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Natural Grocers by Vitamin Cottage cash flow, quarter by quarter

Latest: Q3 FY26 · from the cash-flow statements filed with the SEC

Free cash flow$1.2M in Q3 FY26 · $22.7M over twelve months

Operating cash flow$11.3M
Capital spending−$10.0M
Free cash flow+$1.2M
Cash / net income1.0×

Analysis

In Q3 FY26, Natural Grocers by Vitamin Cottage generated $11.3M of operating cash flow and spent $10.0M on capital projects, leaving free cash flow of $1.2M. That is $5.4M more than in Q3 FY25 (−$4.2M).

Over the twelve months to Jun 30, 2026, operating cash flow was $70.7M; the largest uses were capital spending ($48.0M), dividends ($13.1M), net borrowing (+) / repaid (−) ($3.7M); besides operations, cash came from asset & business sales ($78K); the cash balance rose by $4.3M.

Operating cash flow was $11.3M against net income of $11.1M — 1.0× profit, roughly in line with earnings. The largest differences: depreciation & amortization +$8.3M, inventory −$5.6M, accrued liabilities −$4.8M.

Free cash flow

Natural Grocers by Vitamin Cottage: free cash flow by quarterNatural Grocers by Vitamin Cottage: free cash flow by quarter$18.0MQ4 FY24−$6.9MQ1 FY25$27.6MQ2 FY25−$4.2MQ3 FY25$7.5MQ4 FY25$11.6MQ1 FY26$2.3MQ2 FY26$1.2MQ3 FY26
Operating cash flow less capital spending.
Natural Grocers by Vitamin Cottage: operating cash flow against capital spendingNatural Grocers by Vitamin Cottage: operating cash flow against capital spendingOperating cash flowCapital spending$24.5M$6.5MQ4 FY24$2.7M$9.6MQ1 FY25$34.1M$6.4MQ2 FY25$2.9M$7.1MQ3 FY25$15.6M$8.1MQ4 FY25$21.1M$9.6MQ1 FY26$22.7M$20.4MQ2 FY26$11.3M$10.0MQ3 FY26
Latest (Q3 FY26): Operating cash flow $11.3M, Capital spending $10.0M.

Capital allocation, year by year

Natural Grocers by Vitamin Cottage: where the cash came from (up) and went (down), by fiscal yearNatural Grocers by Vitamin Cottage: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingBuybacksDividendsFY21: Operating cash flow $53.9MFY21: Net borrowing $20.9MFY21: Asset sales $89KFY21: Capital spending −$26.4MFY21: Dividends −$51.5M$74.8MFY21FY22: Operating cash flow $39.7MFY22: Net borrowing −$10.7MFY22: Asset sales $21KFY22: Capital spending −$28.0MFY22: Dividends −$9.1M$39.7MFY22FY23: Operating cash flow $64.6MFY23: Net borrowing −$10.8MFY23: Asset sales $107KFY23: Capital spending −$36.6MFY23: Buybacks −$181KFY23: Dividends −$9.1M$64.7MFY23FY24: Operating cash flow $73.8MFY24: Net borrowing −$11.3MFY24: Asset sales $37KFY24: Capital spending −$37.5MFY24: Dividends −$31.9M$73.8MFY24FY25: Operating cash flow $55.3MFY25: Net borrowing −$3.8MFY25: Asset sales $93KFY25: Capital spending −$31.2MFY25: Dividends −$11.0M$55.4MFY25
Over these 5 years operating cash flow totalled $287M; the largest uses were capital spending ($160M) and dividends ($112M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$17.5M
Debt$1.5M
Net cash$16.0M
Due within a year$58K

Natural Grocers by Vitamin Cottage funds itself: free cash flow was $22.7M over the last twelve months, and $17.5M of cash and investments stands against $1.5M of debt ($58K due within a year, 301.2× covered by cash).

Where the cash came from and went

Natural Grocers by Vitamin Cottage: sources (+) and uses (−) of cash, Q3 FY26Natural Grocers by Vitamin Cottage: sources (+) and uses (−) of cash, Q3 FY26Operating cash flow$11.3MCapital spending−$10.0MDividends−$3.5MCash drawn (+) / kept (−)$3.3MNet borrowing (+) / repaid (−)−$982KTaxes on employees’ shares−$77KAsset & business sales$12KOther investing−$3K
Natural Grocers by Vitamin Cottage: sources (+) and uses (−) of cash, TTM to Q3 FY26Natural Grocers by Vitamin Cottage: sources (+) and uses (−) of cash, TTM to Q3 FY26Operating cash flow$70.7MCapital spending−$48.0MDividends−$13.1MCash drawn (+) / kept (−)−$4.3MNet borrowing (+) / repaid (−)−$3.7MTaxes on employees’ shares−$1.2MOther investing−$436KAsset & business sales$78K

From profit to cash

Natural Grocers by Vitamin Cottage: net income to operating cash flow, Q3 FY26Natural Grocers by Vitamin Cottage: net income to operating cash flow, Q3 FY26Net income$11.1MDepreciation & amortization$8.3MStock-based pay$981KDeferred taxes$1.1MGains on disposals$2KOther non-cash$229KReceivables$3.3MInventory−$5.6MPayables$528KAccrued liabilities−$4.8MPrepaid and other assets−$2.4MOperating cash flow$11.3M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 FY26$11.3M−$10.0M−$3.5M−$982K$3.3M$1.2M
Q2 FY26$22.7M−$20.4M−$3.5M−$933K$2.5M$2.3M
Q1 FY26$21.1M−$9.6M−$3.5M−$886K−$6.1M$11.6M
Q4 FY25$15.6M−$8.1M−$2.8M−$894K−$3.9M$7.5M
Q3 FY25$2.9M−$7.1M−$2.8M−$980K$8.0M−$4.2M
Q2 FY25$34.1M−$6.4M−$2.8M−$9.9M−$14.9M$27.6M
Q1 FY25$2.7M−$9.6M−$2.7M$7.9M$2.6M−$6.9M
Q4 FY24$24.5M−$6.5M−$2.3M−$19.2M$5.0M$18.0M

Natural Grocers by Vitamin Cottage: income statement and cash flow

Natural Grocers by Vitamin Cottage, Q3 FY26: revenue $335M (+2% year over year), operating margin 4.5%. The chart follows the revenue to costs, profit and cash.

Natural Grocers by Vitamin Cottage: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.