Filing Flows › Natural Grocers by Vitamin Cottage (NGVC) › Q3 FY26 › vs Q2 FY26
Natural Grocers by Vitamin Cottage (NGVC) Q3 FY26 vs Q2 FY26 (quarter over quarter)
Natural Grocers by Vitamin Cottage's revenue fell $2.6M (-0.8%) from $337M in Q2 FY26 to $335M in Q3 FY26. The biggest changes: Dietary Supplements −$4.1M (-6%); Manufactured Product, Other +$1.1M (+4%); Grocery +$429K (+0.2%). Gross margin 29.3% against 30.4% (-1.1 pts).
Natural Grocers by Vitamin Cottage, Q3 FY26: revenue $335M (+2% year over year), operating margin 4.5%, net earnings $11.1M, operating cash flow $11.3M. The chart draws each line against Q2 FY26, the increases inside each band.
Margins
| Q3 FY26 | Q2 FY26 | Change | |
|---|---|---|---|
| Gross margin | 29.3% | 30.4% | -1.1 pts |
| Operating margin | 4.5% | 5.4% | -0.9 pts |
| Net margin | 3.3% | 4.0% | -0.7 pts |
| Free cash flow margin | 0.4% | 0.7% | -0.3 pts |
Every line
| Line | Q3 FY26 | Q2 FY26 | Change | % |
|---|---|---|---|---|
| Grocery | $244M | $244M | $429K | +0.2% |
| Dietary Supplements | $59.9M | $64.0M | −$4.1M | -6% |
| Manufactured Product, Other | $30.9M | $29.8M | $1.1M | +4% |
| Revenue | $335M | $337M | −$2.6M | -0.8% |
| Gross profit | $98.0M | $102M | −$4.4M | -4% |
| Cost of revenue | $237M | $235M | $1.8M | +0.8% |
| Operating profit | $15.0M | $18.1M | −$3.1M | -17% |
| Operating expenses | $83.0M | $84.3M | −$1.3M | -2% |
| Pre-tax earnings | $14.3M | $17.5M | −$3.1M | -18% |
| General & admin | $9.5M | $12.1M | −$2.6M | -22% |
| Other operating costs | $73.5M | $72.2M | $1.3M | +2% |
| Net earnings | $11.1M | $13.4M | −$2.4M | -18% |
| Income tax | $3.3M | $4.0M | −$779K | -19% |
| Depreciation & amortization | $8.3M | $8.2M | $181K | +2% |
| Share-based compensation | $981K | $945K | $36K | +4% |
| Working capital & other | $9.1M | −$175K | $9.3M | — |
| Operating cash flow | $11.3M | $22.7M | −$11.4M | -50% |
| Free cash flow (OCF − capex) | $1.2M | $2.3M | −$1.1M | -47% |
| Capital expenditures | $10.0M | $20.4M | −$10.3M | -51% |
Questions
How much did Natural Grocers by Vitamin Cottage's revenue grow quarter over quarter in Q3 FY26?
Natural Grocers by Vitamin Cottage's revenue fell $2.6M (-0.8%) from $337M in Q2 FY26 to $335M in Q3 FY26.
What drove Natural Grocers by Vitamin Cottage's revenue change in Q3 FY26?
Dietary Supplements −$4.1M (-6%); Manufactured Product, Other +$1.1M (+4%); Grocery +$429K (+0.2%).