Company: NGVC
Filing Date: 2025-12-11
Form Type: 10-K
Source: 0001437749-25-037556
Chunk: 306

Company: Natural Grocers by Vitamin Cottage, Inc.
Filing Date: 2025-12-11
Form: 10-K
Item: Item 2
Chunk 306
---
asic

			22,936,194

			22,774,825

			22,725,088

			Diluted

			23,255,274

			23,083,903

			22,834,316

See accompanying notes to consolidated financial statements.

60

NATURAL GROCERS BY VITAMIN COTTAGE, INC.

Consolidated Statements of Cash Flows

(Dollars in thousands)

			Year ended September 30,

			2025

			2024

			2023

			Operating activities:

			Net income

			$
			46,444

			33,935

			23,243

			Adjustments to reconcile net income to net cash provided by operating activities:

			Depreciation and amortization

			31,814

			30,930

			28,906

			Loss on impairment of long-lived assets and store closing costs

			81

			2,102

			1,268

			(Gain) loss on disposal of property and equipment

			(34
			)

			10

			379

			Share-based compensation

			3,960

			2,829

			1,360

			Deferred income tax benefit

			(2,608
			
			)

			(3,955
			)

			(1,475
			)

			Non-cash interest expense

			4

			17

			19

			Other

			7

			(160
			)

			—

			Changes in operating assets and liabilities:

			(Increase) decrease in:

			Accounts receivable, net

			(411
			)

			(1,790
			)

			315

			Income tax receivable

			(604
			)

			252

			378

			Merchandise inventory

			(12,296
			
			)

			(1,412
			
			)

			(5,504
			
			)

			Prepaid expenses and other assets

			(5,516
			
			)

			(1,069
			
			)

			(128
			
			)

			Operating lease assets

			33,592

			33