0.03			$ 0.07	$ 0.30
Net income per common share - diluted (in dollars per share)	$ 0.05			$ 0.03			$ 0.07	$ 0.29
Stock options
Denominator
Stock units outstanding not included in diluted net (loss) income per share as their effect is anti-dilutive (in shares)	12,552			14,584			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)	222,055			419,863			9	317,530

Accounts Receivable

9 Months Ended

Sep. 28, 2025

Receivables [Abstract]

Accounts Receivable

Accounts receivable consisted of the following:


(in thousands)	SEPTEMBER 28, 2025		DECEMBER 29, 2024
Receivable rebates from vendors	$	1,332	$	1,657
Receivables from third-party delivery providers	2,354		1,445
Receivables from franchisees	934		987
Receivables related to gift card sales	362		1,683
Other receivables	524		1,463
Total accounts receivable	$	5,506	$	7,235

Net Income Per Common Share (Tables)

9 Months Ended

Sep. 28, 2025

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 income per common share:


	THIRTEEN WEEKS ENDED				THIRTY-NINE WEEKS ENDED
(in thousands, except share and per share data)	SEPTEMBER 28, 2025		SEPTEMBER 29, 2024		SEPTEMBER 28, 2025		SEPTEMBER 29, 2024
Numerator:
Net income	$	2,991	$	2,112	$	4,268	$	18,226
Denominator:
Weighted average common shares outstanding - basic	61,027,278		60,428,016		60,933,443		60,275,167
Weighted average common shares outstanding - diluted	62,834,080		61,851,127		62,798,962		62,343,751
Net income per common share - basic	$	0.05	$	0.03	$	0.07	$	0.30
Net income per common share - diluted	$	0.05	$	0.03	$	0.07	$	0.29
Stock options outstanding not included in diluted net income per common share as their effect is anti-dilutive	12,552		14,584		12,552		12,552
Restricted stock units outstanding not included in diluted net income per share as their effect is anti-dilutive	222,055		419,863		9		317,530

Cover - shares	9 Months Ended
Cover - shares	Sep. 28, 2025	Oct. 31, 2025
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 28, 2025
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	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		61,032,105
Entity Central Index Key	0001789940
Amendment Flag	false
Current Fiscal Year End Date	--12-28
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q3

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 28, 2025
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 September 28, 2025 and September 29, 2024 were 13-week periods.
Basis of Presentation	The accompanying unaudited interim consolidated financial statements have been prepared by the Company in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”).
Consolidation	Accordingly, they do not include all the information and notes required by GAAP for complete financial statements. The unaudited interim consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements included in the 2024 Form 10-K and include all adjustments necessary for the fair statement of the consolidated financial statements for the quarterly periods presented. The results of operations for quarterly periods are not necessarily indicative of the results to be expected for other quarterly periods or the entire fiscal year.
Use of Estimates	Use of Estimates Preparation of the unaudited interim consolidated financial statements in accordance with GAAP requires Management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited interim consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from the estimates and such differences could be material.
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 and other current assets and 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 balance sheet 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 December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, which establishes new income tax disclosure requirements including disaggregated information about a reporting entity’s effective tax rate reconciliation as well as disaggregated information on income taxes paid. The amendments are effective for fiscal years beginning after December 15, 2024 and should be applied on a prospective basis, however, retrospective application is permitted. Management is currently evaluating the impact of this new standard and anticipates an expansion in the Company’s annual income tax disclosures. In November 2024, the FASB issued 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. Recent accounting guidance not discussed herein is not applicable, did not have, or is not expected to have a material impact to the Company.

- Definition

Disclosure of accounting policy for its derivative instruments and hedging activities.

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+ Details

Debt (Tables)

9 Months Ended

Sep. 28, 2025

Debt Disclosure [Abstract]

Long-Term Debt, Net

Long-term debt, net consisted of the following:


	SEPTEMBER 28, 2025			DECEMBER 29, 2024
(in thousands)	Balance		Interest Rate	Balance		Interest Rate
Term Facilities	$	214,438	7.15%	$	193,797	6.93%

Revolving Credit Facility	35,000		7.49%	—
Finance lease liabilities	12,924			2,766
Financing obligation	3,050			3,050
Less: Unamortized debt discount and deferred issuance costs	(1,301)			(1,342)
Total debt, net	264,111			198,271
Less: Current portion of long-term debt	(13,123)			(9,228)
Long-term debt, net	$	250,988		$	189,043

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:


	SEPTEMBER 28, 2025				DECEMBER 29, 2024
(in thousands)	Carrying Value		Fair Value		Carrying Value		Fair Value
Term Facilities	$	214,438	$	214,322	$	193,797	$	193,417
Revolving Credit Facility	$	35,000	$	34,980	$	—	$	—

- 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

Segment Information

9 Months Ended

Sep. 28, 2025

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 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 Company-owned 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. The measure of capital expenditures for the reporting segment is reported on the consolidated statements of cash flows.

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


	THIRTEEN WEEKS ENDED				THIRTY-NINE WEEKS ENDED
(in thousands)	SEPTEMBER 28, 2025		SEPTEMBER 29, 2024		SEPTEMBER 28, 2025		SEPTEMBER 29, 2024
Total revenues	$	316,022	$	251,609	$	906,149	$	752,619
Less:
Food and beverage costs	69,730		55,865		208,355		163,852
Labor and other related expenses	102,387		83,756		300,451		247,332
Other restaurant operating expenses	50,140		38,891		141,002		113,232
Occupancy expenses	25,891		21,075		73,849		60,733
Pre-opening expenses	3,813		2,387		9,980		5,782
Stock-based compensation, net of amounts capitalized	2,877		2,076		7,926		6,394
General and administrative expenses (1)	30,869		25,604		89,224		76,133
Depreciation and amortization	19,662		15,153		54,355		41,960
Other segment items (2)	603		489		2,531		2,155
Interest expense	4,567		3,441		11,904		9,421
Other income, net	(191)		(624)		(1,141)		(1,663)
Income tax expense	2,683		1,384		3,445		9,062
Net income	$	2,991	$	2,112	$	4,268	$	18,226

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

(2) Other segment items included in segment net income are primarily transaction expenses, 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

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2025	Sep. 29, 2024	Sep. 28, 2025	Sep. 29, 2024
Revenues:
Total revenues	$ 316,022	$ 251,609	$ 906,149	$ 752,619
Restaurant operating expenses (exclusive of depreciation and amortization shown below):
Food and beverage costs	69,730	55,865	208,355	163,852
Labor and other related expenses	102,387	83,756	300,451	247,332
Other restaurant operating expenses	50,140	38,891	141,002	113,232
Occupancy expenses	25,891	21,075	73,849	60,733
Pre-opening expenses	3,813	2,387	9,980	5,782
General and administrative expenses	33,746	27,680	97,150	82,527
Depreciation and amortization	19,662	15,153	54,355	41,960
Impairments and loss on disposal of assets	175	114	311	386
Transaction expenses, net	428	375	2,220	1,769
Total operating costs and expenses	305,972	245,296	887,673	717,573
Income from operations	10,050	6,313	18,476	35,046
Interest expense	(4,567)	(3,441)	(11,904)	(9,421)
Other income, net	191	624	1,141	1,663
Income before income taxes	5,674	3,496	7,713	27,288
Income tax expense	(2,683)	(1,384)	(3,445)	(9,062)
Net income	2,991	2,112	4,268	18,226
Net income	2,991	2,112	4,268	18,226
Other comprehensive income (loss)
Unrealized gain (loss) on derivatives	88	(3,560)	(920)	(2,421)
Income tax related to other comprehensive income (loss)	(22)	888	229	604
Comprehensive income (loss)	$ 3,057	$ (560)	$ 3,577	$ 16,409
Net income per common share - basic (in dollars per share)	$ 0.05	$ 0.03	$ 0.07	$ 0.30
Net income per common share - diluted (in dollars per share)	$ 0.05	$ 0.03	$ 0.07	$ 0.29
Weighted average common shares outstanding - basic (in shares)	61,027,278	60,428,016	60,933,443	60,275,167
Weighted average common shares outstanding - diluted (in shares)	62,834,080	61,851,127	62,798,962	62,343,751
Restaurant sales
Revenues:
Total revenues	$ 313,636	$ 248,965	$ 898,210	$ 743,730
Franchise revenues
Revenues:
Total revenues	$ 2,386	$ 2,644	$ 7,939	$ 8,889

Interest Rate Swaps	9 Months Ended
Interest Rate Swaps	Sep. 28, 2025
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, Management 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 the 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, Management 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 the 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 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 impact of the credit valuation adjustments was not determined to be significant to the overall valuation. As a result, the derivative was classified as Level 2 in the fair value hierarchy. Amounts reported in Other comprehensive income (loss) related to the interest rate swaps are reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. During the thirty-nine weeks ended September 28, 2025, a total of $0.1 million was reclassified from Other comprehensive income (loss) as a reduction to Interest expense. Over the next 12 months, Management estimates that $0.9 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

Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 28, 2025	Dec. 29, 2024
Payables and Accruals [Abstract]
Construction liabilities	$ 16,378	$ 16,769
Sales tax	8,973	7,919
Interest payable	4,663	267
Insurance liabilities	3,499	2,521
Utilities	3,011	2,156
Credit card fees	2,090	1,973
Property tax	2,262	830
Contingent rent	1,241	1,058
Other	7,714	6,114
Accrued liabilities	$ 49,831	$ 39,607

Accrued Liabilities (Tables)

9 Months Ended

Sep. 28, 2025

Payables and Accruals [Abstract]

Schedule of Accrued Liabilities

Accrued liabilities consisted of the following:


(in thousands)	SEPTEMBER 28, 2025		DECEMBER 29, 2024
Construction liabilities	$	16,378	$	16,769
Sales tax	8,973		7,919
Interest payable	4,663		267
Insurance liabilities	3,499		2,521
Utilities	3,011		2,156
Credit card fees	2,090		1,973
Property tax	2,262		830
Contingent rent	1,241		1,058


Other	7,714		6,114
Total accrued liabilities	$	49,831	$	39,607

Nature of Business and Organization - Additional Information (Details)	Sep. 28, 2025 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	548
Franchise-owned restaurants
Franchisor Disclosure [Line Items]
Number of restaurants	72

Equity and Stock-Based Compensation (Tables)

9 Months Ended

Sep. 28, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Options Roll Forward

A summary of stock option activity during the thirty-nine weeks ended September 28, 2025 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 29, 2024	3,701,017	$	10.14	$	31,676	4.1
Forfeited	(964)	$	12.58

Exercised	(30,959)	$	9.79
Outstanding, September 28, 2025	3,669,094	$	10.14	$	21,512	3.4

Exercisable, September 28, 2025	3,659,622	$	10.14	$	21,480	3.4

Schedule of Fair Value Non-vested Options at Grant Dates

A summary of the non-vested stock option activity during the thirty-nine weeks ended September 28, 2025 is as follows:


	NUMBER OF OPTIONS	WEIGHTED AVERAGE GRANT DATE FAIR VALUE PER SHARE
Nonvested, December 29, 2024	324,245	$	6.55
Forfeited	(963)	$	6.76
Vested	(313,810)	$	6.66
Nonvested, September 28, 2025	9,472	$	2.88

Schedule of Nonvested Restricted Stock Units Activity

A summary of the Company’s RSU activity during the thirty-nine weeks ended September 28, 2025 is as follows:


	RESTRICTED STOCK UNITS	WEIGHTED AVERAGE GRANT DATE FAIR VALUE PER SHARE		AGGREGATE INTRINSIC VALUE (in thousands)
Outstanding, December 29, 2024	759,721	$	20.67	$	14,207
Granted	1,028,509	$	16.75
Forfeited	(8,846)	$	19.95
Vested	(301,056)	$	19.36
Outstanding, September 28, 2025	1,478,328	$	18.22	$	23,653

Schedule of Unrecognized Stock-based Compensation Expense

The following represents unrecognized stock-based compensation expense and the remaining weighted average vesting period as of September 28, 2025:


	UNRECOGNIZED STOCK-BASED COMPENSATION EXPENSE (in thousands)		REMAINING WEIGHTED AVERAGE VESTING PERIOD (in years)
Stock options	$	1	0.2
Restricted stock units	$	20,160	2.2

Leases - Supplemental Information Related to Leases (Details)	Sep. 28, 2025	Sep. 29, 2024
Weighted-average remaining lease term (in years)
Operating leases	12 years 10 months 24 days	13 years 4 months 24 days
Finance leases	9 years 4 months 24 days	3 years 6 months
Weighted-average discount rate
Operating leases	7.80%	7.80%
Finance leases	6.20%	6.40%

Accounts Receivable (Details) - USD ($) $ in Thousands	Sep. 28, 2025	Dec. 29, 2024
Receivables [Abstract]
Receivable rebates from vendors	$ 1,332	$ 1,657
Receivables from third-party delivery providers	2,354	1,445
Receivables from franchisees	934	987
Receivables related to gift card sales	362	1,683
Other receivables	524	1,463
Total accounts receivable	$ 5,506	$ 7,235

Insider Trading Arrangements

3 Months Ended

Sep. 28, 2025

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

During the fiscal quarter ended September 28, 2025, none of our directors or officers adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as those terms are defined in Regulation S-K, Item 408, except as described in the table below:

Name & Title

Date Adopted

Character of Trading Arrangement (1)

Aggregate Number of Shares of Common Stock to be Sold Pursuant to Trading Arrangement

Duration (2)

Eric Hartman, Chief Development Officer

9/4/2025

Rule 10b5-1 Trading Arrangement

Up to 75,000 shares to be sold (3)

5/1/2026

William Kussell, Director

9/9/2025

Rule 10b5-1 Trading Arrangement

Up to 98,650 shares to be sold (4)

8/31/2027

_____________________

(1) Each trading arrangement marked as a “Rule 10b5-1 Trading Arrangement” is intended to satisfy the affirmative defense of Rule 10b5-1(c), as amended (the “Rule”).

(2) Each trading arrangement permits transactions through and including the earliest to occur of (i) the completion of all purchases or sales or the expiration of all of the orders relating to such trades, or (ii) the date listed in the table. Trading

arrangements marked as a “Rule 10b5-1 Trading Arrangement” only permits transactions upon the expiration of the applicable mandatory cooling-off period under the Rule.

(3) Mr. Hartman’s trading plan provides for the sale of up to 75,000 shares after the applicable mandatory cooling-off period subject to limit prices.

(4) Mr. Kussell’s trading plan provides for the sale of up to 98,650 shares after the applicable mandatory cooling-off period subject to limit prices.

Non-Rule 10b5-1 Arrangement Adopted

false

Rule 10b5-1 Arrangement Terminated

false

Non-Rule 10b5-1 Arrangement Terminated

false

Eric Hartman [Member]

Trading Arrangements, by Individual

Name

Eric Hartman

Title

Chief Development Officer

Rule 10b5-1 Arrangement Adopted

true

9/4/2025

5/1/2026

239 days

75,000

William Kussell [Member]

Trading Arrangements, by Individual

Name

William Kussell

Title

Director

Rule 10b5-1 Arrangement Adopted

true

9/9/2025

8/31/2027

721 days

98,650

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 28, 2025
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 September 28, 2025 and September 29, 2024 were 13-week periods. These unaudited interim consolidated financial statements 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 29, 2024 (“2024 Form 10-K”). The accompanying unaudited interim consolidated financial statements have been prepared by the Company in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all the information and notes required by GAAP for complete financial statements. The unaudited interim consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements included in the 2024 Form 10-K and include all adjustments necessary for the fair statement of the consolidated financial statements for the quarterly periods presented. The results of operations for quarterly periods are not necessarily indicative of the results to be expected for other quarterly periods or the entire fiscal year. Use of Estimates Preparation of the unaudited interim consolidated financial statements in accordance with GAAP requires Management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited interim consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from the estimates and such differences could be material. 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 and other current assets and 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 balance sheet 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 December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, which establishes new income tax disclosure requirements including disaggregated information about a reporting entity’s effective tax rate reconciliation as well as disaggregated information on income taxes paid. The amendments are effective for fiscal years beginning after December 15, 2024 and should be applied on a prospective basis, however, retrospective application is permitted. Management is currently evaluating the impact of this new standard and anticipates an expansion in the Company’s annual income tax disclosures. In November 2024, the FASB issued 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. Recent accounting guidance not discussed herein is not applicable, did not have, or is not expected to have a material impact to the Company.

Business Acquisitions (Tables)

9 Months Ended

Sep. 28, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Business Combination


	DATE OF ACQUISITION
(in thousands, except number of acquired restaurants)	APRIL 14, 2025		APRIL 28, 2025
Number of acquired restaurants	3		16
Purchase price (cash)	$	6,985	$	49,247
Transaction costs incurred	$	416	$	1,005
Deferred franchise fees recognized as a result of termination of pre-existing franchise agreement	$	—	$	398
Recognized amounts of identifiable assets acquired and liabilities assumed:
Cash	$	5	$	24
Inventory	$	31	$	159
Other assets	$	9	$	124
Property, fixtures and equipment	$	2,998	$	19,800
Reacquired rights	$	1,920	$	13,060
Goodwill	$	2,876	$	18,767
Operating right-of-use assets, net of lease positions and prepaid rent	$	2,922	$	17,305
Operating lease liabilities	$	(3,735)	$	(19,896)
Accounts payable	$	(2)	$	—
Deferred revenues - gift card liabilities assumed	$	(39)	$	(96)

Business Combination, Recognized Asset Acquired and Liability Assumed


	DATE OF ACQUISITION
(in thousands, except number of acquired restaurants)	APRIL 14, 2025		APRIL 28, 2025
Number of acquired restaurants	3		16
Purchase price (cash)	$	6,985	$	49,247
Transaction costs incurred	$	416	$	1,005
Deferred franchise fees recognized as a result of termination of pre-existing franchise agreement	$	—	$	398
Recognized amounts of identifiable assets acquired and liabilities assumed:
Cash	$	5	$	24
Inventory	$	31	$	159
Other assets	$	9	$	124
Property, fixtures and equipment	$	2,998	$	19,800
Reacquired rights	$	1,920	$	13,060
Goodwill	$	2,876	$	18,767
Operating right-of-use assets, net of lease positions and prepaid rent	$	2,922	$	17,305
Operating lease liabilities	$	(3,735)	$	(19,896)
Accounts payable	$	(2)	$	—
Deferred revenues - gift card liabilities assumed	$	(39)	$	(96)

- Definition

Tabular disclosure of business combination. Includes, but is not limited to, recognized asset and liability.

+ References + Details