Company: NGVC
Filing Date: 2025-12-11
Form Type: 10-K
Source: 0001437749-25-037556
Chunk: 755

Company: Natural Grocers by Vitamin Cottage, Inc.
Filing Date: 2025-12-11
Form: 10-K
Item: Item 8
Chunk 755
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 million that was included in the contract liability balance of unredeemed gift cards at September 30, 2024.

Rewards program points are accrued as deferred revenue at the retail value per point, net of estimated breakage based on historical redemption rates experienced within the rewards program. Rewards points are forfeited at the end of each calendar year.

The following table disaggregates the Company’s revenue by product category for the years ended September 30, 2025, 2024 and 2023, dollars in thousands and as a percentage of net sales:

			Year ended September 30,

			2025

			2024

			2023

			Grocery

			$
			952,171

			72
			
			%

			878,263

			71

			796,241

			70

			Dietary supplements

			252,941

			19

			243,953

			20

			235,714

			21

			Body care, pet care and other

			125,724

			9

			119,369

			9

			108,613

			9

			$
			1,330,836

			100
			
			%

			1,241,585

			100

			1,140,568

			100

4. Earnings Per Share

Basic earnings per share (EPS) is computed by dividing net income by the weighted average number of shares of common stock outstanding during the period. Diluted EPS is computed using the treasury stock method and reflects the potential dilution that could occur if the Company’s granted but unvested restricted stock units were to vest, resulting in the issuance of common stock that would then share in the earnings of the Company.

68

The following table presents the Company’s basic and diluted EPS for the years ended September 30, 2025, 2024 and 2023, dollars in thousands, except per share data:

			Year ended September 30,

			2025

			2024

			2023

			Net income

			$
			46,444

			33,935

			23,243

			Weighted average number of shares of common stock outstanding

			22,936,194

			22,774,825

			22,725,088