Natural Grocers by Vitamin Cottage Inc (NGVC) financial statements: income statement, balance sheet and cash flow
Natural Grocers by Vitamin Cottage Inc's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Sep 30, 2025 · FY), Natural Grocers by Vitamin Cottage Inc reported revenue of $1.3B (+7.2% year on year) and net income of $46.4M (+36.9% year on year).
Income statement
Natural Grocers by Vitamin Cottage Inc income statement, fiscal years
Line item
Sep 30, 2025 · FY
Sep 30, 2024 · FY
Sep 30, 2023 · FY
Sep 30, 2022 · FY
Net sales
$1.3B
$1.2B
$1.1B
$1.1B
Cost of goods sold and occupancy costs
$933.0M
$876.8M
$813.6M
$784.7M
Gross profit
$397.9M
$364.8M
$326.9M
$304.9M
Store expenses
$290.5M
$277.4M
$257.3M
$242.1M
Administrative expenses
$44.4M
$38.7M
$36.0M
$31.6M
Pre-opening expenses
$1.0M
$1.7M
$2.0M
$1.1M
Operating income
$62.0M
$47.0M
$31.7M
$30.2M
Interest expense, net
($3.1M)
($4.2M)
($3.3M)
($2.4M)
Income before income taxes
$58.9M
$42.8M
$28.4M
$27.8M
Provision for income taxes
($12.5M)
($8.9M)
($5.1M)
($6.4M)
Net income
$46.4M
$33.9M
$23.2M
$21.4M
Basic (in dollars per share)
$2.02
$1.49
$1.02
$0.94
Diluted (in dollars per share)
$2.00
$1.47
$1.02
$0.94
Basic (in shares)
22.9M
22.8M
22.7M
22.7M
Diluted (in shares)
23.3M
23.1M
22.8M
22.8M
Natural Grocers by Vitamin Cottage Inc income statement, quarters
Line item
Jun 30, 2026 · Q3
Mar 31, 2026 · Q2
Dec 31, 2025 · Q1
Jun 30, 2025 · Q3
Net sales
$334.7M
$337.4M
$335.6M
$328.7M
Cost of goods sold and occupancy costs
$236.7M
$234.9M
$236.7M
$230.4M
Gross profit
$98.0M
$102.4M
$98.9M
$98.3M
Store expenses
$72.2M
$71.6M
$73.0M
$71.7M
Administrative expenses
$9.5M
$12.1M
$10.8M
$10.9M
Pre-opening expenses
$1.3M
$640.0K
$368.0K
$24.0K
Operating income
$15.0M
$18.1M
$14.6M
$15.6M
Interest expense, net
($663.0K)
($632.0K)
($713.0K)
($694.0K)
Income before income taxes
$14.3M
$17.5M
$13.9M
$14.9M
Provision for income taxes
($3.3M)
($4.0M)
($2.6M)
($3.3M)
Net income
$11.1M
$13.4M
$11.3M
$11.6M
Basic (in dollars per share)
$0.48
$0.58
$0.49
$0.51
Diluted (in dollars per share)
$0.48
$0.58
$0.49
$0.50
Basic (in shares)
23.0M
23.0M
23.0M
23.0M
Diluted (in shares)
23.3M
23.2M
23.3M
23.3M
Balance sheet
Natural Grocers by Vitamin Cottage Inc balance sheet, fiscal years
Line item
Sep 30, 2025 · FY
Sep 30, 2024 · FY
Sep 30, 2023 · FY
Sep 30, 2022 · FY
Cash and cash equivalents
$17.1M
$8.9M
$18.3M
$12.0M
Accounts receivable, net
$12.0M
$12.6M
$10.8M
$10.5M
Merchandise inventory
$133.0M
$120.7M
$119.3M
$113.8M
Prepaid expenses and other current assets
$6.0M
$4.9M
$4.2M
$4.4M
Total current assets
$168.1M
$147.1M
$152.6M
$140.7M
Property and equipment, net
$182.7M
$178.6M
$169.1M
$157.2M
Operating lease assets, net
$259.6M
$275.1M
$287.9M
$307.1M
Finance lease assets, net
$42.9M
$40.8M
$45.1M
$43.6M
Other assets
$5.5M
$458.0K
—
—
Goodwill and other intangible assets, net
$11.8M
$13.5M
$14.1M
$14.1M
Total other assets
$319.7M
$329.8M
$347.6M
$365.3M
Total assets
$670.5M
$655.5M
$669.2M
$663.1M
Accounts payable
$81.0M
$88.4M
$80.7M
$71.3M
Accrued expenses
$37.2M
$35.8M
$33.1M
$26.7M
Operating lease obligations, current portion
$36.5M
$35.9M
$34.9M
$34.7M
Finance lease obligations, current portion
$4.1M
$4.0M
$3.7M
$3.2M
Total current liabilities
$158.8M
$164.1M
$154.0M
$137.7M
Operating lease obligations, net of current portion
$245.8M
$263.4M
$276.8M
$295.1M
Finance lease obligations, net of current portion
$45.7M
$43.2M
$47.1M
$44.7M
Deferred income tax liabilities, net
$7.9M
$10.5M
$14.4M
$15.9M
Total long-term liabilities
$299.3M
$317.1M
$344.3M
$369.6M
Total liabilities
$458.1M
$481.2M
$498.3M
$507.3M
Common stock, $0.001 par value. 50,000,000 shares authorized, 22,954,712 and 22,888,540 shares issued and outstanding at September 30, 2025 and 2024, respectively
23.0K
23.0K
23.0K
23.0K
Additional paid-in capital
$63.0M
$60.3M
$59.0M
$58.1M
Retained earnings
$149.3M
$113.9M
$111.9M
$97.7M
Total stockholders’ equity
$212.4M
$174.3M
$170.8M
$155.8M
Total liabilities and stockholders’ equity
$670.5M
$655.5M
$669.2M
$663.1M
Natural Grocers by Vitamin Cottage Inc balance sheet, quarters
Line item
Jun 30, 2026
Mar 31, 2026
Dec 31, 2025
Jun 30, 2025
Cash and cash equivalents
$17.5M
$20.7M
$23.2M
$13.2M
Accounts receivable, net
$10.6M
$13.1M
$9.9M
$12.8M
Merchandise inventory
$135.3M
$129.7M
$127.9M
$124.6M
Prepaid expenses and other current assets
$10.7M
$7.1M
$5.8M
$6.4M
Total current assets
$174.1M
$170.6M
$166.8M
$157.0M
Property and equipment, net
$207.0M
$204.2M
$189.5M
$181.0M
Operating lease assets, net
$251.6M
$253.2M
$254.5M
$263.9M
Finance lease assets, net
$38.8M
$39.8M
$40.9M
$40.6M
Other assets
$5.4M
$5.6M
$5.5M
$4.2M
Goodwill and other intangible assets, net
$10.8M
$11.3M
$11.3M
$12.2M
Total other assets
$306.6M
$309.9M
$312.2M
$321.0M
Total assets
$687.7M
$684.7M
$668.6M
$659.0M
Accounts payable
$89.7M
$89.6M
$84.0M
$82.5M
Accrued expenses
$26.5M
$31.4M
$31.7M
$31.5M
Co-PACE Financing, current portion
$58.0K
—
—
—
Operating lease obligations, current portion
$37.7M
$37.3M
$36.6M
$36.4M
Finance lease obligations, current portion
$4.3M
$4.1M
$4.1M
$4.1M
Total current liabilities
$158.2M
$162.5M
$156.4M
$154.5M
Co-PACE Financing
$1.4M
$1.5M
—
—
Operating lease obligations, net of current portion
$237.7M
$239.0M
$240.6M
$250.7M
Finance lease obligations, net of current portion
$41.5M
$42.6M
$43.6M
$43.3M
Deferred income tax liabilities, net
$9.4M
$8.3M
$7.9M
$8.0M
Total long-term liabilities
$290.0M
$291.3M
$292.2M
$302.0M
Total liabilities
$448.3M
$453.8M
$448.5M
$456.5M
Common stock, $0.001 par value, 50,000,000 shares authorized, 23,045,851 and 22,954,712 shares issued and outstanding at June 30, 2026 and September 30, 2025, respectively
23.0K
23.0K
23.0K
23.0K
Additional paid-in capital
$64.6M
$63.7M
$62.8M
$62.2M
Retained earnings
$174.8M
$167.2M
$157.2M
$140.3M
Total stockholders’ equity
$239.4M
$230.9M
$220.0M
$202.5M
Total liabilities and stockholders’ equity
$687.7M
$684.7M
$668.6M
$659.0M
Cash flow statement
Natural Grocers by Vitamin Cottage Inc cash flow statement, fiscal years
Line item
Sep 30, 2025 · FY
Sep 30, 2024 · FY
Sep 30, 2023 · FY
Sep 30, 2022 · FY
Net income
$46.4M
$33.9M
$23.2M
$21.4M
Depreciation and amortization
$31.8M
$30.9M
$28.9M
$27.9M
Loss on impairment of long-lived assets and store closing costs
$81.0K
$2.1M
$1.3M
$2.9M
(Gain) loss on disposal of property and equipment
($34.0K)
$10.0K
$379.0K
$78.0K
Share-based compensation
$4.0M
$2.8M
$1.4M
$1.2M
Deferred income tax benefit
($2.6M)
($4.0M)
($1.5M)
$609.0K
Non-cash interest expense
$4.0K
$17.0K
$19.0K
$22.0K
Other
($7.0K)
($160.0K)
—
—
Accounts receivable, net
($411.0K)
($1.8M)
$315.0K
($3.0M)
Income tax receivable
($604.0K)
$252.0K
$378.0K
($631.0K)
Merchandise inventory
($12.3M)
($1.4M)
($5.5M)
($13.2M)
Prepaid expenses and other assets
($5.5M)
($1.1M)
($128.0K)
($1.0M)
Operating lease assets
$33.6M
$33.4M
$33.1M
$31.9M
Operating lease liabilities
($34.4M)
($34.2M)
($33.9M)
($29.0M)
Accounts payable
($6.1M)
$10.0M
$10.3M
$447.0K
Accrued expenses
$1.4M
$2.8M
$6.3M
$148.0K
Net cash provided by operating activities
$55.3M
$73.8M
$64.6M
$39.7M
Acquisition of property and equipment
($31.2M)
($37.5M)
($36.6M)
($28.0M)
Acquisition of other intangibles
($178.0K)
($1.1M)
($1.5M)
($3.4M)
Proceeds from sale of property and equipment
$93.0K
$37.0K
$107.0K
$21.0K
Proceeds from property insurance settlements
$315.0K
$43.0K
$36.0K
$280.0K
Net cash used in investing activities
($31.0M)
($38.6M)
($38.0M)
($31.1M)
Borrowings under revolving loans
$666.2M
$604.2M
$531.1M
$129.0M
Repayments under revolving loans
($666.2M)
($604.2M)
($531.1M)
($129.0M)
Repayments under term loan
$0
($7.7M)
($8.0M)
($8.0M)
Finance lease obligation payments
($3.8M)
($3.6M)
($2.8M)
$2.7M
Dividends to shareholders
($11.0M)
($31.9M)
($9.1M)
$9.1M
Repurchase of common stock
$0
$0
($181.0K)
—
Payments of deferred financing costs
$0
($18.0K)
—
—
Payments on withholding tax for restricted stock unit vesting
($1.3M)
($1.4M)
($304.0K)
$403.0K
Net cash used in financing activities
($16.1M)
($44.6M)
($20.4M)
($20.2M)
Net increase (decrease) in cash and cash equivalents
$8.2M
($9.5M)
$6.3M
($11.6M)
Cash and cash equivalents, beginning of year
$8.9M
$18.3M
$12.0M
$23.7M
Cash and cash equivalents, end of year
$17.1M
—
—
$12.0M
Cash paid for interest
$1.2M
$2.2M
$1.3M
$627.0K
Cash paid for interest on financing lease obligations, net of capitalized interest of $252, $338 and $318, respectively
$1.9M
$1.9M
$2.0M
$1.8M
Income taxes paid
$15.9M
$13.6M
$5.0M
$7.0M
Acquisition of property and equipment not yet paid
$2.4M
$3.7M
$6.0M
$7.0M
Acquisition of other intangibles not yet paid
$10.0K
$22.0K
$3.0K
$12.0K
Lease assets obtained in exchange for new operating lease obligations
$18.4M
$22.3M
$15.3M
—
Lease assets obtained in exchange for new finance lease obligations
$7.4M
($45.0K)
—
—
Natural Grocers by Vitamin Cottage Inc cash flow statement, quarters
Line item
Jun 30, 2026 · YTD
Mar 31, 2026 · YTD
Dec 31, 2025 · Q1
Jun 30, 2025 · YTD
Net income
$35.8M
$24.8M
$11.3M
$34.6M
Depreciation and amortization
$24.5M
$16.1M
$8.0M
$23.8M
Loss on impairment of long-lived assets and store closing costs
$21.0K
$21.0K
$21.0K
$81.0K
(Gain) loss on disposal of property and equipment
($11.0K)
($13.0K)
($13.0K)
($30.0K)
Share-based compensation
$2.8M
$1.8M
$857.0K
$3.1M
Deferred income tax expense (benefit)
$1.5M
$426.0K
$46.0K
($2.4M)
Non-cash interest expense
$4.0K
$3.0K
$1.0K
$3.0K
Other
($385.0K)
($156.0K)
($3.0K)
($3.0K)
Accounts receivable, net
$2.6M
($696.0K)
$2.1M
($1.1M)
Merchandise inventory
($2.3M)
$3.3M
$5.1M
($4.0M)
Prepaid expenses and other assets
($2.6M)
($276.0K)
($408.0K)
($5.2M)
Income tax receivable
($2.4M)
($1.0M)
$604.0K
$0
Operating lease assets
$25.9M
$17.2M
$8.6M
$25.2M
Operating lease liabilities
($26.1M)
($17.2M)
($8.5M)
($25.6M)
Accounts payable
$5.7M
$5.2M
($977.0K)
($4.5M)
Accrued expenses
($10.7M)
($5.9M)
($5.5M)
($4.4M)
Net cash provided by operating activities
$55.1M
$43.8M
$21.1M
$39.7M
Acquisition of property and equipment
($39.9M)
($29.9M)
($9.6M)
($23.1M)
Acquisition of other intangibles
($460.0K)
($454.0K)
($29.0K)
($167.0K)
Proceeds from sale of property and equipment
$29.0K
$17.0K
$0
$44.0K
Proceeds from property insurance settlements
$25.0K
$22.0K
$22.0K
$305.0K
Net cash used in investing activities
($40.3M)
($30.3M)
($9.6M)
($22.9M)
Borrowings under revolving loans
$491.7M
$321.3M
$161.5M
$486.2M
Repayments under revolving loans
($491.7M)
($321.3M)
($161.5M)
($486.2M)
Finance lease obligation payments
($2.8M)
($1.8M)
($886.0K)
($2.9M)
Dividends to shareholders
($10.4M)
($6.9M)
($3.5M)
($8.3M)
Payments on withholding tax for restricted stock unit vesting
($1.2M)
($1.2M)
($1.1M)
($1.2M)
Net cash (used in) provided by financing activities
($14.4M)
($9.9M)
($5.5M)
($12.4M)
Net increase (decrease) in cash and cash equivalents
$351.0K
$3.6M
$6.1M
$4.3M
Cash and cash equivalents, beginning of period
$17.1M
$17.1M
$17.1M
$8.9M
Cash and cash equivalents, end of period
$17.5M
$20.7M
$23.2M
$13.2M
Cash paid for interest
$596.0K
$346.0K
$214.0K
$959.0K
Cash paid for interest on finance lease obligations, net of capitalized interest of $313 and $164, respectively
$1.4M
$893.0K
$460.0K
$1.4M
Income taxes paid
$10.7M
$7.2M
$7.0K
$11.6M
Acquisition of property and equipment not yet paid
$5.4M
$5.9M
$6.3M
$2.2M
Lease assets obtained in exchange for new operating lease obligations
$18.4M
$11.3M
$3.9M
$14.0M
Lease assets obtained in exchange for new finance lease obligations
($32.0K)
($32.0K)
($32.0K)
$3.1M
Building and land acquired in exchange for assumed Co-PACE Financing
$1.3M
$1.3M
—
—
Tenant lease intangibles acquired in exchange for assumed Co-PACE Financing