Noble Roman's, Inc. reported third‑quarter 2025 revenue of $4.14 million, a 6.8% year‑over‑year increase from $3.88 million in Q3 2024. Net income before taxes surged to $578,918, more than tripling the $193,314 recorded in the same quarter last year, and reflecting stronger sales and disciplined cost management across the company’s franchising and craft pizza pub businesses.
The craft pizza & pub segment drove much of the revenue growth, with same‑store sales rising 4.2% YoY. Franchising activity also accelerated, as the company plans to open up to 27 new franchised locations by year‑end, up from the nine openings reported in the first quarter. These expansion plans are supported by a robust deferred tax asset that allows the company to pass through earnings to shareholders without immediate tax impact.
Margin performance improved as the company’s margin contribution rates climbed in both the convenience store pizza program and the craft pizza & pub segment. The combined effect of higher mix, pricing power, and operational leverage helped lift net income before taxes to nearly $579 k, despite rising ingredient and labor costs that the company noted as ongoing headwinds.
Management guidance signals confidence in continued growth. The company expects to add up to 27 franchised units in 2025 and has extended the maturity of its senior loan to June 30 2026. The forthcoming Form 10‑Q filing will be delayed by a technical review of the warrant liability, but the audit team expects no material impact on the reported results.
Scott Mobley, President of Noble Roman's, said the quarter’s performance “demonstrates the strength of our franchise model and the appeal of our craft pizza offerings.” He added that the audit delay is a routine technical review and that the company remains focused on cost discipline and strategic expansion.
Headwinds include rising costs for beef and cheese and labor pressures, while tailwinds come from the successful launch of the Xtra‑Stuffed Crust promotion, a strong deferred tax asset, and a refinancing that improves liquidity. Together, these factors position Noble Roman's for continued profitability and expansion in the near term.
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