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Side-by-side financial comparison of BRANDYWINE REALTY TRUST (BDN) and NOODLES & Co (NDLS). Click either name above to swap in a different company.
BRANDYWINE REALTY TRUST is the larger business by last-quarter revenue ($127.0M vs $122.1M, roughly 1.0× NOODLES & Co). NOODLES & Co runs the higher net margin — -7.5% vs -38.4%, a 30.9% gap on every dollar of revenue. On growth, BRANDYWINE REALTY TRUST posted the faster year-over-year revenue change (4.5% vs -4.1%). Over the past eight quarters, BRANDYWINE REALTY TRUST's revenue compounded faster (0.7% CAGR vs -1.2%).
Brandywine Realty Trust is a Philadelphia-based real estate investment trust (REIT) that invests in office buildings in Philadelphia, Washington, D.C., and Austin, Texas.
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.
BDN vs NDLS — Head-to-Head
Income Statement — Q1 FY2026 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $127.0M | $122.1M |
| Net Profit | $-48.8M | $-9.2M |
| Gross Margin | — | — |
| Operating Margin | 1.2% | -5.2% |
| Net Margin | -38.4% | -7.5% |
| Revenue YoY | 4.5% | -4.1% |
| Net Profit YoY | -80.4% | 32.8% |
| EPS (diluted) | $-0.28 | $-0.20 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $127.0M | — | ||
| Q4 25 | $121.0M | — | ||
| Q3 25 | $121.4M | $122.1M | ||
| Q2 25 | $120.6M | $123.8M | ||
| Q1 25 | $121.5M | — | ||
| Q4 24 | $121.9M | $122.8M | ||
| Q3 24 | $131.8M | $127.4M | ||
| Q2 24 | $125.3M | $121.4M |
| Q1 26 | $-48.8M | — | ||
| Q4 25 | $-36.7M | — | ||
| Q3 25 | $-25.9M | $-9.2M | ||
| Q2 25 | $-88.7M | $-9.1M | ||
| Q1 25 | $-27.0M | — | ||
| Q4 24 | $-44.5M | $-6.8M | ||
| Q3 24 | $-165.2M | $-13.6M | ||
| Q2 24 | $30.2M | $-6.1M |
| Q1 26 | — | — | ||
| Q4 25 | 61.3% | — | ||
| Q3 25 | 62.6% | — | ||
| Q2 25 | 62.4% | — | ||
| Q1 25 | 60.8% | — | ||
| Q4 24 | 61.2% | — | ||
| Q3 24 | 64.9% | — | ||
| Q2 24 | 63.1% | — |
| Q1 26 | 1.2% | — | ||
| Q4 25 | 22.8% | — | ||
| Q3 25 | 20.8% | -5.2% | ||
| Q2 25 | -34.3% | -5.2% | ||
| Q1 25 | 12.5% | — | ||
| Q4 24 | 18.0% | -3.9% | ||
| Q3 24 | -7.2% | -9.0% | ||
| Q2 24 | 15.5% | -3.4% |
| Q1 26 | -38.4% | — | ||
| Q4 25 | -30.3% | — | ||
| Q3 25 | -21.3% | -7.5% | ||
| Q2 25 | -73.5% | -7.3% | ||
| Q1 25 | -22.2% | — | ||
| Q4 24 | -36.5% | -5.5% | ||
| Q3 24 | -125.4% | -10.7% | ||
| Q2 24 | 24.1% | -5.1% |
| Q1 26 | $-0.28 | — | ||
| Q4 25 | $-0.21 | — | ||
| Q3 25 | $-0.15 | $-0.20 | ||
| Q2 25 | $-0.51 | $-0.20 | ||
| Q1 25 | $-0.16 | — | ||
| Q4 24 | $-0.25 | $-0.15 | ||
| Q3 24 | $-0.96 | $-0.30 | ||
| Q2 24 | $0.17 | $-0.14 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $36.2M | $4.7M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | — | $-38.9M |
| Total Assets | $3.6B | $280.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $36.2M | — | ||
| Q4 25 | $32.3M | — | ||
| Q3 25 | $75.5M | $4.7M | ||
| Q2 25 | $122.6M | $1.4M | ||
| Q1 25 | $29.4M | — | ||
| Q4 24 | $90.2M | $3.3M | ||
| Q3 24 | $36.5M | $1.8M | ||
| Q2 24 | $30.4M | $1.3M |
| Q1 26 | — | — | ||
| Q4 25 | $2.6B | — | ||
| Q3 25 | $2.3B | — | ||
| Q2 25 | $2.3B | — | ||
| Q1 25 | $2.2B | — | ||
| Q4 24 | $2.2B | — | ||
| Q3 24 | $2.3B | — | ||
| Q2 24 | $2.2B | — |
| Q1 26 | — | — | ||
| Q4 25 | $792.7M | — | ||
| Q3 25 | $841.5M | $-38.9M | ||
| Q2 25 | $879.8M | $-13.9M | ||
| Q1 25 | $993.6M | — | ||
| Q4 24 | $1.0B | $3.7M | ||
| Q3 24 | $1.1B | $9.6M | ||
| Q2 24 | $1.3B | $21.9M |
| Q1 26 | $3.6B | — | ||
| Q4 25 | $3.6B | — | ||
| Q3 25 | $3.3B | $280.6M | ||
| Q2 25 | $3.4B | $319.4M | ||
| Q1 25 | $3.4B | — | ||
| Q4 24 | $3.5B | $340.5M | ||
| Q3 24 | $3.6B | $346.3M | ||
| Q2 24 | $3.8B | $360.4M |
| Q1 26 | — | — | ||
| Q4 25 | 3.23× | — | ||
| Q3 25 | 2.70× | — | ||
| Q2 25 | 2.63× | — | ||
| Q1 25 | 2.23× | — | ||
| Q4 24 | 2.13× | — | ||
| Q3 24 | 2.06× | — | ||
| Q2 24 | 1.73× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | — | $4.3M |
| Free Cash FlowOCF − Capex | — | $-2.8M |
| FCF MarginFCF / Revenue | — | -2.3% |
| Capex IntensityCapex / Revenue | — | 5.8% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-7.5M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $116.7M | — | ||
| Q3 25 | $47.5M | $4.3M | ||
| Q2 25 | $34.4M | $4.0M | ||
| Q1 25 | $6.3M | — | ||
| Q4 24 | $181.1M | $5.8M | ||
| Q3 24 | $52.2M | $4.7M | ||
| Q2 24 | $48.2M | $7.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | $-2.8M | ||
| Q2 25 | — | $1.1M | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $-1.3M | ||
| Q3 24 | — | $-4.5M | ||
| Q2 24 | — | $-1.6M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | -2.3% | ||
| Q2 25 | — | 0.9% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | -1.1% | ||
| Q3 24 | — | -3.5% | ||
| Q2 24 | — | -1.4% |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 5.8% | ||
| Q2 25 | — | 2.4% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 5.8% | ||
| Q3 24 | — | 7.2% | ||
| Q2 24 | — | 7.1% |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 1.60× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BDN
| Rents | $120.7M | 95% |
| Third party management fees, labor reimbursement and leasing | $4.7M | 4% |
NDLS
| Food And Beverage | $119.6M | 98% |
| Franchise | $2.5M | 2% |
