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Natural Grocers by Vitamin Cottage (NGVC) investor relations material
Natural Grocers by Vitamin Cottage Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary20 Nov, 2025
Executive summary
Achieved record full-year sales and earnings, with net sales up 7.2% to $1.33 billion and net income up 36.9% to $46.4 million.
Fourth quarter net sales rose 4.2% to $336.1 million, and net income increased 31% to $11.8 million; diluted EPS reached a record $2 per share for fiscal 2025.
Fiscal 2025 marked the 22nd consecutive year of positive comparable store sales growth and another year of record sales and earnings.
Operational focus on targeted promotions, store productivity, and expense leverage contributed to improved operating margins.
Opened two new stores and relocated/remodeled three stores during the year, ending with 169 stores in 21 states.
Financial highlights
Full-year revenue rose 7.2% to $1.33 billion; Q4 net sales increased 4.2% to $336.1 million; daily average comparable store sales rose 4.2% for the quarter and 7.3% for the year.
Q4 net income grew 31% to $11.8 million; full-year net income was $46.4 million, up 36.9%.
Adjusted EBITDA for Q4 was $24.4 million (up 7.7%); full-year adjusted EBITDA was $97.9 million (up 17.5%).
Gross margin for Q4 was 29.5%, down 10 bps; full-year gross margin improved 50 bps to 29.9%.
Operating income for the year rose 32% to $62.0 million; operating margin was 4.7%, up from 3.8%.
Outlook and guidance
Fiscal 2026 guidance: 6–8 new store openings, 2–3 relocations/remodels, comparable store sales growth of 1.5%–4%, and diluted EPS of $2.00–$2.15.
Capital expenditures planned at $50–$55 million to support growth initiatives.
Sales comps expected at the low end of the range in H1, improving in H2; gross margin and store expenses as a percentage of sales expected to be relatively flat.
Free cash flow expected to remain positive despite higher CapEx.
Strategy to achieve 11% house brand penetration
Sustain differentiation vs. conventional/Sprouts?
Impact of higher CapEx on FY26 free cash flow?
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Next Natural Grocers by Vitamin Cottage earnings date
Q1 20265 Feb, 2026
Next Natural Grocers by Vitamin Cottage earnings date
Q1 20265 Feb, 2026
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Frequently asked questions
Natural Grocers by Vitamin Cottage Inc. is a specialty retailer that offers a wide range of natural and organic groceries, dietary supplements, and personal care products. The company focuses on providing high-quality, sustainably sourced goods and emphasizes nutritional education through in-store resources and community outreach programs. Its product categories include fresh produce, organic packaged foods, vitamins, and environmentally friendly household items, catering to health-conscious consumers. The company is headquartered in Lakewood, Colorado, and its shares are listed on the NYSE.
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