The strong beat and raised guidance confirm the turnaround is gaining traction. Watch for continued comparable sales momentum (Q3-to-date company-owned comps ~10%) and debt reduction progress. The ongoing strategic review adds optionality; a sale or refinancing could unlock further value.
Price Chart
Executive Summary
Noodles & Co reported Q2 2026 adjusted EPS of $0.18, a 460% beat vs consensus of -$0.05, and revenue of $127.0M (+0.5% YoY) beating $119.4M estimates. System-wide comparable restaurant sales surged 10.3%, restaurant contribution margin improved 440bps to 17.2%, and Adjusted EBITDA rose 79% to $10.8M. Management raised FY2026 guidance for revenue ($485M-$500M) and Adjusted EBITDA ($34M-$38M), signaling sustained operational momentum.
Key Financial Metrics
Key Facts
- Adjusted EPS $0.18 vs consensus -$0.05 (460% beat)
- Revenue $127.0M vs consensus $119.4M (6.4% beat)
- System-wide comparable restaurant sales +10.3% (company-owned +11.4%, franchise +5.5%)
- Restaurant contribution margin 17.2% vs 12.8% YoY (+440bps)
- Adjusted EBITDA $10.8M, +79% YoY
- FY2026 guidance raised: revenue $485M-$500M, Adjusted EBITDA $34M-$38M
- Net loss improved to $4.0M ($0.67 loss per share) from $17.6M ($3.04 loss) YoY
- Debt reduced to $105.4M; year-end debt/EBITDA target ≤3x
- Strategic review of alternatives remains ongoing
Financial Impact
Revenue beat by $7.6M (6.4%); adjusted EPS beat by $0.23 (460%); guidance raised by ~$10M at midpoint for revenue and ~$4M for Adjusted EBITDA
Risk Factors
- Still GAAP-net-loss-making ($4.0M loss in Q2); adjusted profitability may not sustain if sales growth slows
- High debt load ($105.4M) with limited cash ($1.3M); debt service consumes cash flow
- Restaurant closures (30-35 company-owned) could disrupt sales and incur additional impairment charges
- Strategic review outcome uncertain; no deal may disappoint market expectations
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001275158-26-000047 |
| Document: ndls-20260724.htm | 0001275158-26-000047 |
| Document: 0001275158-26-000047-index-headers.html | 0001275158-26-000047 |
| Document: 0001275158-26-000047-index.html | 0001275158-26-000047 |
| Document: 0001275158-26-000047.txt | 0001275158-26-000047 |
| 8-K Data (Synthetic) | 0001275158-26-000047 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 3, 2026 7w ago | EFFECT | $14.40 $13.74 | ▲ +4.58% | ▲ +3.43% | $13.10 (+9.03%) |
Jul 24, 2026 13w ago | 8-K | $15.36 $17.58 | ▲ +14.45% | ▲ +14.08% | $13.10 (−14.71%) |
Jul 24, 2026 13w ago | Press Release | $15.36 $17.58 | ▲ +14.45% | ▲ +14.08% | $13.10 (−14.71%) |
May 6, 2026 24w ago | 8-K | $12.00 $12.73 | ▲ +6.08% | ▲ +4.58% | $13.10 (+9.17%) |
Apr 15, 2026 27w ago | Press Release | $8.52 $10.55 | ▲ +23.83% | ▲ +22.19% | $13.10 (+53.76%) |
Apr 1, 2026 29w ago | DEFA14A | $8.85 $8.24 | ▼ −6.89% | ▼ −10.66% | $13.10 (+48.02%) |
Mar 25, 2026 30w ago | Press Release | $9.43 $8.53 | ▼ −9.54% | ▼ −11.18% | $13.10 (+38.92%) |
US Market Status
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