Noodles & Company
NASDAQ: NDLS · CONSUMER CYCLICAL · RESTAURANTS
Updated 2026-06-04
Noodles & Company (NDLS) Financial statements
SEC filings — annual and quarterly data.
Income statement — annual
| Item | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $220.83M | $256.07M | $300.41M | $350.92M | $403.74M | $455.45M | $487.47M | $456.49M | $457.84M | $462.41M | $393.65M | $475.15M | $509.48M | $503.40M | $493.27M | $495.09M |
| Revenue growth (YoY) | — | +16.0% | +17.3% | +16.8% | +15.1% | +12.8% | +7.0% | -6.4% | +0.3% | +1.0% | -14.9% | +20.7% | +7.2% | -1.2% | -2.0% | +0.4% |
| Cost of revenue | $173.25M | $199.13M | $237.00M | $275.18M | $322.83M | $377.45M | $420.77M | $387.60M | $385.44M | $383.29M | $342.12M | $393.07M | $429.31M | $419.19M | $324.32M | $451.05M |
| Gross profit | $47.59M | $56.94M | $63.41M | $75.74M | $80.91M | $78.00M | $66.70M | $68.89M | $72.40M | $79.12M | $51.54M | $82.08M | $80.17M | $84.21M | $168.96M | $44.03M |
| Gross margin | 21.5% | 22.2% | 21.1% | 21.6% | 20.0% | 17.1% | 13.7% | 15.1% | 15.8% | 17.1% | 13.1% | 17.3% | 15.7% | 16.7% | 34.3% | 8.9% |
| R&D | — | — | — | $0.00 | $0.00 | $0.00 | $0.00 | — | — | — | — | — | — | — | — | — |
| SG&A | $27.01M | $28.79M | $29.36M | $35.89M | $31.39M | $37.24M | $55.65M | $39.75M | $46.09M | $43.45M | $43.32M | $48.20M | $49.90M | $51.83M | $50.82M | $49.14M |
| Operating income | $3.83M | $12.02M | $16.05M | $14.25M | $18.91M | $-21.07M | $-67.53M | $-33.85M | $-3.76M | $5.44M | $-20.03M | $5.82M | $-832000.00 | $-5.03M | $-27.78M | $-5.10M |
| Operating margin | 1.7% | 4.7% | 5.3% | 4.1% | 4.7% | -4.6% | -13.9% | -7.4% | -0.8% | 1.2% | -5.1% | 1.2% | -0.2% | -1.0% | -5.6% | -1.0% |
| EBITDA | $20.58M | $26.24M | $30.13M | $34.25M | $43.70M | $6.74M | $-39.39M | $-9.24M | $18.49M | $26.78M | $1.68M | $28.15M | $22.44M | $21.76M | $1.29M | $21.95M |
| EBITDA margin | 9.3% | 10.2% | 10.0% | 9.8% | 10.8% | 1.5% | -8.1% | -2.0% | 4.0% | 5.8% | 0.4% | 5.9% | 4.4% | 4.3% | 0.3% | 4.4% |
| EBIT | $6.65M | $11.74M | $13.41M | $13.63M | $18.91M | $-21.07M | $-67.53M | $-33.85M | $-4.38M | $4.69M | $-20.03M | $5.82M | $-832000.00 | $-5.03M | $-27.78M | $-5.10M |
| Interest expense | $1.82M | $6.13M | $5.03M | $2.20M | $365000.00 | $1.43M | $2.92M | $3.84M | $4.30M | $2.94M | $3.15M | $2.08M | $2.44M | $4.80M | $8.38M | $10.91M |
| Income tax | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Effective tax rate | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net income | $2.38M | $3.83M | $5.16M | $6.67M | $11.43M | $-13.77M | $-71.68M | $-45.45M | $-8.44M | $1.65M | $-23.26M | $3.67M | $-3.31M | $-9.86M | $-36.21M | $-42.57M |
| Net income growth (YoY) | — | +61.0% | +34.8% | +29.1% | +71.5% | -220.4% | -420.7% | +36.6% | +81.4% | +119.5% | -1512.2% | +115.8% | -190.4% | -197.4% | -267.4% | -17.5% |
| Profit margin | 1.1% | 1.5% | 1.7% | 1.9% | 2.8% | -3.0% | -14.7% | -10.0% | -1.8% | 0.4% | -5.9% | 0.8% | -0.7% | -2.0% | -7.3% | -8.6% |
Frequently asked questions
What is Noodles & Company's revenue?
Noodles & Company's trailing twelve-month revenue is $495.08M. Revenue is the top line the whole model builds on, and at this scale the question shifts from how fast it grows to whether margins hold as it compounds.
How profitable is NDLS?
In its most recent fiscal year, NDLS ran a gross margin of 8.89%, an operating margin of -1.03%, and a net margin of -8.60%. Margins this high mean most of each extra dollar of revenue drops through to profit, which is the signature of real pricing power.
How much free cash flow does NDLS generate?
NDLS produced $-5.11M in free cash flow in its most recent fiscal year. Free cash flow is what is left after running and reinvesting in the business, and it is the cash that actually funds buybacks, dividends, and a stronger balance sheet.
Is NDLS's balance sheet healthy?
NDLS holds $1.26M in cash and equivalents against $108.78M in long-term debt, on $-45.30M of shareholder equity. That debt is best read against the cash flow the business throws off each year.