v3.26.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 8 Months Ended 9 Months Ended
Jan. 15, 2025
Sep. 28, 2025
Sep. 27, 2026
Cash flows from operating activities:      
Net income (loss) $ (4) $ 105 $ 23
Adjustments to reconcile net income (loss) to cash provided
 by (used in) operating activities:      
Depreciation and amortization 0 71 77
Amortization of debt discount and deferred financing costs 0 12 9
Gain on sale of company-owned stores 0 0 (21)
Loss on debt extinguishment 0 0 13
Revaluation of contingent liability 0 0 2
Equity-based compensation expense 0 7 43
Lease-related exit costs 0 0 6
Changes in operating assets and liabilities      
Accounts receivable, net 4 12 7
Prepaid expenses and other assets (3) (8) 4
Accounts payable, accrued expenses, and other liabilities 3 2 12
Payment of assumed transaction bonus liability 0 (411) 0
Other, net 0 3 2
Net cash provided by (used in) operating activities 0 (207) 177
Cash flows from investing activities:      
Purchases of property and equipment 0 (5) (2)
Capitalized software development costs 0 (4) (5)
Repayment of notes receivable 5 2 2
Acquisition of franchised stores 0 0 (23)
Proceeds from sale of company-owned stores 0 0 27
Net cash provided by (used in) investing activities 5 (7) (1)
Cash flows from financing activities:      
Proceeds from issuance of long-term debt 0 400 760
Proceeds from issuance of Class A common stock in initial public offering, net of underwriting discounts and commissions 0 0 301
Payments on long-term debt 0 (12) (1,053)
Debt issuance costs 0 (9) (15)
Members’ distributions, net prior to the Reorganization Transactions 14 (481) (78)
Distribution to noncontrolling interest 0 0 (12)
Net cash provided by (used in) financing activities 14 (102) (97)
Net increase (decrease) in cash, cash equivalents, and restricted cash 19 (316) 79
Cash, cash equivalents, and restricted cash at beginning of the period 843 862 246
Cash, cash equivalents, and restricted cash at end of the period 862 256 325
Supplemental cash flow information:      
Cash paid for interest 0 54 81
Net income (loss) $ (4) $ 105 $ 23