Here are the 10-K annual reports from Noodles & Company (NDLS) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow NDLS and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full NDLS filings page.
Noodles & Company (NDLS) reported fiscal 2025 revenue of $495.1 million, compared with $493.3 million in 2024, and a net loss of $42.6 million, versus $36.2 million a year earlier. Operating cash flow was $7.3 million. Restaurant impairment, closure and asset-disposal costs were $26.3 million.
As of December 30, 2025, the company operated 423 restaurants in 31 states: 340 company-owned and 83 franchised. It opened two company-owned restaurants and closed 33 during 2025. Management expects to close approximately 30 to 35 company-owned restaurants in 2026 and, citing increased construction and development costs and lower-than-expected returns on recent openings, is currently not planning company-operated openings that year.
Borrowings under the credit agreement were $110.2 million as of December 30, 2025, and the company was in compliance with all debt covenants. Noodles implemented a 1-for-8 reverse split of its Class A common stock on February 18, 2026, and retroactively adjusted share and per-share figures in the report.