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

$16.70 +0.76 (+4.74%)

As of 01:42 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	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	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	6/30/2026
Net Income / (Loss) Attributable to Common Shareholders	-6.14	-6.14	-14	-6.76	-9.69	-9.06	-18	-9.15	-6.81	-3.42	-3.95
Consolidated Net Income / (Loss)	-6.14	-6.14	-14	-6.76	-9.69	-9.06	-18	-9.15	-6.81	-3.42	-3.95
Net Income / (Loss) Continuing Operations	-6.14	-6.14	-14	-6.76	-9.69	-9.06	-18	-9.15	-6.81	-3.42	-3.95
Total Pre-Tax Income	-6.16	-6.08	-14	-6.88	-9.69	-9.03	-18	-9.15	-6.79	-3.41	-3.93
Total Operating Income	-4.56	-4.10	-12	-4.80	-7.36	-6.39	-15	-6.32	-4.11	-0.81	-1.54
Total Gross Profit	43	41	46	42	39	41	43	43	44	46	49
Total Revenue	124	121	127	123	122	124	126	122	123	124	127
Operating Revenue	124	121	127	123	122	124	126	122	123	124	127
Total Cost of Revenue	81	80	81	81	82	83	84	79	79	78	78
Operating Cost of Revenue	81	80	81	81	82	83	84	79	79	78	78
Total Operating Expenses	47	46	57	47	47	47	58	49	48	47	51
Selling, General & Admin Expense	14	13	14	13	11	13	12	12	12	13	14
Depreciation Expense	7.48	7.37	7.37	7.25	7.08	7.09	7.14	6.60	6.21	5.98	5.90
Other Operating Expenses / (Income)	22	23	24	24	24	26	24	25	24	26	25
Impairment Charge	3.09	1.23	12	2.20	4.78	1.29	14	5.68	5.64	2.73	5.53
Other Special Charges / (Income)	0.57	0.44	0.53	0.45	0.12	0.15	0.07	0.01	-0.00	0.00	0.00
Total Other Income / (Expense), net	-1.60	-1.98	-2.00	-2.08	-2.32	-2.65	-2.75	-2.83	-2.69	-2.60	-2.39
Interest Expense	1.60	1.98	2.00	2.08	2.32	2.65	2.75	2.83	2.69	2.60	2.39
Income Tax Expense	-0.02	0.07	0.11	-0.13	0.01	0.02	0.02	0.01	0.02	0.01	0.02
Basic Earnings per Share	($1.07)	($0.14)	($0.30)	($0.15)	($0.21)	($1.58)	($3.04)	($0.20)	($1.18)	($0.58)	($0.67)
Weighted Average Basic Shares Outstanding	5.73M	45.08M	45.45M	45.64M	45.47M	5.72M	5.77M	46.46M	5.79M	5.86M	5.93M
Diluted Earnings per Share	($1.07)	($0.14)	($0.30)	($0.15)	($0.21)	($1.58)	($3.04)	($0.20)	($1.18)	($0.58)	($0.67)
Weighted Average Diluted Shares Outstanding	5.73M	45.08M	45.45M	45.64M	45.47M	5.72M	5.77M	46.46M	5.79M	5.86M	5.93M
Weighted Average Basic & Diluted Shares Outstanding	44.99M	45.35M	45.64M	45.68M	45.74M	45.94M	46.44M	46.77M	5.89M	5.89M	5.97M

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	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	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	6/30/2026
Net Change in Cash & Equivalents	0.48	-1.68	0.47	1.50	-2.16	0.25	0.87	2.43	-3.43	0.18	-0.15
Net Cash From Operating Activities	0.16	7.01	4.72	5.82	-9.98	4.03	-0.85	5.18	-1.07	6.02	3.31
Net Cash From Continuing Operating Activities	0.16	7.01	4.72	5.82	-9.98	4.03	-0.85	5.18	-1.07	6.02	3.31
Net Income / (Loss) Continuing Operations	-6.14	-6.14	-14	-6.76	-9.69	-9.06	-18	-9.15	-6.81	-3.42	-3.95
Consolidated Net Income / (Loss)	-6.14	-6.14	-14	-6.76	-9.69	-9.06	-18	-9.15	-6.81	-3.42	-3.95
Depreciation Expense	7.48	7.37	7.37	7.25	7.08	7.09	7.14	6.60	6.21	5.98	5.90
Amortization Expense	0.10	0.14	0.14	0.14	0.19	0.22	0.22	0.22	0.22	0.22	0.22
Non-Cash Adjustments To Reconcile Net Income	2.36	1.49	12	1.37	3.38	1.03	14	5.71	4.84	2.10	5.43
Changes in Operating Assets and Liabilities, net	-3.63	4.15	-0.93	3.81	-11	4.75	-4.24	1.80	-5.54	1.14	-4.29
Net Cash From Investing Activities	-15	-8.65	-7.13	-7.15	-3.79	-2.92	-3.40	-3.74	-2.34	-2.08	-1.51
Net Cash From Continuing Investing Activities	-15	-8.65	-7.13	-7.15	-3.79	-2.92	-3.40	-3.74	-2.34	-2.08	-1.51
Purchase of Property, Plant & Equipment	-15	-8.65	-9.18	-7.15	-3.79	-2.92	-3.40	-3.74	-2.34	-2.08	-1.51
Net Cash From Financing Activities	15	-0.04	2.88	2.83	12	-0.87	5.12	0.99	-0.02	-3.76	-1.94
Net Cash From Continuing Financing Activities	15	-0.04	2.88	2.83	12	-0.87	5.12	0.99	-0.02	-3.76	-1.94
Repayment of Debt	4.09	-3.18	-1.03	-0.56	5.69	-5.94	0.35	-1.00	0.40	-3.40	-1.41
Other Financing Activities, net	-0.59	-0.86	-0.59	-0.61	-0.57	-0.53	-0.48	-0.51	-0.41	-0.36	-0.53

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	Q2 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	6/30/2026
Total Assets	369	360	346	341	319	295	281	246	236
Total Current Assets	23	22	22	23	21	21	24	18	19
Cash & Equivalents	2.53	1.33	1.81	3.31	1.40	2.26	4.69	1.44	1.30
Accounts Receivable	4.81	4.33	3.96	4.13	4.11	3.77	4.11	4.29	4.79
Inventories, net	10	10	10	10	11	11	10	9.58	9.31
Prepaid Expenses	4.79	6.02	5.94	5.17	3.55	4.25	4.27	2.43	2.80
Current Deferred & Refundable Income Taxes	0.33	0.36	0.36	0.36	0.34	0.34	0.34	0.31	0.33
Plant, Property, & Equipment, net	149	151	140	140	138	123	114	102	94
Total Noncurrent Assets	197	187	184	177	161	150	142	126	123
Goodwill	7.15	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	0.40
Other Noncurrent Operating Assets	189	179	176	170	154	143	135	118	115
Total Liabilities & Shareholders' Equity	369	360	346	341	319	295	281	246	236
Total Liabilities	336	338	337	337	333	325	319	294	287
Total Current Liabilities	76	73	71	76	70	68	71	64	63
Accounts Payable	22	18	18	20	17	19	19	16	17
Accrued Expenses	12	13	14	13	12	12	12	11	10
Current Employee Benefit Liabilities	12	11	8.19	11	11	7.22	10	11	9.85
Other Current Liabilities	30	31	31	32	30	31	30	26	26
Total Noncurrent Liabilities	261	266	265	261	263	257	249	230	224
Long-Term Debt	64	81	85	88	101	106	108	106	104
Noncurrent Deferred & Payable Income Tax Liabilities	0.27	0.32	0.43	0.30	0.30	0.32	0.33	0.32	0.34
Other Noncurrent Operating Liabilities	196	184	180	172	162	150	140	124	119
Total Equity & Noncontrolling Interests	33	22	9.64	3.74	-14	-31	-39	-48	-51
Total Preferred & Common Equity	33	22	9.64	3.74	-14	-31	-39	-48	-51
Preferred Stock	0.00	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	-51
Common Stock	210	211	213	213	215	215	216	217	218
Retained Earnings	-142	-154	-168	-175	-194	-211	-220	-230	-234
Treasury Stock	-35	-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	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	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	6/30/2026
DEI Shares Outstanding	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	5,892,049.00
DEI Adjusted Shares Outstanding	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	5,892,049.00
DEI Earnings Per Adjusted Shares Outstanding	-1.09	-0.14	-0.30	-0.15	-	-1.58	-0.38	-0.20	-1.16	-0.58	-0.67
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-8.90%	-3.71%	1.76%	-3.99%	-2.05%	1.98%	-0.72%	-0.54%	0.82%	-0.01%	0.48%
EBITDA Growth	-61.74%	-17.04%	-164.27%	-70.45%	-102.95%	-72.95%	-84.81%	-80.51%	2,716.85%	483.86%	161.71%
EBIT Growth	-348.15%	-83.92%	-4,013.57%	-335.99%	-61.63%	-55.93%	-28.30%	-31.65%	44.26%	87.29%	89.58%
NOPAT Growth	-287.42%	-83.92%	-4,013.57%	-300.12%	-61.63%	-55.93%	-28.30%	-31.65%	44.26%	87.29%	89.58%
Net Income Growth	-729.44%	-97.11%	-944.86%	-1,065.00%	-57.94%	-47.51%	-28.82%	-35.47%	29.76%	62.27%	77.49%
EPS Growth	-729.44%	-100.00%	-900.00%	-850.00%	-61.54%	-47.51%	-26.67%	-33.33%	29.76%	63.29%	77.96%
Operating Cash Flow Growth	-90.56%	-3.00%	49.27%	-65.67%	-6,187.80%	-42.43%	-118.04%	-11.02%	89.25%	49.17%	487.91%
Free Cash Flow Firm Growth	0.76%	11.54%	85.86%	108.68%	121.07%	161.20%	295.40%	953.02%	456.84%	139.63%	128.10%
Invested Capital Growth	25.90%	19.58%	-3.66%	-5.57%	-9.92%	-16.14%	-20.75%	-27.28%	-33.83%	-34.24%	-29.03%
Revenue Q/Q Growth	-2.76%	-2.35%	4.91%	-3.61%	-0.80%	1.66%	2.13%	-3.44%	0.57%	0.82%	2.63%
EBITDA Q/Q Growth	-65.50%	13.02%	-217.67%	164.41%	-103.44%	1,137.08%	-903.90%	106.79%	362.10%	131.39%	-15.03%
EBIT Q/Q Growth	-323.99%	10.10%	-181.20%	58.33%	-53.42%	13.27%	-131.38%	57.24%	35.04%	80.22%	-89.66%
NOPAT Q/Q Growth	-289.95%	10.10%	-181.20%	58.33%	-53.42%	13.27%	-131.38%	57.24%	35.04%	80.22%	-89.66%
Net Income Q/Q Growth	-976.71%	-0.05%	-121.91%	50.42%	-43.49%	6.56%	-93.79%	47.86%	25.60%	49.81%	-15.63%
EPS Q/Q Growth	-976.71%	-7.69%	-114.29%	50.00%	-40.00%	6.56%	-90.00%	47.37%	25.60%	50.85%	-15.52%
Operating Cash Flow Q/Q Growth	-99.03%	4,171.34%	-32.58%	23.16%	-271.63%	140.39%	-121.13%	707.51%	-120.73%	660.67%	-45.06%
Free Cash Flow Firm Q/Q Growth	-13.84%	20.81%	76.76%	141.41%	176.39%	130.04%	-25.79%	123.18%	46.16%	-1.01%	-29.36%
Invested Capital Q/Q Growth	11.00%	-2.51%	-8.97%	-4.14%	5.89%	-9.25%	-13.97%	-12.04%	-3.65%	-9.80%	-7.16%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	34.46%	34.14%	36.07%	34.31%	32.40%	32.81%	33.93%	35.06%	35.55%	37.27%	38.66%
EBITDA Margin	2.43%	2.81%	-3.15%	2.11%	-0.07%	0.75%	-5.87%	0.41%	1.90%	4.35%	3.60%
Operating Margin	-3.66%	-3.37%	-9.04%	-3.91%	-6.05%	-5.16%	-11.69%	-5.18%	-3.34%	-0.66%	-1.21%
EBIT Margin	-3.66%	-3.37%	-9.04%	-3.91%	-6.05%	-5.16%	-11.69%	-5.18%	-3.34%	-0.66%	-1.21%
Profit (Net Income) Margin	-4.94%	-5.06%	-10.70%	-5.50%	-7.96%	-7.32%	-13.88%	-7.50%	-5.55%	-2.76%	-3.11%
Tax Burden Percent	99.66%	101.07%	100.81%	98.15%	100.06%	100.25%	100.12%	100.05%	100.22%	100.21%	100.51%
Interest Burden Percent	135.16%	148.32%	117.34%	143.38%	131.55%	141.44%	118.63%	144.74%	165.48%	419.95%	255.26%
Effective Tax Rate	0.00%	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)	-13.79%	-12.61%	-33.60%	-14.85%	-21.05%	-19.14%	-48.77%	-23.35%	-14.83%	-3.21%	-6.70%
ROIC Less NNEP Spread (ROIC-NNEP)	-18.64%	-17.68%	-41.38%	-19.48%	-26.19%	-24.26%	-56.47%	-28.36%	-18.63%	-6.02%	-9.48%
Return on Net Nonoperating Assets (RNNOA)	-34.62%	-39.44%	-129.45%	-78.76%	-214.52%	-543.12%	500.09%	152.05%	75.84%	19.75%	24.01%
Return on Equity (ROE)	-48.42%	-52.05%	-163.05%	-93.61%	-235.57%	-562.26%	451.33%	128.71%	61.01%	16.54%	17.31%
Cash Return on Invested Capital (CROIC)	-26.69%	-23.01%	-9.72%	-13.39%	-9.17%	-4.94%	-4.96%	-0.23%	12.41%	15.56%	19.71%
Operating Return on Assets (OROA)	-5.18%	-4.74%	-12.87%	-5.47%	-8.61%	-7.52%	-18.05%	-8.23%	-5.65%	-1.15%	-2.27%
Return on Assets (ROA)	-6.98%	-7.11%	-15.23%	-7.69%	-11.34%	-10.67%	-21.43%	-11.93%	-9.36%	-4.83%	-5.81%
Return on Common Equity (ROCE)	-48.42%	-52.05%	-163.05%	-93.61%	-235.57%	-562.26%	451.33%	128.71%	61.01%	16.54%	17.31%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-58.81%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-3.19	-2.87	-8.06	-3.36	-5.15	-4.47	-10	-4.42	-2.87	-0.57	-1.08
NOPAT Margin	-2.57%	-2.36%	-6.33%	-2.74%	-4.23%	-3.61%	-8.18%	-3.62%	-2.34%	-0.46%	-0.85%
Net Nonoperating Expense Percent (NNEP)	4.84%	5.07%	7.78%	4.63%	5.13%	5.12%	7.70%	5.02%	3.80%	2.80%	2.77%
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%	-2.02%
Cost of Revenue to Revenue	65.54%	65.86%	63.93%	65.69%	67.60%	67.19%	66.07%	64.94%	64.45%	62.73%	61.34%
SG&A Expenses to Revenue	11.15%	10.75%	10.65%	10.50%	9.30%	10.35%	9.81%	10.05%	9.49%	10.11%	10.91%
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	38.13%	37.52%	45.11%	38.22%	38.45%	37.96%	45.62%	40.23%	38.89%	37.92%	39.88%
Earnings before Interest and Taxes (EBIT)	-4.56	-4.10	-12	-4.80	-7.36	-6.39	-15	-6.32	-4.11	-0.81	-1.54
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	3.02	3.41	-4.02	2.59	-0.09	0.92	-7.42	0.50	2.33	5.39	4.58
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	5.14	3.70	7.45	14.30	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Tangible Book Value (P/TBV)	7.18	5.69	36.41	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.28	0.16	0.14	0.11	0.05	0.10	0.07	0.06	0.07	0.10	0.18
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)	2.08	1.58	1.67	1.56	1.34	1.75	1.86	2.06	2.25	2.75	3.67
Enterprise Value to Revenue (EV/Rev)	0.43	0.32	0.31	0.28	0.26	0.30	0.28	0.27	0.28	0.31	0.39
Enterprise Value to EBITDA (EV/EBITDA)	9.80	7.51	13.87	27.68	66.54	0.00	0.00	0.00	0.00	192.64	14.94
Enterprise Value to EBIT (EV/EBIT)	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 NOPAT (EV/NOPAT)	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 Operating Cash Flow (EV/OCF)	7.89	5.90	5.37	7.82	16.67	32.49	0.00	0.00	19.21	16.67	14.24
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	14.43	14.04	15.46
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.95	3.71	8.79	23.66	-18.06	-7.24	-3.46	-2.78	-2.40	-2.20	-2.05
Long-Term Debt to Equity	2.95	3.71	8.79	23.66	-18.06	-7.24	-3.46	-2.78	-2.40	-2.20	-2.05
Financial Leverage	1.86	2.23	3.13	4.04	8.19	22.39	-8.86	-5.36	-4.07	-3.28	-2.53
Leverage Ratio	10.87	12.27	15.39	19.57	32.10	84.99	-30.33	-17.66	-11.52	-9.13	-6.48
Compound Leverage Factor	14.69	18.19	18.06	28.06	42.23	120.21	-35.98	-25.57	-19.07	-38.35	-16.55
Debt to Total Capital	74.71%	78.75%	89.79%	95.94%	105.86%	116.03%	140.67%	156.16%	171.38%	183.47%	195.55%
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	74.71%	78.75%	89.79%	95.94%	105.86%	116.03%	140.67%	156.16%	171.38%	183.47%	195.55%
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	25.29%	21.25%	10.21%	4.06%	-5.86%	-16.03%	-40.67%	-56.16%	-71.38%	-83.47%	-95.55%
Debt to EBITDA	3.63	3.79	7.59	17.66	53.19	-169.11	-26.61	-17.78	-29.69	131.67	8.16
Net Debt to EBITDA	3.49	3.73	7.43	17.00	52.58	-166.77	-26.04	-17.01	-29.34	129.87	8.05
Long-Term Debt to EBITDA	3.63	3.79	7.59	17.66	53.19	-169.11	-26.61	-17.78	-29.69	131.67	8.16
Debt to NOPAT	-22.79	-16.81	-6.68	-5.06	-5.18	-4.78	-4.56	-4.43	-4.92	-5.80	-11.67
Net Debt to NOPAT	-21.93	-16.54	-6.54	-4.87	-5.12	-4.71	-4.47	-4.24	-4.86	-5.72	-11.53
Long-Term Debt to NOPAT	-22.79	-16.81	-6.68	-5.06	-5.18	-4.78	-4.56	-4.43	-4.92	-5.80	-11.67
Altman Z-Score	0.86	0.72	0.62	0.60	0.53	0.54	0.38	0.44	0.49	0.57	0.65
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	0.34	0.31	0.32	0.31	0.31	0.29	0.31	0.34	0.31	0.28	0.29
Quick Ratio	0.12	0.08	0.08	0.10	0.08	0.08	0.09	0.12	0.09	0.09	0.10
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-25	-20	-4.54	1.88	5.20	12	8.87	20	29	29	20
Operating Cash Flow to CapEx	1.07%	81.01%	51.45%	81.39%	-263.22%	138.21%	-25.06%	138.51%	-45.85%	289.65%	219.02%
Free Cash Flow to Firm to Interest Expense	-15.39	-9.87	-2.27	0.90	2.24	4.52	3.22	7.00	10.76	11.03	8.46
Operating Cash Flow to Interest Expense	0.10	3.54	2.37	2.79	-4.30	1.52	-0.31	1.83	-0.40	2.32	1.38
Operating Cash Flow Less CapEx to Interest Expense	-9.46	-0.83	-2.23	-0.64	-5.93	0.42	-1.54	0.51	-1.27	1.52	0.75
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.41	1.41	1.42	1.40	1.42	1.46	1.54	1.59	1.69	1.75	1.87
Accounts Receivable Turnover	86.89	109.68	112.87	110.88	107.21	117.42	128.09	119.92	121.91	117.85	115.84
Inventory Turnover	32.29	32.32	31.52	31.19	31.26	30.75	31.29	31.50	31.39	30.89	31.46
Fixed Asset Turnover	3.58	3.49	3.58	3.43	3.41	3.43	3.76	3.89	4.05	4.12	4.56
Accounts Payable Turnover	20.48	19.65	20.04	15.36	21.70	18.87	17.95	16.91	21.87	19.08	17.73
Days Sales Outstanding (DSO)	4.20	3.33	3.23	3.29	3.40	3.11	2.85	3.04	2.99	3.10	3.15
Days Inventory Outstanding (DIO)	11.30	11.29	11.58	11.70	11.68	11.87	11.67	11.59	11.63	11.82	11.60
Days Payable Outstanding (DPO)	17.82	18.57	18.22	23.76	16.82	19.34	20.34	21.59	16.69	19.13	20.59
Cash Conversion Cycle (CCC)	-2.32	-3.95	-3.41	-8.77	-1.74	-4.36	-5.82	-6.96	-2.07	-4.21	-5.84
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	104	102	93	89	94	85	73	65	62	56	52
Invested Capital Turnover	5.38	5.34	5.31	5.42	4.97	5.30	5.96	6.44	6.34	7.00	7.90
Increase / (Decrease) in Invested Capital	21	17	-3.52	-5.24	-10	-16	-19	-24	-32	-29	-21
Enterprise Value (EV)	217	161	155	138	126	149	137	133	140	154	191
Market Capitalization	140	81	72	53	26	50	33	30	32	50	88
Book Value per Share	$0.60	$0.49	$0.21	$0.08	($0.12)	($0.30)	($0.67)	($0.84)	($0.97)	($8.16)	($8.66)
Tangible Book Value per Share	$0.43	$0.32	$0.04	($0.09)	($0.29)	($0.47)	($0.84)	($1.00)	($1.13)	($9.44)	($9.94)
Total Capital	107	103	94	92	95	87	76	69	63	58	53
Total Debt	80	81	85	88	101	101	106	108	109	106	104
Total Long-Term Debt	80	81	85	88	101	101	106	108	109	106	104
Net Debt	77	80	83	85	100	99	104	103	108	104	103
Capital Expenditures (CapEx)	15	8.65	9.18	7.15	3.79	2.92	3.40	3.74	2.34	2.08	1.51
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-48	-52	-51	-56	-47	-51	-49	-52	-44	-48	-46
Debt-free Net Working Capital (DFNWC)	-45	-50	-49	-53	-46	-50	-47	-47	-43	-46	-44
Net Working Capital (NWC)	-45	-50	-49	-53	-46	-50	-47	-47	-43	-46	-44
Net Nonoperating Expense (NNE)	2.95	3.27	5.56	3.40	4.54	4.59	7.21	4.73	3.93	2.85	2.87
Net Nonoperating Obligations (NNO)	77	80	83	85	100	99	104	103	108	104	103
Total Depreciation and Amortization (D&A)	7.58	7.51	7.50	7.39	7.28	7.31	7.36	6.82	6.43	6.20	6.12
Debt-free, Cash-free Net Working Capital to Revenue	-9.52%	-10.35%	-10.11%	-11.32%	-9.46%	-10.29%	-9.98%	-10.43%	-8.93%	-9.64%	-9.23%
Debt-free Net Working Capital to Revenue	-8.92%	-10.08%	-9.75%	-10.65%	-9.23%	-10.01%	-9.52%	-9.48%	-8.68%	-9.35%	-8.97%
Net Working Capital to Revenue	-8.92%	-10.08%	-9.75%	-10.65%	-9.23%	-10.01%	-9.52%	-9.48%	-8.68%	-9.35%	-8.97%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($8.56)	($0.14)	($0.30)	($0.15)	($0.21)	($1.60)	($0.38)	($0.20)	($9.44)	($0.58)	($0.67)
Adjusted Weighted Average Basic Shares Outstanding	716.62K	45.08M	45.45M	45.64M	45.47M	5.72M	46.16M	46.46M	723.41K	5.86M	5.93M
Adjusted Diluted Earnings per Share	($8.56)	($0.14)	($0.30)	($0.15)	($0.21)	($1.60)	($0.38)	($0.20)	($9.44)	($0.58)	($0.67)
Adjusted Weighted Average Diluted Shares Outstanding	716.62K	45.08M	45.45M	45.64M	45.47M	5.72M	46.16M	46.46M	723.41K	5.86M	5.93M
Adjusted Basic & Diluted Earnings per Share	($8.56)	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	($9.44)	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	5.62M	45.35M	45.64M	45.68M	45.74M	5.74M	46.44M	46.77M	736.03K	5.89M	5.97M
Normalized Net Operating Profit after Tax (NOPAT)	-0.63	-1.70	0.75	-1.50	-1.72	-3.46	-0.74	-0.44	1.07	1.35	2.79
Normalized NOPAT Margin	-0.50%	-1.40%	0.59%	-1.22%	-1.42%	-2.80%	-0.58%	-0.36%	0.87%	1.09%	2.20%
Pre Tax Income Margin	-4.95%	-5.00%	-10.61%	-5.61%	-7.96%	-7.30%	-13.87%	-7.49%	-5.53%	-2.75%	-3.09%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-2.84	-2.07	-5.77	-2.31	-3.17	-2.41	-5.37	-2.24	-1.53	-0.31	-0.64
NOPAT to Interest Expense	-1.99	-1.45	-4.04	-1.61	-2.22	-1.69	-3.76	-1.56	-1.07	-0.22	-0.45
EBIT Less CapEx to Interest Expense	-12.41	-6.44	-10.36	-5.74	-4.80	-3.52	-6.60	-3.56	-2.40	-1.11	-1.28
NOPAT Less CapEx to Interest Expense	-11.55	-5.82	-8.63	-5.05	-3.85	-2.79	-4.99	-2.89	-1.94	-1.02	-1.08
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	-50.54%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials Breakdown Chart

Key Financial Trends

Noodles & Company (NASDAQ: NDLS) is still struggling to turn sales into durable profits, but the latest quarter shows a bit of improvement in cash flow and near-term liquidity. Revenue was roughly flat year over year in Q1 2026, while losses narrowed modestly from the prior-year quarter. That said, the company remains deeply unprofitable on an operating basis, carries meaningful debt, and still shows a negative equity balance on the balance sheet.

Q1 2026 operating cash flow improved to $6.0 million, up from $4.0 million in Q1 2025, showing the business is still generating cash despite losses.
Net income improved year over year, with the Q1 2026 loss narrowing to $3.4 million from $9.1 million in Q1 2025.
Revenue was essentially stable in Q1 2026 at $123.8 million, compared with $123.8 million a year earlier, suggesting demand held up.
The company generated positive net cash change in Q1 2026, adding $179,000 to cash and equivalents during the quarter.
Cash balance rose to $1.44 million from $1.40 million at the end of Q1 2025, a small but positive move.
Q1 2026 gross profit was $46.1 million, roughly in line with prior quarters, indicating the core restaurant model is still producing gross profit.
Quarterly revenue has been relatively range-bound over the last year, generally hovering around $122 million to $127 million.
Depreciation and amortization remain significant non-cash add-backs, which helps operating cash flow but also reflects a capital-intensive restaurant footprint.
NDLS posted an operating loss of $0.8 million in Q1 2026, so the business is still not profitable before interest and taxes.
The company reported a large negative equity position of -$48.0 million in Q1 2026, which is a major balance-sheet concern.
Total liabilities were $294.4 million, including $105.6 million of long-term debt, leaving the company highly levered.
Other noncurrent operating liabilities remain very large at $124.1 million, which makes the balance sheet look heavy relative to equity and cash.
Operating income has been negative in each of the last several quarters, including -$4.1 million in Q4 2025 and -$6.3 million in Q3 2025.
The company’s recent quarterly losses have been substantial, with Q4 2025 net loss at $6.8 million and Q3 2025 net loss at $9.2 million.

Bottom line: NDLS is showing some improvement in cash generation and a modest reduction in losses, but the broader picture is still fragile. The company remains unprofitable, carries significant debt, and has negative book equity. For retail investors, that means the story is less about steady fundamentals and more about whether management can improve margins, reduce losses, and gradually strengthen the balance sheet.

07/30/26 12:53 PM ETAI Generated. May Contain Errors.

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. Check out Noodles & Company's forecast to explore projected trends and price targets.

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 7/24/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Noodles & Company (NDLS) Financials

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Noodles & Company (NDLS) Financials

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