Noodles & Company (NDLS) Q3 2026

Q3 system-wide comparable restaurant sales rose 9.5%, while total revenue decreased 1.0% to $120.9M.

Noodles & Company · Q3 2026 · Published Nov 13, 2026 · By DeepCell AI · Sources

Noodles & Company (NDLS) Q3 2026

Fiscal quarter ended September 29, 2026

For information only, not investment advice. No rating or price target.

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1 · Noodles and Company Q3 2026 earnings review

Q3 system-wide comparable restaurant sales rose 9.5%, while total revenue decreased 1.0% to $120.9M

  1. 1.Restaurant contribution margin rose to 16.7% from 13.2%, as stated
  2. 2.Adjusted EBITDA rose 34.3% to $8.7M, as stated
  3. 3.Net loss narrowed to $2.1M from $9.2M
  4. 4.Cash was $1.5M; the credit facility now matures on Nov 30, 2027 after a Nov 12 amendment
  5. 5.Shares were up 1.1% pre-market at $13.90 as of 9:01 AM ET, not a close

Note: EBITDA is earnings before interest, taxes, depreciation and amortization. Adjusted EBITDA and restaurant contribution margin are non-GAAP measures defined by the company. The share price change is a DeepCell calculation. The pre-market price is not a close.Source: Noodles & Company official Q3 2026 results release (Form 8-K, Ex. 99.1, accession 0001275158-26-000058), Nov 13, 2026; CNBC (third-party market data), Nov 13, 2026 9:01 AM ET

2

2 · Executive summary

Q3 loss per share narrowed to $0.36, and the shares traded at $13.90 pre-market

Q3 2026 reported results vs. Q3 2025

MetricQ3 2025Q3 2026Change
Basic and diluted EPS ($)-$1.58-$0.36Narrower
Adjusted loss per share ($)-$0.82-$0.04Narrower
Operating margin-5.2%0.1%Positive

Share price, Nov 12 regular close to Nov 13

Noodles & Company (Nasdaq)Nov 12 closePre-market, 9:01 AM ETChange ($)Change (%)
NDLS$13.75$13.90+$0.15+1.1%

Note: No consensus is shown: we did not open a dated third-party consensus, so there is no Beat or Miss. Adjusted loss per share is a non-GAAP measure. Prices are CNBC third-party data. The pre-market price is not a close.Source: Noodles & Company official Q3 2026 results release (Form 8-K, Ex. 99.1, accession 0001275158-26-000058), Nov 13, 2026; CNBC (third-party market data), Nov 13, 2026 9:01 AM ET

3

3 · Q3 results and share price

Noodles tightened its 2026 adjusted EBITDA guidance to $35M to $37M

Fiscal 2026 outlook (Nov 13, 2026)

MeasureLowHigh
Total revenue$485M$495M
Comparable restaurant sales growth9.0%10.0%
Restaurant contribution margin16.0%16.7%
G&A$52M$54M
Capital expenditures$8.5M$9.5M
Company-owned closures3436

Note: EBITDA is earnings before interest, taxes, depreciation and amortization; G&A is general and administrative. The company says the tightened ranges remain generally consistent with its prior expectations. It also expects net interest expense of about $10M and one new franchise opening.Source: Noodles & Company official Q3 2026 results release (Form 8-K, Ex. 99.1, accession 0001275158-26-000058), Nov 13, 2026; analysis of company data

4

4 · 2026 guidance

Restaurant contribution rose 26%, a DeepCell calculation, as labor and occupancy costs fell

  1. Comparable salesCompany-owned comparable sales rose 10.7% and franchise rose 4.9%, as stated.
  2. ClosuresCompany-owned restaurants fell to 306 from 349.
  3. LaborLabor fell to 29.5% of restaurant revenue from 31.4%.

Key figures (U.S. GAAP and non-GAAP)

$M unless notedQ3 2025Q3 2026YoY
Total revenue$122.1M$120.9M-1.0%
Restaurant contribution$15.7M$19.8MHigher
G&A$12.3M$13.6M10.7%
Income (loss) from operations-$6.3M$0.1MPositive

Note: G&A is general and administrative. Cost shares and the YoY column are DeepCell calculations. Expenses are shown without signs.Source: Noodles & Company official Q3 2026 results release (Form 8-K, Ex. 99.1, accession 0001275158-26-000058), Nov 13, 2026; analysis of company data

5

5 · Q3 key financials

Adjusted EBITDA rose to $8.7M from $6.5M on fewer, busier restaurants

Adjusted EBITDA

$M, Q3 2025 vs. Q3 2026

v · Q3 2025: $6.5Mv · Q3 2026: $8.7MQ3 2025Q3 2026$0M$3M$5M$8M$10M$6.5M$8.7M
Over three quarters, adjusted EBITDA rose to $27.1M from $14.9M.“Year to date, restaurant contribution margin exceeded 16% and Adjusted EBITDA has nearly doubled.” Joe Christina, CEO

Note: EBITDA is earnings before interest, taxes, depreciation and amortization. Adjusted EBITDA margin was 7.2% of total revenue, a DeepCell calculation.Source: Noodles & Company official Q3 2026 results release (Form 8-K, Ex. 99.1, accession 0001275158-26-000058), Nov 13, 2026; analysis of company data

6

6 · Adjusted EBITDA trend

Company-owned restaurants led comparable sales growth, and average unit volume rose 15%, a DeepCell calculation

Comparable restaurant sales growth

%, Q3 2026, as stated

v · Company-owned: 10.7%v · Franchise: 4.9%v · System-wide: 9.5%Company-ownedFranchiseSystem-wide0%3%5%8%10%12%10.7%4.9%9.5%
Company-owned average unit volume rose to $1.55M from $1.34M. System comparable sales grew 4.0% a year earlier and 10.3% in Q2 2026, as stated.

Note: Average unit volume is annualized restaurant revenue per company-owned restaurant, as defined by the company. Its growth is a DeepCell calculation.Source: Noodles & Company official Q3 2026 results release (Form 8-K, Ex. 99.1, accession 0001275158-26-000058), Nov 13, 2026; analysis of company data

7

7 · Comparable sales by type

Impairments fell to $1.2M from $5.3M, narrowing the gap between GAAP and adjusted results

  1. ImpairmentsImpairments, closure costs and disposals fell to $2.7M.
  2. InterestNet interest expense fell to $2.3M from $2.8M.
  3. Adjusted net lossAdjusted net loss was $0.2M vs. $4.8M.

Net loss to adjusted EBITDA

$MQ3 2025Q3 2026
EBITDA$0.3M$5.8M
Lease exit (benefits) costs-$1.3M-$0.1M
Severance and transaction costs$0.3M$0.8M
Stock-based compensation$1.1M$0.5M

Note: EBITDA is earnings before interest, taxes, depreciation and amortization. EBITDA adds back interest, taxes, depreciation and amortization to net loss. Adjusted EBITDA also adds back impairments, disposals, lease exit items, severance and stock-based pay.Source: Noodles & Company official Q3 2026 results release (Form 8-K, Ex. 99.1, accession 0001275158-26-000058), Nov 13, 2026; analysis of company data

8

8 · Adjusted EBITDA bridge

Cash was $1.5M against $101.0M of debt, with $21.2M of revolver capacity

  1. Debt reductionThe company reduced debt by more than $9.0M year to date, as stated.
  2. MaturityOn Nov 12, 2026, the credit facility was amended to mature on Nov 30, 2027.
  3. Strategic reviewA review of strategic alternatives begun on Sep 3, 2025 continues.

Balance sheet data

$MDec 30, 2025Sep 29, 2026
Total current assets$18.9M$19.4M
Total current liabilities$61.8M$67.6M
Total long-term debt$108.8M$100.2M
Total stockholders’ deficit$45.3M$52.7M

Note: Cash, outstanding debt and revolver availability are as stated in the release. Long-term debt is from the balance sheet data.Source: Noodles & Company official Q3 2026 results release (Form 8-K, Ex. 99.1, accession 0001275158-26-000058), Nov 13, 2026; analysis of company data

9

9 · Liquidity and debt

Refinancing, comparable sales momentum and closures are the main watch items

Indicator
What to watch
Implication
Latest reading
Refinancing
Facility matures Nov 30, 2027
Liquidity depends on it
Total long-term debt $100.2M
Comparable sales
Growth against tougher comparisons
Margin gains may slow
Guidance 9% to 10%
Closures
More company-owned closures
Revenue base shrinks
Total restaurants 383

Source: Noodles & Company official Q3 2026 results release (Form 8-K, Ex. 99.1, accession 0001275158-26-000058), Nov 13, 2026; analysis of company data

10

10 · Key risks to guidance

Appendix: income statement detail

Restaurant operating costs

$M unless notedQ3 2025Q3 2026YoY
Cost of sales$30.7M$29.3M-4.4%
Labor$37.5M$34.9M-6.9%
Occupancy$11.1M$9.8M-11.8%
Other restaurant operating costs$24.6M$24.7Mn.m.

Other items

$M unless notedQ3 2025Q3 2026YoY
Franchising royalties and fees$2.5M$2.4Mn.m.
Depreciation and amortization$6.6M$5.7Mn.m.
Loss before income taxes-$9.1M-$2.1Mn.m.
Weighted average shares (millions)5.815.97n.m.

Note: YoY figures are DeepCell calculations; n.m. means not meaningful. Costs are shown without signs.Source: Noodles & Company official Q3 2026 results release (Form 8-K, Ex. 99.1, accession 0001275158-26-000058), Nov 13, 2026; analysis of company data

11

11 · Appendix: Income statement

Appendix: sources

  • Results release, Q3 2026 (Form 8-K, Ex. 99.1, accession 0001275158-26-000058, Nov 13, 2026) — https://www.sec.gov/Archives/edgar/data/1275158/000127515826000058/a2026q3ex991pressrelease.htm
  • Share price (third-party market data): CNBC NDLS quote, Nov 12, 2026 close $13.75 and pre-market last $13.90 at 9:01 AM ET on Nov 13, 2026 — https://www.cnbc.com/quotes/NDLS
  • Noodles & Company reports under U.S. GAAP in U.S. dollars, in thousands. Fiscal Q3 2026 ended September 29, 2026.

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12

12 · Sources

Important disclosures and disclaimer

For information only. This presentation is provided for information only. It is not investment, legal, tax or accounting advice, and it is not an offer, or a solicitation of an offer, to buy or sell any security.

No recommendation. It carries no rating, price target or buy, sell or hold view, and it was prepared without regard to any reader’s investment objectives, financial situation or needs.

Sources and accuracy. Company figures come from Noodles & Company’s Q3 2026 results release, furnished on Form 8-K on November 13, 2026. Share prices (CNBC) are third-party data, credited on the sources page. We have not independently verified third-party data.

Basis of presentation. Figures are U.S. GAAP unless labelled adjusted, in U.S. dollars, for the fiscal quarters ended September 29, 2026 and September 30, 2025. Adjusted EBITDA, adjusted net loss and restaurant contribution are non-GAAP measures defined by the company.

Forward-looking statements. Company outlook statements and the watch items in this deck are forward-looking and may not be achieved. Readers should check the figures against the original filings.

Date of analysis. Share prices are the CNBC regular-session close on November 12, 2026, and the pre-market last at 9:01 AM ET on November 13, 2026. The pre-market price is not a close.

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13

13 · Disclosures

Sources

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