Natural Grocers by Vitamin Cottage, Inc. (NGVC) Financial Statements — Income, Balance Sheet, Cash Flow

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Financial Statements — NGVC

Balance Sheet

(in millions USD)

Metric	Q3 2026	Q2 2026	Q1 2026	Q3 2025	Q2 2025	Q1 2025	Q3 2024	Q2 2024	Q3 2023	Q2 2023	Q3 2022	Q2 2022	Q1 2022	Q3 2021	Q2 2021	Q1 2021
Cash & Equivalents	17.47	20.72	23.21	13.18	21.21	6.32	13.92	10.97	8.58	18.97	19.92	28.89	25.30	14.52	20.98	24.66
Accounts Receivable	10.62	13.10	9.95	12.81	12.45	11.90	8.92	8.74	8.87	6.92	8.09	6.21	9.60	8.00	9.00	6.70
Total Current Assets	174.12	170.56	166.81	156.98	163.25	144.53	145.20	140.87	140.23	145.78	143.55	145.21	140.27	127.02	132.50	134.72
Property, Plant & Equipment	207.00	204.22	189.53	181.04	180.85	181.94	178.22	178.34	162.31	157.71	148.56	147.79	149.36	145.41	146.36	145.10
Goodwill	5.20	5.20	5.20	5.20	5.20	5.20	5.20	5.20	5.20	5.20	5.20	5.20	5.20	5.20	5.20	5.20
Intangible Assets	5.21	5.74	5.67	6.59	7.01	7.39	7.59	7.18	8.03	8.06	0.63	0.75	0.66	0.78	0.93	5.44
Total Non-current Assets*	513.56	514.15	501.75	502.02	501.34	504.35	509.19	515.70	515.87	506.27	520.69	509.89	514.08	519.46	526.82	529.38
Total Assets	687.69	684.70	668.56	659.00	664.59	648.88	654.39	656.57	656.10	652.05	664.24	655.10	654.35	646.48	659.32	664.09
Accounts Payable	89.67	89.64	83.96	82.46	92.00	75.58	79.31	84.18	72.76	75.71	69.43	68.03	65.12	60.40	64.03	65.75
Total Current Liabilities	158.23	162.48	156.39	154.49	167.72	150.13	151.52	159.90	135.83	140.75	131.33	131.83	129.47	123.36	122.97	125.93
Long-term Debt	1.39	1.45	--	--	--	8.90	0.00	0.00	7.94	9.94	15.94	17.94	19.94	22.38	32.81	33.25
Total Non-current Liabilities	290.04	291.33	292.16	302.00	303.89	316.88	335.06	336.70	353.33	349.29	377.28	369.43	375.32	386.23	402.93	408.00
Total Liabilities	448.27	453.81	448.55	456.50	471.62	467.00	486.58	496.60	489.16	490.04	508.61	501.26	504.79	509.58	525.90	533.93
Retained Earnings	174.81	167.20	157.22	140.29	131.44	121.09	107.18	100.25	108.26	103.47	97.83	96.16	92.07	79.79	76.34	73.22
Total Stockholder Equity	239.42	230.90	220.01	202.50	192.98	181.88	167.80	159.97	166.94	162.01	155.63	153.85	149.55	136.90	133.43	130.16

* Derived from reported values

Income Statement

(in millions USD) (except per-share rows)

Metric	Q3 2026	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q4 2023	Q3 2023	Q2 2023	Q4 2022	Q3 2022	Q2 2022	Q1 2022	Q4 2021	Q3 2021	Q2 2021
Total Revenue	334.74	337.38	335.58	336.14	328.71	335.77	330.22	322.66	309.08	308.09	295.08	281.79	283.25	274.21	266.31	271.82	277.29	272.65	258.62	259.20
Cost of Revenue*	236.73	234.93	236.72	237.12	230.43	234.02	231.40	227.30	218.75	217.74	210.73	200.40	200.77	198.40	192.75	195.04	198.55	196.86	187.08	187.37
Gross Profit	98.01	102.44	98.86	99.03	98.28	101.75	98.82	95.36	90.33	90.36	84.35	81.39	82.48	75.80	73.56	76.78	78.74	75.79	71.54	71.83
Selling, General & Admin	9.50	12.13	10.84	10.87	10.95	11.02	11.51	10.24	9.55	9.52	9.81	9.31	8.61	8.64	7.46	8.17	7.29	7.42	7.27	6.36
Total Operating Expenses*	83.01	79.28	78.81	64.30	82.69	84.20	85.48	83.30	77.48	79.10	76.61	218.65	74.05	72.19	67.91	67.92	66.71	66.42	64.49	65.12
Operating Income	15.00	18.11	14.65	15.50	15.59	17.55	13.35	12.07	12.85	11.26	7.74	9.08	8.43	3.62	5.65	8.86	12.02	9.37	7.05	6.71
Interest Expense	0.66	0.63	0.71	0.70	0.69	0.75	0.92	1.05	1.05	1.18	0.82	0.85	0.83	0.68	0.60	0.55	0.54	0.57	0.59	0.60
Pretax Income	14.33	17.47	13.93	14.81	14.89	16.80	12.43	11.01	11.80	10.08	6.92	8.24	7.60	2.94	5.05	8.32	11.48	8.80	6.46	6.10
Tax Provision	3.26	4.04	2.60	3.01	3.29	3.70	2.49	2.00	2.59	2.12	1.04	1.16	1.71	0.78	1.12	1.96	2.57	1.59	1.43	1.40
Net Income	11.07	13.43	11.33	11.80	11.61	13.10	9.94	9.01	9.21	7.96	5.88	7.07	5.88	2.16	3.93	6.36	8.91	7.21	5.03	4.70
Basic EPS	0.48	0.58	0.49	0.51	0.51	0.57	0.43	0.40	0.40	0.35	0.26	0.31	0.26	0.10	0.17	0.28	0.39	0.32	0.22	0.21
Diluted EPS	0.48	0.58	0.49	0.51	0.50	0.56	0.43	0.39	0.40	0.35	0.26	0.31	0.26	0.10	0.17	0.28	0.39	0.32	0.22	0.21

* Derived from reported values

Cash Flow Statement

(in millions USD)

Metric	Q3 2026	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q4 2023	Q3 2023	Q2 2023	Q4 2022	Q3 2022	Q2 2022	Q1 2022	Q4 2021	Q3 2021	Q2 2021
Operating Cash Flow	11.26	22.71	21.13	15.63	2.93	34.06	2.68	24.48	12.43	36.85	28.45	1.30	34.86	10.19	1.92	15.52	12.06	22.87	13.71	4.96
Capital Expenditures	10.01	20.36	9.57	8.08	7.08	6.42	9.62	6.53	8.83	22.18	13.33	6.26	16.98	12.11	5.07	6.20	4.66	10.84	6.84	5.40
Free Cash Flow*	1.25	2.35	11.56	7.55	(4.15)	27.64	(6.94)	17.95	3.60	14.66	15.12	(4.96)	17.88	(1.92)	(3.15)	9.32	7.40	12.03	6.87	(0.44)
Investing Cash Flow	(10.00)	(20.76)	(9.58)	(8.03)	(7.06)	(6.46)	(9.42)	(6.79)	(9.30)	(22.51)	(13.65)	(6.53)	(17.76)	(13.12)	(5.72)	(6.98)	(5.32)	(10.96)	(7.25)	(5.84)
Financing Cash Flow	(4.51)	(4.43)	(5.46)	(3.66)	(3.90)	(12.71)	4.18	(22.73)	(0.19)	(21.71)	(5.03)	(5.16)	(10.17)	(4.94)	(5.17)	(4.95)	(5.12)	(2.75)	(12.91)	(2.80)

* Derived from reported values

Dividends Per Share

(USD)

Metric	Q2 2021	Q1 2021
Dividends Per Share	2.00	2.00