Noble Roman's Q1 profit surges 78% on revenue growth
Noble Roman's reported a 78% rise in Q1 net income before taxes to $304,562, driven by a 3.8% revenue increase to $3.904 million. Trailing 12-month EBITDA reached $3.33 million.
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Noble Roman's, Inc. reported significant earnings growth for the first quarter of 2026, with net income before taxes rising approximately 77% to $304,562 compared to $171,885 in the same period of 2025. The Indianapolis-based operator and franchisor of Noble Roman's Pizza and Noble Roman's Craft Pizza & Pub attributed the profitability increase to improved margin contributions across its company-owned and franchised segments, despite challenging industry trends and severe weather in the Indianapolis metro area. Total revenue for the quarter grew 3.8% to $3.904 million from $3.760 million in the prior year.
The company is releasing unreviewed financial highlights ahead of its first quarter 10-Q filing. A. Scott Mobley, President & CEO of Noble Roman's, stated that independent PCAOB auditors recently completed an exhaustive, first-time annual audit, which required additional time to acclimate to the business operations and accommodate a personal emergency on the audit team. The auditors will now undertake a review of the first quarter financial statements, but the company chose to disclose key results early due to the substantial growth in profitability.
Net income after tax accrual was $232,530 in 2026 compared to $130,633 in 2025. The company noted that Net Income Before Taxes is a key metric as it will not pay income taxes for several years due to a roughly $3 million Deferred Tax Asset. Trailing 12-month EBITDA for the period ending March 31, 2026 was approximately $3.33 million.
Financial Highlights for Q1 2026
| Metric | Q1 2026 | Q1 2025 | Change |
|---|---|---|---|
| Net Income Before Taxes | $304,562 | $171,885 | +77% |
| Net Income After Tax | $232,530 | $130,633 | - |
| Total Revenue | $3.904 million | $3.760 million | +3.8% |
| Trailing 12-month EBITDA | $3.33 million | - | - |
Segment Performance
Same-store sales in the company-owned Craft Pizza & Pub segment increased 3.7% year-over-year, achieved without any menu price increases. The margin contribution rate for this segment improved to 7.5% from 6.4% in 2025, driven by a 1.2 percentage point improvement in cost of sales and a 1.9 percentage point improvement in labor cost.
The franchised Convenience Store Pizza Program segment saw margin contribution rise to $1,099,897 in 2026 from $899,461 in 2025, an increase of approximately 22.3%. The margin contribution rate for the franchise segment increased to 72.4% from 62.2%, reflecting the low overhead required for short-term growth. Noble Roman's anticipates adding 60-70 new units in 2026.
The company plans to schedule a conference call within the next few days to discuss these results. Noble Roman's cautioned that these results are preliminary and subject to change upon completion of the auditor's review.
How will the completion of the PCAOB audit impact the timeline for future quarterly financial reporting?
What specific strategies are in place to sustain the 22.3% margin growth in the franchised segment as new units are added?
Can the company maintain improved labor and cost of sales margins without implementing menu price increases?
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