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Side-by-side financial comparison of NOODLES & Co (NDLS) and Wheels Up Experience Inc. (UP). Click either name above to swap in a different company.
Wheels Up Experience Inc. is the larger business by last-quarter revenue ($183.8M vs $122.1M, roughly 1.5× NOODLES & Co). NOODLES & Co runs the higher net margin — -7.5% vs -15.7%, a 8.2% gap on every dollar of revenue. On growth, NOODLES & Co posted the faster year-over-year revenue change (-4.1% vs -10.2%). NOODLES & Co produced more free cash flow last quarter ($-2.8M vs $-58.3M). Over the past eight quarters, NOODLES & Co's revenue compounded faster (-1.2% CAGR vs -3.4%).
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.
Wheels Up is a provider of "on demand" private aviation in the United States and one of the largest private aviation companies in the world. It was founded in 2013 by Kenny Dichter, using a membership/on-demand business model. Wheels Up members can book private aircraft from the company fleet and third-party operators using a mobile application.
NDLS vs UP — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $122.1M | $183.8M |
| Net Profit | $-9.2M | $-28.9M |
| Gross Margin | — | 14.3% |
| Operating Margin | -5.2% | -0.9% |
| Net Margin | -7.5% | -15.7% |
| Revenue YoY | -4.1% | -10.2% |
| Net Profit YoY | 32.8% | 67.0% |
| EPS (diluted) | $-0.20 | $-0.04 |
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 | — | $183.8M | ||
| Q3 25 | $122.1M | $185.5M | ||
| Q2 25 | $123.8M | $189.6M | ||
| Q1 25 | — | $177.5M | ||
| Q4 24 | $122.8M | $204.8M | ||
| Q3 24 | $127.4M | $193.9M | ||
| Q2 24 | $121.4M | $196.3M | ||
| Q1 24 | $124.3M | $197.1M |
| Q4 25 | — | $-28.9M | ||
| Q3 25 | $-9.2M | $-83.7M | ||
| Q2 25 | $-9.1M | $-82.3M | ||
| Q1 25 | — | $-99.3M | ||
| Q4 24 | $-6.8M | $-87.5M | ||
| Q3 24 | $-13.6M | $-57.7M | ||
| Q2 24 | $-6.1M | $-97.0M | ||
| Q1 24 | $-6.1M | $-97.4M |
| Q4 25 | — | 14.3% | ||
| Q3 25 | — | 6.8% | ||
| Q2 25 | — | 8.3% | ||
| Q1 25 | — | 10.8% | ||
| Q4 24 | — | 13.9% | ||
| Q3 24 | — | 13.9% | ||
| Q2 24 | — | 2.3% | ||
| Q1 24 | — | -0.6% |
| Q4 25 | — | -0.9% | ||
| Q3 25 | -5.2% | -33.1% | ||
| Q2 25 | -5.2% | -31.4% | ||
| Q1 25 | — | -45.5% | ||
| Q4 24 | -3.9% | -26.0% | ||
| Q3 24 | -9.0% | -21.6% | ||
| Q2 24 | -3.4% | -40.3% | ||
| Q1 24 | -3.7% | -42.9% |
| Q4 25 | — | -15.7% | ||
| Q3 25 | -7.5% | -45.1% | ||
| Q2 25 | -7.3% | -43.4% | ||
| Q1 25 | — | -55.9% | ||
| Q4 24 | -5.5% | -42.7% | ||
| Q3 24 | -10.7% | -29.8% | ||
| Q2 24 | -5.1% | -49.4% | ||
| Q1 24 | -4.9% | -49.4% |
| Q4 25 | — | $-0.04 | ||
| Q3 25 | $-0.20 | $-0.12 | ||
| Q2 25 | $-0.20 | $-0.12 | ||
| Q1 25 | — | $-0.14 | ||
| Q4 24 | $-0.15 | $-0.13 | ||
| Q3 24 | $-0.30 | $-0.08 | ||
| Q2 24 | $-0.14 | $-0.14 | ||
| Q1 24 | $-1.64 | $-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 | $4.7M | $133.9M |
| Total DebtLower is stronger | — | $671.3M |
| Stockholders' EquityBook value | $-38.9M | $-392.1M |
| Total Assets | $280.6M | $968.8M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $133.9M | ||
| Q3 25 | $4.7M | $125.3M | ||
| Q2 25 | $1.4M | $107.0M | ||
| Q1 25 | — | $171.8M | ||
| Q4 24 | $3.3M | $216.4M | ||
| Q3 24 | $1.8M | $115.9M | ||
| Q2 24 | $1.3M | $141.5M | ||
| Q1 24 | $3.0M | $180.9M |
| Q4 25 | — | $671.3M | ||
| Q3 25 | — | $766.5M | ||
| Q2 25 | — | $770.5M | ||
| Q1 25 | — | $765.8M | ||
| Q4 24 | — | $761.3M | ||
| Q3 24 | — | $596.9M | ||
| Q2 24 | — | $597.4M | ||
| Q1 24 | — | $603.2M |
| Q4 25 | — | $-392.1M | ||
| Q3 25 | $-38.9M | $-374.5M | ||
| Q2 25 | $-13.9M | $-347.8M | ||
| Q1 25 | — | $-288.1M | ||
| Q4 24 | $3.7M | $-202.1M | ||
| Q3 24 | $9.6M | $-117.7M | ||
| Q2 24 | $21.9M | $-72.2M | ||
| Q1 24 | $27.2M | $936.0K |
| Q4 25 | — | $968.8M | ||
| Q3 25 | $280.6M | $973.0M | ||
| Q2 25 | $319.4M | $1.0B | ||
| Q1 25 | — | $1.1B | ||
| Q4 24 | $340.5M | $1.2B | ||
| Q3 24 | $346.3M | $1.0B | ||
| Q2 24 | $360.4M | $1.1B | ||
| Q1 24 | $368.1M | $1.2B |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 644.43× |
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 | $-18.4M |
| Free Cash FlowOCF − Capex | $-2.8M | $-58.3M |
| FCF MarginFCF / Revenue | -2.3% | -31.7% |
| Capex IntensityCapex / Revenue | 5.8% | 21.7% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-7.5M | $-259.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-18.4M | ||
| Q3 25 | $4.3M | $-37.1M | ||
| Q2 25 | $4.0M | $-62.9M | ||
| Q1 25 | — | $-47.9M | ||
| Q4 24 | $5.8M | $37.9M | ||
| Q3 24 | $4.7M | $-16.9M | ||
| Q2 24 | $7.0M | $-25.2M | ||
| Q1 24 | $164.0K | $-73.8M |
| Q4 25 | — | $-58.3M | ||
| Q3 25 | $-2.8M | $-60.4M | ||
| Q2 25 | $1.1M | $-78.6M | ||
| Q1 25 | — | $-62.6M | ||
| Q4 24 | $-1.3M | $-70.2M | ||
| Q3 24 | $-4.5M | $-21.9M | ||
| Q2 24 | $-1.6M | $-30.8M | ||
| Q1 24 | $-15.2M | $-77.8M |
| Q4 25 | — | -31.7% | ||
| Q3 25 | -2.3% | -32.6% | ||
| Q2 25 | 0.9% | -41.5% | ||
| Q1 25 | — | -35.3% | ||
| Q4 24 | -1.1% | -34.3% | ||
| Q3 24 | -3.5% | -11.3% | ||
| Q2 24 | -1.4% | -15.7% | ||
| Q1 24 | -12.2% | -39.5% |
| Q4 25 | — | 21.7% | ||
| Q3 25 | 5.8% | 12.5% | ||
| Q2 25 | 2.4% | 8.3% | ||
| Q1 25 | — | 8.3% | ||
| Q4 24 | 5.8% | 52.8% | ||
| Q3 24 | 7.2% | 2.6% | ||
| Q2 24 | 7.1% | 2.9% | ||
| Q1 24 | 12.3% | 2.0% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
NDLS
| Food And Beverage | $119.6M | 98% |
| Franchise | $2.5M | 2% |
UP
Segment breakdown not available.
