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Side-by-side financial comparison of HEARTLAND EXPRESS INC (HTLD) and NOODLES & Co (NDLS). Click either name above to swap in a different company.
HEARTLAND EXPRESS INC is the larger business by last-quarter revenue ($179.4M vs $122.1M, roughly 1.5× NOODLES & Co). NOODLES & Co runs the higher net margin — -7.5% vs -10.8%, a 3.3% gap on every dollar of revenue. On growth, NOODLES & Co posted the faster year-over-year revenue change (-4.1% vs -26.1%). NOODLES & Co produced more free cash flow last quarter ($-2.8M vs $-44.2M). Over the past eight quarters, NOODLES & Co's revenue compounded faster (-1.2% CAGR vs -18.5%).
Heartland Express is an American trucking company headquartered in North Liberty, Iowa. The company offers truckload shipping services across the United States.
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.
HTLD vs NDLS — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $179.4M | $122.1M |
| Net Profit | $-19.4M | $-9.2M |
| Gross Margin | — | — |
| Operating Margin | -12.7% | -5.2% |
| Net Margin | -10.8% | -7.5% |
| Revenue YoY | -26.1% | -4.1% |
| Net Profit YoY | -949.2% | 32.8% |
| EPS (diluted) | $-0.24 | $-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 | $179.4M | — | ||
| Q3 25 | $196.5M | $122.1M | ||
| Q2 25 | $210.4M | $123.8M | ||
| Q1 25 | $219.4M | — | ||
| Q4 24 | $242.6M | $122.8M | ||
| Q3 24 | $259.9M | $127.4M | ||
| Q2 24 | $274.8M | $121.4M | ||
| Q1 24 | $270.3M | $124.3M |
| Q4 25 | $-19.4M | — | ||
| Q3 25 | $-8.3M | $-9.2M | ||
| Q2 25 | $-10.9M | $-9.1M | ||
| Q1 25 | $-13.9M | — | ||
| Q4 24 | $-1.9M | $-6.8M | ||
| Q3 24 | $-9.3M | $-13.6M | ||
| Q2 24 | $-3.5M | $-6.1M | ||
| Q1 24 | $-15.1M | $-6.1M |
| Q4 25 | -12.7% | — | ||
| Q3 25 | -3.7% | -5.2% | ||
| Q2 25 | -5.9% | -5.2% | ||
| Q1 25 | -6.8% | — | ||
| Q4 24 | 0.4% | -3.9% | ||
| Q3 24 | -2.7% | -9.0% | ||
| Q2 24 | 0.1% | -3.4% | ||
| Q1 24 | -5.3% | -3.7% |
| Q4 25 | -10.8% | — | ||
| Q3 25 | -4.2% | -7.5% | ||
| Q2 25 | -5.2% | -7.3% | ||
| Q1 25 | -6.3% | — | ||
| Q4 24 | -0.8% | -5.5% | ||
| Q3 24 | -3.6% | -10.7% | ||
| Q2 24 | -1.3% | -5.1% | ||
| Q1 24 | -5.6% | -4.9% |
| Q4 25 | $-0.24 | — | ||
| Q3 25 | $-0.11 | $-0.20 | ||
| Q2 25 | $-0.14 | $-0.20 | ||
| Q1 25 | $-0.18 | — | ||
| Q4 24 | $-0.03 | $-0.15 | ||
| Q3 24 | $-0.12 | $-0.30 | ||
| Q2 24 | $-0.04 | $-0.14 | ||
| Q1 24 | $-0.19 | $-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 | $18.5M | $4.7M |
| Total DebtLower is stronger | $154.1M | — |
| Stockholders' EquityBook value | $755.3M | $-38.9M |
| Total Assets | $1.2B | $280.6M |
| Debt / EquityLower = less leverage | 0.20× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $18.5M | — | ||
| Q3 25 | $32.7M | $4.7M | ||
| Q2 25 | $22.9M | $1.4M | ||
| Q1 25 | $23.9M | — | ||
| Q4 24 | $12.8M | $3.3M | ||
| Q3 24 | $30.7M | $1.8M | ||
| Q2 24 | $23.9M | $1.3M | ||
| Q1 24 | $23.8M | $3.0M |
| Q4 25 | $154.1M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $187.9M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $755.3M | — | ||
| Q3 25 | $775.6M | $-38.9M | ||
| Q2 25 | $786.7M | $-13.9M | ||
| Q1 25 | $807.7M | — | ||
| Q4 24 | $822.6M | $3.7M | ||
| Q3 24 | $825.7M | $9.6M | ||
| Q2 24 | $836.8M | $21.9M | ||
| Q1 24 | $848.8M | $27.2M |
| Q4 25 | $1.2B | — | ||
| Q3 25 | $1.3B | $280.6M | ||
| Q2 25 | $1.3B | $319.4M | ||
| Q1 25 | $1.3B | — | ||
| Q4 24 | $1.3B | $340.5M | ||
| Q3 24 | $1.4B | $346.3M | ||
| Q2 24 | $1.4B | $360.4M | ||
| Q1 24 | $1.5B | $368.1M |
| Q4 25 | 0.20× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.23× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $14.9M | $4.3M |
| Free Cash FlowOCF − Capex | $-44.2M | $-2.8M |
| FCF MarginFCF / Revenue | -24.6% | -2.3% |
| Capex IntensityCapex / Revenue | 33.0% | 5.8% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-66.9M | $-7.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $14.9M | — | ||
| Q3 25 | $27.5M | $4.3M | ||
| Q2 25 | $21.0M | $4.0M | ||
| Q1 25 | $25.8M | — | ||
| Q4 24 | $37.8M | $5.8M | ||
| Q3 24 | $35.6M | $4.7M | ||
| Q2 24 | $40.0M | $7.0M | ||
| Q1 24 | $31.0M | $164.0K |
| Q4 25 | $-44.2M | — | ||
| Q3 25 | $-12.2M | $-2.8M | ||
| Q2 25 | $-12.8M | $1.1M | ||
| Q1 25 | $2.3M | — | ||
| Q4 24 | $-45.5M | $-1.3M | ||
| Q3 24 | $24.6M | $-4.5M | ||
| Q2 24 | $29.4M | $-1.6M | ||
| Q1 24 | $26.3M | $-15.2M |
| Q4 25 | -24.6% | — | ||
| Q3 25 | -6.2% | -2.3% | ||
| Q2 25 | -6.1% | 0.9% | ||
| Q1 25 | 1.0% | — | ||
| Q4 24 | -18.8% | -1.1% | ||
| Q3 24 | 9.5% | -3.5% | ||
| Q2 24 | 10.7% | -1.4% | ||
| Q1 24 | 9.7% | -12.2% |
| Q4 25 | 33.0% | — | ||
| Q3 25 | 20.2% | 5.8% | ||
| Q2 25 | 16.1% | 2.4% | ||
| Q1 25 | 10.7% | — | ||
| Q4 24 | 34.3% | 5.8% | ||
| Q3 24 | 4.2% | 7.2% | ||
| Q2 24 | 3.8% | 7.1% | ||
| Q1 24 | 1.7% | 12.3% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
HTLD
Segment breakdown not available.
NDLS
| Food And Beverage | $119.6M | 98% |
| Franchise | $2.5M | 2% |
