NDLS on Nasdaq

Noodles & Company

Logo: noodles.com5

Colorado-based fast-casual restaurant chain featuring noodle dishes

Noodles & Company is an American fast-casual restaurant that offers international and American noodle dishes in addition to soups and salads. Noodles & Company was founded in 1995 by Aaron Kennedy and is headquartered in Broomfield, Colorado. The company went public in 2013 and recorded a $457 million revenue in 2017.3 Its shares trade on Nasdaq under the symbol NDLS.1 Wikipedia text CC BY-SA 4.0

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Last updated Oct 21, 2026.

Overview

2005Founded1

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  • TickerNDLS on Nasdaq1
  • Industryretail1
  • HeadquartersBroomfield1
  • Websitewww.noodles.com
  • Legal formDelaware corporation1
  • Business address520 Zang St., Suite D, Broomfield, Co 800216
  • Filer categoryNon-accelerated filer, Smaller reporting company6
  • LEI5299003PCPK4UINV43624
  • StatusActive4
  • LEI statusIssued and current4
  • Registered addressC/O CORPORATION SERVICE COMPANY, 19808 Wilmington, United States4
  • Registered withDivision of Corporations, Department of State, 35966384
Noodles & Company Arborland Shopping Center Ann Arbor Michigan
Photo: Dwight Burdette, CC BY 3.0, via Wikimedia Commons9

Noodles & Company is an American fast-casual restaurant that offers international and American noodle dishes in addition to soups and salads. Noodles & Company was founded in 1995 by Aaron Kennedy and is headquartered in Broomfield, Colorado. The company went public in 2013 and recorded a $457 million revenue in 2017. In mid-2022, there were 458 Noodles & Company locations across 31 states.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

-6.4%Operating margin10
-8.6%Net margin10
0.4%Revenue growth, 202510
-$5.1MFree cash flow10

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Food and Beverage brought in 98% of the revenue Noodles & Company broke down this way in fiscal 2025.

  1. Food and Beverage$485.1M1098%up 0% from 2024
  2. Franchise$10.0M102%down 2% from 2024
Products and services by year
Products and services202320242025
Food and Beverage$492.6M$483.1M$485.1M
Franchise$10.8M$10.2M$10.0M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs100¢$495.0M
  • Income tax0¢$64.0K

Out of $495.1M in revenue.10 The company lost money this year.

Where each dollar of operating cash went, fiscal 2025

  • Capital spending100¢$12.4M

Out of $7.3M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.10

Financial statements

Revenue1112131410$495.1M in 2025+7% since 2019
0$200.0M$400.0M$600.0M2019: $462.4M$462.4M20192020: $393.7M$393.7M2020−15%2021: $475.2M$475.2M2021+21%2023: $509.5M$509.5M2023+7%2024: $493.3M$493.3M2024−3%2025: $495.1M$495.1M2025+0%
Operating income1112131410-$31.6M in 2025
-$40.0M-$30.0M-$20.0M-$10.0M0$10.0M2019: $5.4M$5.4M20192020: -$20.0M-$20.0M20202021: $5.8M$5.8M20212023: -$832.0K-$832.0K20232024: -$27.8M-$27.8M2024+3239%2025: -$31.6M-$31.6M2025+14%
Net income1112131410-$42.6M in 2025
-$60.0M-$40.0M-$20.0M0$20.0M2019: $1.6M$1.6M20192020: -$23.3M-$23.3M20202021: $3.7M$3.7M20212023: -$3.3M-$3.3M20232024: -$36.2M-$36.2M2024+993%2025: -$42.6M-$42.6M2025+18%

Every line of the income statement as filed: the last 3 fiscal years, latest first.10

Period ending2025-12-312024-12-312023-12-31
Total revenue$495.1M$493.3M$503.4M
Other restaurant operating costs$98.9M$95.0M$91.6M
General and administrative$49.1M$50.8M$51.8M
Depreciation and amortization$27.0M$29.1M$26.8M
Pre-opening$225.0K$1.5M$2.2M
Restaurant impairments, closure costs and asset disposals$26.3M$20.3M$8.4M
Total costs and expenses$526.7M$521.0M$508.4M
Loss from operations-$31.6M-$27.8M-$5.0M
Interest expense, net$10.9M$8.4M$4.8M
Loss before income taxes-$42.5M-$36.2M-$9.8M
Provision for income taxes$64.0K$54.0K$24.0K
Net loss-$42.6M-$36.2M-$9.9M
Basic (USD per share)-$7.36-$6.37-$1.72
Diluted (USD per share)-$7.36-$6.37-$1.72
Basic (in shares)5.8M shares5.7M shares5.7M shares
Diluted (in shares)5.8M shares5.7M shares5.7M shares

Compare Noodles & Company with another company

Corporate structure

Noodles & Company sits at the top of its group. 8 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Noodles & Company

  • Nantahala Capital Management, LLC Filed SCHEDULE 13G/A on Noodles & Company, latest May 15, 2026 (3 filings since Feb 14, 2024)
  • Galloway Capital Partners, LLC Filed SCHEDULE 13D on Noodles & Company, latest Feb 24, 2026 (3 filings since Dec 1, 2025)
  • Diveroli Investment Group LLC Filed SCHEDULE 13D on Noodles & Company, latest Dec 3, 2025
  • VANGUARD GROUP INC Filed SC 13G/A on Noodles & Company, latest Nov 12, 2024 (3 filings since Feb 13, 2024)
  • ROYCE & ASSOCIATES LP Filed SC 13G/A on Noodles & Company, latest Oct 30, 2024 (2 filings since Jan 24, 2024)
  • BlackRock Filed SC 13G/A on Noodles & Company, latest Jul 8, 2024 (4 filings since Feb 4, 2022)
  • Headlands Capital Management, LLC Filed SC 13D/A on Noodles & Company, latest Jul 2, 2024 (3 filings since Mar 22, 2024)
  • Hoak Public Equities, LP Filed SC 13D/A on Noodles & Company, latest Jun 10, 2024 (4 filings since Jun 23, 2023)
  • Woodson Capital Management, LP Filed SC 13G/A on Noodles & Company, latest Feb 14, 2024 (3 filings since Feb 14, 2022)
  • FMR LLC Filed SC 13G/A on Noodles & Company, latest Feb 9, 2024 (4 filings since Feb 9, 2022)
  • Mill Road Capital III, L.P. Filed SC 13D/A on Noodles & Company, latest Sep 15, 2023 (5 filings since Sep 8, 2022)
  • Timothy M. Riley Filed SC 13G/A on Noodles & Company, latest Mar 14, 2023 (3 filings since Jan 7, 2022)
  • Noodles & Company Broomfield, Colorado, United States
    • The Noodle Shop, Co. - Colorado, Inc. Subsidiary · Colorado, United States
    • The Noodle Shop, Co. - Delaware, Inc. Subsidiary · Delaware, United States
    • The Noodle Shop, Co. - Illinois, Inc. Subsidiary · Illinois, United States
    • The Noodle Shop, Co. - Kansas, LLC Subsidiary · Kansas, United States
    • The Noodle Shop, Co. - Virginia, Inc. Subsidiary · Virginia, United States
    • The Noodle Shop, Co. - Wisconsin, Inc. Subsidiary · Wisconsin, United States
    • TNSC, Inc. Subsidiary · Colorado, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Noodles & Company reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Finance-lease assets$6.4M10 Dec 30, 2025$3.8M10 Dec 31, 2024+67.4%
Operating-lease assets (leased space)$126.3M10 Dec 30, 2025$157.8M10 Dec 31, 2024−20.0%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$1.3M10 Dec 30, 2025$1.1M10 Dec 31, 2024+10.1%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$7.2M10 Dec 30, 2025$7.2M10 Dec 31, 20240%
Intangible assets, net (excluding goodwill)$420.0K10 Dec 30, 2025$495.0K10 Dec 31, 2024−15.2%
Indefinite-lived intangibles (excluding goodwill)$269.0K10 Dec 30, 2025$254.0K10 Dec 31, 2024+5.9%
Finite-lived intangibles, gross$869.0K10 Dec 30, 2025$933.0K10 Dec 31, 2024−6.9%
Accumulated amortization$718.0K10 Dec 30, 2025$692.0K10 Dec 31, 2024+3.8%
Finite-lived intangibles, net$151.0K10 Dec 30, 2025$241.0K10 Dec 31, 2024−37.3%

Inventory

ItemLatestA year beforeChange
Inventory, total$10.2M10 Dec 30, 2025$10.5M10 Dec 31, 2024−2.7%

Properties, in its own words

As of December 30, 2025, we and our franchisees operated 423 restaurants in 31 states. Our restaurants are typically between 2,000 and 2,600 square feet and are located in a variety of suburban, collegiate and urban markets. We lease the property for our restaurant support center and all of the properties on which we operate restaurants. The chart below shows the locations of our company-owned and franchised restaurants as of December 30, 2025.

State · Company-owned · Franchised · Total

The rest of Item 2

Arizona · 9 · — · 9

California · — · 7 · 7

Colorado · 50 · — · 50

Connecticut · — · 4 · 4

Florida · — · 4 · 4

Idaho · 6 · — · 6

Illinois · 44 · 5 · 49

Indiana · 20 · 1 · 21

Iowa · 9 · 2 · 11

Kansas · 9 · — · 9

Kentucky · 1 · 3 · 4

Maryland · 19 · — · 19

Michigan · — · 19 · 19

Minnesota · 43 · 1 · 44

Missouri · 2 · 5 · 7

Montana · — · 2 · 2

Nebraska · — · 5 · 5

Nevada · 1 · — · 1

New York · 1 · — · 1

North Carolina · 8 · 2 · 10

North Dakota · — · 6 · 6

Ohio · 16 · — · 16

Oregon · — · 5 · 5

Pennsylvania · 9 · — · 9

South Carolina · — · 2 · 2

South Dakota · — · 2 · 2

Tennessee · — · 4 · 4

Utah · 15 · — · 15

Virginia · 23 · — · 23

Washington · — · 1 · 1

Wisconsin · 55 · 3 · 58

340 · 83 · 423

We are obligated under non-cancelable leases for our restaurants and our restaurant support center. Our restaurant leases generally have initial terms of 10 years with two or more five-year renewal options. Our restaurant leases may require us to pay a proportionate share of real estate taxes, insurance, common area maintenance charges and other operating costs.

Item 2 of the 10-K filed Mar 26, 2026.18

The story

Origins

The idea for Noodles & Company was conceived by former Pepsi marketing executive Aaron Kennedy, after eating at Mamie's Asian Noodle Shop in Greenwich Village, New York. He felt there were not enough restaurants that served noodle dishes, which are a staple for many international foods. Kennedy started developing recipes out of his mother-in-law's kitchen with the future COO, Joe Serafin, and head chef, Ross Kamens, in 1994.

Kennedy raised $72,000 ($158,571 in 2025 dollars) in personal funds and $200,000 ($434,441 in 2025 dollars) in investments from 24 friends and family members. The first Noodles & Company was opened in October 1995, in the Cherry Creek neighborhood of Denver, Colorado. Kennedy was joined by partner and real estate developer Tom Weigand, whom he had met at Augustana College. They opened a second location in Madison, Wisconsin, the following March.

Early history

In the first three months, Noodles & Company lost $42,000 ($86,219 in 2025 dollars), and almost went out of business in 1996 after a reporter with the Wisconsin State Journal published a negative review. The reviewer said Noodles & Company was "a killer idea" but "criticized nearly every dish he'd tried". The Denver Post and other newspapers had published similar reviews. In response, Kennedy started a "Redefine Noodles & Company" campaign "to redefine and refine nearly every aspect of the operation".

In mid-1996, the management team went to Chicago to observe other noodle restaurants and, the night of their return, the basement flooded at the Madison location. The next day, Kennedy made a list of 15 areas for improvement. Rocky Mountain News said: "the team completely revamped the Noodles concept, overhauling the menu, the prices, the decor and more. It worked." The restaurant implemented a warmer color scheme. Steam tables to keep food warm were replaced with saute lines to cook each dish as it is ordered. Two new managers were hired and an executive chef re-worked the menu. According to Inc. Magazine, within sixty days "the food had improved dramatically".

Growth

From 1996 to 2000, Noodles & Company's revenues grew from $330,000 ($677,435 in 2025 dollars) to $13 million ($24.3 million in 2025 dollars). Local food critics in many cities began naming Noodles & Company as the best fast-food restaurant in the city, and it was frequently listed as a "company to watch". It won a Hot Concept! award from Nation's Restaurant News. $1 million ($1.98 million in 2025 dollars) in stock was sold in 1998, which was followed by a $2.5 million ($4.94 million in 2025 dollars) round of funding and a $5 million round in 2000. ($9.35 million in 2025 dollars)

The restaurant had 37 locations in 2002, 65 in 2003, and 142 by 2007. The company started franchising in 2003 and by 2007, 22 of its stores were franchises. The restaurants were redesigned in 2004 with lighter colors, new packaging, a greater emphasis on carryout orders and a floorplan that emphasized an open kitchen, where the saute line was visible to customers.

According to Rocky Mountain News, the company was growing "so fast that it has had to move every two years". In 2006, its headquarters were moved from Boulder to Broomfield, Colorado. The company's founder, Aaron Kennedy, stepped down from his position as CEO that same year and was replaced by Kevin Reddy. The number of Noodles & Company locations grew threefold from the beginning of the 2008 financial crisis to 2013, reaching 339 locations.

Recent history

In 2010, a majority interest in Noodles & Company was acquired by an investment group led by Catterton Partners. In January 2013, bankers told the Financial Times that Noodles & Company was scouting for underwriters for an initial public offering (IPO). Two months later, the intent for a public offering was confirmed with a filing with the U.S. Securities and Exchange Commission for a sale of $75 million in stock on NASDAQ OMX Group's NASDAQ stock exchange. Around this time, the company had reached 339 locations, 51 of which were franchises, and $300.4 million in revenues. Within a day following Noodles & Company's (ticker symbol: NDLS) IPO on June 27, the stock price doubled. Fast Company and The Daily Beast called it "the hottest IPO of the year" and compared it to Chipotle's IPO.

Read the full text

On November 16, 2015, Noodles & Company announced that it had pulled out of Central Texas, closing all five of its locations in the Austin area. Restaurants in a handful of other cities had closed or were planned to close within the coming weeks, including locations in Lubbock and the Washington, D.C., area, according to published reports. Ultimately, 16 locations were closed by the end of the year.

On July 25, 2016, in Alexandria, Virginia, two Noodles & Company employees refused to serve a uniformed police officer. The officer left the restaurant and reported the incident, which gained regional news coverage. The company issued an apology and terminated the employees involved in the incident.

In 2017, the company planned to close 55 underperforming restaurants, but also planned to open 14 to 17 new locations. It also launched a pilot test in the Colorado Springs and Kansas City markets. The test included a new name, Noodles World Kitchen, as well as new menu items, customizations, rapid pick-up service, and a rewards program.

In September 2025, the company announced it would consider strategic alternatives including refinancing of existing debt, refranchising or a sale of all or part of the business. Since the company began trading publicly on June 28, 2013, shares had lost over 98% of their value leading up to the announcement of the strategic review.

From Wikipedia’s article on Noodles & Company, shared under CC BY-SA 4.0.7

Leadership

Who has led Noodles & Company, and when. Pick a name to see everywhere that person has worked.

Board members and other officers (32)

Products and brands

  • pasta

Listed on Wikidata.1

Menu and restaurants

Noodles & Company offers international and American noodle dishes, as well as soups, salads, and pasta. It also sells baguettes and desserts like Rice Krispies Treats.

Originally, most pasta entrees came vegetarian with optional protein toppings such as tofu, chicken, beef or shrimp. In 2017, menu items started being marketed and featured with specific proteins, increasing the menu prices. For example, the Buffalo Chicken Mac can be ordered with another protein for nearly the same cost (depending on the protein) or no protein for a lesser cost.

Customers order at the counter and are served at their table, usually within five to seven minutes. The average check is approximately $8 per person. The restaurants use soft lighting, furniture made from recycled bamboo and have bench seating and community tables. Orders can be made online for dine-in or to-go, with the majority of locations offering curbside pickup and select locations offering drive-up lanes for pickup.

Seasonal items were first introduced to supplement the menu in 2002. Two years later, noodle-less entrees were added in response to the trend for low-carb diets. The following year it introduced a whole-grain Tuscan fettuccine. Naturally raised pork was added as a meat option in 2012. Three seasonal items and a gluten-free fusilli were added in April 2013.

Read the full text

In 2015, Noodles & Company debuted customizable kids' meals.

Sometime between July 2016 and October 2016, sandwiches were quietly removed from the Noodles website, with the last web snapshot that recorded the inclusion of sandwiches on the menu having occurred at the end of that July.

Although they offer gluten-free and vegan options, they warn that cross-contamination may occur.

Operations and franchises

Many Noodles & Company restaurants are owned and operated by Noodles & Company Incorporated, but some are operated in a franchise model. Franchise locations are operated by an independent franchisee that is trained by Noodles & Company and uses the same menu, pricing and branding as corporate-owned stores. As of 2010, the average Noodles & Company store generated more than $1 million in annual revenue, with a profit of 21 percent. Takeout orders account for approximately 25 percent of revenues. According to Inc. Magazine, Noodles & Company is more selective in franchise partners than other franchise-based restaurants, and has a higher ratio of corporate-owned stores than most franchising restaurants.

From Wikipedia’s article on Noodles & Company, shared under CC BY-SA 4.0.7

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • TNSC, Inc. Colorado, United States8
  • The Noodle Shop, Co. - Colorado, Inc. Colorado, United States8
  • The Noodle Shop, Co. - Delaware, Inc. Delaware, United States8
  • The Noodle Shop, Co. - Illinois, Inc. Illinois, United States8
  • The Noodle Shop, Co. - Kansas, LLC Kansas, United States8
  • The Noodle Shop, Co. - Virginia, Inc. Virginia, United States8
  • The Noodle Shop, Co. - Wisconsin, Inc. Wisconsin, United States8

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Timeline

  1. Jul 24, 20268-K Results of operations59
  2. May 14, 20268-K Shareholder vote60
  3. May 6, 20268-K Results of operations61
  4. Mar 30, 20268-K Executive or director change62
  5. Mar 25, 20268-K Results of operations63
  6. Mar 9, 20268-K Other events64
  7. Feb 13, 20268-K Change to shareholders' rights; Bylaws or fiscal year changed; Other events65
  8. Feb 4, 20268-K Shareholder vote; Other events66
  9. Jan 12, 20268-K Results of operations67
  10. Dec 29, 20258-K Listing notice or transfer68
  11. Nov 21, 20258-K Executive or director change69
  12. Nov 5, 20258-K Results of operations70
  13. Sep 3, 2025New chief executive Joseph Christina becomes CEO19
  14. Nov 13, 2023New chief executive Andrew H. Madsen becomes CEO20
  15. May 8, 2017New chief executive David James Boennighausen becomes CEO21
  16. Jun 27, 2013New chief executive Kevin Michael Reddy becomes CEO22
  17. 2005Founded Founded1

Calendar

Coming up

  1. Nov 4, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported ($0.80) a share, on Nov 5, 2025.71

When it reported results

  1. Jul 24, 2026Reported quarterly or annual results59
  2. May 6, 2026Reported quarterly or annual results61
  3. Mar 25, 2026Reported quarterly or annual results63
  4. Jan 12, 2026Reported quarterly or annual results67
  5. Nov 5, 2025Reported quarterly or annual results70
  6. Aug 13, 2025Reported quarterly or annual results72
  7. May 7, 2025Reported quarterly or annual results73
  8. Mar 6, 2025Reported quarterly or annual results74

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

287 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 50 major events, 155 insider forms, 38 large holders, 24 other. The latest 20:

  1. Sep 2, 2026EFFECT EDGAR
  2. Sep 1, 20264 EDGAR
  3. Aug 21, 2026S-3 S-3 AUGUST 2026 EDGAR
  4. Jul 27, 20264 EDGAR
  5. Jul 24, 202610-Q EDGAR
  6. Jul 24, 20268-K EDGAR
  7. May 19, 20264 EDGAR
  8. May 19, 20264 EDGAR
  9. May 19, 20264 EDGAR
  10. May 19, 20264 EDGAR
  11. May 19, 20264 EDGAR
  12. May 19, 20264 EDGAR
  13. May 19, 20264 EDGAR
  14. May 19, 20264 EDGAR
  15. May 19, 20264 EDGAR
  16. May 19, 20264 EDGAR
  17. May 15, 2026SCHEDULE 13G/A EDGAR
  18. May 14, 20268-K EDGAR
  19. May 7, 202610-Q EDGAR
  20. May 6, 20268-K EDGAR

The 287 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

35 open-market trades by officers, directors and large owners since October 2021: 30 buys and 5 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Jun 2, 2023Kline CoreyEVP - TechnologyBuy2,900$3.41$9.9KForm 4
May 15, 2023WEST THOMAS BChief Operating OfficerBuy2,000$3.89$7.8KForm 4
Apr 26, 2023Mill Road Capital II, L.P.10% ownerBuy107,439$4.65$499.6KForm 4
Apr 6, 2023Mill Road Capital III, L.P.10% ownerBuy1,833$4.63$8.5KForm 4
Mar 29, 2023Mill Road Capital III GP LLC10% ownerBuy5,000$4.64$23.2KForm 4
Mar 17, 2023Mill Road Capital II GP LLC10% ownerBuy100,000$4.64$464.0KForm 4
Jan 13, 2023Heidman MelissaEVP & General CounselSale6,259$6.19$38.7KForm 4
Jan 12, 2023Heidman MelissaEVP & General CounselSale3,231$6.16$19.9KForm 4
Jan 12, 2023Lockhart Kathryn RaeChief Accounting OfficerSale2,664$6.00$16.0KForm 4
Dec 23, 2022Mill Road Capital III GP LLC10% ownerBuy6,411$4.95$31.7KForm 4
Dec 22, 2022Mill Road Capital III GP LLC10% ownerBuy45,333$4.92$223.0KForm 4
Dec 21, 2022Mill Road Capital III GP LLC10% ownerBuy61,986$4.97$308.1KForm 4
Oct 7, 2022LYNCH THOMAS EDirectorBuy17,290$4.69$81.1KForm 4
Sep 26, 2022LYNCH THOMAS EDirectorBuy31,265$4.60$143.8KForm 4
Sep 23, 2022LYNCH THOMAS EDirectorBuy10,244$4.51$46.2KForm 4
Sep 22, 2022LYNCH THOMAS EDirectorBuy32,612$4.54$148.1KForm 4
Sep 6, 2022Mill Road Capital II GP LLC10% ownerBuy131,085$4.55$596.4KForm 4
Sep 2, 2022Mill Road Capital II GP LLC10% ownerBuy61,739$4.61$284.6KForm 4
Sep 1, 2022Mill Road Capital II GP LLC10% ownerBuy40,057$4.58$183.5KForm 4
Jul 27, 2022Mill Road Capital III GP LLC10% ownerBuy9,473$4.59$43.5KForm 4

All 35 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Joseph Christina64$407.1K$889.7K87
2025Drew Madsen$547.7K$869.0K87
2025Mike Hynes50$382.6K$549.6K87
2025Corey Kline48$297.5K$377.1K87
2025Kathy Lockhart62$293.3K$376.2K87
2025Brad West$195.4K$328.1K87
2024Former CEO$800.7K$2.4M87
2024Former Executive Vice PresidentOperations$388.7K$677.1K87
2024Chief Financial Officer$379.2K$666.8K87
2024Executive Vice PresidentIT$293.0K$402.5K87
2024Chief Accounting Officer$283.7K$394.6K87
2023Former Executive Vice PresidentOperations$368.3K$780.7K87
2023Former CEO$61.8K$474.0K87
2023Executive Vice PresidentIT$266.0K$411.6K87
2023Chief Accounting Officer$264.7K$408.4K87
2023Chief Financial Officer$137.3K$390.3K87

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 37. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Nantahala Capital Management, LLC1,107,492$16.6M0.5%+553,746
Vanguard Capital Management LLC218,589$3.3M0.0%−12,138
Assenagon Asset Management S.A.110,382$1.7M0.0%New
Jane Street Group, LLC91,296$1.4M0.0%+29,576
BlackRock, Inc.75,595$1.1M0.0%+13,337
Citadel Advisors LLC62,397$932.8K0.0%+42,225
Goldman Sachs Group Inc55,949$836.4K0.0%New
Geode Capital Management, LLC50,145$749.9K0.0%−4,670
Renaissance Technologies LLC35,480$530.4K0.0%+22,134
Vanguard Fiduciary Trust Co28,805$430.6K0.0%+3,681
Centiva Capital, LP27,297$408.1K0.0%+2,374
State Street Corp22,743$340.0K0.0%No change
Quadrature Capital Ltd19,889$297.3K0.0%+2,006
Two Sigma Investments, LP17,984$268.9K0.0%New
Quinn Opportunity Partners LLC15,125$226.1K0.0%New
XTX Topco Ltd12,043$180.0K0.0%New
Northern Trust Corp10,267$153.5K0.0%New
Barclays PLC7,296$109.1K0.0%+25
Morgan Stanley2,745$41.0K0.0%−58
Vanguard Global Advisers, LLC1,584$23.7K0.0%No change
PNC Financial Services Group, Inc.596$8.9K0.0%No change
Arax Advisory Partners542$8.1K0.0%+271
Jones Financial Companies Lllp369$5.8K0.0%No change
SBI Securities Co., Ltd.333$5.0K0.0%+298
Group One Trading LLC189$2.8K0.0%−1,265

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Noodles & Company is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARNOODLES & Co2
  • CIK0001275158
  • Employer ID (EIN)84-130346918
  • Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company18
  • Incorporated inDelaware18
  • Fiscal year endsDecember 292
  • Industry code (SIC)5812 Retail-Eating Places2
  • SEC reviewing officeOffice of Trade & Services, Division of Corporation Finance2
  • Business address520 Zang St., Suite D, Broomfield, CO 800212
  • Phone720-214-19042
  • Shares outstanding5,966,660 as of Jul 21, 202616
  • Public float$26.1M as of Jul 1, 202518
  • AuditorGrant Thornton LLP, Denver, Colorado PCAOB ID 248; no auditor attestation of internal control over financial reporting18
  • On EDGAR sinceDec 29, 20032
  • Filings826 in all: 4 (361), 8-K (150), 3 (42), 10-Q (40), SC 13G/A (34), SC 13D/A (30), 4/A (17), CORRESP (15)2
    All 43 form types

    SC 13G (15), UPLOAD (15), DEF 14A (14), 10-K (13), DEFA14A (13), SC 13D (7), ARS (6), S-1/A (6), EFFECT (5), S-8 (4), 3/A (3), 424B2 (3), S-1 (3), S-3 (3), SCHEDULE 13D (3), 424B4 (2), 8-K/A (2), DRSLTR (2), SCHEDULE 13G/A (2), 10-K/A (1), 10-Q/A (1), 144 (1), 424B3 (1), 8-A12B (1), CERTNAS (1), D (1), DEFR14A (1), DRS (1), DRS/A (1), FWP (1), PRE 14A (1), PX14A6G (1), REGDEX (1), RW (1), SCHEDULE 13D/A (1)

  • Latest filingsAnnual report (10-K) Mar 26, 2026
    Quarterly report (10-Q) Jul 24, 2026
    Proxy statement (DEF 14A) Apr 1, 2026
    Latest 8-K (8-K) Jul 24, 2026

Securities registered for trading

ClassSymbolExchange
Class A common stock, par value $0.01 per shareNDLSNasdaq Global Select Market

From the cover page of the 10-K filed Mar 26, 2026 (Section 12(b) of the Exchange Act).18

Risk factors and legal proceedings

The risks Noodles & Company names in Item 1A of its 10-K filed Mar 26, 2026: 37 risks under these headings, as written.18

  • Risks Related to Our Business and Industry
  • We may not achieve our operational, strategic or financial goals.
  • There can be no assurance that our review of strategic alternatives or any initiatives or transactions that we pursue will result in additional stockholder value or that the process or any actions that we take will not have an adverse impact on our business.
  • Changes in political and economic conditions, including higher inflationary pressures and continued elevated interest rates, may reduce customer demand and increase our costs.
  • Competition from other restaurant companies could adversely affect us.
  • Our marketing programs may not be successful.
  • Negative publicity relating to one or more of our restaurants, including our franchised restaurants, could reduce sales at some or all of our other restaurants.
  • Food safety and foodborne illness concerns could have an adverse effect on our business.
  • We may raise menu prices or revise our pricing structure, which may not be sufficient to offset rising costs or which could
  • decrease customer demand.
  • Unexpected events have impacted and may in the future impact our business, financial condition and results of operations.
  • We are subject to risks associated with long-term non-cancellable leases and the costs of exiting leases at restaurants we have closed or may close in the future may be greater than we estimate or could be greater than the funds we raise to address closure costs.
The other 26 risks
  • Opening and operating new restaurants entails numerous risks and uncertainties.
  • New restaurants, once opened, may not be profitable.
  • Risks Related to Our Employees, Executives and Franchisees
  • Our business could be adversely affected by difficulties in hiring and retaining qualified employees.
  • A failure to recruit, develop and retain effective leaders or the loss or shortage of personnel with key capacities and skills could impact our strategic growth plans and jeopardize our ability to meet our business performance expectations and growth targets.
  • If we or our franchisees face labor shortages or increased labor costs, our operating results could be adversely affected.
  • We may not be successful in executing our franchise strategy.
  • Risks Related to Our Supply Chain and Technology
  • We rely heavily on information technology, and any material failure, weakness, interruption or breach of security could prevent us from effectively operating our business.
  • We may be harmed by breaches of security of information technology systems and/or of our confidential consumer, employee, financial, or other proprietary data.
  • We rely heavily on certain vendors, suppliers and distributors, which could adversely affect our business.
  • Our ability to continue to expand our digital business, delivery orders, and catering is uncertain, and these business lines are subject to risks.
  • Changes in food and supply costs could adversely affect our results of operations.
  • Our inability or failure to recognize, respond to and effectively manage the accelerated impact of social media could have an adverse effect on our business.
  • New or improved technologies, including artificial intelligence, and risks or changes in consumer behavior facilitated by these technologies could negatively affect our business.
  • Legal, Accounting, and Regulatory Risks
  • Changes to estimates related to our property, fixtures and equipment or operating results that are lower than our current estimates at certain restaurant locations may cause us to incur impairment charges on certain long-lived assets, which may materially adversely affect our results of operations.
  • Failure of our internal control over financial reporting could adversely affect our business and financial results.
  • Governmental regulation may adversely affect our business, financial condition, results of operations or cash flows.
  • Changes in employment laws may adversely affect our business.
  • New information or attitudes regarding diet and health could result in changes in regulations and consumer consumption habits that could adversely affect our results of operations.
  • We may not be able to adequately protect our intellectual property, which could harm the value of our brand and could adversely affect our business.
  • We could be party to litigation that could adversely affect us by distracting management, impairing our reputation, increasing our expenses or subjecting us to material money damages and other remedies.
  • Increasing attention to and evolving expectations for corporate responsibility matters may increase our costs, harm our reputation, or otherwise adversely affect our business.
  • Risks Related to Our Debt Financing and Common Stock
  • Our indebtedness and credit facility contain financial covenants and other restrictions on our actions that may limit our financial and operational flexibility or otherwise adversely affect our liquidity and results of operations. Further, we may be unable to negotiate favorable borrowing terms, and any additional capital we may require could be senior to existing equity holders, dilute existing equity holders or include unfavorable restrictions.
  • We may fail to qualify for continued listing on the Nasdaq Global Select Market, which could make it more difficult for our stockholders to sell their shares and reduce our ability to raise additional capital.
  • Future sales of our common stock, or the perception that such sales may occur, could depress our common stock price.
  • Our quarterly operating results may fluctuate significantly and could fall below the expectations of securities analysts and investors due to seasonality and other factors, some of which are beyond our control, resulting in a decline in our stock price.
  • Provisions in our organizational documents and Delaware law may delay or prevent our acquisition by a third party.

Legal proceedings

In the normal course of business, the Company is subject to proceedings, lawsuits and claims. Such matters are subject to many uncertainties, and outcomes that are not predictable with assurance. Consequently, the Company is unable to ascertain the ultimate aggregate amount of monetary liability or financial impact with respect to these matters as of December 30, 2025. These matters could affect the operating results of any one financial reporting period when resolved in future periods. The Company believes that an unfavorable outcome with respect to these matters is remote or a potential range of loss is not material to its consolidated financial statements. Significant increases in the number of these claims, or one or more successful claims that result in greater liabilities than the Company currently anticipates, could materially and adversely affect its business, financial condition, results of operations or cash flows.

The opening of Item 3, Legal Proceedings.18

Sources

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