Natural Grocers by Vitamin Cottage, Inc.
Cash Flow Statement
| Line Item | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | $11.1M | $13.4M | $11.3M | $11.8M | $11.6M | $13.1M | $9.9M | $9.0M |
| Depreciation & Amortization | $8.3M | $8.2M | $8.0M | $8.0M | $8.0M | $7.9M | $8.0M | $7.9M |
| Depreciation | — | — | — | — | — | — | — | — |
| Amortization | — | — | — | — | — | — | — | — |
| Stock-Based Compensation | $981.0K | $945.0K | $857.0K | $860.0K | $843.0K | $822.0K | $1.4M | $929.0K |
| Net Cash from Operating Activities | $11.3M | $22.7M | $21.1M | $15.6M | $2.9M | $34.1M | $2.7M | $24.5M |
| Investing Activities | ||||||||
| Capital Expenditures | $10.0M | $20.4M | $9.6M | $8.1M | $7.1M | $6.4M | $9.6M | $6.5M |
| Business Acquisitions | — | — | — | — | — | — | — | — |
| Net Cash from Investing Activities | $-10.0M | $-20.8M | $-9.6M | $-8.0M | $-7.1M | $-6.5M | $-9.4M | $-6.8M |
| Financing Activities | ||||||||
| Dividends Paid | $3.5M | $3.5M | $3.5M | $2.8M | $2.8M | $2.8M | $2.7M | $2.3M |
| Stock Repurchases | — | — | — | — | — | — | — | — |
| Net Cash from Financing Activities | $-4.5M | $-4.4M | $-5.5M | $-3.7M | $-3.9M | $-12.7M | $4.2M | $-22.7M |
| Net Change in Cash | $-3.3M | $-2.5M | $6.1M | $3.9M | $-8.0M | $14.9M | $-2.6M | $-5.0M |
| Free Cash Flow | $1.3M | $2.3M | $11.6M | $7.6M | $-4.2M | $27.6M | $-6.9M | $18.0M |