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- **Revenue Surge**: Q4 2025 system-wide comp sales +7%, Q1 2026 +9%, driven by new menu innovation and operational excellence.\n- **Margin Expansion**: Restaurant contribution margin improved to 14.1% in Q4 2025, with 2026 guidance of 14.7%-16%.\n- **Strategic Closures**: 30-35 restaurant closures in 2026 expected to boost nearby units' EBITDA by $5M-$10M.\n- **Menu Success**: LTOs like Chili-Garlic Shrimp Ramen and Delicious Duos resonate with new and loyal customers.\n- **Financial Health**: 2026 adjusted EBITDA projected at $30M-$35M, up from $7.6M in Q4 2025, with free cash flow positivity.\n

**【CEO Summary Section】**
- **Revenue Growth**: System-wide comp sales grew 7% in Q4 2025 and 9% year-to-date in Q1 2026, driven by new menu items like Chili-Garlic Shrimp Ramen and Delicious Duos.\n- **Operational Excellence**: Introduction of the Operational Excellence Review (OER) program improved guest satisfaction scores to 72% in January 2026, closing the gap with the fast casual category average.\n- **Menu Innovation**: Launch of craveable LTOs (e.g., Indonesian Peanut Saute) and value-oriented meal combinations (Delicious Duos) supported traffic and frequency.\n- **Strategic Review**: Ongoing evaluation of strategic alternatives to maximize shareholder value, including potential restaurant portfolio optimization.\n\n**【CFO Financial Commentary】**
- **Q4 2025 Financials**: Total revenue $122.8M, system-wide comp sales +6.6%, restaurant contribution margin 14.1% (vs. 11.2% in Q4 2024).\n- **Cost Management**: COGS improved 120bps to 26.0%, labor costs 30.9% of sales (down 140bps), and occupancy costs reduced $0.7M.\n- **2026 Guidance**: Adjusted EBITDA $30M-$35M, comp sales growth 6%-9%, and 30-35 restaurant closures to optimize portfolio.\n- **Sales Transfer Impact**: Closures boosted nearby restaurants' average unit volumes, contributing ~$5M to 2026 EBITDA.\n\n**【Q&A Highlights】**
- **Exogenous Factors**: No material impact from tax refunds or gas prices; Q1 2026 performance reflects core business momentum.\n- **Menu Mix**: Delicious Duos account for ~5% of sales, balancing value and quality.\n- **Leverage Benefits**: Sales transfer from closed restaurants adds 200-300bps to Q1 2026 comp sales.\n

Noodles & Company (NDLS) Q4 2025 Earnings Call Transcript

- **Sales Surge**: Q3 comp sales +4%, October +8%, driven by Delicious Duos and Chili Garlic Ramen LTO. Digital sales +12%.
- **Margin Expansion**: Adjusted EBITDA +33% to $6.5M, restaurant margin 13.2% (vs. 12.8% prior year). Labor costs down 60bps.
- **Cost Efficiency**: $5M cost savings plan on track; 30% sales retention from closed restaurants boosts nearby units.
- **Strategic Closures**: 31-34 closures by year-end, saving $2M in 2026. Q3 closures contributed $300k to EBITDA.
- **Digital Growth**: Third-party delivery +12%, NoodlesREWARDS engagement up with 30th anniversary promotions.

**【CEO Summary Section】**
- **Revenue Growth and Sales Momentum**: Total revenue decreased 0.5% to $122.1 million, but system-wide comparable sales increased 4.0% in Q3, accelerating to 8% in October. Digital sales grew 12%, driven by third-party delivery.
- **Menu Innovation Success**: The Delicious Duos platform contributed 4-5% of sales, with guests upselling to other menu items. The Chili Garlic Ramen LTO drove traffic and repeat purchases, with sales transfers from closed restaurants boosting nearby units by 30%.
- **Strategic Closures and Margin Improvement**: 15 company-owned restaurants closed in Q3, contributing $300k to Q3 EBITDA and expected to save $2 million in 2026. Restaurant contribution margins improved 40bps to 13.2%, with labor costs down 60bps due to sales leverage.
- **Cost Savings and Efficiency**: A $5 million cost savings plan is on track for 2025, with further optimizations planned for 2026. Digital marketing ROI improved through targeted media spend.

**【CFO Financial Commentary】**
- **Financial Highlights**: Adjusted EBITDA rose 33% to $6.5 million, driven by sales growth and cost controls. Food inflation was 2%, offset by menu pricing and vendor rebates. G&A expenses decreased $0.6 million due to reduced summit costs.
- **Liquidity and Debt**: $4.7 million cash on hand, $109.8 million debt, and $12 million available on revolving credit. Capital expenditures were $3.7 million, down from $7.1 million in 2024.
- **Full Year Guidance**: Revenue $492-495 million, comp sales 3.6-4.2%, restaurant margin 12.3-12.7%, and $12-13 million capex.

**【Q&A Key Highlights】**
- **Duos Platform Impact**: 4-5% sales mix, with guests trading up to full menu items. Repeat frequency shows both new and existing customers.
- **Traffic Contribution**: 1.5% organic traffic growth in Q3, with 1% lift from sales transfers. October check average up 6% vs. discounted 2024 comps.
- **Ramen LTO Extension**: Trial and repeat strong, with potential for future LTOs or permanent menu addition.
- **Promotion Impact**: Q4 check growth to normalize post-Thanksgiving, with no repeat of 2024 heavy discounts.

Noodles & Company (NDLS) Q3 2025 Earnings Call Transcript

- **Leadership Change**: Drew Madsen stepping down; Joe Christina becomes CEO, with Madsen remaining on the Board.
- **Sales Recovery**: Q2 same-store sales +1.5%, with July improving to +5% week-over-week post-Duos launch.
- **Menu Challenges**: Prolonged J-curve for upgraded dishes, leading to traffic decline and value perception issues.
- **Financial Strain**: Q2 net loss $17.6M, driven by 180bps COGS increase and $1.7M one-time menu costs.
- **Guidance Revision**: 2025 revenue $487-495M, with no free cash flow positivity expected.

**【CEO Summary Section】**
- **Leadership Transition**: CEO Andrew Madsen announced his departure due to health reasons, with COO Joe Christina succeeding him as CEO. Madsen will remain on the Board.
- **Q2 Sales Performance**: Same-store sales grew 1.5% (check +4%, traffic -2.5%), but fell short of expectations. June sales dropped to +0.8%, improving to +1.6% in July and +5% in the last two weeks.
- **Menu Challenges**: The March menu launch faced a prolonged J-curve due to higher price points and industry-wide value demand. Basil Pesto Cavatappi and other dishes saw initial guest dissatisfaction despite quality upgrades.
- **Value Initiatives**: Launched the $9.95 "Delicious Duos" platform in July, featuring smaller bowls with sides, driving recent sales recovery. Testing a $8.95 Chili Garlic Ramen for Q4.
- **Operational Focus**: Rolled out a new operations coaching program to improve consistency and reduce food costs. Removed underperforming dishes like Green Goddess Salad.
- **Digital Growth**: Digital platforms saw 2% YoY traffic growth, with rewards members accounting for 27% of transactions.

**【CFO Financial Commentary】**
- **Q2 Financials**: Total revenue $126.4M (-0.7% YoY). System-wide comp sales +1.5%, driven by franchise (+1.6%). COGS rose 180bps to 26.5% due to menu upgrades. Labor costs increased 50bps to 31.7%.
- **One-Time Costs**: $1.7M in menu rollout expenses (food, labor, marketing). Adjusted EBITDA $6M (-35% YoY).
- **Portfolio Optimization**: Closed 9 underperforming restaurants in Q2, with 13-17 closures expected in 2025-2026. 2025 capital expenditures revised to $12-13M.
- **Guidance Update**: Full-year 2025 revenue $487-495M (vs. prior $490-500M). Restaurant contribution margin 11.8-12.6%. No free cash flow positivity expected in 2025.


- **Topline Momentum**: Q1 same-store sales +4.7% (company-owned), driven by new menu & "We Know Noodles" campaign. April sales +5% despite tough comp.
- **Brand Rebirth**: 2/3 menu refreshed, loyalty sign-ups double, video engagement top quartile. New Mac & Cheese dishes exceed test market performance.
- **Financial Turnaround**: $5M cost savings in 2024, targeting similar 2025. Free cash flow to turn positive Q3, with debt reduction in H2.
- **Risk Management**: 160bp COGS increase in Q1, but 26% COGS target for rest of year. Marketing spend at $500k incremental, evaluating ROI for broader media.


**【CEO Performance Overview】**
- **Q1 Revenue Growth**: Total revenue increased 2% to $123.8 million, driven by a 4.7% same-store sales growth at company-owned restaurants. Franchisee sales rose 2.9% system-wide.
- **Menu Innovation Success**: Introduction of 5 new dishes and 4 reimagined favorites, with nearly 2/3 of menu updated. New Mac & Cheese dishes exceeded expectations, contributing to 5%+ sales growth post-March launch.
- **Brand Rejuvenation**: "We Know Noodles" campaign boosted brand awareness by double digits, with video completion rates in top quartile. Loyalty program sign-ups and transactions doubled expectations during April's taste tour.
- **Operational Excellence**: 95% training module completion rate for new menu rollout, supported by $500k in one-time marketing and $1 million in menu-related costs.

**【CFO Financial Highlights】**
- **Profitability Challenges**: Net loss widened to $9.1 million (-$0.20/share) vs. $6.1 million (-$0.14/share) last year, due to 160bp COGS increase (2% food inflation) and 20bp labor cost rise. Restaurant contribution margin dropped to 10.3% from 13.1%.
- **Cost Management Progress**: $5 million in 2024 cost savings, targeting similar 2025 reductions. Q1 capex halved to $2.9 million vs. $8.6 million, with plans to reduce debt in H2.
- **Guidance for 2025**: Total revenue $503-512M, 12-14% restaurant margin, $49-52M G&A. Free cash flow expected to turn positive in Q3/Q4, with debt reduction in latter half.

**【Q&A Key Takeaways】**
- **Marketing Sustainability**: Media spend doubled vs. prior year, with $500k incremental Q1 marketing. Will evaluate maintaining Connected TV/digital audio investments based on ROI.
- **Customer Segmentation**: Loyalty members drove 14-day promotion transactions 2x expectations. New customers responding well to broader menu appeal.
- **Margin Outlook**: COGS expected to stabilize at 26% post-Q1 one-time costs. Free cash flow positive by Q3, supporting debt paydown.


Noodles & Company, Inc. (NDLS) Q1 2025 Earnings Conference Call Transcript

- **Q4 2024 Recovery**: 0.8% comp sales growth, Q1 2025 surges to +3% with menu rollout and operational excellence.
- **Menu Transformation**: 9 new dishes in March 2025, 2/3 menu updated; examples show 40% order growth and 20% new guests.
- **Financial Outlook**: 2025 revenue $503-512M (mid-single-digit growth), 100bp COGS investment for quality, $11-13M CapEx.
- **Brand Momentum**: Doubled marketing spend, guest satisfaction up 80% vs. industry, leadership expansion with new COO.


**【CEO Summary Section】**
- Fourth quarter 2024 system-wide comparable sales increased 0.8%, driven by improved traffic and new menu items. Q1 2025 comp sales growth exceeds 3% with positive traffic, outpacing fast casual benchmarks.
- Strategic priorities include operational excellence, menu transformation, and third-party delivery growth. Guest satisfaction improved 80% vs. industry average in January.
- Major menu rollout in March 2025 introduces 9 new dishes, with 2/3 of menu updated. Examples include Buffalo Chicken Ranch Mac &amp; Cheese (40% higher orders) and Basil Pesto Cavatappi (20% new guest orders).
- Brand relaunch includes doubled marketing investment and new tagline, "We Know Noodles," emphasizing noodle expertise.
- New leadership: Joe Christina appointed President &amp; COO, supporting operational execution.

**【CFO Financial Commentary】**
- Q4 2024 revenue $121.8M (-2% YoY). GAAP net loss $9.7M (-59% YoY). Adjusted EBITDA $4M (-47% YoY) due to higher COGS (27.2%), labor (32.3%), and marketing expenses.
- 2025 guidance: Total revenue $503-512M (mid-single-digit comp growth). Restaurant contribution margin 12.5-14.0% (100bp COGS investment for menu quality). G&amp;A $49-52M. CapEx $11-13M, with 2 new restaurants and 12-15 closures.
- Debt $103M at end-2024; expect debt reduction in 2H 2025 with lower CapEx.

**【Q&A Highlights】**
- **Sales Momentum**: Q1 2025 +3% comp (excluding weather), sustainable despite February storms. Q2 faces tough comp from 2024 Steak Stroganoff success. Q3/Q4 expected to drive mid-single-digit growth.
- **Cost Impact**: 100bp COGS investment permanent for quality; marketing spend doubles temporarily for launch, stabilizing at modest YoY increase.
- **Weather Impact**: February weather reduced Q1 growth by ~50bps, but non-weather weeks still track +3%.
- **Guest Satisfaction**: Taste of food and value improvements drive traffic; 80% gap closed vs. industry in guest satisfaction.


Actual												-0.72	-1.44	0.08	-0.32	-0.16	0.8	0.96	-0.4	-1.04	0.4	0.32	0.24	-0.4	-0.16	0.32	-0.56	-1.04	-0.4	-0.96	-1.2	-1.6	-0.96	-0.8	-0.43
Forecast												-0.4533	-1.68	0.016	0.272	-0.096	0.848	0.7067	0.6133	-1.28	0.576	0.3867	0.2	-0.66	0.44	-0.08	-0.08	-1.3867	-0.4267	-0.4533	-0.9867	-0.88	-0.52	-0.84	-0.72
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-58.84%	+14.29%	+400.00%	-217.65%	-66.67%	-5.66%	+35.84%	-165.22%	+18.75%	-30.56%	-17.25%	+20.00%	+39.39%	-136.36%	+500.00%	-600.00%	+25.00%	+6.26%	-111.78%	-21.62%	-81.82%	-84.62%	+4.76%	+40.28%

Actual	--	--	--	--	--	--	--	--	--	--	--	100.35M	80.16M	105.98M	107.17M	109.60M	125.65M	125.13M	114.80M	112.56M	131.07M	129.38M	136.50M	126.08M	125.15M	127.85M	124.32M	121.39M	127.35M	122.75M	121.77M	123.79M	126.43M	122.09M	122.78M
Forecast	--	--	--	--	--	--	--	--	--	--	--	104.80M	79.53M	107.19M	107.46M	104.03M	123.32M	124.98M	120.65M	112.52M	130.91M	127.11M	135.98M	126.41M	136.40M	126.13M	125.33M	121.41M	130.70M	125.85M	123.43M	123.32M	131.62M	119.77M	122.40M
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-4.25%	+0.79%	-1.13%	-0.27%	+5.35%	+1.88%	+0.11%	-4.85%	+0.04%	+0.12%	+1.78%	+0.38%	-0.27%	-8.24%	+1.37%	-0.81%	-0.01%	-2.56%	-2.47%	-1.34%	+0.39%	-3.94%	+1.93%	+0.31%

NDLS

NDLS fundamentals

NDLS Q4 2025 Earnings

Earnings Call

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NDLS

NDLS fundamentals

NDLS Q4 2025 Earnings

Earnings Call

NDLS Earnings Call Summary for Q4/20254:30 PM on Mar 25, 2026

NDLS Earnings Call Summary for Q3/20254:30 PM on Nov 5, 2025

NDLS Earnings Call Summary for Q2/20254:30 PM on Aug 6, 2025

NDLS Earnings Call Summary for Q1/20254:30 PM on May 7, 2025

NDLS Earnings Call Summary for Q4/20244:30 PM on Mar 6, 2025

You can ask Aime