Noodles & Co Financials
This page shows Noodles & Co (NDLS) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 12 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Flat sales are masking a financing squeeze, as rising debt costs and thin liquidity absorb limited cash generation.
The least obvious shift is that FY2025’s free-cash-flow improvement to-$5.1M from-$21.2M did not come from stronger operations. It came from pulling back reinvestment: capital spending fell to$12.4M while EBITDA slipped below zero to-$4.5M , so the cash picture improved mainly because less was spent, not because the core business earned more.
The balance sheet has moved into negative equity: long-term debt reached
This is a low-liquidity operation with almost no cash buffer; cash was just
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Noodles & Co's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Noodles & Co has an operating margin of -6.4%, meaning the company retains $-6 of operating profit per $100 of revenue. This below-average margin results in a low score of 11/100, suggesting thin profitability after operating expenses. This is down from -5.6% the prior year.
Noodles & Co's revenue grew a modest 0.4% year-over-year to $495.1M. This slow but positive growth earns a score of 31/100.
Noodles & Co carries a low D/E ratio of -2.40, meaning only $-2.40 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 73/100, indicating a strong balance sheet with room for future borrowing.
Noodles & Co's current ratio of 0.31 is below the typical benchmark, resulting in a score of 0/100. This tight liquidity could limit financial flexibility if cash inflows slow.
While Noodles & Co generated $7.3M in operating cash flow, capex of $12.4M consumed most of it, leaving -$5.1M in free cash flow. This results in a low score of 18/100, reflecting heavy capital investment rather than weak cash generation.
Noodles & Co passes 3 of 9 financial strength tests. 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
For every $1 of reported earnings, Noodles & Co generates $-0.17 in operating cash flow ($7.3M OCF vs -$42.6M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
Noodles & Co earns $-2.9 in operating income for every $1 of interest expense (-$31.6M vs $10.9M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Noodles & Co generated $495.1M in revenue in fiscal year 2025. This represents an increase of 0.4% from the prior year.
Noodles & Co's EBITDA was -$4.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 452.6% from the prior year.
Noodles & Co reported -$42.6M in net income in fiscal year 2025. This represents a decrease of 17.5% from the prior year.
Noodles & Co earned $-7.36 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 15.5% from the prior year.
Cash & Balance Sheet
Noodles & Co generated -$5.1M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 75.9% from the prior year.
Noodles & Co held $1.3M in cash against $108.8M in long-term debt as of fiscal year 2025.
Noodles & Co had 6M shares outstanding in fiscal year 2025. This represents an increase of 2.4% from the prior year.
Margins & Returns
Noodles & Co's operating margin was -6.4% in fiscal year 2025, reflecting core business profitability. This is down 0.7 percentage points from the prior year.
Noodles & Co's net profit margin was -8.6% in fiscal year 2025, showing the share of revenue converted to profit. This is down 1.3 percentage points from the prior year.
Capital Allocation
Noodles & Co spent $0 on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
Noodles & Co invested $12.4M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 56.9% from the prior year.
NDLS Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $123.8M+0.8% | $122.8M-2.9% | $126.4M+2.1% | $123.8M+0.8% | $122.8M-3.6% | $127.4M+4.9% | $121.4M-2.4% | $124.3M |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $12.5M+7.4% | $11.7M-6.1% | $12.4M-3.2% | $12.8M-0.6% | $12.9M-5.0% | $13.6M+4.0% | $13.0M-5.9% | $13.9M |
| Operating Income | -$812K+80.2% | -$4.1M+72.2% | -$14.8M-131.4% | -$6.4M-33.1% | -$4.8M+58.3% | -$11.5M-181.2% | -$4.1M+10.1% | -$4.6M |
| Interest Expense | $2.6M-3.3% | $2.7M-2.4% | $2.8M+4.0% | $2.6M+27.1% | $2.1M+4.3% | $2.0M+0.9% | $2.0M+23.5% | $1.6M |
| Income Tax | $7K-53.3% | $15K-28.6% | $21K-8.7% | $23K+118.1% | -$127K-215.5% | $110K+69.2% | $65K+409.5% | -$21K |
| Net Income | -$3.4M+49.8% | -$6.8M+61.2% | -$17.6M-93.8% | -$9.1M-34.1% | -$6.8M+50.4% | -$13.6M-121.9% | -$6.1M0.0% | -$6.1M |
| EPS (Diluted) | $-0.58 | N/A | $-0.38+75.9% | $-1.58-953.3% | $-0.15+50.0% | $-0.30-114.3% | $-0.14 | N/A |
NDLS Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $246.3M-5.9% | $261.7M-11.2% | $294.6M-7.8% | $319.4M-6.2% | $340.5M-1.7% | $346.3M-3.9% | $360.4M-2.1% | $368.1M |
| Current Assets | $18.1M-4.4% | $18.9M-11.2% | $21.3M+3.7% | $20.5M-12.4% | $23.4M+4.1% | $22.5M+1.1% | $22.2M-1.7% | $22.6M |
| Cash & Equivalents | $1.4M+14.2% | $1.3M-44.1% | $2.3M+62.2% | $1.4M-57.8% | $3.3M+83.2% | $1.8M+35.4% | $1.3M-55.7% | $3.0M |
| Inventory | $9.6M-6.2% | $10.2M-4.1% | $10.7M-4.1% | $11.1M+6.5% | $10.4M+0.1% | $10.4M+2.3% | $10.2M-0.6% | $10.3M |
| Accounts Receivable | $4.3M+5.6% | $4.1M+7.8% | $3.8M-8.3% | $4.1M-0.5% | $4.1M+4.4% | $4.0M-8.7% | $4.3M-15.8% | $5.1M |
| Goodwill | $7.2M0.0% | $7.2M0.0% | $7.2M0.0% | $7.2M0.0% | $7.2M0.0% | $7.2M0.0% | $7.2M0.0% | $7.2M |
| Total Liabilities | $294.4M-4.1% | $307.0M-5.6% | $325.4M-2.4% | $333.4M-1.0% | $336.8M0.0% | $336.6M-0.5% | $338.5M-0.7% | $340.9M |
| Current Liabilities | $64.4M+4.1% | $61.8M-9.5% | $68.4M-2.5% | $70.1M-8.0% | $76.2M+6.9% | $71.3M-1.6% | $72.5M+7.4% | $67.5M |
| Long-Term Debt | $105.6M-2.9% | $108.8M+2.2% | $106.4M+5.8% | $100.6M+13.9% | $88.4M+4.2% | $84.8M+4.4% | $81.2M+1.2% | $80.2M |
| Total Equity | -$48.0M-6.0% | -$45.3M-47.2% | -$30.8M-121.3% | -$13.9M-472.3% | $3.7M-61.3% | $9.6M-56.0% | $21.9M-19.4% | $27.2M |
| Retained Earnings | -$230.4M-1.5% | -$227.0M-7.6% | -$211.1M-9.1% | -$193.5M-10.7% | -$174.8M-4.0% | -$168.0M-8.8% | -$154.4M-4.1% | -$148.2M |
NDLS Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $6.0M+660.7% | -$1.1M-25.9% | -$852K-121.1% | $4.0M-30.7% | $5.8M+23.2% | $4.7M-32.6% | $7.0M+4171.3% | $164K |
| Capital Expenditures | $2.1M-11.2% | $2.3M-31.2% | $3.4M+16.5% | $2.9M-59.2% | $7.1M-22.1% | $9.2M+6.2% | $8.6M-43.6% | $15.3M |
| Free Cash Flow | $3.9M+215.4% | -$3.4M+19.7% | -$4.3M-481.3% | $1.1M+183.8% | -$1.3M+70.2% | -$4.5M-171.4% | -$1.6M+89.2% | -$15.2M |
| Investing Cash Flow | -$2.1M+11.2% | -$2.3M+31.2% | -$3.4M-16.5% | -$2.9M+59.2% | -$7.1M-0.3% | -$7.1M+17.6% | -$8.6M+43.0% | -$15.2M |
| Financing Cash Flow | -$3.8M-23400.0% | -$16K-100.3% | $5.1M+689.9% | -$868K-130.6% | $2.8M-1.5% | $2.9M+7873.0% | -$37K-100.2% | $15.5M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $0 |
NDLS Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | -0.7%+2.7pp | -3.3%+8.3pp | -11.7%-6.5pp | -5.2%-1.2pp | -3.9%+5.1pp | -9.0%-5.7pp | -3.4%+0.3pp | -3.7% |
| Net Margin | -2.8%+2.8pp | -5.5%+8.3pp | -13.9%-6.6pp | -7.3%-1.8pp | -5.5%+5.2pp | -10.7%-5.6pp | -5.1%-0.1pp | -4.9% |
| Return on Equity | N/A | N/A | N/A | N/A | -180.9%-39.6pp | -141.3%-113.3pp | -28.0%-5.4pp | -22.6% |
| Return on Assets | -1.4%+1.2pp | -2.6%+3.4pp | -6.0%-3.1pp | -2.8%-0.9pp | -2.0%+1.9pp | -3.9%-2.2pp | -1.7%-0.0pp | -1.7% |
| Current Ratio | 0.28-0.0 | 0.310.0 | 0.31+0.0 | 0.29-0.0 | 0.310.0 | 0.320.0 | 0.31-0.0 | 0.34 |
| Debt-to-Equity | -2.20+0.2 | -2.40+1.1 | -3.46+3.8 | -7.24-30.9 | 23.66+14.9 | 8.79+5.1 | 3.71+0.8 | 2.95 |
| FCF Margin | 3.2%+6.0pp | -2.8%+0.6pp | -3.4%-4.3pp | 0.9%+2.0pp | -1.1%+2.4pp | -3.5%-2.2pp | -1.4%+10.8pp | -12.2% |
Note: Shareholder equity is negative (-$45.3M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
Note: The current ratio is below 1.0 (0.31), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
Similar Companies
Frequently Asked Questions
What is Noodles & Co's annual revenue?
Noodles & Co (NDLS) reported $495.1M in total revenue for fiscal year 2025. This represents a 0.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Noodles & Co's revenue growing?
Noodles & Co (NDLS) revenue grew by 0.4% year-over-year, from $493.3M to $495.1M in fiscal year 2025.
Is Noodles & Co profitable?
No, Noodles & Co (NDLS) reported a net income of -$42.6M in fiscal year 2025, with a net profit margin of -8.6%.
What is Noodles & Co's EBITDA?
Noodles & Co (NDLS) had EBITDA of -$4.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Noodles & Co have?
As of fiscal year 2025, Noodles & Co (NDLS) had $1.3M in cash and equivalents against $108.8M in long-term debt.
What is Noodles & Co's operating margin?
Noodles & Co (NDLS) had an operating margin of -6.4% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Noodles & Co's net profit margin?
Noodles & Co (NDLS) had a net profit margin of -8.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Noodles & Co's free cash flow?
Noodles & Co (NDLS) generated -$5.1M in free cash flow during fiscal year 2025. This represents a 75.9% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Noodles & Co's operating cash flow?
Noodles & Co (NDLS) generated $7.3M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Noodles & Co's total assets?
Noodles & Co (NDLS) had $261.7M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Noodles & Co's capital expenditures?
Noodles & Co (NDLS) invested $12.4M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Noodles & Co's current ratio?
Noodles & Co (NDLS) had a current ratio of 0.31 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is Noodles & Co's debt-to-equity ratio?
Noodles & Co (NDLS) had a debt-to-equity ratio of -2.40 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Noodles & Co's return on assets (ROA)?
Noodles & Co (NDLS) had a return on assets of -16.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
Why is Noodles & Co's debt-to-equity ratio negative or unusual?
Noodles & Co (NDLS) has negative shareholder equity of -$45.3M as of fiscal year 2025, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is Noodles & Co's Piotroski F-Score?
Noodles & Co (NDLS) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Noodles & Co's earnings high quality?
Noodles & Co (NDLS) has an earnings quality ratio of -0.17x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Noodles & Co cover its interest payments?
Noodles & Co (NDLS) has an interest coverage ratio of -2.9x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Noodles & Co?
Noodles & Co (NDLS) scores 22 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.