NOODLES & Co 10-Q for FY2026 Q2

NOODLES & Co (NDLS)

10-Q 2026-07-24 For: 2026-06-30

Added on July 24, 2026

About this 10-Q

NOODLES & Co filed this 10-Q on July 24, 2026, covering the quarter ended June 30, 2026 (FY2026 Q2).

Headline figures

Quarter ended June 30, 2026, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $127.04M; up 0.5% from $126.43M a year earlier
Net loss: $3.95M; compared with a net loss of $17.55M a year earlier
Diluted EPS: -$0.67; compared with -$3.04 a year earlier

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Delaware						84-1303469
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)


520 Zang Street, Suite D
Broomfield, CO						80021
(Address of principal executive offices)						(Zip Code)


Title of each class	Trading Symbol	Name of each exchange on which registered
Class A Common Stock, $0.01 par value per share	NDLS	Nasdaq Global Select Market


Class						Outstanding at July 21, 2026
Class A Common Stock, $0.01 par value per share						5,966,660 shares


			Page
PART I
	Item 1.	Financial Statements (unaudited)	2
		Condensed Consolidated Balance Sheets	2
		Condensed Consolidated Statements of Operations	3
		Condensed Consolidated Statements of Stockholders’ Equity (Deficit)	4
		Condensed Consolidated Statements of Cash Flows	5
		Notes to Condensed Consolidated Financial Statements	6
	Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	15
	Item 3.	Quantitative and Qualitative Disclosures About Market Risk	28
	Item 4.	Controls and Procedures	28
PART II
	Item 1.	Legal Proceedings	30
	Item 1A.	Risk Factors	30
	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	30
	Item 3.	Defaults Upon Senior Securities	30
	Item 4.	Mine Safety Disclosures	30
	Item 5.	Other Information	30
	Item 6.	Exhibits	31
SIGNATURES			32


	June 30, 2026		December 30, 2025
	(unaudited)
Assets
Current assets:
Cash and cash equivalents	$	1,299	$	1,265
Accounts receivable	4,789		4,064
Inventories	9,306		10,218
Prepaid expenses and other assets	2,803		3,034
Income tax receivable	327		312
Total current assets	18,524		18,893
Property and equipment, net	94,401		107,359
Operating lease assets, net	114,220		126,319
Goodwill	7,154		7,154
Intangibles, net	396		420
Other assets, net	1,079		1,526
Total long-term assets	217,250		242,778
Total assets	$	235,774	$	261,671
Liabilities and Stockholders’ Deficit
Current liabilities:
Accounts payable	$	16,592	$	16,545
Accrued payroll and benefits	9,846		7,235
Accrued expenses and other current liabilities	10,457		11,808
Current operating lease liabilities	26,077		26,257

Total current liabilities	62,972		61,845
Long-term debt, net	104,406		108,776
Long-term operating lease liabilities, net	112,050		126,924
Deferred tax liabilities, net	343		316
Other long-term liabilities	7,019		9,115
Total liabilities	286,790		306,976

Stockholders’ deficit:
Preferred stock—$0.01 par value, 1,000,000 shares authorized and undesignated as of June 30, 2026 and December 30, 2025; no shares issued or outstanding	—		—
Common stock—$0.01 par value, 180,000,000 shares authorized as of June 30, 2026 and December 30, 2025; 6,269,645 issued and 5,966,661 outstanding as of June 30, 2026 and 6,155,333 issued and 5,852,349 outstanding as of December 30, 2025 (1)	63		62
Treasury stock, at cost, 302,984 shares as of June 30, 2026 and December 30, 2025 (1)	(35,000)		(35,000)
Additional paid-in capital	218,314		216,658
Accumulated deficit	(234,393)		(227,025)
Total stockholders’ deficit	(51,016)		(45,305)
Total liabilities and stockholders’ deficit	$	235,774	$	261,671


	Fiscal Quarter Ended				Two Fiscal Quarters Ended
	June 30, 2026		July 1, 2025		June 30, 2026		July 1, 2025
Revenue:
Restaurant revenue	$	124,801	$	123,781	$	246,241	$	245,107
Franchising royalties and fees, and other	2,236		2,652		4,582		5,120
Total revenue	127,037		126,433		250,823		250,227
Costs and expenses:
Restaurant operating costs (exclusive of depreciation and amortization shown separately below):
Cost of sales	31,019		32,860		61,912		65,153
Labor	36,737		39,279		73,147		78,675
Occupancy	10,165		11,393		20,519		22,887
Other restaurant operating costs	25,372		24,414		51,084		50,070
General and administrative	13,857		12,404		26,371		25,214
Depreciation and amortization	5,900		7,139		11,881		14,229
Pre-opening	—		69		—		220
Restaurant impairments, closure costs and asset disposals	5,527		13,653		8,261		14,944
Total costs and expenses	128,577		141,211		253,175		271,392
Loss from operations	(1,540)		(14,778)		(2,352)		(21,165)

Interest expense, net	2,391		2,753		4,989		5,400
Loss before income taxes	(3,931)		(17,531)		(7,341)		(26,565)
Provision for income taxes	20		21		27		44
Net loss	$	(3,951)	$	(17,552)	$	(7,368)	$	(26,609)
Loss per Class A and Class B common stock, combined
Basic and diluted (1)	$	(0.67)	$	(3.04)	$	(1.25)	$	(4.63)

Weighted average shares of Class A and Class B common stock outstanding, combined
Basic and diluted (1)	5,927,281		5,770,249		5,894,326		5,746,584


	Fiscal Quarter Ended
	Common Stock(1)			Treasury			Additional Paid-In Capital		Accumulated Deficit		Total Stockholders’ Equity (Deficit)
	Shares (2)	Amount		Shares (2)	Amount
Balance—March 31, 2026	6,195,034	$	62	302,984	$	(35,000)	$	217,337	$	(230,442)	$	(48,043)
Stock plan transactions and other	74,611	1		—	—		(133)		—		(132)

Stock-based compensation expense	—	—		—	—		1,110		—		1,110
Net loss	—	—		—	—		—		(3,951)		(3,951)
Balance—June 30, 2026	6,269,645	$	63	302,984	$	(35,000)	$	218,314	$	(234,393)	$	(51,016)

Balance—April 1, 2025	6,045,939	$	60	302,984	$	(35,000)	$	214,549	$	(193,514)	$	(13,905)
Stock plan transactions and other	60,546	1		—	—		(40)		—		(39)
Stock-based compensation expense	—	—		—	—		721		—		721
Net loss	—	—		—	—		—		(17,552)		(17,552)
Balance—July 1, 2025	6,106,485	$	61	302,984	$	(35,000)	$	215,230	$	(211,066)	$	(30,775)

	Two Fiscal Quarters Ended
	Common Stock(1)			Treasury			Additional Paid-In Capital		Accumulated Deficit		Total Stockholders’ Equity (Deficit)
	Shares (2)	Amount		Shares (2)	Amount
Balance—December 30, 2025	6,155,333	$	62	302,984	$	(35,000)	$	216,658	$	(227,025)	$	(45,305)
Stock plan transactions and other	114,312	1		—	—		(214)		—		(213)

Stock-based compensation expense	—	—		—	—		1,870		—		1,870
Net loss	—	—		—	—		—		(7,368)		(7,368)
Balance—June 30, 2026	6,269,645	$	63	302,984	$	(35,000)	$	218,314	$	(234,393)	$	(51,016)

Balance—December 31, 2024	6,020,235	$	60	302,984	$	(35,000)	$	213,818	$	(184,457)	$	(5,579)
Stock plan transactions and other	86,250	1		—	—		(91)		—		(90)

Stock-based compensation expense	—	—		—	—		1,503		—		1,503
Net loss	—	—		—	—		—		(26,609)		(26,609)
Balance—July 1, 2025	6,106,485	$	61	302,984	$	(35,000)	$	215,230	$	(211,066)	$	(30,775)


	June 30, 2026		December 30, 2025
Delivery program receivables	$	2,097	$	1,412
Vendor rebate receivables	739		704
Franchise receivables	721		780
Other receivables	1,232		1,168
Accounts receivable	$	4,789	$	4,064


	June 30, 2026		December 30, 2025
Prepaid insurance	$	1,088	$	510
Prepaid occupancy related costs	749		814

Prepaid expenses	946		1,689
Other current assets	20		21
Prepaid expenses and other assets	$	2,803	$	3,034


	June 30, 2026		December 30, 2025
Leasehold improvements	$	203,903	$	214,545
Furniture, fixtures and equipment	168,361		176,948
Construction in progress	1,925		2,095
	374,189		393,588
Accumulated depreciation and amortization	(279,788)		(286,229)
Property and equipment, net	$	94,401	$	107,359


	June 30, 2026		December 30, 2025
Accrued payroll and related liabilities	$	4,832	$	4,400
Accrued bonus	3,241		1,088
Insurance liabilities	1,773		1,747
Accrued payroll and benefits	$	9,846	$	7,235


	June 30, 2026		December 30, 2025
Gift card liability	$	2,030	$	2,236
Occupancy related	937		1,262
Utilities	1,433		1,498
Current portion of finance lease liability	1,793		1,877

Other restaurant expense accruals	1,188		1,144
Other corporate expense accruals	3,076		3,791
Accrued expenses and other current liabilities	$	10,457	$	11,808


Classification		June 30, 2026		December 30, 2025
Assets
Operating	Operating lease assets, net	$	114,220	$	126,319
Finance	Property and equipment	4,709		6,373
Total leased assets		$	118,929	$	132,692
Liabilities
Current lease liabilities
Operating	Current operating lease liabilities	$	26,077	$	26,257
Finance	Accrued expenses and other current liabilities	1,793		1,877
Long-term lease liabilities
Operating	Long-term operating lease liabilities	112,050		126,924
Finance	Other long-term liabilities	3,690		5,020
Total lease liabilities		$	143,610	$	160,078


	June 30, 2026		July 1, 2025
Interest paid (net of amounts capitalized)	$	4,364	$	4,061
Income taxes paid	15		—
Purchases of property and equipment accrued in accounts payable	1,635		1,656


Exhibit Number						Description of Exhibit
10.1*						Form of Restricted Stock Unit Agreement (beginning 2026) under the 2023 Stock Incentive Plan
10.2*						Form of Performance Restricted Stock Unit Agreement (beginning 2026) under the 2023 Stock Incentive Plan
10.3*						Form of Retention Bonus Agreement
31.1						Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2						Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1						Certification of Principal Executive Officer and Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith)
101.INS						Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
101.SCH						Inline XBRL Taxonomy Extension Schema Document
101.CAL						Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF						Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB						Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE						Inline XBRL Taxonomy Extension Presentation Linkbase Document
104.0						Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)


NOODLES & COMPANY
By:			/s/ MIKE HYNES
			Mike Hynes Chief Financial Officer (principal financial officer and duly authorized signatory for the registrant)
Date			July 24, 2026


[Performance Metric Determined by the Committee]			Percentage of Target Number of Shares that Become Earned PSUs
[●]			0%
[●] ("Threshold Amount")			50%
[●] ("Target Amount")			100%
[●] ("Maximum Amount") or more			150%


Very truly yours,			ACKNOWLEDGED AND AGREED, this ____ day of _________, 2025
NOODLES & COMPANY
By:			By:____________________________________
Name: Joseph Christina			Name:
Title: President and Chief Executive Officer



	June 30, 2026		December 30, 2025
Other segment disclosures (in thousands):
Total long-lived assets (1)	$	208,621	$	233,678
Total assets	$	235,774	$	261,671


	Fiscal Quarter Ended						Increase / (Decrease)
	June 30, 2026			July 1, 2025			$		%

	(in thousands, unaudited)
Revenue:
Restaurant revenue	$	124,801		$	123,781		$	1,020	0.8	%
Franchising royalties and fees, and other	2,236			2,652			(416)		(15.7)	%
Total revenue	127,037			126,433			604		0.5	%
Costs and expenses:
Restaurant operating costs (exclusive of depreciation and amortization shown separately below):
Cost of sales	31,019			32,860			(1,841)		(5.6)	%
Labor	36,737			39,279			(2,542)		(6.5)	%
Occupancy	10,165			11,393			(1,228)		(10.8)	%
Other restaurant operating costs	25,372			24,414			958		3.9	%
General and administrative	13,857			12,404			1,453		11.7	%
Depreciation and amortization	5,900			7,139			(1,239)		(17.4)	%
Pre-opening	—			69			(69)		(100.0)	%
Restaurant impairments, closure costs and asset disposals	5,527			13,653			(8,126)		(59.5)	%
Total costs and expenses	128,577			141,211			(12,634)		(8.9)	%
Loss from operations	(1,540)			(14,778)			13,238		89.6	%

Interest expense, net	2,391			2,753			(362)		(13.1)	%
Loss before taxes	(3,931)			(17,531)			13,600		77.6	%
Provision for income taxes	20			21			(1)		(4.8)	%
Net loss	$	(3,951)		$	(17,552)		$	13,601	77.5	%
Company-owned:
Average unit volume	$	1,568		$	1,353		$	215	15.9	%
Comparable restaurant sales	11.4		%	1.5		%


			(a)			Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to me by others within those entities, particularly during the period in which this report is being prepared;


			(b)			Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;


			(c)			Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report my conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and


			(d)			Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and


			(a)			All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and


			(b)			Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.


			/s/ JOSEPH CHRISTINA
			Joseph Christina
			Chief Executive Officer (Principal Executive Officer)


			/s/ MIKE HYNES
			Mike Hynes
			Chief Financial Officer
			(Principal Financial Officer)