The strong comp growth and margin expansion, combined with raised guidance, signal a fundamental turnaround. Monitor store closure execution and the strategic review outcome (potential sale or refranchising). The stock may re-rate higher as profitability improves.
Price Chart
Executive Summary
Noodles & Company reported Q1 2026 revenue flat at $123.8M but net loss narrowed to $3.4M from $9.1M a year ago, with Adjusted EBITDA surging 218% to $7.7M. Comparable restaurant sales rose 9.1% system-wide, and the company raised its full-year 2026 revenue, EBITDA, and restaurant margin guidance, reflecting accelerating operational momentum.
Key Financial Metrics
Key Facts
- Q1 2026 revenue flat at $123.8M vs $123.8M YoY
- Net loss improved to $3.4M from $9.1M YoY
- Adjusted EBITDA increased 218% to $7.7M from $2.4M
- Comparable restaurant sales up 9.1% system-wide (company-owned +9.4%, franchise +8.0%)
- Raised FY2026 revenue guidance to $483M-$498M (from $478M-$493M)
- Raised FY2026 Adjusted EBITDA guidance to $32.5M-$37.5M (from $30M-$35M)
- Restaurant contribution margin improved to 14.9% from 10.3%
- Closed 20 underperforming stores in Q1; plans 30-35 company-owned closures in 2026
- Strategic review remains in process
Financial Impact
Adjusted EBITDA more than tripled; guidance raised by ~$2.5M at midpoint; revenue guidance raised by $5M at midpoint
Risk Factors
- Flat total revenue despite 9% comp growth due to store closures; further closures may pressure absolute revenue
- High debt load ($106.8M) relative to market cap ($66M) and negative equity
- Strategic review may not result in a favorable transaction
- Commodity and labor cost pressures could reverse margin gains
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001275158-26-000036 |
| Document: ndls-20260506.htm | 0001275158-26-000036 |
| Document: 0001275158-26-000036-index-headers.html | 0001275158-26-000036 |
| Document: 0001275158-26-000036-index.html | 0001275158-26-000036 |
| Document: 0001275158-26-000036.txt | 0001275158-26-000036 |
| 8-K Data (Synthetic) | 0001275158-26-000036 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 3, 2026 7w ago | EFFECT | $14.40 $13.74 | ▲ +4.58% | ▲ +3.43% | $13.42 (+6.81%) |
Jul 24, 2026 13w ago | 8-K | $15.36 $17.58 | ▲ +14.45% | ▲ +14.08% | $13.42 (−12.63%) |
Jul 24, 2026 13w ago | Press Release | $15.36 $17.58 | ▲ +14.45% | ▲ +14.08% | $13.42 (−12.63%) |
May 6, 2026 24w ago | 8-K | $12.00 $12.73 | ▲ +6.08% | ▲ +4.58% | $13.42 (+11.83%) |
Apr 15, 2026 27w ago | Press Release | $8.52 $10.55 | ▲ +23.83% | ▲ +22.19% | $13.42 (+57.51%) |
Apr 1, 2026 29w ago | DEFA14A | $8.85 $8.24 | ▼ −6.89% | ▼ −10.66% | $13.42 (+51.64%) |
Mar 25, 2026 30w ago | Press Release | $9.43 $8.53 | ▼ −9.54% | ▼ −11.18% | $13.42 (+42.31%) |
US Market Status
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