Natural Grocers By Vitamin Cottage, Inc. income statement
In fiscal 2025, Natural Grocers By Vitamin Cottage, Inc. reported revenue of $1.33bn, up 7.2% on the year before, operating income of $62.0m (a 4.7% margin) and net income of $46.4m, or $2.00 per diluted share. Every line below comes from the company's 10-K and 10-Q filings; column headings link to the filing.
Income statement
| Fiscal year | 2011Sept 2011 | 2012Sept 2012 | 2013Sept 2013 | 2014Sept 2014 | 2015Sept 2015 | 2016Sept 2016 | 2017Sept 2017 | 2018Sept 2018 | 2019Sept 2019 | 2020Sept 2020 | 2021Sept 2021 | 2022Sept 2022 | 2023Sept 2023 | 2024Sept 2024 | 2025Sept 2025 | LTMJun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 265 | 336 | 431 | 521 | 625 | 705 | 769 | 849 | 904 | 1,037 | 1,056 | 1,090 | 1,141 | 1,242 | 1,331 | 1,344 |
| Gross profit | 77 | 99 | 126 | 152 | 182 | 202 | 212 | 226 | 239 | 283 | 292 | 305 | 327 | 365 | 398 | 398 |
| General and administrative | 10 | 13 | 13 | 15 | 18 | 19 | 20 | 22 | 23 | 27 | 28 | 32 | 36 | 39 | 44 | 43 |
| Operating income | 7 | 12 | 19 | 24 | 29 | 20 | 14 | 15 | 17 | 28 | 28 | 30 | 32 | 47 | 62 | 63 |
| Interest expense | 1 | 1 | 2 | 2 | 3 | 3 | 4 | 5 | 5 | 2 | 2 | 2 | 3 | 4 | 3 | 3 |
| Income before tax | 7 | 11 | 17 | 22 | 26 | 17 | 10 | 10 | 12 | 26 | 26 | 28 | 28 | 43 | 59 | 61 |
| Income tax | 2 | 4 | 6 | 8 | 9 | 6 | 3 | −2 | 2 | 6 | 5 | 6 | 5 | 9 | 12 | 13 |
| Net income | 4 | 7 | 11 | 13 | 16 | 11 | 7 | 13 | 9 | 20 | 21 | 21 | 23 | 34 | 46 | 48 |
| Diluted EPS | $0.16 | $0.30 | $0.47 | $0.60 | $0.72 | $0.51 | $0.31 | $0.56 | $0.42 | $0.89 | $0.91 | $0.94 | $1.02 | $1.47 | $2.00 | $2.05 |
| Diluted shares (average) | 22m | 22m | 22m | 22m | 23m | 23m | 22m | 22m | 23m | 23m | 23m | 23m | 23m | 23m | 23m | 23m |
| EBITDA | 15 | 22 | 33 | 41 | 50 | 46 | 44 | 44 | 46 | 59 | 58 | 58 | 61 | 78 | 94 | 96 |
| Quarter | 2024 Q4Sept 2024 | 2025 Q1Dec 2024 | 2025 Q2Mar 2025 | 2025 Q3Jun 2025 | 2025 Q4Sept 2025 | 2026 Q1Dec 2025 | 2026 Q2Mar 2026 | 2026 Q3Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 323 | 330 | 336 | 329 | 336 | 336 | 337 | 335 |
| Gross profit | 95 | 99 | 102 | 98 | 99 | 99 | 102 | 98 |
| General and administrative | 10 | 12 | 11 | 11 | 11 | 11 | 12 | 10 |
| Operating income | 12 | 13 | 18 | 16 | 16 | 15 | 18 | 15 |
| Interest expense | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Income before tax | 11 | 12 | 17 | 15 | 15 | 14 | 17 | 14 |
| Income tax | 2 | 2 | 4 | 3 | 3 | 3 | 4 | 3 |
| Net income | 9 | 10 | 13 | 12 | 12 | 11 | 13 | 11 |
| Diluted EPS | $0.39 | $0.43 | $0.56 | $0.50 | $0.51 | $0.49 | $0.58 | $0.48 |
| EBITDA | 20 | 21 | 25 | 24 | 24 | 23 | 26 | 23 |
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