NOODLES & Co NDLS
Noodles & Company is a restaurant concept offering lunch and dinner within the fast-casual segment of the restaurant industry. Our core offerings include noodle and pasta dishes, staples of many different cuisines, with the goal of delivering fresh ingredients and flavors from around the world under one roof. Today, our globally-inspired menu includes a wide variety of high quality, cooked-to-order dishes, including noodles and pasta, salads, soups and appetizers. As of December 30, 2025, we operated 423 restaurants in 31 states, which included 340 company locations and 83 franchise locations.
Noodles & Company is a Delaware corporation that was organized in 2002. Noodles & Company and its subsidiaries are sometimes referred to as "Noodles," "we," "us," "our," and the "Company" in this report. We refer to our Class A Common Stock, par value $0.01 per share, as our "common stock."
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $495.1M | $493.3M | $503.4M | $509.5M | $475.2M | $393.7M | $462.4M | $457.8M | $456.5M | $487.5M |
| Cost of revenue | — | — | — | — | — | — | $117.2M | $121.1M | $121.5M | $130.6M |
| Gross profit | — | — | — | — | — | — | $345.2M | $336.7M | $335.0M | $356.8M |
| SG&A | $49.1M | $50.8M | $51.8M | $49.9M | $47.5M | $42.9M | $43.4M | $46.1M | $39.7M | $55.7M |
| Total operating expenses | $526.7M | $521.0M | $508.4M | $510.3M | $469.3M | $413.7M | $457.0M | $461.6M | $490.3M | $555.0M |
| Operating income | -$31.6M | -$27.8M | -$5.0M | -$832.0K | $5.8M | -$20.0M | $5.4M | -$3.8M | -$33.9M | -$67.5M |
| Interest expense | $10.9M | $8.4M | $4.8M | $2.4M | $2.1M | $3.1M | $2.9M | $4.3M | $3.8M | $2.9M |
| Pre-tax income | -$42.5M | -$36.2M | -$9.8M | -$3.3M | $3.7M | -$23.2M | $1.8M | -$8.7M | -$37.7M | -$70.4M |
| Income tax | $64.0K | $54.0K | $24.0K | $37.0K | $70.0K | $84.0K | $104.0K | $248.0K | $207.0K | $1.2M |
| Net income | -$42.6M | -$36.2M | -$9.9M | -$3.3M | $3.7M | -$23.3M | $1.6M | -$8.4M | -$37.5M | -$71.7M |
| EPS, basic | -7.36 | -6.37 | -1.72 | -0.07 | 0.08 | -0.53 | 0.04 | -0.20 | -1.20 | -2.58 |
| EPS, diluted | -7.36 | -6.37 | -1.72 | -0.07 | 0.08 | -0.53 | 0.04 | -0.20 | -1.20 | -2.58 |
| Shares, diluted (wtd. avg.) | $5.8M | $5.7M | $5.7M | $45.9M | $46.1M | $44.3M | $45.0M | $42.3M | $37.8M | $27.8M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $1.3M | $1.1M | $3.0M | $1.5M | $2.3M | $7.8M | $10.5M | $4.7M | $3.4M | $1.8M |
| Receivables | $4.1M | $4.1M | $5.1M | $6.4M | $4.0M | $3.4M | $3.5M | $2.4M | $2.4M | $5.4M |
| Inventory | $10.2M | $10.5M | $10.3M | $10.0M | $9.4M | $9.6M | $9.9M | $9.6M | $9.9M | $11.3M |
| Total current assets | $18.9M | $20.2M | $22.6M | $21.6M | $22.6M | $23.7M | $29.3M | $23.4M | $22.1M | $25.8M |
| Property, plant and equipment | — | — | — | — | — | — | $128.9M | $138.8M | $152.6M | $173.5M |
| Goodwill | $7.2M | $7.2M | $7.2M | $7.2M | $7.2M | $7.2M | $7.2M | $6.4M | $6.4M | $6.4M |
| Other intangibles | $420.0K | $495.0K | $538.0K | $608.0K | $668.0K | $757.0K | $883.0K | $1.3M | $1.6M | $1.7M |
| Total assets | $261.7M | $324.6M | $368.1M | $343.8M | $341.5M | $353.6M | $378.5M | $172.0M | $185.2M | $209.5M |
| Accounts payable | $16.5M | $13.2M | $16.7M | $15.3M | $15.5M | $6.4M | $9.4M | $7.9M | $10.9M | $10.6M |
| Short-term debt | — | — | — | $0 | $2.0M | $1.1M | $750.0K | $719.0K | $0 | — |
| Total current liabilities | $61.8M | $65.7M | $67.5M | $64.1M | $76.6M | $58.1M | $58.0M | $33.1M | $43.9M | $49.0M |
| Long-term debt | $108.8M | $100.7M | $80.2M | $46.1M | $18.9M | $40.9M | $40.5M | $44.2M | $57.6M | $84.7M |
| Total liabilities | $307.0M | $330.2M | $340.9M | $305.5M | $303.8M | $323.9M | $327.9M | $119.4M | $149.4M | $183.6M |
| Retained earnings | -$227.0M | -$184.5M | -$148.2M | -$138.4M | -$135.1M | -$138.7M | -$115.5M | -$111.1M | -$101.2M | -$63.7M |
| Total equity | -$45.3M | -$5.6M | $27.2M | $38.4M | $37.6M | $29.7M | $50.6M | $52.7M | $35.9M | $25.8M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $7.3M | $7.6M | $27.5M | $9.6M | $36.2M | $9.1M | $30.1M | $5.3M | $4.1M | $24.7M |
| Depreciation and amortisation | $27.0M | $29.1M | $26.8M | $23.3M | $22.3M | $21.7M | $22.1M | $22.9M | $24.6M | $28.1M |
| Stock-based compensation | $3.0M | $3.6M | $4.2M | $4.3M | $4.1M | $2.5M | $2.4M | $3.0M | $1.5M | $2.3M |
| Capital expenditure | $12.4M | $28.8M | $52.0M | $33.9M | $18.8M | $11.8M | $17.4M | $14.3M | $20.8M | $43.3M |
| Investing cash flow | -$12.4M | -$26.7M | -$51.8M | -$32.3M | -$18.4M | -$10.9M | -$18.4M | -$13.8M | -$20.8M | -$42.8M |
| Financing cash flow | $5.2M | $17.3M | $25.8M | $22.0M | -$23.4M | -$798.0K | -$5.8M | $9.8M | $18.3M | $17.9M |
| Buybacks | $0 | $0 | $5.0M | $0 | $0 | — | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001275158-26-000021.
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