Filing Flows › Natural Grocers by Vitamin Cottage (NGVC) › Q2 FY26
Natural Grocers by Vitamin Cottage (NGVC) Q2 FY26 earnings results (second quarter fiscal 2026)
10-Q filed May 7, 2026
Natural Grocers by Vitamin Cottage (NGVC) reported revenue of $337M for the second quarter fiscal 2026 (Q2 FY26), +0.5% from a year earlier and +0.5% from the quarter before. Operating margin was 5.4%, net earnings $13.4M (4.0% of revenue).
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 follows the revenue to costs, profit and cash.
| Q2 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $337M | +0.5% | +0.5% |
| Gross profit | $102M | +4% | +0.7% |
| Operating profit | $18.1M | +24% | +3% |
| Net earnings | $13.4M | +19% | +3% |
| Operating cash flow | $22.7M | +7% | -33% |
| Free cash flow | $2.3M | -80% | -92% |
What changed
Revenue was $337.4M in Q2 FY26, roughly flat year over year and up 1% from the previous quarter. Grocery was the largest line at 72% of revenue. Grocery added $5.0M year over year (up 2%), 314% of the total change. Manufactured Product, Other declined 4%.
Gross margin was 30.4%, up 0.1 points from Q2 FY25. Operating profit was $18.1M, a 5.4% margin (up 0.1 points year over year). Of the extra revenue versus Q2 FY25, 34% reached operating profit, above the 5% margin then. Operating expenses grew 0% against flat revenue. Net earnings were $13.4M, up 3% year over year. The effective tax rate was 23.1%.
Operating cash flow was $22.7M (down 33% year over year), 169% of net earnings. Non-cash charges added back $8.2M of depreciation and amortization and $945K of share-based compensation. Capital expenditures of $20.4M left free cash flow of $2.3M.
Questions
What was Natural Grocers by Vitamin Cottage's revenue in the second quarter fiscal 2026?
Natural Grocers by Vitamin Cottage (NGVC) reported revenue of $337M for the second quarter fiscal 2026 (Q2 FY26), +0.5% from a year earlier and +0.5% from the quarter before.
Was Natural Grocers by Vitamin Cottage profitable in the second quarter fiscal 2026?
Operating profit was $18.1M (5.4% of revenue) and net earnings $13.4M.
Source: Natural Grocers by Vitamin Cottage 10-Q on SEC EDGAR.