Filing Flows › Natural Grocers by Vitamin Cottage (NGVC) › Q1 FY26
Natural Grocers by Vitamin Cottage (NGVC) Q1 FY26 earnings results (first quarter fiscal 2026)
10-Q filed Feb 5, 2026
Natural Grocers by Vitamin Cottage (NGVC) reported revenue of $336M for the first quarter fiscal 2026 (Q1 FY26), +2% from a year earlier and -0.2% from the quarter before. Operating margin was 4.4%, net earnings $11.3M (3.4% of revenue).
Natural Grocers by Vitamin Cottage, Q1 FY26: revenue $336M (+2% year over year), operating margin 4.4%, net earnings $11.3M, operating cash flow $21.1M. The chart follows the revenue to costs, profit and cash.
| Q1 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $336M | -0.2% | +2% |
| Gross profit | $98.9M | -0.2% | 0% |
| Operating profit | $14.6M | -6% | +10% |
| Net earnings | $11.3M | -4% | +14% |
| Operating cash flow | $21.1M | +35% | +688% |
| Free cash flow | $11.6M | +53% | — |
What changed
Revenue was $335.6M in Q1 FY26, up 2% year over year and roughly flat from the previous quarter. Grocery was the largest line at 73% of revenue. Grocery added $7.2M year over year (up 3%), 135% of the total change. Manufactured Product, Other declined 3%.
Gross margin was 29.5%, down 0.5 points from a year earlier. Operating profit was $14.6M, a 4.4% margin (up 0.3 points year over year). Of the extra revenue versus a year earlier, 24% reached operating profit, above the 4% margin then. Operating expenses fell 1% while revenue rose 2%. Net earnings were $11.3M, up 14% year over year. The effective tax rate was 18.7%.
Operating cash flow was $21.1M (up 688% year over year), 186% of net earnings. Non-cash charges added back $8.0M of depreciation and amortization and $857K of share-based compensation. Capital expenditures of $9.6M left free cash flow of $11.6M.
Questions
What was Natural Grocers by Vitamin Cottage's revenue in the first quarter fiscal 2026?
Natural Grocers by Vitamin Cottage (NGVC) reported revenue of $336M for the first quarter fiscal 2026 (Q1 FY26), +2% from a year earlier and -0.2% from the quarter before.
Was Natural Grocers by Vitamin Cottage profitable in the first quarter fiscal 2026?
Operating profit was $14.6M (4.4% of revenue) and net earnings $11.3M.
Source: Natural Grocers by Vitamin Cottage 10-Q on SEC EDGAR.