Noodles & Co
Investor Relations

Noodles & Co. engages in the operation of fast-casual restaurants which offers lunch and dinner meals. The company is headquartered in Broomfield, Colorado and currently employs 8,000 full-time employees. The company went IPO on 2013-06-28. The firm develops and operates fast-casual restaurants. The firm's menu includes a variety of cooked-to-order dishes, including noodles and pasta, salads, soups and appetizers. The firm offers over 20 globally inspired dishes together on a single menu that is served in its restaurants, taken to-go, or delivered to its customers. The firm operates approximately 448 restaurants in 29 states, which includes 372 company locations and 76 franchise locations. The firm's restaurants are located in Arizona, California, Colorado, Connecticut, Florida, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky and Maryland.

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Last Earnings Call
Fiscal Period
Q4 2025
Call Date
Mar 25, 2026
AI Summary
Q4 2025

Sales Momentum: System-wide comparable restaurant sales increased 6.6% in Q4 2025 and sales have accelerated to over 9% year-to-date in Q1 2026.

Margins Improved: Restaurant contribution margin expanded to 14.1% in Q4 2025 (up 290 bps YoY), driving adjusted EBITDA of $7.6 million (up from $4.0 million).

Portfolio Optimization: Management closed underperforming restaurants (33 in 2025; 20 YTD in 2026) and says sales largely transferred to nearby locations, contributing materially to comps and margins.

Menu & Value Work: A revamped menu, strong LTOs (Chili Garlic Ramen, Steak Stroganoff) and the 'Delicious Duos' value platform drove traffic and frequency without sacrificing margins.

Operational Focus: New Operational Excellence Review (OER) program, tighter training and improved execution led to higher guest satisfaction (OSAT 72% in January) and better labor productivity.

2026 Guidance: Full-year revenue guidance of $478M–$493M with comp growth of 6%–9%, restaurant contribution margin 14.7%–16% and adjusted EBITDA of $30M–$35M; expects to be free cash flow positive and reduce debt.

Strategic Review: Board is conducting a review of strategic alternatives (including potential refinancing); no decisions or timetable announced.

Key Financials
Total revenue (Q4 2025)
$122.8 million
System-wide comparable restaurant sales (Q4 2025)
6.6%
Company-owned comparable restaurant sales (Q4 2025)
7.3%
Franchised comparable restaurant sales (Q4 2025)
3.8%
Company comp sales (Q1 2026 YTD)
positive over 9%
Company comp traffic (Q4 2025)
1.4%
Average check change (Q4 2025)
5.8% (inclusive of 2% effective pricing)
Average unit volumes (AUV) (Q4 2025)
$1.44 million
Restaurant contribution margin (Q4 2025)
14.1%
Cost of goods sold (COGS) (Q4 2025)
26.0% of sales
Food inflation (Q4 2025)
approximately 1%
Labor (Q4 2025)
30.9% of sales
Hourly wage inflation (Q4 2025)
2.3%
Occupancy costs (Q4 2025)
$10.7 million
Other restaurant operating costs (Q4 2025)
20.1% of sales
General & administrative (G&A) (Q4 2025)
$11.7 million
Net loss (Q4 2025)
$6.8 million
Loss per diluted share (Q4 2025)
loss of $1.16
Noncash impairment charge (Q4 2025)
$5.6 million
Adjusted EBITDA (Q4 2025)
$7.6 million
Company-owned restaurants closed (Q4 2025)
9
Franchise restaurants closed (Q4 2025)
3
Restaurants closed (total 2025)
33
Restaurants closed (YTD 2026)
20
Capital expenditures (Q4 2025)
$2.3 million
Cash on hand (Q4 2025)
$1.3 million
Total debt (Q4 2025)
$110.2 million
Available borrowing under revolver (Q4 2025)
over $11 million
Full year revenue guidance (2026)
$478 million to $493 million
Full year comparable restaurant sales growth guidance (2026)
6% to 9%
First quarter adjusted EBITDA guidance (Q1 2026)
$5.7 million to $6.3 million
Full year adjusted EBITDA guidance (2026)
$30 million to $35 million
Depreciation & amortization expense guidance (2026)
$24 million to $25 million
Interest expense guidance (2026)
$10 million to $11 million
New franchise openings guidance (2026)
1 to 2
Free cash flow outlook (2026)
Expect to be free cash flow positive
Earnings Call Recording
Other Earnings Calls

Management

Mr. Andrew H. Madsen
CEO & Director
No Bio Available
Mr. Michael Hynes
Chief Financial Officer
No Bio Available
Mr. Thomas Brad West
Chief Operating Officer
No Bio Available
Ms. Kathryn Lockhart C.P.A.
VP & Chief Accounting Officer
No Bio Available
Mr. Corey Kline
Executive Vice President of Technology
No Bio Available
Mr. Stephen B Kennedy
Executive Vice President of Marketing
No Bio Available
Ms. Sue Petersen
Executive Vice President of Inclusion, Diversity & People
No Bio Available
Mr. Scott G. Davis
Chief Concept Officer
No Bio Available

Contacts

Address
COLORADO
Broomfield
520 Zang St Ste D
Contacts
+17202141906.0
www.noodles.com
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