Natural Grocers by Vitamin Cottage, Inc. (NGVC) Income Statement
NGVC FY2025 at a glance
Fiscal year ended September 30, 2025 · U.S. dollarsNGVC revenue and net income
Where NGVC's revenue goes
FY2025Each bar shows an amount and its share of revenue. NGVC kept 3.5% of revenue as net income.
NGVC profit margins
NGVC growth rates
to FY2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +7.2% | +6.9% | +5.1% | +7.9% |
| Gross profit | +9.1% | +9.3% | +7.0% | +8.1% |
| Operating income | +32.0% | +27.2% | +17.4% | +8.0% |
| Net income | +36.9% | +29.5% | +18.3% | +11.1% |
| EPS (diluted) | +35.1% | +29.1% | +17.8% | +10.8% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
NGVC quarterly EPS vs estimates
Natural Grocers beat the analyst EPS estimate in 7 of the last 8 quarters. Next report: November 19, 2026 (estimate $0.56).
NGVC income statement
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.33B | $1.24B | $1.14B | $1.09B | $1.06B | $1.04B | $903.6M | $849.0M | $769.0M | $705.5M |
| Cost of revenue | $933.0M | $876.8M | $813.6M | $784.7M | $763.3M | $753.7M | $664.8M | $623.5M | $556.7M | $503.7M |
| Gross profit | $397.9M | $364.8M | $326.9M | $304.9M | $292.2M | $283.1M | $238.8M | $225.6M | $212.3M | $201.8M |
| Research & development | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Sales, general & admin | $41.4M | $37.0M | $34.4M | $31.6M | $28.4M | $26.8M | $22.8M | $21.5M | $20.1M | $19.2M |
| Total operating expenses | $335.9M | $317.8M | $295.3M | $274.7M | $263.9M | $255.4M | $222.0M | $210.5M | $198.2M | $181.4M |
| Operating income | $62.0M | $47.0M | $31.7M | $30.2M | $28.3M | $27.7M | $16.8M | $15.1M | $14.1M | $20.4M |
| Interest income | — | — | — | — | — | — | $5.0M | $4.6M | $3.8M | $3.0M |
| Interest expense | $3.1M | $4.2M | $3.3M | $2.4M | $2.3M | $2.0M | $5.0M | $4.6M | $3.8M | $3.0M |
| Income before taxes | $58.9M | $42.8M | $28.4M | $27.8M | $26.1M | $25.7M | $11.8M | $10.5M | $10.3M | $17.3M |
| Income taxes | $12.5M | $8.9M | $5.1M | $6.4M | $5.5M | $5.7M | $2.4M | −$2.2M | $3.4M | $5.9M |
| Net income | $46.4M | $33.9M | $23.2M | $21.4M | $20.6M | $20.0M | $9.4M | $12.7M | $6.9M | $11.5M |
| EBITDA | $93.8M | $77.9M | $60.6M | $58.1M | $58.0M | $58.9M | $45.7M | $44.5M | $43.6M | $45.9M |
| EPS (diluted) | $2.00 | $1.48 | $1.04 | $0.93 | $0.91 | $0.88 | $0.42 | $0.37 | $0.31 | $0.52 |
| Gross margin | 29.9% | 29.4% | 28.7% | 28.0% | 27.7% | 27.3% | 26.4% | 26.6% | 27.6% | 28.6% |
| Operating margin | 4.7% | 3.8% | 2.8% | 2.8% | 2.7% | 2.7% | 1.9% | 1.8% | 1.8% | 2.9% |
| Net margin | 3.5% | 2.7% | 2.0% | 2.0% | 1.9% | 1.9% | 1.0% | 1.5% | 0.9% | 1.6% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $334.7M | $337.4M | $335.6M | $336.1M | $328.7M | $335.8M | $330.2M | $322.7M | $309.1M | $308.1M | $301.8M | $295.1M |
| Cost of revenue | $236.7M | $242.9M | $236.7M | $237.1M | $230.4M | $234.0M | $231.4M | $227.3M | $218.8M | $217.7M | $213.0M | $210.7M |
| Gross profit | $98.0M | $94.5M | $98.9M | $99.0M | $98.3M | $101.7M | $98.8M | $95.4M | $90.3M | $90.4M | $88.8M | $84.3M |
| Sales, general & admin | $9.5M | $12.1M | $84.2M | $7.9M | $10.9M | $11.0M | $11.5M | $10.2M | $9.5M | $70.9M | $9.4M | $9.8M |
| Total operating expenses | $83.0M | $75.8M | $84.2M | $83.5M | $82.7M | $84.2M | $85.5M | $83.3M | $77.5M | $79.1M | $78.0M | $76.6M |
| Operating income | $15.0M | $18.7M | $14.6M | $15.5M | $15.6M | $17.6M | $13.3M | $12.1M | $12.8M | $11.3M | $10.8M | $7.7M |
| Interest expense | $663,000 | $632,000 | $713,000 | $696,000 | $694,000 | $750,000 | $923,000 | $1.1M | $1.1M | $1.2M | $894,000 | $821,000 |
| Income before taxes | $14.3M | $17.5M | $13.9M | $14.8M | $14.9M | $16.8M | $12.4M | $11.0M | $11.8M | $10.1M | $9.9M | $6.9M |
| Income taxes | $3.3M | $4.0M | $2.6M | $3.0M | $3.3M | $3.7M | $2.5M | $2.0M | $2.6M | $2.1M | $2.2M | $1.0M |
| Net income | $11.1M | $13.4M | $11.3M | $11.8M | $11.6M | $13.1M | $9.9M | $9.0M | $9.2M | $8.0M | $7.8M | $5.9M |
| EBITDA | $23.3M | $26.3M | $22.6M | $23.5M | $23.5M | $25.4M | $21.3M | $21.7M | $20.7M | $19.0M | $18.3M | $15.2M |
| EPS (diluted) | $0.48 | $0.58 | $0.49 | $0.51 | $0.50 | $0.56 | $0.43 | $0.39 | $0.40 | $0.35 | $0.34 | $0.28 |
| Gross margin | 29.3% | 28.0% | 29.5% | 29.5% | 29.9% | 30.3% | 29.9% | 29.6% | 29.2% | 29.3% | 29.4% | 28.6% |
| Operating margin | 4.5% | 5.5% | 4.4% | 4.6% | 4.7% | 5.2% | 4.0% | 3.7% | 4.2% | 3.7% | 3.6% | 2.6% |
| Net margin | 3.3% | 4.0% | 3.4% | 3.5% | 3.5% | 3.9% | 3.0% | 2.8% | 3.0% | 2.6% | 2.6% | 2.0% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in NGVC's financial statements (latest annual report filed December 11, 2025); data from EODHD. Sales, general & administrative expenses include sales and marketing.
NGVC financial results
In fiscal year 2025 (ended September 30, 2025), Natural Grocers reported revenue of $1.3 billion, up 7.2% from the year before. It had net income of $46.4 million (up 36.9%), a net profit margin of 3.5%. Diluted earnings per share came to $2.00. Over five years revenue grew at an average rate of 5.1% a year.
See the NGVC stock overview for the latest quote and news, or the NGVC chart for price history and technical indicators.
NGVC income statement FAQ
What is Natural Grocers's annual revenue?
Natural Grocers reported total revenue of $1.3 billion for fiscal year 2025, which ended on September 30, 2025. That was up 7.2% from $1.2 billion the previous year.
Is Natural Grocers profitable?
Yes. Natural Grocers reported net income of $46.4 million in fiscal 2025, a net profit margin of 3.5%; its operating margin was 4.7%.
What is Natural Grocers's gross margin?
Natural Grocers's gross margin was 29.9% in fiscal 2025: for every $100 of revenue, Natural Grocers kept $30 after the direct cost of its products and services.
How fast is Natural Grocers growing?
Revenue grew 5.1% a year on average over the last five fiscal years, from $1.0 billion to $1.3 billion.
What are Natural Grocers's earnings per share?
Natural Grocers earned $2.00 per diluted share in fiscal 2025, compared with $1.48 a year earlier.
When will Natural Grocers report its next earnings?
Natural Grocers is expected to report results for the quarter ending September 30, 2026 on November 19, 2026 after the market closes.
When does Natural Grocers's fiscal year end?
Natural Grocers's fiscal year ends in September. The latest annual report covers the year ended September 30, 2025 and was filed on December 11, 2025.