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Noodles vs Biglari Holdings: NDLS and BH-A compared
Noodles is the larger company: $127M of revenue in its latest quarter (Q2 2026) against $112M for Biglari Holdings (Q3 2026). Biglari Holdings is growing faster (+12% against +0.5% a year earlier). Biglari Holdings is more profitable, with an operating margin of 8.8% against -1.2%.
Where the money goes: NDLS and BH-A
Noodles (NDLS) · Q2 2026
Noodles, Q2 2026: revenue $127M (+0.5% year over year), operating margin -1.2%, net loss $4.0M, operating cash flow $3.3M. The chart follows the revenue to costs, profit and cash.
Biglari Holdings (BH-A) · Q3 2026
Biglari Holdings, Q3 2026: revenue $112M (+12% year over year), operating margin 8.8%, net earnings $1.0M, operating cash flow $3.2M. The chart follows the revenue to costs, profit and cash.
| Noodles (NDLS) | Biglari Holdings (BH-A) | |
|---|---|---|
| Latest quarter | Q2 2026 | Q3 2026 |
| Revenue | $127M | $112M |
| Revenue growth, Y/Y | +0.5% | +12% |
| Operating margin | -1.2% | 8.8% |
| Net earnings | −$4.0M | $1.0M |
| Net margin | -3.1% | 0.9% |
| Operating cash flow | $3.3M | $3.2M |
| Free cash flow | $1.8M | — |
Where the revenue comes from
Noodles
- Restaurant revenue: $125M (98%)
- Franchising royalties and fees, and other: $2.2M (2%)
Biglari Holdings
- Restaurant: $76.8M (69%)
- Insurance premiums and other: $19.5M (17%)
- Oil and gas: $12.3M (11%)
- Licensing and media: $3.4M (3%)
Questions
Which is bigger, Noodles or Biglari Holdings?
Noodles is the larger company: $127M of revenue in its latest quarter (Q2 2026) against $112M for Biglari Holdings (Q3 2026).
Is Noodles or Biglari Holdings growing faster?
Biglari Holdings is growing faster (+12% against +0.5% a year earlier).
Which is more profitable, Noodles or Biglari Holdings?
Biglari Holdings is more profitable, with an operating margin of 8.8% against -1.2%.
More: Noodles earnings · how Noodles makes money · Biglari Holdings earnings · how Biglari Holdings makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Jul 24, 2026; 10-Q filed Nov 6, 2026). Fiscal quarters can end on different dates. Not investment advice.