--- title: "NOODLES | 10-K: FY2025 Revenue Beats Estimate at USD 495.09 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/283987153.md" datetime: "2026-04-24T11:04:54.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/283987153.md) - [en](https://longbridge.com/en/news/283987153.md) - [zh-HK](https://longbridge.com/zh-HK/news/283987153.md) --- # NOODLES | 10-K: FY2025 Revenue Beats Estimate at USD 495.09 M Revenue: As of FY2025, the actual value is USD 495.09 M, beating the estimate of USD 494.7 M. EPS: As of FY2025, the actual value is USD -7.36, missing the estimate of USD -7.12. Noodles & Company operates as a single reportable segment . #### Revenue Total revenue for Noodles & Company increased by 0.4% to $495,089 thousand in 2025, up from $493,271 thousand in 2024 . Restaurant revenue saw a 0.4% increase, reaching $485,103 thousand in 2025 from $483,097 thousand in 2024 . Conversely, franchising royalties and fees, and other revenue decreased by -1.8% to $9,986 thousand in 2025 from $10,174 thousand in 2024 . System-wide comparable restaurant sales increased by 4.1% in 2025, with company-owned restaurants experiencing a 4.3% increase and franchise restaurants a 3.2% increase . Average unit volumes (AUVs) for company-owned restaurants rose by 5.5% to $1,360 thousand in 2025 from $1,289 thousand in 2024 . Digital ordering accounted for approximately 59% of sales in 2025 . #### Operational Metrics Noodles & Company reported a net loss of -$42,568 thousand in 2025, compared to -$36,213 thousand in 2024 . Loss from operations was -$31,589 thousand in 2025, an increase of -13.7% from -$27,778 thousand in 2024 . Cost of sales increased by 2.8% to $127,168 thousand in 2025 from $123,692 thousand in 2024, representing 26.2% of restaurant revenue in 2025, up from 25.6% in 2024 . Commodity inflation in 2025 was less than 2% . Labor costs decreased by -0.6% to $153,342 thousand in 2025 from $154,258 thousand in 2024, decreasing to 31.6% of restaurant revenue in 2025 from 31.9% in 2024 . Wage inflation stabilized to less than 3% . Occupancy costs decreased by -3.8% to $44,621 thousand in 2025 from $46,366 thousand in 2024, representing 9.2% of restaurant revenue in 2025 from 9.6% in 2024 . Other restaurant operating costs increased by 4.0% to $98,876 thousand in 2025 from $95,032 thousand in 2024, rising to 20.4% of restaurant revenue in 2025 from 19.7% in 2024 . General and administrative expense decreased by -3.3% to $49,137 thousand in 2025 from $50,824 thousand in 2024, representing 9.9% of total revenue in 2025 from 10.3% in 2024 . Depreciation and amortization decreased by -6.9% to $27,047 thousand in 2025 from $29,066 thousand in 2024 . Pre-opening costs significantly decreased by -85.4% to $225 thousand in 2025 from $1,543 thousand in 2024 . Restaurant impairments, closure costs and asset disposals increased by 29.6% to $26,262 thousand in 2025 from $20,268 thousand in 2024, impacting 25 restaurants in 2025 compared to 16 in 2024 . Interest expense, net, increased by 30.2% to $10,915 thousand in 2025 from $8,381 thousand in 2024 . The provision for income taxes was $64 thousand in 2025 compared to $54 thousand in 2024, with an effective tax rate of -0.2% in 2025 . EBITDA was -$4,542 thousand in 2025 compared to $1,288 thousand in 2024 . Adjusted EBITDA was $22,484 thousand in 2025 compared to $23,599 thousand in 2024 . #### Restaurant Portfolio As of December 30, 2025, Noodles & Company operated 423 restaurants (340 company-owned, 83 franchise) across 31 states . In 2025, two new company-owned restaurants opened, while 33 company-owned and nine franchise restaurants closed . #### Cash Flow Net cash provided by operating activities was $7,284 thousand in 2025, a decrease from $7,561 thousand in 2024 . Net cash used in investing activities was -$12,395 thousand in 2025, a decrease from -$26,714 thousand in 2024 . Net cash provided by financing activities was $5,227 thousand in 2025, down from $17,289 thousand in 2024 . Cash and cash equivalents stood at $1,265 thousand as of December 30, 2025, compared to $1,149 thousand as of December 31, 2024 . #### Liquidity and Debt As of December 30, 2025, $11.9 million was available for future borrowings, and total indebtedness was $110.2 million . Noodles & Company was in compliance with all debt covenants and expects to meet them through at least the next four fiscal quarters . #### Outlook / Guidance Noodles & Company plans no new company-owned restaurant openings in 2026, expecting to close approximately 30 to 35 company-owned restaurants . Capital expenditures for 2026 are projected to be between $9.5 million and $10.5 million, primarily for reinvestment in existing restaurants . 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