10-Q · August 7, 2025
Natural Grocers reported a quarter of modest top-line growth with improving margins and higher EPS. Net sales rose to $328,705,000 with gross margin expanding to 29.9% and diluted EPS increasing to $0.50; liquidity and…
Earnings analysis · 10-Q
NGVC earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
Natural Grocers by Vitamin Cottage, Inc. reported Q2 results showing a modest increase in revenue and net income compared to the prior year. Net sales were $337.4 million, a 0.5% year-over-year growth, while net income…
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Natural Grocers by Vitamin Cottage, Inc. reported Q2 results showing a modest increase in revenue and net income compared to the prior year. Net sales were $337.4 million, a 0.5% year-over-year growth, while net income rose 2.5% to $13.4 million. Operating efficiency improved with a slight increase in gross margin to 30.4%.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.58
What stood out
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Stable Revenue Growth
Net sales increased by $1.6 million, or 0.5%, to $337.4 million for Q2 2026 compared to $335.8 million for Q2 2025.
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Improved Operating Efficiency
Operating income rose by 3.1% to $18.1 million, enhancing operating margin to 5.4%.
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Net Income Increase
Net income grew 2.5% to $13.4 million in Q2 2026 compared to $13.1 million in Q2 2025.
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Positive Cash Flow from Operations
Cash provided by operating activities increased by 19.3% to $43.8 million for the six months ended March 31, 2026.
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Effective Cost Management
Store expenses decreased by 1.6% to $71.6 million, with store expenses as a percentage of net sales improving to 21.2%.
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Increase in Gross Margin
Gross margin improved to 30.4% for the three months ended March 31, 2026, versus 30.3% for the same period last year.
What to watch
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Inventory and Supply Chain Risks
Supply chain disruptions have caused product shortages, potentially affecting availability and sales.
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Rising Inflation Concerns
Inflationary pressures could impact retail prices and consumer purchasing behavior, posing risks to sales.
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Increased Competition
Intense competition in the grocery sector may lead to pricing pressures and reduced market share.
Management's outlook
Management anticipates maintaining revenue growth but did not provide explicit numerical guidance.
Earlier filings 4
10-Q · February 6, 2025
Natural Grocers reported quarter-to-quarter and year-over-year revenue and margin improvement: net sales of $330,221,000 (up $28,471,000 vs. $301,750,000 a year ago) with gross profit of $98,824,000 and diluted EPS of…
10-K · December 12, 2024
Natural Grocers’ 10-K emphasizes organic/natural-only merchandising, nutrition education (every store has a Nutritional Health Coach) and a smaller, scalable store format. As of September 30, 2024 the company operated…
10-Q · February 8, 2024
Natural Grocers reported quarterly net sales of $301,750,000 (up from $280,457,000 a year ago) with gross profit rising to $88,760,000 and operating income increasing to $10,803,000. Diluted EPS was $0.34 versus $0.19…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.