NOODLES & Co

Noodles & Company is a U.S. restaurant operator that serves noodle-based and other globally inspired dishes through company-owned and franchised fast-casual restaurants. The business is organized around a menu of bowls, pasta, soups, salads, and related beverages sold across a multi-state restaurant footprint in the United States.

−0,9 %

−8,6 %

+0,4 %

0.31

0.14

— NOODLES & Co
%
Company-owned restaurant sales98% Food and beverage sales generated at company-operated Noodles & Company restaurants.
Franchise royalties and fees2% Ongoing royalty income and initial franchise fees from franchised restaurants.

Customers are primarily U.S. consumers seeking quick-service or fast-casual meals with customizable noodle, pasta, and...

  • Fast-casual dinersprimary

    Consumers buying noodle bowls, pasta, soups, salads, and beverages for lunch or dinner.

  • Delivery and takeout guestsprimary

    Customers ordering through third-party delivery or off-premise channels for convenience.

  • Franchise operatorssecondary

    Operators that run franchised restaurants and pay royalties and fees for the brand and system.

Noodles & Company operates in the United States, with restaurants spread across 31 states...

  • •United States is the core operating market
  • •Restaurants are spread across 31 states
  • •Company-owned units drive most revenue
  • •Franchised locations broaden market reach
  • •Local trade areas affect traffic and lease economics

The company’s operating strategy centers on improving restaurant-level performance through menu execution, labor...

01
Improve restaurant-level sales and trafficshort-term

Company-owned restaurants generate most revenue, so same-store performance is central to results.

02
Optimize the restaurant portfolioshort-term

Closing underperforming units can reduce drag from weak locations and improve capital allocation.

03
Support off-premise and digital demandmedium-term

Delivery and takeout are important channels that can expand occasion coverage and sales mix.

04
Maintain capital flexibilitymedium-term

Restaurant development, reinvestment, and lease commitments require ongoing access to capital.

Noodles & Company faces execution risk from restaurant traffic, labor, commodity, and delivery-cost pressures, all of...

high

Underperforming restaurant closures and impairments

Low-traffic or weak trade areas can force asset write-downs and permanent closures.

Scope
Company-owned restaurant portfolio
Materiality
high
high

Labor cost inflation

Restaurants are labor-intensive, so wage pressure directly affects operating costs.

Scope
Restaurant operations
Materiality
high
high

Food, delivery, and supply chain cost pressure

Menu ingredients, third-party delivery fees, and imported items can raise restaurant costs.

Scope
Cost of sales and other restaurant operating costs
Materiality
high
high

Debt and covenant constraints

Indebtedness and credit facility restrictions can limit operational and financing flexibility.

Scope
Capital structure
Materiality
high
medium

Strategic alternatives process disruption

A review of refinancing, refranchising, or sale options can be time-consuming and distracting.

Scope
Corporate strategy and operations
Materiality
medium
Restaurant revenue recognition
Affects quarterly revenue mix and comparability
Lease accounting
Affects occupancy costs, liabilities, and cash commitments
Impairment and closure accounting
Can materially reduce operating income in closure periods
Valuation allowance
Can keep reported tax expense low despite pre-tax losses

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: 29/04/2026