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Sweetgreen vs Noodles: SG and NDLS compared
Sweetgreen is the larger company: $176M of revenue in its latest quarter (Q3 2026) against $127M for Noodles (Q2 2026). Sweetgreen is growing faster (+2% against +0.5% a year earlier). Noodles is more profitable, with an operating margin of -1.2% against -18.1%.
Where the money goes: SG and NDLS
Sweetgreen (SG) · Q3 2026
Sweetgreen, Q3 2026: revenue $176M (+2% year over year), operating margin -18.1%, net loss $30.7M, operating cash flow −$10.9M. The chart follows the revenue to costs, profit and cash.
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.
| Sweetgreen (SG) | Noodles (NDLS) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q2 2026 |
| Revenue | $176M | $127M |
| Revenue growth, Y/Y | +2% | +0.5% |
| Operating margin | -18.1% | -1.2% |
| Net earnings | −$30.7M | −$4.0M |
| Net margin | -17.5% | -3.1% |
| Operating cash flow | −$10.9M | $3.3M |
| Free cash flow | — | $1.8M |
| Market value | $1.3B | — |
| P/E | 92.2× | — |
| Analysts’ mean target | $10.16 | — |
Where the revenue comes from
Noodles
- Restaurant revenue: $125M (98%)
- Franchising royalties and fees, and other: $2.2M (2%)
Questions
Which is bigger, Sweetgreen or Noodles?
Sweetgreen is the larger company: $176M of revenue in its latest quarter (Q3 2026) against $127M for Noodles (Q2 2026).
Is Sweetgreen or Noodles growing faster?
Sweetgreen is growing faster (+2% against +0.5% a year earlier).
Which is more profitable, Sweetgreen or Noodles?
Noodles is more profitable, with an operating margin of -1.2% against -18.1%.
More: Sweetgreen earnings · how Sweetgreen makes money · Noodles earnings · how Noodles makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Nov 6, 2026; 10-Q filed Jul 24, 2026). Fiscal quarters can end on different dates. Not investment advice.