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
Where the revenue comes from as reported in the latest 10-K
Revenue by segment
- Restaurant revenue
- Franchising royalties and fees, and other
| Segment | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| Restaurant revenue | $485.1M | $483.1M | $492.6M |
| Franchising royalties and fees, and other | $10.0M | $10.2M | $10.8M |
As the company reported it, from the “Segment Reporting - Revenue and Assets (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Segments are the filer's own reporting structure, which is a decision about how it runs itself rather than a standard taxonomy: two companies in the same industry routinely divide themselves along different lines, so these are worth reading down a single company rather than across two. Slices under 1% are folded into “Other”.
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.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $487.5M | $456.5M | $457.8M | $462.4M | $393.7M | $475.2M | $509.5M | $503.4M | $493.3M | $495.1M |
| Gross profit | $356.8M | $335.0M | $336.7M | $345.2M | — | — | — | — | — | — |
| Net income | -$71.7M | -$37.5M | -$8.4M | $1.6M | -$23.3M | $3.7M | -$3.3M | -$9.9M | -$36.2M | -$42.6M |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Results announced Item 2.02
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Results announced Item 2.02
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Shareholder rights changed The terms attaching to the shares themselves have changed. Item 3.03
- Charter or fiscal year changed A change to the company's governing documents, or to when its year ends. Item 5.03
- Other event Item 8.01
- Shareholder vote Item 5.07
- Other event Item 8.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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