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Noodles & Company (NDLS) investor relations material
Noodles & Company Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Q3 2025 revenue decreased 0.5% year-over-year to $122.1 million, primarily due to permanent restaurant closures, while system-wide comparable sales grew 4.0% and October saw 8% growth.
Net loss widened to $9.2 million ($0.20 per diluted share) from $6.8 million ($0.15 per share) in Q3 2024, mainly due to $5.3 million in pre-tax restaurant impairments and higher closure costs.
Adjusted EBITDA increased 32.7% to $6.5 million, reflecting improved operational performance and cost controls.
Strategic review initiated, considering options such as refinancing, refranchising, or a sale, with no decisions or timelines set.
Digital sales, loyalty engagement, and new menu/value platforms drove guest enthusiasm and repeat visits.
Financial highlights
Restaurant revenue for Q3 2025 was $119.6 million, down 0.5% year-over-year, with system-wide comp sales up 4.0% and franchise up 4.3%.
Restaurant-level margin improved to 13.2% from 12.8% in Q3 2024.
Company average unit volumes increased 5.4% to $1.34 million.
Adjusted net loss for Q3 2025 was $4.8 million, or $0.10 per share.
Debt at quarter-end was $109.8 million; available cash $4.7 million; $12.2 million available under the credit facility.
Outlook and guidance
FY2025 revenue expected at $492–$495 million, with comparable sales growth of 3.6%–4.2%.
Restaurant-level contribution margin guidance: 12.3%–12.7%.
G&A expenses projected at $48–$49 million; capex at $12–$13 million.
31–34 company-owned and 7–8 franchise restaurants expected to close in 2025; two new company-owned restaurants to open.
Restaurant closures in 2025 expected to improve 2026 restaurant-level contribution by over $2 million.
Strategic review timeline for debt refinancing?
Impact of closures on existing restaurant sales?
Why lower full-year RCM guidance vs Q3?
Ramen LTO: future as permanent menu item?
Quantify 2025 closure impact on Q4 EBITDA
What is the timeline for strategic alternatives review?
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Next Noodles & Company earnings date
Q4 20255 Mar, 2026
Next Noodles & Company earnings date
Q4 20255 Mar, 2026
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Frequently asked questions
Noodles & Company owns and operates a fast-casual restaurant chain that offers globally inspired noodle and pasta dishes, soups, salads, and sandwiches. The company operates company-owned and franchised locations across the United States, catering to a broad demographic with customizable and made-to-order meals. The company is headquartered in Broomfield, Colorado, and its shares are listed on the NASDAQ.
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