Private company

Famous Dave's

Logo: PR agency here, Non-free logo, via Wikipedia³

Chain of barbecue restaurants primarily located in the Midwestern US

Last updated Oct 19, 2026.

Overview

$554.2MRevenue, fiscal 2025⁴

$195.9MNet income, fiscal 2025⁴

1994Founded¹

Tickeron NASDAQ¹
Industryrestaurant¹
HeadquartersMinnetonka¹
Founded inHayward¹
Websitewww.famousdaves.com
Listed onNasdaq (DAVE)¹

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Famous Dave's of America, Inc. is a chain of barbecue restaurants primarily located in the Midwestern United States, serving pork ribs, chicken, beef brisket, and several flavors of barbecue sauce. Dave Anderson, an Ojibwe-Choctaw who served as the head of the federal Bureau of Indian Affairs from 2004 to 2005, started the first Famous Dave's restaurant near Hayward, Wisconsin in 1994. The restaurant chain grew throughout the United States and Puerto Rico in 2014, though all of Famous Dave's Puerto Rico locations closed after Hurricane Maria. It has 111 locations in 30 U.S. states as of 2026 and four international locations, Abu Dhabi, Al Ain, Dubai, and Winnipeg.²

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

35.3%Net margin⁴

59.7%Revenue growth, 2025⁴

55.5%Return on equity⁴

0.00×Debt to equity⁴

$289.7MFree cash flow⁴

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Processing and Overdraft Service Fees, Net brought in 84% of the revenue Famous Dave's broke down this way in fiscal 2025.

Processing and Overdraft Service Fees, Net$466.8M⁴84%up 113% from 2024
Subscriptions$37.2M⁴7%up 51% from 2024
Interchange revenue, net$24.4M⁴4%up 22% from 2024
Transaction based revenue Other, net$15.7M⁴3%up 25% from 2024
Tips$7.5M⁴1%down 89% from 2024
ATM revenue, net$2.3M⁴0%down 27% from 2024

Products and services by year

Products and services	2023	2024	2025
Processing and Overdraft Service Fees, Net	$152.5M	$218.8M	$466.8M
Subscriptions	$21.5M	$24.6M	$37.2M
Interchange revenue, net	$17.0M	$20.0M	$24.4M
Transaction based revenue Other, net	$7.2M	$12.6M	$15.7M
Tips	$56.9M	$67.6M	$7.5M
ATM revenue, net	$2.6M	$3.1M	$2.3M

Where the money goes

Where each dollar of revenue went, fiscal 2025

Other costsProfit

Other costs58¢$323.4M
Interest1¢$7.0M
Income tax5¢$27.8M
Profit35¢$195.9M

Out of $554.2M in revenue.⁴

Where each dollar of operating cash went, fiscal 2025

Share buybacksKept or used elsewhere

Capital spending0¢$317.0K
Share buybacks15¢$43.7M
Kept or used elsewhere85¢$246.0M

Out of $290.0M of cash from operations.⁴

Financial statements

Revenue⁷⁸⁴$554.2M in 2025+262% since 2021

Net income⁷⁸⁴$195.9M in 2025

Every line of the income statement as filed: the last 3 fiscal years, latest first.⁴

Period ending	2025-12-31	2024-12-31	2023-12-31
Revenues	$554.2M	$347.1M	$259.1M
Provision for credit losses	$91.0M	$54.6M	$58.4M
Processing and servicing costs	$33.5M	$29.4M	$28.1M
Financial network and transaction costs	$28.2M	$24.7M	$22.7M
Advertising and activation costs	$66.0M	$53.4M	$56.7M
Compensation and benefits	$103.4M	$105.8M	$93.3M
Technology and infrastructure	$12.1M	$11.0M	$10.6M
Other operating expenses	$33.4M	$33.5M	$31.5M
Total operating expenses	$367.6M	$312.5M	$301.3M
Interest income	-$1.6M	-$3.0M	-$5.3M
Interest expense	$7.0M	$8.0M	$11.8M
Gain on extinguishment of convertible debt	$0	-$33.4M	$0
Changes in fair value of earnout liabilities	$3.3M	$965.0K	-$22.0K
Changes in fair value of public and private warrant liabilities	$9.9M	$1.7M	-$260.0K
Total other (income) expense, net	$18.6M	-$25.7M	$6.2M
Net income (loss) before provision (benefit) for income taxes	$168.0M	$60.4M	-$48.4M
Provision (benefit) for income taxes	-$27.8M	$2.5M	$120.0K
Net income (loss)	$195.9M	$57.9M	-$48.5M
Basic	$14.65	$4.62	-$4.07
Diluted	$13.53	$4.19	-$4.07
Basic	13.4M shares	12.5M shares	11.9M shares
Diluted	14.5M shares	13.8M shares	11.9M shares

Total assets⁷⁸¹³⁴$487.4M in 2025+231% since 2021

Total liabilities⁷⁸¹³⁴$134.7M in 2025+24% since 2021

Shareholders’ equity⁷⁸⁴$352.7M in 2025+608% since 2020

Cash⁷⁸⁴$80.5M in 2025+1489% since 2020

Long-term debt⁷⁸¹³⁴$0 in 2025

Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.⁴

Period ending	2025-12-31	2024-12-31	2023-12-31	2022-12-31
Cash and cash equivalents	$80.5M	$49.7M	$41.8M
Marketable securities	$0	$97.0K
ExtraCash receivables, net of allowance for credit losses of $37,641 and $22,703 as of December 31, 2025 and December 31, 2024, respectively	$297.3M	$175.9M
Investments	$40.8M	$40.5M
Prepaid expenses and other current assets	$18.1M	$16.1M
Total current assets	$436.7M	$282.3M
Property and equipment, net	$474.0K	$704.0K
Lease right-of-use assets (related-party of $195 and $507 as of December 31, 2025 and December 31, 2024, respectively)	$195.0K	$507.0K
Intangible assets, net	$13.7M	$13.6M
Debt facility commitment fee, long-term	$0	$163.0K
Restricted cash	$1.8M	$1.7M
Deferred tax assets, net	$34.2M	$0
Other non-current assets	$357.0K	$380.0K
Accrued expenses	$14.7M	$16.7M
Lease liabilities, short-term (related-party of $63 and $350 as of December 31, 2025 and December 31, 2024, respectively)	$63.0K	$350.0K
Legal settlement accrual	$7.8M	$7.1M
Other current liabilities	$8.0M	$4.1M
Total current liabilities	$114.0M	$35.1M
Lease liabilities, long-term (related-party of $141 and $204 as of December 31, 2025 and December 31, 2024, respectively)	$141.0K	$204.0K
Debt facility, long-term	$0	$75.0M
Warrant and earnout liabilities	$16.1M	$2.9M
Other non-current liabilities	$4.5M	$3.0M
Preferred stock, par value per share $0.0001, 10,000,000 shares authorized; 0 shares issued and outstanding at December 31, 2025 and December 31, 2024	$0	$0
Additional paid-in capital	$352.7M	$335.3M
Treasury shares, at cost (Class A common stock, 274,490 shares at December 31, 2025)	-$43.7M	$0
Accumulated other comprehensive gain	$374.0K	$221.0K
Retained earnings (accumulated deficit)	$43.4M	-$152.4M
Total stockholders' equity	$352.7M	$183.1M	$87.1M	$106.6M
Total liabilities, and stockholders' equity	$487.4M	$299.3M
Preferred Stock, Par Value	$0.00	$0.00
Preferred Stock, Shares Authorized	10.0M shares	10.0M shares
Preferred Stock, Shares Issued	0 shares	0 shares
Preferred Stock, Shares Outstanding	0 shares	0 shares
ExtraCash receivables, Allowance for credit losses	$37.6M	$22.7M
Related party lease right of use assets	$195.0K	$507.0K
Related Party Short term lease liabilities	$63.0K	$350.0K
Related Party long term lease liabilities	$141.0K	$204.0K
Total assets	$487.4M	$299.3M
Accounts payable	$8.4M	$6.8M
Debit facility, current	$75.0M	$0
Total liabilities	$134.7M	$116.2M

Period ending	2025-12-31	2024-12-31	2023-12-31	2022-12-31
Cash and cash equivalents	$80.5M	$49.7M	$41.8M
Marketable securities	$0	$97.0K
ExtraCash receivables, net of allowance for credit losses of $37,641 and $22,703 as of December 31, 2025 and December 31, 2024, respectively	$297.3M	$175.9M
Investments	$40.8M	$40.5M
Prepaid expenses and other current assets	$18.1M	$16.1M
Total current assets	$436.7M	$282.3M
Property and equipment, net	$474.0K	$704.0K
Lease right-of-use assets (related-party of $195 and $507 as of December 31, 2025 and December 31, 2024, respectively)	$195.0K	$507.0K
Intangible assets, net	$13.7M	$13.6M
Debt facility commitment fee, long-term	$0	$163.0K
Restricted cash	$1.8M	$1.7M
Deferred tax assets, net	$34.2M	$0
Other non-current assets	$357.0K	$380.0K
Accrued expenses	$14.7M	$16.7M
Lease liabilities, short-term (related-party of $63 and $350 as of December 31, 2025 and December 31, 2024, respectively)	$63.0K	$350.0K
Legal settlement accrual	$7.8M	$7.1M
Other current liabilities	$8.0M	$4.1M
Total current liabilities	$114.0M	$35.1M
Lease liabilities, long-term (related-party of $141 and $204 as of December 31, 2025 and December 31, 2024, respectively)	$141.0K	$204.0K
Debt facility, long-term	$0	$75.0M
Warrant and earnout liabilities	$16.1M	$2.9M
Other non-current liabilities	$4.5M	$3.0M
Preferred stock, par value per share $0.0001, 10,000,000 shares authorized; 0 shares issued and outstanding at December 31, 2025 and December 31, 2024	$0	$0
Additional paid-in capital	$352.7M	$335.3M
Treasury shares, at cost (Class A common stock, 274,490 shares at December 31, 2025)	-$43.7M	$0
Accumulated other comprehensive gain	$374.0K	$221.0K
Retained earnings (accumulated deficit)	$43.4M	-$152.4M
Total stockholders' equity	$352.7M	$183.1M	$87.1M	$106.6M
Total liabilities, and stockholders' equity	$487.4M	$299.3M
Preferred Stock, Par Value	$0.00	$0.00
Preferred Stock, Shares Authorized	10.0M shares	10.0M shares
Preferred Stock, Shares Issued	0 shares	0 shares
Preferred Stock, Shares Outstanding	0 shares	0 shares
ExtraCash receivables, Allowance for credit losses	$37.6M	$22.7M
Related party lease right of use assets	$195.0K	$507.0K
Related Party Short term lease liabilities	$63.0K	$350.0K
Related Party long term lease liabilities	$141.0K	$204.0K
Total assets	$487.4M	$299.3M
Accounts payable	$8.4M	$6.8M
Debit facility, current	$75.0M	$0
Total liabilities	$134.7M	$116.2M

Cash from operations⁷⁸⁴$290.0M in 2025

Capital spending⁷⁸⁴$317.0K in 2025−15% since 2021

Free cash flow⁷⁸⁴$289.7M in 2025

Share buybacks⁷⁸⁴$43.7M in 2025

Every line of the cash flow as filed: the last 3 fiscal years, latest first.⁴

Period ending	2025-12-31	2024-12-31	2023-12-31
Net income (loss)	$195.9M	$57.9M	-$48.5M
Depreciation and amortization	$7.1M	$7.7M	$5.5M
Provision for credit losses	$91.0M	$54.6M	$58.4M
Changes in fair value of earnout liabilities	$3.3M	$965.0K	-$22.0K
Changes in fair value of public and private warrant liabilities	$9.9M	$1.7M	-$260.0K
Gain on extinguishment of convertible debt	$0	-$33.4M	$0
Stock-based compensation	$29.9M	$37.3M	$26.7M
Deferred income taxes	-$34.2M	$0	$0
Non-cash interest	$0	$251.0K	$3.1M
Non-cash lease expense	-$38.0K	-$21.0K	-$20.0K
Changes in fair value of marketable securities and investments	$76.0K	-$16.0K	$44.0K
ExtraCash receivables, service based revenue	-$16.7M	-$6.2M	-$4.1M
Prepaid income taxes	$0	$148.0K	$683.0K
Prepaid expenses and other current assets	-$1.9M	-$8.2M	$3.3M
Accounts payable	$1.6M	$1.3M	-$5.9M
Accrued expenses	-$2.0M	$4.1M	$1.7M
Legal settlement accrual	$733.0K	$3.8M	-$6.1M
Other current liabilities	$3.9M	$267.0K	-$446.0K
Other non-current liabilities	$1.4M	$2.9M	$5.0K
Other non-current assets	$23.0K	$23.0K	-$266.0K
Net cash provided by operating activities	$290.0M	$125.1M	$33.8M
Payments for internally developed software costs	-$6.5M	-$7.3M	-$7.9M
Purchase of property and equipment	-$317.0K	-$262.0K	-$688.0K
Net originations, purchases and collections of ExtraCash receivables	-$195.8M	-$111.5M	-$63.0M
Purchase of investments	-$190.0M	-$111.3M	-$120.0M
Sale and maturity of investments	$189.8M	$183.7M	$177.9M
Purchase of marketable securities	-$3.0K	-$59.3M	-$34.4M
Sale of marketable securities	$100.0K	$60.1M	$33.7M
Net cash used in investing activities	-$202.7M	-$45.8M	-$14.4M
Repurchases of Class A common stock	-$43.7M	$0	$0
Payment for fractional shares on reverse stock split	$0	$0	-$12.0K
Proceeds from issuance of common stock for stock option exercises	$761.0K	$1.3M	$34.0K
Payment of taxes for shares withheld related to net share settlement	-$13.3M	$0	$0
Payment of costs for extinguishment of convertible debt	$0	-$1.3M	$0
Repayment of borrowings on convertible debt, long-term	$0	-$71.0M	$0
Net cash (used in) provided by financing activities	-$56.3M	-$71.0M	$22.0K
Net increase in cash and cash equivalents and restricted cash	$31.0M	$8.3M	$19.4M
Property and equipment purchases in accounts payable and accrued liabilities	$0	$0	$2.0K
Operating lease right of use assets recognized	$0	$0	$298.0K
Operating lease liabilities recognized	$0	$0	$298.0K
Income taxes	$5.6M	$109.0K	-$586.0K
Interest	$6.9M	$7.7M	$8.6M

Compare Famous Dave's with another company

The story

The first restaurant of the chain was Famous Dave's Bar-B-Que in Hayward, Wisconsin. On the morning of November 3, 2014, it was destroyed by fire. The second location opened in the Linden Hills neighborhood of Minneapolis, Minnesota in 1995 and was designed to be an old-fashioned "roadside BBQ Shack". It closed in 2014. The third location opened in 1996 in the Calhoun Square development in Uptown Minneapolis and was designed as a Blues club, Famous Dave's BBQ & Blues. It closed in 2019. A "Lodge" format opened in Minnetonka, Minnesota and the first franchise-operated restaurant opened in Burnsville, Minnesota.

Jeff Crivello became CEO at Famous Dave's in 2017. The company rebranded as BBQ Holdings and, in 2020, began buying up other brands. The company sold to MTY Food Group in 2022. Crivello left BBQ Holdings in May 2023.

From Wikipedia’s article on Famous Dave's, shared under CC BY-SA 4.0.⁵

Timeline

1994Founded Founded in Hayward¹

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

Fund	Shares	Value	Share of the fund	Change
BlackRock, Inc.	1,667,948	$621.5M	0.0%	+839,351
Hood River Capital Management LLC	1,104,277	$411.4M	3.0%	−41,624
Divisadero Street Capital Management, LP	699,366	$260.6M	6.1%	+58,526
Fmr LLC	479,746	$178.7M	0.0%	+248,711
Vanguard Capital Management LLC	474,139	$176.7M	0.0%	−29,389
State Street Corp	406,752	$151.6M	0.0%	+172,964
Renaissance Technologies LLC	367,378	$136.9M	0.2%	−64,422
Geode Capital Management, LLC	341,843	$127.4M	0.0%	+15,503
Driehaus Capital Management LLC	331,537	$123.5M	0.7%	+269,203
Jane Street Group, LLC	312,197	$116.3M	0.1%	+123,480
Invesco Ltd.	296,156	$110.3M	0.0%	+182,281
Dimensional Fund Advisors LP	255,679	$95.3M	0.0%	+2,506
Goldman Sachs Group Inc	239,466	$89.2M	0.0%	+90,983
Vanguard Portfolio Management LLC	234,648	$87.4M	0.0%	+100,155
American Century Companies Inc	227,827	$84.9M	0.0%	+29,199
Whetstone Capital Advisors, LLC	223,078	$83.1M	22.0%	−1,077
Wellington Management Group Llp	212,175	$79.1M	0.0%	−13,867
Fuller & Thaler Asset Management, Inc.	205,552	$76.6M	0.2%	+3,539
Findell Capital Management LLC	145,000	$54.0M	8.9%	−25,000
Franklin Resources Inc	140,231	$52.2M	0.0%	+3,435
Jpmorgan Chase & Co	136,922	$51.1M	0.0%	+122,347
Northern Trust Corp	135,893	$50.6M	0.0%	+13,307
Voya Investment Management LLC	116,967	$43.6M	0.0%	−76,873
Empowered Funds, LLC	105,686	$39.4M	0.2%	New
Portolan Capital Management, LLC	105,338	$39.2M	1.5%	−104

13F reports cover disclosed long positions in U.S. stocks only.

Sources

The numbers on this page point here. Each one links to the record it came from.

1
WikidataFamous Dave's on Wikidata
2
WikipediaFamous Dave's on Wikipedia
3
Wikimedia CommonsFamous Dave's logo by PR agency here, Non-free logo
4
SEC EDGARFamous Dave's 10-K for fiscal 2025
5
WikipediaFamous Dave's on Wikipedia (revision used)
6
Wikimedia CommonsFamous Dave's photo by VitaleBaby at English Wikipedia, Public domain
7
SEC EDGARFamous Dave's 10-K for fiscal 2021
8
SEC EDGARFamous Dave's 10-K for fiscal 2022
9
SEC EDGARFamous Dave's 10-K for fiscal 2021
10
SEC EDGARFamous Dave's 10-Q for fiscal 2025
11
SEC EDGARFamous Dave's 10-Q for fiscal 2025
12
SEC EDGARFamous Dave's 10-Q for fiscal 2026
13
SEC EDGARFamous Dave's 10-K for fiscal 2023
14
SEC EDGARFamous Dave's 10-Q for fiscal 2025