Noodles & Company (NASDAQ: NDLS) is a fast-casual restaurant company that operates and franchises noodle-and-pasta-focused restaurants across the United States. Revenue comes primarily from company-owned restaurant sales, which represented 98.0% of total revenue in FY2025, with franchising royalties and fees making up the remaining 2.0%. The company competes in the casual dining, quick-service, and fast-casual segments, all of which are described in its 10-K as highly competitive. As of the end of FY2025, Noodles & Company operated 340 company-owned restaurants and 83 franchise restaurants, for a total of 423 locations, down from 463 at the end of FY2024. The company closed 33 company-owned and 9 franchise restaurants in FY2025. Net loss was $42.6 million in FY2025, widening from $36.2 million in FY2024. Adjusted EBITDA was $22.5 million in FY2025 versus $23.6 million in FY2024. The company carried $109.8 million on its revolving credit facility as of December 30, 2025, making it debt-heavy relative to its operating cash generation of $7.3 million in FY2025.

Revenue model

Transactional restaurant sales from company-owned locations (98.0% of total revenue in FY2025) plus franchising royalties and fees (2.0% of total revenue in FY2025).

Products and services

Fast-casual noodle and pasta dishes served at company-owned and franchised restaurants. Off-premise sales (delivery and takeout) are also a component of the revenue mix.

Customers and end markets

Individual consumers dining in fast-casual restaurant settings. Restaurants near colleges and universities generate higher seasonal traffic during the academic year. Revenue is seasonally higher in the second and third fiscal quarters due to stronger consumer traffic.

Value-chain role

Restaurant operator and franchisor. The company directly operates the majority of its locations and licenses its brand and format to franchisees who pay royalties and fees.

Geographic exposure

United States. Specific state or regional revenue breakdown is not disclosed in the filing excerpts provided.

Competitors

Casual dining segment competitors, Quick-service segment competitors, Fast-casual segment competitors

Source: SEC 10-K, filed 2026-03-26

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