What is Noodles & Company's operating income?

Noodles & Company's total operating income in 2025 was -$31.59 million, based on the following breakdown: Total Gross Profit: $169.96 million Total Operating Expenses: $201.55 million

Noodles & Company (NDLS) Financials

$12.30 +0.26 (+2.12%)

As of 12:23 PM Eastern

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Annual Income Statements for Noodles & Company

This table shows Noodles & Company's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/29/2015	1/3/2017	1/2/2018	1/1/2019	12/31/2019	12/29/2020	12/28/2021	1/3/2023	1/2/2024	12/31/2024	12/30/2025
Net Income / (Loss) Attributable to Common Shareholders	-14	-72	-45	-8.44	1.65	-23	3.67	-3.31	-9.86	-36	-43
Consolidated Net Income / (Loss)	-14	-72	-37	-8.44	1.65	-23	3.67	-3.31	-9.86	-36	-43
Net Income / (Loss) Continuing Operations	-14	-72	-37	-8.44	1.65	-23	3.67	-3.31	-9.86	-36	-43
Total Pre-Tax Income	-22	-70	-38	-8.69	1.75	-23	3.74	-3.28	-9.83	-36	-43
Total Operating Income	-21	-68	-34	-3.76	5.44	-20	5.82	-0.83	-5.03	-28	-32
Total Gross Profit	192	357	335	72	79	123	166	171	176	169	170
Total Revenue	455	487	456	458	462	394	475	509	503	493	495
Operating Revenue	455	487	456	458	462	394	475	509	503	493	495
Total Cost of Revenue	264	131	121	385	383	271	309	338	328	324	325
Operating Cost of Revenue	264	131	121	385	383	271	309	338	328	324	325
Total Operating Expenses	213	424	369	76	74	143	160	172	181	197	202
Selling, General & Admin Expense	101	129	104	46	43	43	48	50	52	51	49
Depreciation Expense	28	28	25	23	22	22	22	23	27	29	27
Other Operating Expenses / (Income)	50	217	202	-	-	71	84	91	92	95	99
Impairment Charge	30	47	37	7.14	7.75	6.54	5.73	6.16	8.40	20	26
Other Special Charges / (Income)	4.41	3.13	0.94	0.05	0.40	0.44	0.67	1.66	2.22	1.54	0.23
Total Other Income / (Expense), net	-1.40	-2.92	-3.84	-4.93	-3.69	-3.15	-2.08	-2.45	-4.80	-8.38	-11
Interest Expense	1.40	2.92	3.84	4.93	3.69	3.15	2.08	2.45	4.80	8.38	11
Income Tax Expense	-8.73	1.23	-0.21	-0.25	0.10	0.08	0.07	0.04	0.02	0.05	0.06
Basic Earnings per Share	($0.48)	($2.58)	($1.20)	($0.20)	$0.04	($0.53)	$0.08	($0.07)	($1.72)	($6.37)	($7.36)
Weighted Average Basic Shares Outstanding	28.94M	27.81M	37.76M	42.33M	44.04M	44.27M	45.48M	45.91M	5.73M	5.68M	5.79M
Diluted Earnings per Share	($0.48)	($2.58)	($1.20)	($0.20)	$0.04	($0.53)	$0.08	($0.07)	($1.72)	($6.37)	($7.36)
Weighted Average Diluted Shares Outstanding	28.94M	27.81M	37.76M	42.33M	44.98M	44.27M	46.13M	45.91M	5.73M	5.68M	5.79M
Weighted Average Basic & Diluted Shares Outstanding	28.70M	27.80M	37.90M	42.20M	44.13M	45.36M	45.71M	46.04M	44.99M	45.74M	5.89M

This table shows Noodles & Company's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	10/3/2023	1/2/2024	4/2/2024	7/2/2024	10/1/2024	12/31/2024	4/1/2025	7/1/2025	9/30/2025	12/30/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	0.70	-6.14	-6.14	-14	-6.76	-9.69	-9.06	-18	-9.15	-6.81	-3.42
Consolidated Net Income / (Loss)	0.70	-6.14	-6.14	-14	-6.76	-9.69	-9.06	-18	-9.15	-6.81	-3.42
Net Income / (Loss) Continuing Operations	0.70	-6.14	-6.14	-14	-6.76	-9.69	-9.06	-18	-9.15	-6.81	-3.42
Total Pre-Tax Income	0.85	-6.16	-6.08	-14	-6.88	-9.69	-9.03	-18	-9.15	-6.79	-3.41
Total Operating Income	2.03	-4.56	-4.10	-12	-4.80	-7.36	-6.39	-15	-6.32	-4.11	-0.81
Total Gross Profit	46	43	41	46	42	39	41	43	43	44	46
Total Revenue	128	124	121	127	123	122	124	126	122	123	124
Operating Revenue	128	124	121	127	123	122	124	126	122	123	124
Total Cost of Revenue	82	81	80	81	81	82	83	84	79	79	78
Operating Cost of Revenue	82	81	80	81	81	82	83	84	79	79	78
Total Operating Expenses	44	47	46	57	47	47	47	58	49	48	47
Selling, General & Admin Expense	12	14	13	14	13	11	13	12	12	12	13
Depreciation Expense	6.63	7.48	7.37	7.37	7.25	7.08	7.09	7.14	6.60	6.21	5.98
Other Operating Expenses / (Income)	23	22	23	24	24	24	26	24	25	24	26
Impairment Charge	2.14	3.09	1.23	12	2.20	4.78	1.29	14	5.68	5.64	2.73
Other Special Charges / (Income)	0.54	0.57	0.44	0.53	0.45	0.12	0.15	0.07	0.01	-0.00	0.00
Total Other Income / (Expense), net	-1.19	-1.60	-1.98	-2.00	-2.08	-2.32	-2.65	-2.75	-2.83	-2.69	-2.60
Interest Expense	1.19	1.60	1.98	2.00	2.08	2.32	2.65	2.75	2.83	2.69	2.60
Income Tax Expense	0.15	-0.02	0.07	0.11	-0.13	0.01	0.02	0.02	0.01	0.02	0.01
Basic Earnings per Share	$0.02	($1.07)	($0.14)	($0.30)	($0.15)	($0.21)	($1.58)	($0.38)	($0.20)	($1.18)	($0.58)
Weighted Average Basic Shares Outstanding	45.94M	5.73M	45.08M	45.45M	45.64M	45.47M	5.72M	46.16M	46.46M	5.79M	5.86M
Diluted Earnings per Share	$0.02	($1.07)	($0.14)	($0.30)	($0.15)	($0.21)	($1.58)	($0.38)	($0.20)	($1.18)	($0.58)
Weighted Average Diluted Shares Outstanding	46.01M	5.73M	45.08M	45.45M	45.64M	45.47M	5.72M	46.16M	46.46M	5.79M	5.86M
Weighted Average Basic & Diluted Shares Outstanding	44.93M	44.99M	45.35M	45.64M	45.68M	45.74M	45.94M	46.44M	46.77M	5.89M	5.89M

This table details how cash moves in and out of Noodles & Company's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/29/2015	1/3/2017	1/2/2018	1/1/2019	12/31/2019	12/29/2020	12/28/2021	1/3/2023	1/2/2024	12/31/2024	12/30/2025
Net Change in Cash & Equivalents	0.01	-0.08	1.52	1.29	5.80	-2.62	-5.59	-0.73	1.49	-1.86	0.12
Net Cash From Operating Activities	45	25	4.10	5.35	30	9.12	36	9.56	27	7.56	7.28
Net Cash From Continuing Operating Activities	45	25	4.10	5.35	30	9.12	36	9.56	27	7.56	7.28
Net Income / (Loss) Continuing Operations	-14	-72	-37	-8.44	1.65	-23	3.67	-3.31	-9.86	-36	-43
Consolidated Net Income / (Loss)	-14	-72	-37	-8.44	1.65	-23	3.67	-3.31	-9.86	-36	-43
Depreciation Expense	28	28	25	23	22	22	22	23	27	29	27
Amortization Expense	0.10	0.14	0.47	0.61	0.47	0.37	0.44	0.72	0.37	0.61	0.88
Non-Cash Adjustments To Reconcile Net Income	30	47	32	9.72	11	7.08	7.24	6.59	8.01	18	25
Changes in Operating Assets and Liabilities, net	-0.03	21	-16	-19	-4.66	3.22	2.48	-18	2.18	-3.91	-3.23
Net Cash From Investing Activities	-51	-43	-21	-14	-18	-11	-18	-32	-52	-27	-12
Net Cash From Continuing Investing Activities	-51	-43	-21	-14	-18	-11	-18	-32	-52	-27	-12
Purchase of Property, Plant & Equipment	-50	-43	-21	-14	-17	-12	-19	-34	-52	-29	-12
Other Investing Activities, net	0.00	0.58	0.00	-	0.00	0.84	0.41	1.58	0.24	2.05	0.00
Net Cash From Financing Activities	6.36	18	18	9.79	-5.82	-0.80	-23	22	26	17	5.23
Net Cash From Continuing Financing Activities	6.36	18	18	9.79	-5.82	-0.80	-23	22	26	17	5.23
Repayment of Debt	-17	-3.00	-38	-89	-6.79	-55	-22	-34	-0.69	0.92	-6.19
Repurchase of Common Equity	0.00	0.00	-	-	-	-	0.00	0.00	-4.98	0.00	0.00
Issuance of Debt	57	20	11	75	1.92	56	0.00	58	34	19	13
Other Financing Activities, net	-34	1.10	0.08	0.75	-0.94	-1.25	-1.82	-2.35	-3.03	-2.63	-1.93

This table details how cash moves in and out of Noodles & Company's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	10/3/2023	1/2/2024	4/2/2024	7/2/2024	10/1/2024	12/31/2024	4/1/2025	7/1/2025	9/30/2025	12/30/2025	3/31/2026
Net Change in Cash & Equivalents	-0.61	0.48	-1.68	0.47	1.50	-2.16	0.25	0.87	2.43	-3.43	0.18
Net Cash From Operating Activities	17	0.16	7.01	4.72	5.82	-9.98	4.03	-0.85	5.18	-1.07	6.02
Net Cash From Continuing Operating Activities	17	0.16	7.01	4.72	5.82	-9.98	4.03	-0.85	5.18	-1.07	6.02
Net Income / (Loss) Continuing Operations	0.70	-6.14	-6.14	-14	-6.76	-9.69	-9.06	-18	-9.15	-6.81	-3.42
Consolidated Net Income / (Loss)	0.70	-6.14	-6.14	-14	-6.76	-9.69	-9.06	-18	-9.15	-6.81	-3.42
Depreciation Expense	6.63	7.48	7.37	7.37	7.25	7.08	7.09	7.14	6.60	6.21	5.98
Amortization Expense	0.09	0.10	0.14	0.14	0.14	0.19	0.22	0.22	0.22	0.22	0.22
Non-Cash Adjustments To Reconcile Net Income	1.84	2.36	1.49	12	1.37	3.38	1.03	14	5.71	4.84	2.10
Changes in Operating Assets and Liabilities, net	7.69	-3.63	4.15	-0.93	3.81	-11	4.75	-4.24	1.80	-5.54	1.14
Net Cash From Investing Activities	-13	-15	-8.65	-7.13	-7.15	-3.79	-2.92	-3.40	-3.74	-2.34	-2.08
Net Cash From Continuing Investing Activities	-13	-15	-8.65	-7.13	-7.15	-3.79	-2.92	-3.40	-3.74	-2.34	-2.08
Purchase of Property, Plant & Equipment	-13	-15	-8.65	-9.18	-7.15	-3.79	-2.92	-3.40	-3.74	-2.34	-2.08
Net Cash From Financing Activities	-4.75	15	-0.04	2.88	2.83	12	-0.87	5.12	0.99	-0.02	-3.76
Net Cash From Continuing Financing Activities	-4.75	15	-0.04	2.88	2.83	12	-0.87	5.12	0.99	-0.02	-3.76
Repayment of Debt	-8.75	4.09	-3.18	-1.03	-0.56	5.69	-5.94	0.35	-1.00	0.40	-3.40
Issuance of Debt	9.50	12	4.00	4.50	4.00	6.50	5.60	5.25	2.50	-	0.00
Other Financing Activities, net	-0.52	-0.59	-0.86	-0.59	-0.61	-0.57	-0.53	-0.48	-0.51	-0.41	-0.36

This table presents Noodles & Company's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/29/2015	1/3/2017	1/2/2018	1/1/2019	12/31/2019	12/29/2020	12/28/2021	1/3/2023	1/2/2024	12/31/2024	12/30/2025
Total Assets	240	209	185	172	379	354	341	344	368	325	262
Total Current Assets	25	26	22	23	29	24	23	22	23	20	19
Cash & Equivalents	1.91	1.84	3.36	4.66	10	7.84	2.26	1.52	3.01	1.15	1.27
Accounts Receivable	4.99	5.44	2.43	2.39	3.50	3.43	3.96	6.44	5.14	4.06	4.06
Inventories, net	10	11	9.93	9.65	9.87	9.64	9.40	10	10	11	10
Prepaid Expenses	7.19	6.97	6.26	6.47	5.39	2.76	6.84	3.45	3.88	4.16	3.03
Current Deferred & Refundable Income Taxes	0.82	0.26	0.08	0.19	0.10	0.04	0.11	0.18	0.34	0.33	0.31
Plant, Property, & Equipment, net	204	174	153	0.00	0.00	0.00	119	129	152	137	107
Total Noncurrent Assets	11	10	11	149	349	330	200	193	193	167	135
Goodwill	6.40	6.40	6.40	6.40	7.15	7.15	7.15	7.15	7.15	7.15	7.15
Intangible Assets	1.81	1.72	1.57	1.29	0.88	0.76	0.67	0.61	0.54	0.50	0.42
Other Noncurrent Operating Assets	1.97	2.03	2.62	141	341	322	192	185	186	160	128
Total Liabilities & Shareholders' Equity	240	209	185	172	379	354	341	344	368	325	262
Total Liabilities	146	184	149	119	328	324	304	305	341	330	307
Total Current Liabilities	33	49	44	33	58	58	77	64	68	66	62
Accounts Payable	15	11	11	7.85	9.35	6.40	16	15	17	13	17
Accrued Expenses	12	28	21	11	12	12	14	11	13	13	12
Current Employee Benefit Liabilities	5.42	11	12	13	13	13	19	9.22	7.77	7.63	7.24
Other Current Liabilities	-	-	-	0.00	23	26	27	29	30	32	26
Total Noncurrent Liabilities	113	135	106	49	270	266	227	241	273	265	245
Long-Term Debt	68	85	58	44	40	41	19	46	80	101	109
Noncurrent Deferred & Payable Income Tax Liabilities	0.00	0.44	0.42	0.13	0.20	0.24	0.27	0.23	0.26	0.28	0.32
Other Noncurrent Operating Liabilities	5.95	4.57	8.59	4.55	229	225	208	195	193	163	136
Total Equity & Noncontrolling Interests	94	26	36	53	51	30	38	38	27	-5.58	-45
Total Preferred & Common Equity	94	26	36	53	51	30	38	38	27	-5.58	-45
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	94	26	36	53	51	30	38	38	27	-5.58	-45
Common Stock	121	125	172	199	201	203	208	212	210	214	217
Retained Earnings	7.97	-64	-101	-111	-115	-139	-135	-138	-148	-184	-227
Treasury Stock	-35	-35	-35	-35	-35	-35	-35	-35	-35	-35	-35

This table presents Noodles & Company's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	10/3/2023	4/2/2024	7/2/2024	10/1/2024	4/1/2025	7/1/2025	9/30/2025	3/31/2026
Total Assets	369	360	346	341	319	295	281	246
Total Current Assets	23	22	22	23	21	21	24	18
Cash & Equivalents	2.53	1.33	1.81	3.31	1.40	2.26	4.69	1.44
Accounts Receivable	4.81	4.33	3.96	4.13	4.11	3.77	4.11	4.29
Inventories, net	10	10	10	10	11	11	10	9.58
Prepaid Expenses	4.79	6.02	5.94	5.17	3.55	4.25	4.27	2.43
Current Deferred & Refundable Income Taxes	0.33	0.36	0.36	0.36	0.34	0.34	0.34	0.31
Plant, Property, & Equipment, net	149	151	140	140	138	123	114	102
Total Noncurrent Assets	197	187	184	177	161	150	142	126
Goodwill	7.15	7.15	7.15	7.15	7.15	7.15	7.15	7.15
Intangible Assets	0.57	0.53	0.52	0.50	0.50	0.47	0.43	0.41
Other Noncurrent Operating Assets	189	179	176	170	154	143	135	118
Total Liabilities & Shareholders' Equity	369	360	346	341	319	295	281	246
Total Liabilities	336	338	337	337	333	325	319	294
Total Current Liabilities	76	73	71	76	70	68	71	64
Accounts Payable	22	18	18	20	17	19	19	16
Accrued Expenses	12	13	14	13	12	12	12	11
Current Employee Benefit Liabilities	12	11	8.19	11	11	7.22	10	11
Other Current Liabilities	30	31	31	32	30	31	30	26
Total Noncurrent Liabilities	261	266	265	261	263	257	249	230
Long-Term Debt	64	81	85	88	101	106	108	106
Noncurrent Deferred & Payable Income Tax Liabilities	0.27	0.32	0.43	0.30	0.30	0.32	0.33	0.32
Other Noncurrent Operating Liabilities	196	184	180	172	162	150	140	124
Total Equity & Noncontrolling Interests	33	22	9.64	3.74	-14	-31	-39	-48
Total Preferred & Common Equity	33	22	9.64	3.74	-14	-31	-39	-48
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	33	22	9.64	3.74	-14	-31	-39	-48
Common Stock	210	211	213	213	215	215	216	217
Retained Earnings	-142	-154	-168	-175	-194	-211	-220	-230
Treasury Stock	-35	-35	-35	-35	-35	-35	-35	-35

This table displays calculated financial ratios and metrics derived from Noodles & Company's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/29/2015	1/3/2017	1/2/2018	1/1/2019	12/31/2019	12/29/2020	12/28/2021	1/3/2023	1/2/2024	12/31/2024	12/30/2025
DEI Shares Outstanding	27,707,917.00	27,863,861.00	41,118,836.00	43,922,066.00	44,122,121.00	44,371,985.00	45,689,485.00	46,024,561.00	44,929,009.00	-	46,774,702.00
DEI Adjusted Shares Outstanding	27,707,917.00	27,863,861.00	41,118,836.00	43,922,066.00	44,122,121.00	44,371,985.00	45,689,485.00	46,024,561.00	5,616,126.00	-	5,846,838.00
DEI Earnings Per Adjusted Shares Outstanding	-0.50	-2.57	-1.11	-0.19	0.04	-0.52	0.08	-0.07	-1.75	-	-7.28
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	12.81%	7.03%	-6.36%	0.30%	1.00%	-14.87%	20.70%	7.22%	-1.19%	-2.01%	0.37%
EBITDA Growth	-84.40%	-674.48%	77.65%	324.82%	41.98%	-92.67%	1,294.15%	-19.01%	-4.45%	-91.44%	-293.45%
EBIT Growth	-211.38%	-220.54%	49.87%	88.90%	244.73%	-468.25%	129.04%	-114.30%	-504.45%	-452.36%	-13.72%
NOPAT Growth	-226.55%	-220.54%	49.87%	88.90%	294.48%	-374.05%	140.71%	-110.20%	-504.45%	-452.36%	-13.72%
Net Income Growth	-220.45%	-420.72%	47.71%	77.48%	119.51%	-1,512.20%	115.76%	-190.42%	-197.40%	-267.42%	-17.55%
EPS Growth	-229.73%	-437.50%	53.49%	83.33%	120.00%	-1,425.00%	115.09%	-187.50%	-197.40%	-280.95%	-17.55%
Operating Cash Flow Growth	-9.22%	-44.42%	-83.42%	30.33%	462.29%	-69.65%	296.37%	-73.57%	187.69%	-72.50%	-3.66%
Free Cash Flow Firm Growth	62.33%	140.75%	-240.83%	-728.53%	226.31%	-93.70%	290.55%	-304.00%	7.89%	63.62%	206.62%
Invested Capital Growth	-3.48%	-31.92%	-17.06%	44.54%	-37.54%	-21.42%	-11.88%	47.13%	25.90%	-9.92%	-33.83%
Revenue Q/Q Growth	1.92%	2.58%	-3.51%	0.09%	0.15%	-1.67%	1.63%	4.44%	-2.36%	-0.51%	0.20%
EBITDA Q/Q Growth	-63.55%	-2,163.78%	83.14%	2.02%	-2.54%	-63.91%	-2.76%	39.25%	-18.04%	-62.14%	39.76%
EBIT Q/Q Growth	-130.72%	-127.55%	56.74%	18.68%	-11.45%	-22.05%	-14.37%	88.14%	-468.97%	-11.25%	9.35%
NOPAT Q/Q Growth	-130.72%	-127.55%	56.74%	18.68%	-14.51%	-22.05%	-14.89%	88.14%	-468.97%	-11.25%	9.35%
Net Income Q/Q Growth	-130.30%	-134.58%	54.50%	5.66%	-42.19%	-12.78%	-20.05%	63.29%	-259.18%	-10.89%	6.35%
EPS Q/Q Growth	-108.70%	-136.70%	60.53%	0.00%	-42.86%	-17.78%	0.00%	63.16%	-259.18%	-11.11%	6.35%
Operating Cash Flow Q/Q Growth	-10.02%	9.05%	135.21%	-13.26%	13.51%	-58.72%	17.78%	-32.17%	-5.41%	-57.30%	547.70%
Free Cash Flow Firm Q/Q Growth	-21.99%	120.66%	-1,357.18%	-1,155.06%	322.73%	-74.14%	3.46%	-76.76%	-11.63%	25.70%	5,685.08%
Invested Capital Q/Q Growth	2.38%	-28.92%	-7.73%	33.14%	-10.64%	-3.70%	-6.48%	17.27%	11.00%	5.89%	-3.65%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	42.12%	73.20%	73.39%	15.81%	17.11%	31.18%	34.87%	33.64%	34.92%	34.25%	34.33%
EBITDA Margin	1.50%	-8.05%	-1.92%	4.31%	6.06%	0.52%	6.02%	4.55%	4.40%	0.38%	-0.74%
Operating Margin	-4.63%	-13.85%	-7.42%	-0.82%	1.18%	-5.09%	1.22%	-0.16%	-1.00%	-5.63%	-6.38%
EBIT Margin	-4.63%	-13.85%	-7.42%	-0.82%	1.18%	-5.09%	1.22%	-0.16%	-1.00%	-5.63%	-6.38%
Profit (Net Income) Margin	-3.02%	-14.70%	-8.21%	-1.84%	0.36%	-5.91%	0.77%	-0.65%	-1.96%	-7.34%	-8.60%
Tax Burden Percent	61.18%	101.75%	99.45%	97.15%	94.06%	100.36%	98.13%	101.13%	100.24%	100.15%	100.15%
Interest Burden Percent	106.80%	104.32%	111.34%	231.21%	32.19%	115.71%	64.21%	393.87%	195.51%	130.17%	134.55%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	5.94%	0.00%	1.87%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-9.08%	-35.24%	-23.84%	-2.39%	4.84%	-19.30%	9.49%	-0.84%	-3.76%	-19.60%	-28.31%
ROIC Less NNEP Spread (ROIC-NNEP)	-6.92%	-68.08%	-43.95%	-11.20%	-1.57%	-47.72%	1.77%	-9.48%	-14.17%	-38.57%	-48.06%
Return on Net Nonoperating Assets (RNNOA)	-2.69%	-84.63%	-97.70%	-16.68%	-1.64%	-38.65%	1.39%	-7.88%	-26.32%	-316.00%	195.62%
Return on Equity (ROE)	-11.77%	-119.87%	-121.54%	-19.07%	3.19%	-57.95%	10.89%	-8.72%	-30.08%	-335.60%	167.31%
Cash Return on Invested Capital (CROIC)	-5.54%	2.73%	-5.19%	-38.81%	51.05%	4.69%	22.12%	-38.98%	-26.69%	-9.17%	12.41%
Operating Return on Assets (OROA)	-8.81%	-30.05%	-17.15%	-2.10%	1.98%	-5.47%	1.67%	-0.24%	-1.41%	-8.02%	-10.78%
Return on Assets (ROA)	-5.75%	-31.90%	-18.99%	-4.73%	0.60%	-6.35%	1.05%	-0.97%	-2.77%	-10.46%	-14.52%
Return on Common Equity (ROCE)	-11.77%	-119.87%	-121.54%	-19.07%	3.19%	-57.95%	10.89%	-8.72%	-30.08%	-335.60%	167.31%
Return on Equity Simple (ROE_SIMPLE)	-14.68%	-277.62%	-104.52%	-16.02%	3.26%	-78.32%	9.74%	-8.64%	0.00%	649.09%	0.00%
Net Operating Profit after Tax (NOPAT)	-15	-47	-24	-2.63	5.12	-14	5.71	-0.58	-3.52	-19	-22
NOPAT Margin	-3.24%	-9.70%	-5.19%	-0.57%	1.11%	-3.56%	1.20%	-0.11%	-0.70%	-3.94%	-4.47%
Net Nonoperating Expense Percent (NNEP)	-2.16%	32.84%	20.11%	8.81%	6.40%	28.42%	7.72%	8.64%	10.41%	18.97%	19.75%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-0.69%	-3.28%	-20.43%	-34.84%
Cost of Revenue to Revenue	57.88%	26.80%	26.61%	84.19%	82.89%	68.82%	65.13%	66.36%	65.08%	65.75%	65.67%
SG&A Expenses to Revenue	22.13%	26.39%	22.75%	10.07%	9.40%	10.89%	10.00%	9.79%	10.30%	10.30%	9.92%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	46.75%	87.06%	80.81%	16.63%	15.93%	36.27%	33.64%	33.80%	35.92%	39.88%	40.71%
Earnings before Interest and Taxes (EBIT)	-21	-68	-34	-3.76	5.44	-20	5.82	-0.83	-5.03	-28	-32
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	6.83	-39	-8.77	20	28	2.05	29	23	22	1.89	-3.66
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.12	4.37	5.96	5.83	4.83	11.73	11.21	6.63	5.14	0.00	0.00
Price to Tangible Book Value (P/TBV)	3.42	6.37	7.66	6.82	5.75	15.99	14.15	8.32	7.18	0.00	0.00
Price to Revenue (P/Rev)	0.64	0.23	0.47	0.67	0.53	0.88	0.89	0.50	0.28	0.05	0.07
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	148.41	0.00	115.07	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.67%	0.00%	0.87%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	2.24	1.80	2.97	2.67	3.38	5.98	7.82	3.61	2.08	1.34	2.25
Enterprise Value to Revenue (EV/Rev)	0.79	0.40	0.59	0.76	0.60	0.97	0.93	0.59	0.43	0.26	0.28
Enterprise Value to EBITDA (EV/EBITDA)	52.41	0.00	0.00	17.61	9.83	186.52	15.40	12.91	9.80	66.54	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	50.60	0.00	75.71	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	53.80	0.00	77.16	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	8.05	7.91	65.35	64.96	9.16	41.93	12.18	31.29	7.89	16.67	19.21
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	53.39	0.00	0.00	5.10	112.33	33.11	0.00	0.00	0.00	14.43
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.72	3.28	1.61	0.85	0.82	1.42	0.56	1.20	2.95	-18.06	-2.40
Long-Term Debt to Equity	0.72	3.28	1.61	0.84	0.80	1.38	0.50	1.20	2.95	-18.06	-2.40
Financial Leverage	0.39	1.24	2.22	1.49	1.05	0.81	0.79	0.83	1.86	8.19	-4.07
Leverage Ratio	2.05	3.76	6.40	4.04	5.33	9.12	10.32	9.02	10.87	32.10	-11.52
Compound Leverage Factor	2.18	3.92	7.12	9.33	1.72	10.55	6.63	35.52	21.24	41.78	-15.50
Debt to Total Capital	41.94%	76.63%	61.64%	46.01%	44.92%	58.62%	35.77%	54.55%	74.71%	105.86%	171.38%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.74%	0.82%	1.57%	3.47%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	41.94%	76.63%	61.64%	45.28%	44.11%	57.05%	32.31%	54.55%	74.71%	105.86%	171.38%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	58.06%	23.37%	38.36%	53.99%	55.08%	41.38%	64.23%	45.45%	25.29%	-5.86%	-71.38%
Debt to EBITDA	9.91	-2.16	-6.57	2.28	1.47	20.51	0.73	1.99	3.63	53.19	-29.69
Net Debt to EBITDA	9.63	-2.11	-6.19	2.04	1.10	16.69	0.65	1.92	3.49	52.58	-29.34
Long-Term Debt to EBITDA	9.91	-2.16	-6.57	2.24	1.45	19.97	0.66	1.99	3.63	53.19	-29.69
Debt to NOPAT	-4.59	-1.79	-2.43	-17.07	8.06	-3.00	3.67	-79.07	-22.79	-5.18	-4.92
Net Debt to NOPAT	-4.46	-1.75	-2.29	-15.30	6.02	-2.44	3.28	-76.46	-21.93	-5.12	-4.86
Long-Term Debt to NOPAT	-4.59	-1.79	-2.43	-16.80	7.92	-2.92	3.32	-79.07	-22.79	-5.18	-4.92
Altman Z-Score	2.82	1.07	1.81	3.16	1.20	0.91	1.54	1.26	0.86	0.32	0.15
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.77	0.53	0.50	0.70	0.51	0.41	0.29	0.34	0.34	0.31	0.31
Quick Ratio	0.21	0.15	0.13	0.21	0.24	0.19	0.08	0.12	0.12	0.08	0.09
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-8.99	3.67	-5.16	-43	54	3.41	13	-27	-25	-9.09	9.70
Operating Cash Flow to CapEx	88.85%	57.08%	19.69%	37.29%	176.28%	77.44%	192.61%	28.20%	52.83%	26.28%	58.77%
Free Cash Flow to Firm to Interest Expense	-6.42	1.26	-1.34	-8.67	14.65	1.08	6.39	-11.10	-5.20	-1.09	0.89
Operating Cash Flow to Interest Expense	31.79	8.48	1.07	1.08	8.15	2.90	17.37	3.91	5.72	0.90	0.67
Operating Cash Flow Less CapEx to Interest Expense	-3.99	-6.38	-4.36	-1.82	3.53	-0.84	8.35	-9.95	-5.11	-2.53	-0.47
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.90	2.17	2.31	2.56	1.68	1.08	1.37	1.49	1.41	1.42	1.69
Accounts Receivable Turnover	95.41	93.49	115.98	189.78	156.91	113.59	128.66	97.97	86.89	107.21	121.91
Inventory Turnover	26.48	12.00	11.45	39.38	39.28	27.77	32.50	34.77	32.29	31.26	31.39
Fixed Asset Turnover	2.23	2.58	2.80	0.00	0.00	0.00	0.00	4.10	3.58	3.41	4.05
Accounts Payable Turnover	20.33	10.18	11.28	41.04	44.56	34.39	28.20	21.92	20.48	21.70	21.87
Days Sales Outstanding (DSO)	3.83	3.90	3.15	1.92	2.33	3.21	2.84	3.73	4.20	3.40	2.99
Days Inventory Outstanding (DIO)	13.78	30.43	31.87	9.27	9.29	13.15	11.23	10.50	11.30	11.68	11.63
Days Payable Outstanding (DPO)	17.96	35.87	32.35	8.89	8.19	10.61	12.94	16.65	17.82	16.82	16.69
Cash Conversion Cycle (CCC)	-0.35	-1.54	2.67	2.30	3.43	5.75	1.13	-2.43	-2.32	-1.74	-2.07
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	160	109	90	130	81	64	56	83	104	94	62
Invested Capital Turnover	2.80	3.63	4.59	4.15	4.37	5.42	7.90	7.32	5.38	4.97	6.34
Increase / (Decrease) in Invested Capital	-5.75	-51	-19	40	-49	-17	-7.59	27	21	-10	-32
Enterprise Value (EV)	358	196	268	347	275	383	440	299	217	126	140
Market Capitalization	292	113	214	307	244	348	422	255	140	26	32
Book Value per Share	$3.38	$0.93	$0.87	$1.20	$1.15	$0.67	$0.82	$0.83	$0.60	($0.12)	($0.97)
Tangible Book Value per Share	$3.09	$0.64	$0.68	$1.02	$0.96	$0.49	$0.65	$0.66	$0.43	($0.29)	($1.13)
Total Capital	162	110	93	98	92	72	59	84	107	95	63
Total Debt	68	85	58	45	41	42	21	46	80	101	109
Total Long-Term Debt	68	85	58	44	40	41	19	46	80	101	109
Net Debt	66	83	54	40	31	34	19	45	77	100	108
Capital Expenditures (CapEx)	50	43	21	14	17	12	19	34	52	29	12
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-9.43	-25	-25	-14	-38	-41	-54	-44	-48	-47	-44
Debt-free Net Working Capital (DFNWC)	-7.51	-23	-22	-9.08	-28	-33	-52	-42	-45	-46	-43
Net Working Capital (NWC)	-7.51	-23	-22	-9.80	-29	-34	-54	-42	-45	-46	-43
Net Nonoperating Expense (NNE)	-0.98	24	14	5.81	3.47	9.24	2.04	2.73	6.34	17	20
Net Nonoperating Obligations (NNO)	66	83	54	78	31	34	19	45	77	100	108
Total Depreciation and Amortization (D&A)	28	28	25	23	23	22	23	24	27	30	28
Debt-free, Cash-free Net Working Capital to Revenue	-2.07%	-5.15%	-5.51%	-3.00%	-8.31%	-10.45%	-11.42%	-8.64%	-9.52%	-9.46%	-8.93%
Debt-free Net Working Capital to Revenue	-1.65%	-4.77%	-4.78%	-1.98%	-6.05%	-8.46%	-10.94%	-8.34%	-8.92%	-9.23%	-8.68%
Net Working Capital to Revenue	-1.65%	-4.77%	-4.78%	-2.14%	-6.21%	-8.74%	-11.37%	-8.34%	-8.92%	-9.23%	-8.68%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.48)	($2.58)	($1.20)	($0.20)	$0.04	($0.53)	$0.08	($0.07)	($1.68)	($0.80)	($7.36)
Adjusted Weighted Average Basic Shares Outstanding	28.94M	27.81M	37.76M	42.33M	44.04M	44.27M	45.48M	45.91M	5.73M	45.47M	5.79M
Adjusted Diluted Earnings per Share	($0.48)	($2.58)	($1.20)	($0.20)	$0.04	($0.53)	$0.08	($0.07)	($1.68)	($0.80)	($7.36)
Adjusted Weighted Average Diluted Shares Outstanding	28.94M	27.81M	37.76M	42.33M	44.98M	44.27M	46.13M	45.91M	5.73M	45.47M	5.79M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	($0.20)	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	27.72M	27.87M	41.13M	43.93M	44.13M	45.36M	45.71M	46.04M	5.62M	45.74M	5.89M
Normalized Net Operating Profit after Tax (NOPAT)	9.07	-12	3.17	2.40	13	-9.13	12	4.90	3.91	-4.18	-3.57
Normalized NOPAT Margin	1.99%	-2.45%	0.69%	0.53%	2.76%	-2.32%	2.52%	0.96%	0.78%	-0.85%	-0.72%
Pre Tax Income Margin	-4.94%	-14.45%	-8.26%	-1.90%	0.38%	-5.89%	0.79%	-0.64%	-1.95%	-7.33%	-8.59%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-15.05	-23.16	-8.82	-0.76	1.47	-6.37	2.79	-0.34	-1.05	-3.31	-2.89
NOPAT to Interest Expense	-10.53	-16.21	-6.17	-0.53	1.39	-4.46	2.74	-0.24	-0.73	-2.32	-2.03
EBIT Less CapEx to Interest Expense	-50.83	-38.02	-14.24	-3.67	-3.15	-10.11	-6.22	-14.20	-11.88	-6.75	-4.03
NOPAT Less CapEx to Interest Expense	-46.31	-31.07	-11.60	-3.44	-3.24	-8.20	-6.28	-14.10	-11.57	-5.75	-3.16
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-50.54%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from Noodles & Company's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	10/3/2023	1/2/2024	4/2/2024	7/2/2024	10/1/2024	12/31/2024	4/1/2025	7/1/2025	9/30/2025	12/30/2025	3/31/2026
DEI Shares Outstanding	46,429,174.00	44,929,009.00	44,989,714.00	45,346,349.00	45,636,789.00	-	45,738,007.00	45,943,640.00	46,441,542.00	46,774,702.00	5,888,223.00
DEI Adjusted Shares Outstanding	46,429,174.00	5,616,126.00	44,989,714.00	45,346,349.00	45,636,789.00	-	5,717,251.00	45,943,640.00	46,441,542.00	5,846,838.00	5,888,223.00
DEI Earnings Per Adjusted Shares Outstanding	0.02	-1.09	-0.14	-0.30	-0.15	-	-1.58	-0.38	-0.20	-1.16	-0.58
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-1.18%	-8.90%	-3.71%	1.76%	-3.99%	-2.05%	1.98%	-0.72%	-0.54%	0.82%	-0.01%
EBITDA Growth	12.77%	-61.74%	-17.04%	-164.27%	-70.45%	-102.95%	-72.95%	-84.81%	-80.51%	2,716.85%	483.86%
EBIT Growth	33.03%	-348.15%	-83.92%	-4,013.57%	-335.99%	-61.63%	-55.93%	-28.30%	-31.65%	44.26%	87.29%
NOPAT Growth	9.67%	-287.42%	-83.92%	-4,013.57%	-300.12%	-61.63%	-55.93%	-28.30%	-31.65%	44.26%	87.29%
Net Income Growth	-11.95%	-729.44%	-97.11%	-944.86%	-1,065.00%	-57.94%	-47.51%	-28.82%	-35.47%	29.76%	62.27%
EPS Growth	0.00%	-729.44%	-100.00%	-900.00%	-850.00%	-61.54%	-47.51%	-26.67%	-33.33%	29.76%	63.29%
Operating Cash Flow Growth	853.57%	-90.56%	-3.00%	49.27%	-65.67%	-6,187.80%	-42.43%	-118.04%	-11.02%	89.25%	49.17%
Free Cash Flow Firm Growth	-143.17%	0.76%	11.54%	85.86%	108.68%	121.07%	161.20%	295.40%	953.02%	456.84%	139.63%
Invested Capital Growth	33.03%	25.90%	19.58%	-3.66%	-5.57%	-9.92%	-16.14%	-20.75%	-27.28%	-33.83%	-34.24%
Revenue Q/Q Growth	2.16%	-2.76%	-2.35%	4.91%	-3.61%	-0.80%	1.66%	2.13%	-3.44%	0.57%	0.82%
EBITDA Q/Q Growth	40.07%	-65.50%	13.02%	-217.67%	164.41%	-103.44%	1,137.08%	-903.90%	106.79%	362.10%	131.39%
EBIT Q/Q Growth	826.43%	-323.99%	10.10%	-181.20%	58.33%	-53.42%	13.27%	-131.38%	57.24%	35.04%	80.22%
NOPAT Q/Q Growth	956.64%	-289.95%	10.10%	-181.20%	58.33%	-53.42%	13.27%	-131.38%	57.24%	35.04%	80.22%
Net Income Q/Q Growth	153.68%	-976.71%	-0.05%	-121.91%	50.42%	-43.49%	6.56%	-93.79%	47.86%	25.60%	49.81%
EPS Q/Q Growth	166.67%	-976.71%	-7.69%	-114.29%	50.00%	-40.00%	6.56%	-90.00%	47.37%	25.60%	50.85%
Operating Cash Flow Q/Q Growth	435.56%	-99.03%	4,171.34%	-32.58%	23.16%	-271.63%	140.39%	-121.13%	707.51%	-120.73%	660.67%
Free Cash Flow Firm Q/Q Growth	32.50%	-13.84%	20.81%	76.76%	141.41%	176.39%	130.04%	-25.79%	123.18%	46.16%	-1.01%
Invested Capital Q/Q Growth	-2.20%	11.00%	-2.51%	-8.97%	-4.14%	5.89%	-9.25%	-13.97%	-12.04%	-3.65%	-9.80%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	35.79%	34.46%	34.14%	36.07%	34.31%	32.40%	32.81%	33.93%	35.06%	35.55%	37.27%
EBITDA Margin	6.84%	2.43%	2.81%	-3.15%	2.11%	-0.07%	0.75%	-5.87%	0.41%	1.90%	4.35%
Operating Margin	1.59%	-3.66%	-3.37%	-9.04%	-3.91%	-6.05%	-5.16%	-11.69%	-5.18%	-3.34%	-0.66%
EBIT Margin	1.59%	-3.66%	-3.37%	-9.04%	-3.91%	-6.05%	-5.16%	-11.69%	-5.18%	-3.34%	-0.66%
Profit (Net Income) Margin	0.55%	-4.94%	-5.06%	-10.70%	-5.50%	-7.96%	-7.32%	-13.88%	-7.50%	-5.55%	-2.76%
Tax Burden Percent	82.55%	99.66%	101.07%	100.81%	98.15%	100.06%	100.25%	100.12%	100.05%	100.22%	100.21%
Interest Burden Percent	41.69%	135.16%	148.32%	117.34%	143.38%	131.55%	141.44%	118.63%	144.74%	165.48%	419.95%
Effective Tax Rate	17.45%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	8.22%	-13.79%	-12.61%	-33.60%	-14.85%	-21.05%	-19.14%	-48.77%	-23.35%	-14.83%	-3.21%
ROIC Less NNEP Spread (ROIC-NNEP)	6.18%	-18.64%	-17.68%	-41.38%	-19.48%	-26.19%	-24.26%	-56.47%	-28.36%	-18.63%	-6.02%
Return on Net Nonoperating Assets (RNNOA)	8.59%	-34.62%	-39.44%	-129.45%	-78.76%	-214.52%	-543.12%	500.09%	152.05%	75.84%	19.75%
Return on Equity (ROE)	16.81%	-48.42%	-52.05%	-163.05%	-93.61%	-235.57%	-562.26%	451.33%	128.71%	61.01%	16.54%
Cash Return on Invested Capital (CROIC)	-27.19%	-26.69%	-23.01%	-9.72%	-13.39%	-9.17%	-4.94%	-4.96%	-0.23%	12.41%	15.56%
Operating Return on Assets (OROA)	2.30%	-5.18%	-4.74%	-12.87%	-5.47%	-8.61%	-7.52%	-18.05%	-8.23%	-5.65%	-1.15%
Return on Assets (ROA)	0.79%	-6.98%	-7.11%	-15.23%	-7.69%	-11.34%	-10.67%	-21.43%	-11.93%	-9.36%	-4.83%
Return on Common Equity (ROCE)	16.81%	-48.42%	-52.05%	-163.05%	-93.61%	-235.57%	-562.26%	451.33%	128.71%	61.01%	16.54%
Return on Equity Simple (ROE_SIMPLE)	-8.44%	0.00%	-58.81%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	1.68	-3.19	-2.87	-8.06	-3.36	-5.15	-4.47	-10	-4.42	-2.87	-0.57
NOPAT Margin	1.31%	-2.57%	-2.36%	-6.33%	-2.74%	-4.23%	-3.61%	-8.18%	-3.62%	-2.34%	-0.46%
Net Nonoperating Expense Percent (NNEP)	2.04%	4.84%	5.07%	7.78%	4.63%	5.13%	5.12%	7.70%	5.02%	3.80%	2.80%
Return On Investment Capital (ROIC_SIMPLE)	-	-2.97%	-2.78%	-8.54%	-3.65%	-5.42%	-5.16%	-13.67%	-6.39%	-4.53%	-0.99%
Cost of Revenue to Revenue	64.21%	65.54%	65.86%	63.93%	65.69%	67.60%	67.19%	66.07%	64.94%	64.45%	62.73%
SG&A Expenses to Revenue	9.28%	11.15%	10.75%	10.65%	10.50%	9.30%	10.35%	9.81%	10.05%	9.49%	10.11%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	34.20%	38.13%	37.52%	45.11%	38.22%	38.45%	37.96%	45.62%	40.23%	38.89%	37.92%
Earnings before Interest and Taxes (EBIT)	2.03	-4.56	-4.10	-12	-4.80	-7.36	-6.39	-15	-6.32	-4.11	-0.81
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	8.75	3.02	3.41	-4.02	2.59	-0.09	0.92	-7.42	0.50	2.33	5.39
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.26	5.14	3.70	7.45	14.30	0.00	0.00	0.00	0.00	0.00	0.00
Price to Tangible Book Value (P/TBV)	4.27	7.18	5.69	36.41	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.21	0.28	0.16	0.14	0.11	0.05	0.10	0.07	0.06	0.07	0.10
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.78	2.08	1.58	1.67	1.56	1.34	1.75	1.86	2.06	2.25	2.75
Enterprise Value to Revenue (EV/Rev)	0.32	0.43	0.32	0.31	0.28	0.26	0.30	0.28	0.27	0.28	0.31
Enterprise Value to EBITDA (EV/EBITDA)	6.20	9.80	7.51	13.87	27.68	66.54	0.00	0.00	0.00	0.00	192.64
Enterprise Value to EBIT (EV/EBIT)	122.79	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	175.42	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	5.76	7.89	5.90	5.37	7.82	16.67	32.49	0.00	0.00	19.21	16.67
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	14.43	14.04
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.97	2.95	3.71	8.79	23.66	-18.06	-7.24	-3.46	-2.78	-2.40	-2.20
Long-Term Debt to Equity	1.97	2.95	3.71	8.79	23.66	-18.06	-7.24	-3.46	-2.78	-2.40	-2.20
Financial Leverage	1.39	1.86	2.23	3.13	4.04	8.19	22.39	-8.86	-5.36	-4.07	-3.28
Leverage Ratio	10.34	10.87	12.27	15.39	19.57	32.10	84.99	-30.33	-17.66	-11.52	-9.13
Compound Leverage Factor	4.31	14.69	18.19	18.06	28.06	42.23	120.21	-35.98	-25.57	-19.07	-38.35
Debt to Total Capital	66.32%	74.71%	78.75%	89.79%	95.94%	105.86%	116.03%	140.67%	156.16%	171.38%	183.47%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	66.32%	74.71%	78.75%	89.79%	95.94%	105.86%	116.03%	140.67%	156.16%	171.38%	183.47%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	33.68%	25.29%	21.25%	10.21%	4.06%	-5.86%	-16.03%	-40.67%	-56.16%	-71.38%	-83.47%
Debt to EBITDA	2.37	3.63	3.79	7.59	17.66	53.19	-169.11	-26.61	-17.78	-29.69	131.67
Net Debt to EBITDA	2.28	3.49	3.73	7.43	17.00	52.58	-166.77	-26.04	-17.01	-29.34	129.87
Long-Term Debt to EBITDA	2.37	3.63	3.79	7.59	17.66	53.19	-169.11	-26.61	-17.78	-29.69	131.67
Debt to NOPAT	67.12	-22.79	-16.81	-6.68	-5.06	-5.18	-4.78	-4.56	-4.43	-4.92	-5.80
Net Debt to NOPAT	64.47	-21.93	-16.54	-6.54	-4.87	-5.12	-4.71	-4.47	-4.24	-4.86	-5.72
Long-Term Debt to NOPAT	67.12	-22.79	-16.81	-6.68	-5.06	-5.18	-4.78	-4.56	-4.43	-4.92	-5.80
Altman Z-Score	0.89	0.86	0.72	0.62	0.60	0.53	0.54	0.38	0.44	0.49	0.57
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.30	0.34	0.31	0.32	0.31	0.31	0.29	0.31	0.34	0.31	0.28
Quick Ratio	0.10	0.12	0.08	0.08	0.10	0.08	0.08	0.09	0.12	0.09	0.09
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-22	-25	-20	-4.54	1.88	5.20	12	8.87	20	29	29
Operating Cash Flow to CapEx	132.29%	1.07%	81.01%	51.45%	81.39%	-263.22%	138.21%	-25.06%	138.51%	-45.85%	289.65%
Free Cash Flow to Firm to Interest Expense	-18.27	-15.39	-9.87	-2.27	0.90	2.24	4.52	3.22	7.00	10.76	11.03
Operating Cash Flow to Interest Expense	14.29	0.10	3.54	2.37	2.79	-4.30	1.52	-0.31	1.83	-0.40	2.32
Operating Cash Flow Less CapEx to Interest Expense	3.49	-9.46	-0.83	-2.23	-0.64	-5.93	0.42	-1.54	0.51	-1.27	1.52
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.45	1.41	1.41	1.42	1.40	1.42	1.46	1.54	1.59	1.69	1.75
Accounts Receivable Turnover	103.80	86.89	109.68	112.87	110.88	107.21	117.42	128.09	119.92	121.91	117.85
Inventory Turnover	32.97	32.29	32.32	31.52	31.19	31.26	30.75	31.29	31.50	31.39	30.89
Fixed Asset Turnover	3.76	3.58	3.49	3.58	3.43	3.41	3.43	3.76	3.89	4.05	4.12
Accounts Payable Turnover	17.82	20.48	19.65	20.04	15.36	21.70	18.87	17.95	16.91	21.87	19.08
Days Sales Outstanding (DSO)	3.52	4.20	3.33	3.23	3.29	3.40	3.11	2.85	3.04	2.99	3.10
Days Inventory Outstanding (DIO)	11.07	11.30	11.29	11.58	11.70	11.68	11.87	11.67	11.59	11.63	11.82
Days Payable Outstanding (DPO)	20.49	17.82	18.57	18.22	23.76	16.82	19.34	20.34	21.59	16.69	19.13
Cash Conversion Cycle (CCC)	-5.90	-2.32	-3.95	-3.41	-8.77	-1.74	-4.36	-5.82	-6.96	-2.07	-4.21
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	94	104	102	93	89	94	85	73	65	62	56
Invested Capital Turnover	6.26	5.38	5.34	5.31	5.42	4.97	5.30	5.96	6.44	6.34	7.00
Increase / (Decrease) in Invested Capital	23	21	17	-3.52	-5.24	-10	-16	-19	-24	-32	-29
Enterprise Value (EV)	167	217	161	155	138	126	149	137	133	140	154
Market Capitalization	106	140	81	72	53	26	50	33	30	32	50
Book Value per Share	$0.70	$0.60	$0.49	$0.21	$0.08	($0.12)	($0.30)	($0.67)	($0.84)	($0.97)	($8.16)
Tangible Book Value per Share	$0.53	$0.43	$0.32	$0.04	($0.09)	($0.29)	($0.47)	($0.84)	($1.00)	($1.13)	($9.44)
Total Capital	97	107	103	94	92	95	87	76	69	63	58
Total Debt	64	80	81	85	88	101	101	106	108	109	106
Total Long-Term Debt	64	80	81	85	88	101	101	106	108	109	106
Net Debt	62	77	80	83	85	100	99	104	103	108	104
Capital Expenditures (CapEx)	13	15	8.65	9.18	7.15	3.79	2.92	3.40	3.74	2.34	2.08
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-55	-48	-52	-51	-56	-47	-51	-49	-52	-44	-48
Debt-free Net Working Capital (DFNWC)	-53	-45	-50	-49	-53	-46	-50	-47	-47	-43	-46
Net Working Capital (NWC)	-53	-45	-50	-49	-53	-46	-50	-47	-47	-43	-46
Net Nonoperating Expense (NNE)	0.98	2.95	3.27	5.56	3.40	4.54	4.59	7.21	4.73	3.93	2.85
Net Nonoperating Obligations (NNO)	62	77	80	83	85	100	99	104	103	108	104
Total Depreciation and Amortization (D&A)	6.72	7.58	7.51	7.50	7.39	7.28	7.31	7.36	6.82	6.43	6.20
Debt-free, Cash-free Net Working Capital to Revenue	-10.74%	-9.52%	-10.35%	-10.11%	-11.32%	-9.46%	-10.29%	-9.98%	-10.43%	-8.93%	-9.64%
Debt-free Net Working Capital to Revenue	-10.25%	-8.92%	-10.08%	-9.75%	-10.65%	-9.23%	-10.01%	-9.52%	-9.48%	-8.68%	-9.35%
Net Working Capital to Revenue	-10.25%	-8.92%	-10.08%	-9.75%	-10.65%	-9.23%	-10.01%	-9.52%	-9.48%	-8.68%	-9.35%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.02	($8.56)	($0.14)	($0.30)	($0.15)	($0.21)	($1.60)	($0.38)	($0.20)	($9.44)	($0.58)
Adjusted Weighted Average Basic Shares Outstanding	45.94M	716.62K	45.08M	45.45M	45.64M	45.47M	5.72M	46.16M	46.46M	723.41K	5.86M
Adjusted Diluted Earnings per Share	$0.02	($8.56)	($0.14)	($0.30)	($0.15)	($0.21)	($1.60)	($0.38)	($0.20)	($9.44)	($0.58)
Adjusted Weighted Average Diluted Shares Outstanding	46.01M	716.62K	45.08M	45.45M	45.64M	45.47M	5.72M	46.16M	46.46M	723.41K	5.86M
Adjusted Basic & Diluted Earnings per Share	$0.00	($8.56)	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	($9.44)	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	44.93M	5.62M	45.35M	45.64M	45.68M	45.74M	5.74M	46.44M	46.77M	736.03K	5.89M
Normalized Net Operating Profit after Tax (NOPAT)	3.89	-0.63	-1.70	0.75	-1.50	-1.72	-3.46	-0.74	-0.44	1.07	1.35
Normalized NOPAT Margin	3.04%	-0.50%	-1.40%	0.59%	-1.22%	-1.42%	-2.80%	-0.58%	-0.36%	0.87%	1.09%
Pre Tax Income Margin	0.66%	-4.95%	-5.00%	-10.61%	-5.61%	-7.96%	-7.30%	-13.87%	-7.49%	-5.53%	-2.75%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.72	-2.84	-2.07	-5.77	-2.31	-3.17	-2.41	-5.37	-2.24	-1.53	-0.31
NOPAT to Interest Expense	1.42	-1.99	-1.45	-4.04	-1.61	-2.22	-1.69	-3.76	-1.56	-1.07	-0.22
EBIT Less CapEx to Interest Expense	-9.09	-12.41	-6.44	-10.36	-5.74	-4.80	-3.52	-6.60	-3.56	-2.40	-1.11
NOPAT Less CapEx to Interest Expense	-9.38	-11.55	-5.82	-8.63	-5.05	-3.85	-2.79	-4.99	-2.89	-1.94	-1.02
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	-181.52%	-50.54%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials Breakdown Chart

Noodles & Company Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Noodles & Company's fiscal year ends in December. Their fiscal year 2025 ended on December 30, 2025.

Noodles & Company's net income appears to be on a downward trend, with a most recent value of -$42.57 million in 2025, rising from -$13.77 million in 2015. The previous period was -$36.21 million in 2024. View Noodles & Company's forecast to see where analysts expect Noodles & Company to go next.

Noodles & Company's total operating income in 2025 was -$31.59 million, based on the following breakdown:

Total Gross Profit: $169.96 million
Total Operating Expenses: $201.55 million

Over the last 10 years, Noodles & Company's total revenue changed from $455.45 million in 2015 to $495.09 million in 2025, a change of 8.7%.

Noodles & Company's total liabilities were at $306.98 million at the end of 2025, a 7.0% decrease from 2024, and a 110.0% increase since 2015.

In the past 10 years, Noodles & Company's cash and equivalents has ranged from $1.15 million in 2024 to $10.46 million in 2019, and is currently $1.27 million as of their latest financial filing in 2025.

Over the last 10 years, Noodles & Company's book value per share changed from 3.38 in 2015 to -0.97 in 2025, a change of -128.6%.

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Financial statements for NASDAQ:NDLS last updated on 7/9/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Noodles & Company (NDLS) Financials

Financials Breakdown Chart

Noodles & Company Financials - Frequently Asked Questions

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Noodles & Company (NDLS) Financials

Annual Income Statements for Noodles & Company

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Quarterly Metrics And Ratios for Noodles & Company

Financials Breakdown Chart

Noodles & Company Financials - Frequently Asked Questions

When does Noodles & Company's financial year end?

How has Noodles & Company's net income changed over the last 10 years?

What is Noodles & Company's operating income?

How has Noodles & Company's revenue changed over the last 10 years?

How much debt does Noodles & Company have?

How much cash does Noodles & Company have?

How has Noodles & Company's book value per share changed over the last 10 years?

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