NOODLES & Co financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data NOODLES & Co files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2024	FY2024	FY2025
Revenue	487	456	458	462	394	475	509	503	493	495
Cost of revenue	131	121	121	117
Gross profit	357	335	337	345
Selling and marketing	10	5.7	6	6.1	7.9	7.7	9.3	10.8	12.7	14.8
General and administrative	55.7	39.7	46.1	43.4	42.9	47.5	49.9	51.8	50.8	49.1
Operating income	-67.5	-33.9	-3.76	5.44	-20	5.82	-0.83	-5.03	-27.8	-31.6
Interest expense	2.92	3.84	4.31	2.94	3.15	2.08	2.45	4.8	8.38	10.9
Pre-tax income	-70.4	-37.7	-8.69	1.75	-23.2	3.74	-3.28	-9.83	-36.2	-42.5
Income tax	1.23	-0.21	-0.25	0.1	0.08	0.07	0.04	0.02	0.05	0.06
Net income	-71.7	-37.5	-8.44	1.65	-23.3	3.67	-3.31	-9.86	-36.2	-42.6
EBITDA	-39.4	-9.24	19.1	27.5	1.68	28.2	22.4	21.8	1.29	-4.54
EPS, basic	-21.13	-9.83	-1.64	0.33	-4.34	0.66	-0.57	-1.72	-6.37	-7.36
EPS, diluted	-21.13	-9.83	-1.64	0.33	-4.34	0.66	-0.57	-1.72	-6.37	-7.36
Shares, basic (weighted)	3.4	4.61	5.17	5.38	5.41	5.55	5.61	5.73	5.68	5.79
Shares, diluted (weighted)	3.4	4.61	5.17	5.49	5.41	5.63	5.61	5.73	5.68	5.79

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2024	FY2024	FY2025
Cash and equivalents	1.84	3.36	4.66	10.5	7.84	2.26	1.52	3.01	1.15	1.27
Receivables	5.44	2.43	2.39	3.5	3.43	3.96	6.44	5.14	4.06	4.06
Inventory	11.3	9.93	9.65	9.87	9.64	9.4	10	10.3	10.5	10.2
Other current assets	0.2	0.04	0.01	1.75	0.04	0.13	0.06	0.02	0.02	0.02
Total current assets	25.8	22.1	23.4	29.3	23.7	22.6	21.6	22.6	20.2	18.9
Property, plant and equipment	174	153	139	129	123	119	129	152	137	107
Lease right-of-use assets			0	210	196	188	183	184	158	126
Goodwill	6.4	6.4	6.4	7.15	7.15	7.15	7.15	7.15	7.15	7.15
Intangible assets	1.72	1.57	1.29	0.88	0.76	0.67	0.61	0.54	0.5	0.42
Other non-current assets	2.03	2.62	2.22	2.58	3.47	3.36	1.67	1.75	1.75	1.53
Total assets	209	185	172	379	354	341	344	368	325	262
Accounts payable	10.6	10.9	7.85	9.35	6.4	15.5	15.3	16.7	13.2	16.5
Accrued liabilities	27.7	21.2	11.2	11.7	11.6	13.8	11	13	12.8	11.8
Deferred revenue			0	0.56	0.4	0.4	0.3	0.9	1	1.1
Short-term debt		0	0.72	0.75	1.13	2.03	0
Total current liabilities	49	43.9	33.1	58	58.1	76.6	64.1	67.5	65.7	61.8
Long-term debt	84.7	57.6	44.2	40.5	40.9	18.9	46.1	80.2	101	109
Lease liabilities			0	225	210	200	187	186	157	127
Other non-current liabilities	4.57	8.59	4.55	4.2	14.2	7.8	7.77	6.66	6.77	9.12
Total liabilities	184	149	119	328	324	304	305	341	330	307
Total debt	85.4	57.6	46.6	42.6	42.1	21	46.1	80.2	101	109
Paid-in capital	124	172	198	201	203	207	211	210	214	217
Retained earnings	-63.7	-101	-111	-115	-139	-135	-138	-148	-184	-227
Treasury stock	-35	-35	-35	-35	-35	-35	-35	-35	-35	-35
Other comprehensive income	-0.05	0
Shareholders' equity	25.8	35.9	52.7	50.6	29.7	37.6	38.4	27.2	-5.58	-45.3
Total equity	25.8	35.9	52.7	50.6	29.7	37.6	38.4	27.2	-5.58	-45.3
Total liabilities and equity	209	185	172	379	354	341	344	368	325	262
Shares outstanding	3.4	5.02	5.36	5.39	5.42	5.58	5.62	45	5.72	5.85

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2024	FY2024	FY2025
Net income	-71.7	-37.5	-8.44	1.65	-23.3	3.67	-3.31	-9.86	-36.2	-42.6
Depreciation and amortization	28.1	24.6	22.9	22.1	21.7	22.3	23.3	26.8	29.1	27
Stock-based compensation	2.32	1.51	2.98	2.44	2.5	4.11	4.33	4.24	3.61	3
Deferred income tax	1.1	-0.23	-0.28	0.07	0.04	0.03	-0.04	0.03	0.02	0.04
Change in receivables				-0.63	-0.39	-0.49	-2.58	1.2	1.09	-0.17
Change in inventory	-0.79	-0.39	-0.54	-0.63	0.06	-0.38	-0.74	-0.3	-0.7	-0.61
Change in payables	-2.44	-1.3	-1.58	0.41	-1.29	4.69	-0.56	2.21	-1.94	3.92
Cash from operations	24.7	4.1	5.35	30.1	9.12	36.2	9.56	27.5	7.56	7.28
Capital expenditures	-43.3	-20.8	-14.3	-17.4	-11.8	-18.8	-33.9	-52	-28.8	-12.4
Acquisitions	0	0	0	-1.39	0	0
Cash from investing	-42.8	-20.8	-13.8	-18.4	-10.9	-18.4	-32.3	-51.8	-26.7	-12.4
Debt issued	19.8	10.5	74.9	1.92	55.5	0	53.5	34.5	19	13.4
Debt repaid		-37	-87	-5.88	-54.3	-21.6	-32.9	0	0
Stock issued	0	29.1	23	0	0
Share buybacks						0	0	-4.98	0	0
Cash from financing	17.9	18.3	9.79	-5.82	-0.8	-23.4	22	25.8	17.3	5.23
Exchange rate effect	0.04	-0.02	0	0
Net change in cash	-0.08	1.52	1.29	5.8	-2.62	-5.59	-0.73	1.49	-1.86	0.12
Free cash flow	-18.6	-16.7	-8.99	12.7	-2.66	17.4	-24.3	-24.5	-21.2	-5.11
Interest paid	2.39	3.48	3.8	2.8	2.5	1.4	1.5	3.98	7.5	9.32
Income taxes paid	-0.43	-0.16	0.04	-0.1	-0.07	0.11	0.12	0.16	0.03	0.01

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $12.61 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	-2.6%	Operating income / revenue.
EBITDA margin	2.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-4.7%	Pre-tax income / revenue.
Net margin	-4.7%	Net income / revenue.
FCF margin	0.8%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	2.7%	Cash from operations / revenue.
Return on assets (ROA)	-9.9%	Net income / average total assets.
Return on invested capital (ROIC)	-19.4%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	0.7%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.9%	Capital expenditures / revenue.
D&A / revenue	5.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	0.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-1.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	4.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-452.6%	EBITDA vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-3.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-8.7%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-4.4%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-19.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-8.7%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-5.8%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	1.8%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	1.1%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	1.4%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.29x	Current assets / current liabilities.
Quick ratio	0.10x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.02x	(Cash + short-term investments) / current liabilities.
Debt / assets	44.3%	Total debt / total assets.
Liabilities / assets	121.6%	Total liabilities / total assets.
Net debt	$103.1M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	8.65x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	-1.22x	Operating income / interest expense.
Working capital	-$44.4M	Current assets - current liabilities.
Goodwill and intangibles / assets	3.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$58.6M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	2.10x	Revenue / average total assets.
Fixed asset turnover	5.25x	Revenue / average property, plant and equipment.
Receivables turnover	104x	Revenue / average receivables.
Days sales outstanding	4 days	365 x average receivables / revenue.
Capex / operating cash flow	72.0%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$3.94	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$83.63	Revenue / diluted weighted shares.
FCF per share	$0.63	Free cash flow / diluted weighted shares.
Operating cash flow per share	$2.26	Cash from operations / diluted weighted shares.
Book value per share	-$8.55	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$9.82	Tangible book value / shares outstanding.
Cash per share	$0.22	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$75.2M	Share price x shares outstanding.
Enterprise value	$178.3M	Market cap + total debt - cash - short-term investments.
P/S	0.15x	Market cap / revenue.
P/FCF	20.0x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	5.60x	Market cap / cash from operations, when positive.
EV/Sales	0.36x	Enterprise value / revenue.
EV/EBITDA	15.0x	Enterprise value / EBITDA, when both are positive.
EV/FCF	47.4x	Enterprise value / free cash flow, when both are positive.
FCF yield	5.0%	Free cash flow / market cap.
Earnings yield	-31.0%	Net income / market cap (the inverse of P/E).

What was NOODLES & Co's revenue in fiscal 2025?

NOODLES & Co reported revenue of $495.1M for fiscal 2025, 0.4% higher than the year before.

Was NOODLES & Co profitable in fiscal 2025?

No. It reported a net loss of $42.6M.

How much free cash flow did NOODLES & Co generate in fiscal 2025?

Cash from operations of $7.3M minus capital expenditures of $12.4M left free cash flow of -$5.1M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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