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Noodles (NDLS) earnings and revenue breakdown
Latest: Q2 2026 · 10-Q filed Jul 24, 2026 · Noodles (NDLS) Q2 2026 earnings results →
Q2 2026 Revenue up 0% year over year to $127M · 3¢ of every $1 of revenue lost · operating margin -1.2%
Noodles made $127M in Q2 2026 (+0.5% Y/Y): Restaurant revenue $125M, Franchising royalties and fees, and other $2.2M. Operating margin -1.2%, net loss $4.0M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Jul 24, 2026.
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What changed this quarter
Revenue was $127.0M in Q2 2026, roughly flat year over year and up 3% from the previous quarter. Restaurant revenue was the largest line at 98% of revenue. Restaurant revenue added $1.0M year over year (up 1%), 169% of the total change. Franchising royalties and fees, and other declined 16%.
Operating costs exceeded revenue by $1.5M, an operating margin of -1.2%. Total costs fell 9% while revenue was flat. The fastest-growing cost line was General & admin (+12%). The quarter ended with a net loss of $4.0M, wider than the previous quarter's $3.4M loss. Net interest and other expense of $2.4M was the main reason.
Operating cash flow was $3.3M. Non-cash charges added back $5.9M of depreciation and amortization and $1.1M of share-based compensation. Working capital and other items added $246K. Capital expenditures of $1.5M left free cash flow of $1.8M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 10-Q | Jul 24, 2026 | $127M | +0.5% | -1.2% | −$4.0M | $3.3M |
| Q1 2026 | 10-Q | May 7, 2026 | $124M | 0% | -0.7% | −$3.4M | $6.0M |
| Q4 2025 | 10-K | Mar 26, 2026 | $123M | +0.8% | -3.3% | −$6.8M | −$1.1M |
| Q3 2025 | 10-Q | Nov 6, 2025 | $122M | -0.5% | -5.2% | −$9.2M | $5.2M |
| Q2 2025 | 10-Q | Aug 14, 2025 | $126M | -0.7% | -11.7% | −$17.6M | −$852K |
| Q1 2025 | 10-Q | May 8, 2025 | $124M | +2% | -5.2% | −$9.1M | $4.0M |
| Q4 2024 | 10-K | Mar 7, 2025 | $122M | -2% | -6.0% | −$9.7M | −$10.0M |
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About Noodles
Noodles & Company is a restaurant concept offering lunch and dinner within the fast-casual segment of the restaurant industry. Our core offerings include noodle and pasta dishes, staples of many different cuisines, with the goal of delivering fresh ingredients and flavors from around the world under one roof. Today, our globally-inspired menu includes a wide variety of high quality, cooked-to-order dishes, including noodles and pasta, salads, soups and appetizers. As of December 30, 2025, we operated 423 restaurants in 31 states, which included 340 company locations and 83 franchise locati ons.
In its own words, from its 10-K, filed Mar 26, 2026.
Noodles against its Retail-Eating Places peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +0.5% against the peers' median +5%. Operating margin: -1.2% against the peers' median 13.0%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| NDLS Noodles | Q2 2026 | $127M | +0.5% | -1.2% |
| MCD McDonald's | Q3 2026 | $7.2B | +1% | 50.2% |
| ARMK Aramark | Q3 FY26 | $5.1B | +9% | 4.3% |
| YUMC Yum China Holdings | Q3 2026 | $3.5B | +8% | 13.0% |
| CMG Chipotle Mexican Grill | Q3 2026 | $3.3B | +10% | 13.7% |
| DRI Darden Restaurants | Q1 FY27 | $3.2B | +5% | 10.0% |
| QSR Restaurant Brands International | Q3 2026 | $2.5B | +3% | 27.6% |
| YUM Yum Brands | Q3 2026 | $2.1B | +4% | 112.8% |
| TXRH Texas Roadhouse | Q3 2026 | $1.6B | +10% | 6.5% |
Source: Noodles 10-Q on SEC EDGAR · CIK 1275158 · Retail-Eating Places
13F: who owns NDLS and who is buying
More on NDLS
History
Every quarter: Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results · Q4 2024 results