Filing Flows › Natural Grocers by Vitamin Cottage (NGVC) › Q2 FY26 › vs Q1 FY26
Natural Grocers by Vitamin Cottage (NGVC) Q2 FY26 vs Q1 FY26 (quarter over quarter)
Natural Grocers by Vitamin Cottage's revenue rose $1.8M (+0.5%) from $336M in Q1 FY26 to $337M in Q2 FY26. The biggest changes: Dietary Supplements +$3.3M (+5%); Manufactured Product, Other −$1.2M (-4%); Grocery −$276K (-0.1%). Gross margin 30.4% against 29.5% (+0.9 pts).
Natural Grocers by Vitamin Cottage, Q2 FY26: revenue $337M (+0.5% year over year), operating margin 5.4%, net earnings $13.4M, operating cash flow $22.7M. The chart draws each line against Q1 FY26, the increases inside each band.
Margins
| Q2 FY26 | Q1 FY26 | Change | |
|---|---|---|---|
| Gross margin | 30.4% | 29.5% | +0.9 pts |
| Operating margin | 5.4% | 4.4% | +1.0 pts |
| Net margin | 4.0% | 3.4% | +0.6 pts |
| Free cash flow margin | 0.7% | 3.4% | -2.7 pts |
Every line
| Line | Q2 FY26 | Q1 FY26 | Change | % |
|---|---|---|---|---|
| Grocery | $244M | $244M | −$276K | -0.1% |
| Dietary Supplements | $64.0M | $60.7M | $3.3M | +5% |
| Manufactured Product, Other | $29.8M | $31.0M | −$1.2M | -4% |
| Revenue | $337M | $336M | $1.8M | +0.5% |
| Gross profit | $102M | $98.9M | $3.6M | +4% |
| Cost of revenue | $235M | $237M | −$1.8M | -0.8% |
| Operating profit | $18.1M | $14.6M | $3.5M | +24% |
| Operating expenses | $84.3M | $84.2M | $126K | +0.1% |
| Pre-tax earnings | $17.5M | $13.9M | $3.5M | +25% |
| General & admin | $12.1M | $10.8M | $1.3M | +12% |
| Other operating costs | $72.2M | $73.4M | −$1.2M | -2% |
| Net earnings | $13.4M | $11.3M | $2.1M | +19% |
| Income tax | $4.0M | $2.6M | $1.4M | +55% |
| Depreciation & amortization | $8.2M | $8.0M | $178K | +2% |
| Share-based compensation | $945K | $857K | $88K | +10% |
| Working capital & other | $175K | $970K | −$795K | -82% |
| Operating cash flow | $22.7M | $21.1M | $1.6M | +7% |
| Free cash flow (OCF − capex) | $2.3M | $11.6M | −$9.2M | -80% |
| Capital expenditures | $20.4M | $9.6M | $10.8M | +113% |
Questions
How much did Natural Grocers by Vitamin Cottage's revenue grow quarter over quarter in Q2 FY26?
Natural Grocers by Vitamin Cottage's revenue rose $1.8M (+0.5%) from $336M in Q1 FY26 to $337M in Q2 FY26.
What drove Natural Grocers by Vitamin Cottage's revenue change in Q2 FY26?
Dietary Supplements +$3.3M (+5%); Manufactured Product, Other −$1.2M (-4%); Grocery −$276K (-0.1%).