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NOODLES & COMPANY
Noodles & Company franchises fast-casual restaurants specializing in noodle dishes, salads, soups, desserts, breads, beverages, and related merchandise. Franchisees enter into area development agreements to develop and operate multiple restaurants (minimum three-unit commitment), offering in-restaurant dining, patio seating, delivery, and carry-out services while adhering to the franchisor's menu, design, and operational standards. The business targets the general public for personal consumption in a highly competitive restaurant industry against fast-casual, fast food, full-service eateries, and grocery stores.
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Franchise Costs
5% royalty + 0% ABDF (brand fund) + 1.25% MAF + 1% FMF (local) + $1,000/mo technology support
Financial Performance
Item 19 Financial Performance
Data Based On: 90 Franchise-owned restaurants open and operating during the 52-week period ended December 31, 2024
* Franchise average gross profit and EBITDA were derived by applying the expense percentages (Cost of Sales 25.8%, Labor 33.3%, Controllable Expenses 14.0%, Occupancy Cost 9.9%, Non-Controllable Expenses 6.1%) from the Company-owned Restaurant P&L (Page 3) to the Franchise Average Net Sales of $1,255,113 (Page 1). A 5% royalty fee (5% of $1,255,113 = $62,755.65) was then deducted from the calculated EBITDA before royalties, as instructed in Item 19, Note 9 (Page 4), to reflect a franchisee's expenses. Net Income and Net Profit could not be calculated due to a lack of information on interest, taxes, depreciation, and amortization for franchisees.
Extracted Item 19 Section
Avg. Revenue: $1,255,113
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Unlock financial performance dataNOODLES & COMPANY Franchise Analysis
Fast-casual dining thrives on craveable carbs, and Noodles & Company bets big on noodle variety to hook lunch crowds. Their area development model demands a three-unit minimum commitment, signaling franchisor confidence in scalability. Item 19 lays bare revenue stats for existing units, while a handful of SBA loans hint at financing realities—but in a system growing by just a couple spots yearly, does the pasta pay off?
Item 7 of the 2025 FDD pegs initial investment at $669,000 to $1,412,000, covering build-out for a 2,500 sq ft restaurant with in-house dining, patio, and delivery setups. The $35,000 franchise fee kicks off a fee stack including 5% royalty, 1.25% marketing fund, 1% local fund, no brand fund, and $1,000 monthly tech support—totaling around 8.25% plus fixed costs that nibble margins. Item 19 shines here: average gross sales $1,255,113, median $1,198,274 across franchised units, but 0% EBITDA margin flags razor-thin profits after expenses in a cutthroat field battling Chipotle and Qdoba.
System maturity shows 92 franchised locations versus 371 corporate (mostly company-owned expansion), with growth crawling from 90 to 92 units year-over-year and just 1 projected new unit. Only 6 SBA loans average $657,100, suggesting limited franchisee financing uptake amid high upfront costs. Transfers and terminations aren't detailed heavily, but the multi-unit focus means you're in for $2M+ to launch three stores—viable if revenues hold, risky if noodle fatigue hits in saturated markets.
Analysis based on the 2025 Franchise Disclosure Document. All figures should be independently verified before making investment decisions.
How NOODLES & COMPANY Compares
Key Insights
- Higher investment than 75% of Fast Casual franchises
- Higher than average SBA loan default rate in Fast Casual
| Franchise | Investment | Fee | Royalty | Locations |
|---|---|---|---|---|
NOODLES & COMPANY Current | $669K – $1.4M | $35K | 5.0% | 92 |
| Tropical Smoothie Cafe | $276K – $771K | $35K | 6.0% | 1,650 |
| TROPICAL SMOOTHIE CAFÉ | $300K – $721K | $35K | 6.0% | 1,371 |
| FIREHOUSE SUBS RESTAURANTS (UNIT) | $405K – $1.6M | $20K | 6.0% | 1,249 |
| Zaxby's | $1.4M – $3.8M | $35K | 6.0% | 826 |
| Qdoba | $548K – $1.3M | $40K | 5.0% | 652 |
Fast Casual Average 107 franchises | $529K – $1.2M | $39K | 5.6% | – |
* Comparison based on latest FDD filings. Investment ranges from Item 7, fees from Item 5. Showing top 5 of 107 Fast Casual franchises by location count.
Locations & Growth
Outlet Growth Over Time
Total outlets at end of each year
Geographic Distribution (2024)
Outlets by state across the United States
+5 more states
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Unlock location growth dataSBA Loan History
Historical SBA 7(a) loan data for NOODLES & COMPANY franchisees (2015 – 2024)
Loans by Year
SBA 7(a) loan activity over time
* Data sourced from SBA 7(a) FOIA loan records. Default rate calculated from charged-off loans.
6 SBA loans on record
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Unlock SBA loan historyFranchisee Contacts
95 franchisee contacts on file from official FDD filings.
95 Contacts Available
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Unlock contactsDue Diligence
Litigation (Item 3)
Bankruptcy (Item 4)
System Health (Item 20)
Franchise system changes reported in the most recent fiscal year
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Unlock due diligence reportsFrequently Asked Questions
The total initial investment to open a NOODLES & COMPANY franchise ranges from $669,000 to $1,412,000. This includes a franchise fee of $35,000. Ongoing royalty fees are 5.0% of gross sales.
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