vs
Side-by-side financial comparison of BRC Inc. (BRCC) and NOODLES & Co (NDLS). Click either name above to swap in a different company.
NOODLES & Co is the larger business by last-quarter revenue ($122.1M vs $112.7M, roughly 1.1× BRC Inc.). BRC Inc. runs the higher net margin — -2.8% vs -7.5%, a 4.6% gap on every dollar of revenue. On growth, BRC Inc. posted the faster year-over-year revenue change (6.5% vs -4.1%). NOODLES & Co produced more free cash flow last quarter ($-2.8M vs $-9.4M). Over the past eight quarters, BRC Inc.'s revenue compounded faster (7.0% CAGR vs -1.2%).
BRC Inc., operating under the Black Rifle Coffee brand, is a U.S.-headquartered premium coffee and lifestyle brand. It sells roasted coffee beans, ready-to-drink coffee products, branded apparel, and outdoor gear, targeting primarily veteran, first responder, and outdoor enthusiast consumer segments across North America, via both e-commerce and physical retail channels.
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.
BRCC vs NDLS — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $112.7M | $122.1M |
| Net Profit | $-3.2M | $-9.2M |
| Gross Margin | 32.1% | — |
| Operating Margin | -6.3% | -5.2% |
| Net Margin | -2.8% | -7.5% |
| Revenue YoY | 6.5% | -4.1% |
| Net Profit YoY | -29.3% | 32.8% |
| EPS (diluted) | $-0.02 | $-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.
| Q4 25 | $112.7M | — | ||
| Q3 25 | $100.7M | $122.1M | ||
| Q2 25 | $94.8M | $123.8M | ||
| Q1 25 | $90.0M | — | ||
| Q4 24 | $105.9M | $122.8M | ||
| Q3 24 | $98.2M | $127.4M | ||
| Q2 24 | $89.0M | $121.4M | ||
| Q1 24 | $98.4M | $124.3M |
| Q4 25 | $-3.2M | — | ||
| Q3 25 | $-486.0K | $-9.2M | ||
| Q2 25 | $-5.3M | $-9.1M | ||
| Q1 25 | $-2.9M | — | ||
| Q4 24 | $-2.5M | $-6.8M | ||
| Q3 24 | $-535.0K | $-13.6M | ||
| Q2 24 | $-482.0K | $-6.1M | ||
| Q1 24 | $548.0K | $-6.1M |
| Q4 25 | 32.1% | — | ||
| Q3 25 | 36.9% | — | ||
| Q2 25 | 33.9% | — | ||
| Q1 25 | 36.1% | — | ||
| Q4 24 | 38.1% | — | ||
| Q3 24 | 42.1% | — | ||
| Q2 24 | 41.9% | — | ||
| Q1 24 | 42.9% | — |
| Q4 25 | -6.3% | — | ||
| Q3 25 | 0.5% | -5.2% | ||
| Q2 25 | -13.3% | -5.2% | ||
| Q1 25 | -6.0% | — | ||
| Q4 24 | -2.1% | -3.9% | ||
| Q3 24 | 1.1% | -9.0% | ||
| Q2 24 | 1.1% | -3.4% | ||
| Q1 24 | 4.0% | -3.7% |
| Q4 25 | -2.8% | — | ||
| Q3 25 | -0.5% | -7.5% | ||
| Q2 25 | -5.6% | -7.3% | ||
| Q1 25 | -3.2% | — | ||
| Q4 24 | -2.3% | -5.5% | ||
| Q3 24 | -0.5% | -10.7% | ||
| Q2 24 | -0.5% | -5.1% | ||
| Q1 24 | 0.6% | -4.9% |
| Q4 25 | $-0.02 | — | ||
| Q3 25 | $0.00 | $-0.20 | ||
| Q2 25 | $-0.07 | $-0.20 | ||
| Q1 25 | $-0.04 | — | ||
| Q4 24 | $-0.03 | $-0.15 | ||
| Q3 24 | $-0.01 | $-0.30 | ||
| Q2 24 | $-0.01 | $-0.14 | ||
| Q1 24 | $0.01 | $-1.64 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $4.3M | $4.7M |
| Total DebtLower is stronger | $34.7M | — |
| Stockholders' EquityBook value | $45.7M | $-38.9M |
| Total Assets | $209.2M | $280.6M |
| Debt / EquityLower = less leverage | 0.76× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $4.3M | — | ||
| Q3 25 | $9.5M | $4.7M | ||
| Q2 25 | $4.3M | $1.4M | ||
| Q1 25 | $3.9M | — | ||
| Q4 24 | $6.8M | $3.3M | ||
| Q3 24 | $7.3M | $1.8M | ||
| Q2 24 | $9.6M | $1.3M | ||
| Q1 24 | $4.0M | $3.0M |
| Q4 25 | $34.7M | — | ||
| Q3 25 | $35.0M | — | ||
| Q2 25 | $72.7M | — | ||
| Q1 25 | $68.8M | — | ||
| Q4 24 | $65.1M | — | ||
| Q3 24 | $64.9M | — | ||
| Q2 24 | $66.5M | — | ||
| Q1 24 | $61.5M | — |
| Q4 25 | $45.7M | — | ||
| Q3 25 | $48.0M | $-38.9M | ||
| Q2 25 | $10.1M | $-13.9M | ||
| Q1 25 | $11.2M | — | ||
| Q4 24 | $13.2M | $3.7M | ||
| Q3 24 | $14.5M | $9.6M | ||
| Q2 24 | $14.9M | $21.9M | ||
| Q1 24 | $14.6M | $27.2M |
| Q4 25 | $209.2M | — | ||
| Q3 25 | $222.4M | $280.6M | ||
| Q2 25 | $225.3M | $319.4M | ||
| Q1 25 | $222.9M | — | ||
| Q4 24 | $227.4M | $340.5M | ||
| Q3 24 | $233.7M | $346.3M | ||
| Q2 24 | $229.9M | $360.4M | ||
| Q1 24 | $227.2M | $368.1M |
| Q4 25 | 0.76× | — | ||
| Q3 25 | 0.73× | — | ||
| Q2 25 | 7.19× | — | ||
| Q1 25 | 6.15× | — | ||
| Q4 24 | 4.94× | — | ||
| Q3 24 | 4.47× | — | ||
| Q2 24 | 4.46× | — | ||
| Q1 24 | 4.21× | — |
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 | $-8.7M | $4.3M |
| Free Cash FlowOCF − Capex | $-9.4M | $-2.8M |
| FCF MarginFCF / Revenue | -8.3% | -2.3% |
| Capex IntensityCapex / Revenue | 0.6% | 5.8% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-13.5M | $-7.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-8.7M | — | ||
| Q3 25 | $6.4M | $4.3M | ||
| Q2 25 | $-3.3M | $4.0M | ||
| Q1 25 | $-4.1M | — | ||
| Q4 24 | $2.2M | $5.8M | ||
| Q3 24 | $1.9M | $4.7M | ||
| Q2 24 | $2.3M | $7.0M | ||
| Q1 24 | $4.9M | $164.0K |
| Q4 25 | $-9.4M | — | ||
| Q3 25 | $5.6M | $-2.8M | ||
| Q2 25 | $-4.3M | $1.1M | ||
| Q1 25 | $-5.3M | — | ||
| Q4 24 | $504.0K | $-1.3M | ||
| Q3 24 | $-205.0K | $-4.5M | ||
| Q2 24 | $147.0K | $-1.6M | ||
| Q1 24 | $2.2M | $-15.2M |
| Q4 25 | -8.3% | — | ||
| Q3 25 | 5.5% | -2.3% | ||
| Q2 25 | -4.5% | 0.9% | ||
| Q1 25 | -5.9% | — | ||
| Q4 24 | 0.5% | -1.1% | ||
| Q3 24 | -0.2% | -3.5% | ||
| Q2 24 | 0.2% | -1.4% | ||
| Q1 24 | 2.2% | -12.2% |
| Q4 25 | 0.6% | — | ||
| Q3 25 | 0.8% | 5.8% | ||
| Q2 25 | 1.0% | 2.4% | ||
| Q1 25 | 1.3% | — | ||
| Q4 24 | 1.6% | 5.8% | ||
| Q3 24 | 2.2% | 7.2% | ||
| Q2 24 | 2.4% | 7.1% | ||
| Q1 24 | 2.8% | 12.3% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 8.97× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BRCC
| Sales Channel Through Intermediary | $72.9M | 65% |
| Sales Channel Directly To Consumer | $34.4M | 31% |
| Outpost | $5.4M | 5% |
NDLS
| Food And Beverage | $119.6M | 98% |
| Franchise | $2.5M | 2% |
