Form 8-K

8-K — Natural Grocers by Vitamin Cottage, Inc.

Accession: 0001437749-26-026263

Filed: 2026-08-06

Period: 2026-08-06

CIK: 0001547459

SIC: 5411 (RETAIL-GROCERY STORES)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — ngvc20260805_8k.htm (Primary)

EX-99.1 — EXHIBIT 99.1 (ex_999263.htm)

GRAPHIC (logo.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K — FORM 8-K

8-K (Primary)

Filename: ngvc20260805_8k.htm · Sequence: 1

ngvc20260805_8k.htm

false

0001547459

2026-08-06

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of report (Date of earliest event reported): August 6, 2026

Natural Grocers by Vitamin Cottage, Inc.

(Exact name of registrant as specified in its charter)

Delaware

001-35608

45-5034161

(State or other jurisdiction

of incorporation)

(Commission

File No.)

(IRS Employer

Identification No.)

12612 West Alameda Parkway

Lakewood, Colorado 80228

(Address of principal executive offices) (Zip Code)

(303) 986-4600

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions:

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading symbol

Name of each exchange on which registered

Common Stock, $0.001 par value

NGVC

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On August 6, 2026, Natural Grocers by Vitamin Cottage, Inc. (the “Company”) issued a press release announcing its financial results for the three and nine months ended June 30, 2026. A copy of the press release is furnished herewith as Exhibit 99.1.

The information contained in this Item 2.02, including Exhibit 99.1 attached hereto, is being furnished and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section. Additionally, the information contained in this Item 2.02 or Exhibit 99.1 shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.

Description

99.1

Press release of Natural Grocers by Vitamin Cottage, Inc. dated August 6, 2026 announcing financial results.

104

Cover Page Interactive Data File (formatted as Inline XBRL).

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: August 6, 2026

Natural Grocers by Vitamin Cottage, Inc.

By:

/s/ Kemper Isely

Name:

Kemper Isely

Title:

Co-President

EX-99.1 — EXHIBIT 99.1

EX-99.1

Filename: ex_999263.htm · Sequence: 2

ex_999263.htm

Exhibit 99.1

Natural Grocers by Vitamin Cottage Announces Third Quarter Fiscal 2026 Results

Lakewood, Colorado, August 6, 2026. Natural Grocers by Vitamin Cottage, Inc. (NYSE: NGVC) today announced results for its third quarter of fiscal 2026 ended June 30, 2026.

Highlights for Third Quarter Fiscal 2026 Compared to Third Quarter Fiscal 2025

●

Net sales increased 1.8% to $334.7 million;

●

Daily average comparable store sales increased 1.2%, and 8.6% on a two-year basis;

●

Net income was $11.1 million, with diluted earnings per share of $0.48; and

●

Opened three new stores and relocated one store.

“We delivered positive daily average comparable store sales growth in the third quarter despite a challenging consumer environment, with comparable store sales growth accelerating to 1.2% from 0.5% in the second quarter. Furthermore, our new store unit growth strategy continues to gain momentum, with six stores opened fiscal year-to-date, including three during the third quarter and two subsequent to quarter-end,” said Kemper Isely, Co-President. “We believe that our accelerating new store unit growth, an increasing consumer focus on health and wellness, and our differentiated offering – built on rigorous product standards and our Always AffordableSM pricing strategy – position Natural Grocers for long-term growth by delivering compelling value to customers and strengthening our competitive position.”

Mr. Isely added, “We are honored to be named the 2026 Sustainability Retailer of the Year by Produce Business, a leading trade publication serving the fresh produce industry. This recognition reflects our longstanding commitment to sustainability, from offering 100% certified organic produce to supporting regenerative agriculture and environmental stewardship. It also underscores the purpose-driven values that continue to guide our Company and serve our customers and communities.”

In addition to presenting the financial results of Natural Grocers by Vitamin Cottage, Inc. and its subsidiaries (collectively, the Company) in conformity with U.S. generally accepted accounting principles (GAAP), the Company is also presenting EBITDA and Adjusted EBITDA, which are non-GAAP financial measures. The reconciliation from GAAP to these non-GAAP financial measures is provided at the end of this earnings release.

Operating Results — Third Quarter Fiscal 2026 Compared to Third Quarter Fiscal 2025

Net sales during the third quarter of fiscal 2026 increased $6.0 million, or 1.8%, to $334.7 million, compared to the third quarter of fiscal 2025, due to a $4.0 million increase in comparable store sales and a $3.1 million increase in new store sales, partially offset by a $1.1 million decrease in net sales related to closed stores. Daily average comparable store sales increased 1.2% in the third quarter of fiscal 2026, comprised of a 3.1% increase in daily average transaction size and a 1.8% decrease in daily average transaction count.

Gross profit during the third quarter of fiscal 2026 decreased $0.3 million to $98.0 million. Gross profit reflects earnings after product and store occupancy costs. Gross margin decreased to 29.3% during the third quarter of fiscal 2026, compared to 29.9% in the third quarter of fiscal 2025. The decrease in gross margin was driven by lower product margin primarily due to an unfavorable change in sales mix, as well as higher merchandise inventory shrink and freight costs. The Company’s primary distributor’s cybersecurity incident in the third quarter of fiscal 2025 affected the year-over-year comparability of product margin mix and shrink for the current period.

Store expenses during the third quarter of fiscal 2026 increased 0.7% to $72.2 million. Store expenses as a percentage of net sales were 21.6% during the third quarter of fiscal 2026, down from 21.8% in the third quarter of fiscal 2025, driven by expense management.

Administrative expenses during the third quarter of fiscal 2026 were $9.5 million, compared to $10.9 million in the third quarter of fiscal 2025. Administrative expenses as a percentage of net sales were 2.8% in the third quarter of fiscal 2026, down from 3.3% in the third quarter of fiscal 2025. Administrative expenses during the third quarter of fiscal 2026 included a business interruption insurance recovery gain of $2.0 million related to the Company’s primary distributor’s cybersecurity incident in June and July 2025.

Pre-opening expenses during the third quarter of fiscal 2026 were $1.3 million compared to less than $0.1 million during the third quarter of fiscal 2025.

Operating income for the third quarter of fiscal 2026 was $15.0 million, compared to $15.6 million in the third quarter of fiscal 2025. Operating margin during the third quarter of fiscal 2026 was 4.5%, down from 4.7% in the third quarter of fiscal 2025.

Net income for the third quarter of fiscal 2026 was $11.1 million, or $0.48 diluted earnings per share, compared to net income of $11.6 million, or $0.50 diluted earnings per share, for the third quarter of fiscal 2025.

Adjusted EBITDA for the third quarter of fiscal 2026 was $22.5 million, compared to $24.4 million in the third quarter of fiscal 2025.

Operating Results — First Nine Months Fiscal 2026 Compared to First Nine Months Fiscal 2025

Net sales during the first nine months of fiscal 2026 increased $13.0 million, or 1.3%, to $1,007.7 million, compared to the first nine months of fiscal 2025, due to an $11.3 million increase in comparable store sales and a $6.6 million increase in new store sales, partially offset by a $5.0 million decrease in net sales related to closed stores. Daily average comparable store sales increased 1.1% in the first nine months of fiscal 2026, comprised of a 1.8% increase in daily average transaction size and a 0.6% decrease in daily average transaction count.

Gross profit during the first nine months of fiscal 2026 increased $0.5 million, or 0.2%, to $299.3 million, compared to $298.9 million in the first nine months of fiscal 2025. Gross profit reflects earnings after product and store occupancy costs. Gross margin decreased to 29.7% during the first nine months of fiscal 2026, compared to 30.0% in the first nine months of fiscal 2025. The decrease in gross margin was driven by lower product margin primarily due to unfavorable sales mix and higher shrink.

Store expenses during the first nine months of fiscal 2026 decreased 0.5% to $216.8 million, driven by expense management. Store expenses as a percentage of net sales were 21.5% during the first nine months of fiscal 2026, down from 21.9% in the first nine months of fiscal 2025.

Administrative expenses during the first nine months of fiscal 2026 decreased 3.1% to $32.5 million, primarily driven by the business interruption insurance recovery gain of $2.0 million recorded during the third quarter of fiscal 2026 and lower compensation expenses, partially offset by higher technology expenses. Administrative expenses as a percentage of net sales were 3.2% during the first nine months of fiscal 2026, down from 3.4% in the first nine months of fiscal 2025.

Pre-opening expenses were $2.3 million during the first nine months of fiscal 2026 compared to $0.9 million for the first nine months of fiscal 2025.

Operating income for the first nine months of fiscal 2026 increased 2.7% to $47.7 million. Operating margin was 4.7% in each of the first nine months of fiscal 2026 and fiscal 2025.

Net income for the first nine months of fiscal 2026 was $35.8 million, or $1.54 diluted earnings per share, compared to net income of $34.6 million, or $1.49 diluted earnings per share, for the first nine months of fiscal 2025.

Adjusted EBITDA for the first nine months of fiscal 2026 was $73.4 million, compared to $73.5 million in the first nine months of fiscal 2025.

Balance Sheet and Cash Flow

As of June 30, 2026, the Company had $17.5 million in cash and cash equivalents and no outstanding borrowings on its $70.0 million revolving credit facility.

During the first nine months of fiscal 2026, the Company generated $55.1 million in cash from operations and invested $40.3 million in net capital expenditures, primarily for new and relocated/remodeled stores and real property acquisitions.

Dividend Announcement

Today, the Company announced the declaration of a quarterly cash dividend of $0.15 per common share. The dividend will be paid on September 2, 2026 to stockholders of record at the close of business on August 17, 2026.

Growth and Development

During the third quarter of fiscal 2026, the Company opened three new stores. The Company ended the third quarter with 172 stores in 22 states. Since June 30, 2026, the Company opened two new stores.

Fiscal 2026 Outlook

The Company is refining its fiscal 2026 outlook:

Fiscal 2026

Prior Outlook

Updated Outlook

Number of new stores

6 to 8

6 to 7

Number of relocations/remodels

2 to 3

Daily average comparable store sales growth

1.5% to 2.5%

1.5% to 2.0%

Diluted earnings per share

$2.07 to $2.15

$2.07 to $2.11

Capital expenditures (in millions)

$45 to $50

Earnings Conference Call

The Company will host a conference call today at 2:30 p.m. Mountain Time (4:30 p.m. Eastern Time) to discuss this earnings release. The dial-in number is 1-888-347-6606 (US) or 1-412-902-4289 (International). The conference ID is “Natural Grocers Q3 FY 2026 Earnings Call.” A simultaneous audio webcast will be available at http://Investors.NaturalGrocers.com and archived for a minimum of 20 days.

About Natural Grocers by Vitamin Cottage

Natural Grocers by Vitamin Cottage, Inc. (NYSE: NGVC) is an expanding specialty retailer of natural and organic groceries, body care products and dietary supplements. The grocery products sold by Natural Grocers must meet strict quality guidelines and may not contain artificial flavors, preservatives, or sweeteners (as defined in its standards), synthetic colors, or partially hydrogenated or hydrogenated oils. The Company sells only USDA certified organic produce and exclusively pasture-raised, non-confinement dairy products, and free-range eggs. Natural Grocers’ flexible smaller-store format allows it to offer affordable prices in a shopper-friendly, clean and convenient retail environment. The Company also provides extensive free science-based nutrition education programs to help customers make informed health and nutrition choices. The Company, founded in 1955, has 174 stores in 22 states.

Visit www.NaturalGrocers.com for more information and store locations.

Forward-Looking Statements

The following constitutes a "safe harbor" statement under the Private Securities Litigation Reform Act of 1995. Except for the historical information contained herein, statements in this release are "forward-looking statements" and are based on management’s current expectations and are subject to uncertainty and changes in circumstances. All statements that are not statements of historical fact are forward-looking statements. Actual results could differ materially from these expectations due to changes in global, national, regional or local political, economic, inflationary, disinflationary, recessionary, business, interest rate, labor market, competitive, market, regulatory, trade policy, supply chain and other factors, and other risks detailed in the Company's Annual Report on Form 10-K and the Company's subsequent quarterly reports on Form 10-Q. The information contained herein speaks only as of the date of this release and the Company undertakes no obligation to publicly update forward-looking statements, except as may be required by the securities laws.

For further information regarding risks and uncertainties associated with the Company's business, please refer to the "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" sections of the Company's filings with the Securities and Exchange Commission, including, but not limited to, the Form 10-K and the Company's subsequent quarterly reports on Form 10-Q, copies of which may be obtained by contacting Investor Relations at 303-986-4600 or by visiting the Company's website at http://Investors.NaturalGrocers.com.

Investor Contact:

Reed Anderson, ICR, 646-277-1260, reed.anderson@icrinc.com

NATURAL GROCERS BY VITAMIN COTTAGE, INC.

Consolidated Statements of Income

(Unaudited)

(Dollars in thousands, except per share data)

Three months ended

June 30,

Nine months ended

June 30,

2026

2025

2026

2025

Net sales

334,739

328,705

1,007,694

994,695

Cost of goods sold and occupancy costs

236,731

230,426

708,384

695,844

Gross profit

98,008

98,279

299,310

298,851

Store expenses

72,220

71,719

216,802

218,000

Administrative expenses

9,504

10,949

32,464

33,486

Pre-opening expenses

1,288

2,296

877

Operating income

14,996

15,587

47,748

46,488

Interest expense, net

(663

)

(694

)

(2,008

)

(2,367

)

Income before income taxes

14,333

14,893

45,740

44,121

Provision for income taxes

(3,260

)

(3,288

)

(9,899

)

(9,477

)

Net income

11,073

11,605

35,841

34,644

Net income per share of common stock:

Basic

0.48

0.51

1.56

1.51

Diluted

0.48

0.50

1.54

1.49

Weighted average number of shares of common stock outstanding:

Basic

23,042,821

22,951,339

23,028,701

22,930,084

Diluted

23,263,405

23,311,935

23,241,884

23,247,316

NATURAL GROCERS BY VITAMIN COTTAGE, INC.

Consolidated Balance Sheets

(Unaudited)

(Dollars in thousands, except per share data)

June 30,

2026

September 30, 2025

Assets

Current assets:

Cash and cash equivalents

17,467

17,116

Accounts receivable, net

10,616

11,966

Merchandise inventory

135,294

132,968

Prepaid expenses and other current assets

10,747

6,025

Total current assets

174,124

168,075

Property and equipment, net

206,997

182,741

Other assets:

Operating lease assets, net

251,627

259,586

Finance lease assets, net

38,751

42,895

Other assets

5,387

5,452

Goodwill and other intangible assets, net

10,801

11,755

Total other assets

306,566

319,688

Total assets

687,687

670,504

Liabilities and Stockholders’ Equity

Current liabilities:

Accounts payable

89,670

80,991

Accrued expenses

26,518

37,236

Co-PACE Financing, current portion

—

Operating lease obligations, current portion

37,728

36,495

Finance lease obligations, current portion

4,253

4,061

Total current liabilities

158,227

158,783

Long-term liabilities:

Co-PACE Financing, net of current portion

1,394

—

Operating lease obligations, net of current portion

237,728

245,803

Finance lease obligations, net of current portion

41,519

45,660

Deferred income tax liabilities, net

9,403

7,863

Total long-term liabilities

290,044

299,326

Total liabilities

448,271

458,109

Stockholders’ equity:

Common stock, $0.001 par value, 50,000,000 shares authorized, 23,045,851 and 22,954,712 shares issued and outstanding at June 30, 2026 and September 30, 2025, respectively

Additional paid-in capital

64,579

63,033

Retained earnings

174,814

149,339

Total stockholders’ equity

239,416

212,395

Total liabilities and stockholders’ equity

687,687

670,504

NATURAL GROCERS BY VITAMIN COTTAGE, INC.

Consolidated Statements of Cash Flows

(Unaudited)

(Dollars in thousands)

Nine months ended June 30,

2026

2025

Operating activities:

Net income

35,841

34,644

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

Depreciation and amortization

24,456

23,791

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

Gain on disposal of property and equipment

(11

)

(30

)

Share-based compensation

2,783

3,100

Deferred income tax expense (benefit)

1,540

(2,444

)

Non-cash interest expense

Other

385

Changes in operating assets and liabilities:

Decrease (increase) in:

Accounts receivable, net

2,631

(1,055

)

Merchandise inventory

(2,326

)

(3,954

)

Prepaid expenses and other assets

(2,636

)

(5,232

)

Income tax receivable

(2,383

)

—

Operating lease assets

25,904

25,221

(Decrease) increase in:

Operating lease liabilities

(26,080

)

(25,565

)

Accounts payable

5,686

(4,520

)

Accrued expenses

(10,718

)

(4,366

)

Net cash provided by operating activities

55,097

39,677

Investing activities:

Acquisition of property and equipment

(39,936

)

(23,124

)

Acquisition of other intangibles

(460

)

(167

)

Proceeds from sale of property and equipment

Proceeds from property insurance settlements

305

Net cash used in investing activities

(40,342

)

(22,942

)

Financing activities:

Borrowings under revolving loans

491,700

486,200

Repayments under revolving loans

(491,700

)

(486,200

)

Finance lease obligation payments

(2,801

)

(2,931

)

Dividends to shareholders

(10,366

)

(8,255

)

Payments on withholding tax for restricted stock unit vesting

(1,237

)

(1,242

)

Net cash used in financing activities

(14,404

)

(12,428

)

Net increase in cash and cash equivalents

351

4,307

Cash and cash equivalents, beginning of period

17,116

8,871

Cash and cash equivalents, end of period

17,467

13,178

Supplemental disclosures of cash flow information:

Cash paid for interest

596

959

Cash paid for interest on finance lease obligations, net of capitalized interest of $313 and $164, respectively

1,359

1,441

Income taxes paid

10,742

11,644

Supplemental disclosures of non-cash investing and financing activities:

Acquisition of property and equipment not yet paid

5,375

2,157

Lease assets obtained in exchange for new operating lease obligations

18,386

14,022

Lease assets obtained in exchange for new finance lease obligations

(32

)

3,135

Building and land acquired in exchange for assumed Co-PACE Financing

1,343

—

Tenant lease intangibles acquired in exchange for assumed Co-PACE Financing

109

—

NATURAL GROCERS BY VITAMIN COTTAGE, INC.

Non-GAAP Financial Measures

(Unaudited)

EBITDA and Adjusted EBITDA

EBITDA and Adjusted EBITDA are not measures of financial performance under GAAP. We define EBITDA as net income before interest expense, provision for income taxes, depreciation and amortization. We define Adjusted EBITDA as EBITDA as adjusted to exclude the effects of certain income and expense items that management believes make it more difficult to assess the Company’s actual operating performance, including certain items such as impairment charges, store closing costs, share-based compensation, amortization of SaaS implementation costs, business interruption insurance recovery gain, and non-recurring items.

The following table reconciles net income to EBITDA and Adjusted EBITDA, dollars in thousands:

Three months ended

June 30,

Nine months ended

June 30,

2026

2025

2026

2025

Net income

11,073

11,605

35,841

34,644

Interest expense, net

663

694

2,008

2,367

Provision for income taxes

3,260

3,288

9,899

9,477

Depreciation and amortization

8,332

7,953

24,456

23,791

EBITDA

23,328

23,540

72,204

70,279

Impairment of long-lived assets and store closing costs

—

118

Share-based compensation

981

843

2,783

3,100

Amortization of SaaS implementation costs

225

378

Business interruption insurance recovery gain

(1,993

)

—

(1,993

)

—

Adjusted EBITDA

22,541

24,385

73,417

73,500

EBITDA decreased 0.9% to $23.3 million for the three months ended June 30, 2026 compared to $23.5 million for the three months ended June 30, 2025. EBITDA increased 2.7% to $72.2 million for the nine months ended June 30, 2026 compared to $70.3 million for the nine months ended June 30, 2025. EBITDA as a percentage of net sales was 7.0% and 7.2% for the three months ended June 30, 2026 and 2025, respectively. EBITDA as a percentage of net sales was 7.2% and 7.1% for the nine months ended June 30, 2026 and 2025, respectively.

Adjusted EBITDA decreased 7.6% to $22.5 million for the three months ended June 30, 2026 compared to $24.4 million for the three months ended June 30, 2025. Adjusted EBITDA decreased 0.1% to $73.4 million for the nine months ended June 30, 2026 compared to $73.5 million for the nine months ended June 30, 2025. Adjusted EBITDA as a percentage of net sales was 6.7% and 7.4% for the three months ended June 30, 2026 and 2025, respectively. Adjusted EBITDA as a percentage of net sales was 7.3% and 7.4% for the nine months ended June 30, 2026 and 2025, respectively.

Management believes some investors’ understanding of our performance is enhanced by including EBITDA and Adjusted EBITDA, which are non-GAAP financial measures. We believe EBITDA and Adjusted EBITDA provide additional information about: (i) our operating performance, because they assist us in comparing the operating performance of our stores on a consistent basis, as they remove the impact of non-cash depreciation and amortization expense as well as items not directly resulting from our core operations, such as interest expense and income taxes and (ii) our performance and the effectiveness of our operational strategies. Additionally, EBITDA is a component of a measure in our financial covenants under our credit facility.

Furthermore, management believes some investors use EBITDA and Adjusted EBITDA as supplemental measures to evaluate the overall operating performance of companies in our industry. Management believes that some investors’ understanding of our performance is enhanced by including these non-GAAP financial measures as a reasonable basis for comparing our ongoing results of operations. By providing these non-GAAP financial measures, together with a reconciliation from net income, we believe we are enhancing investors’ understanding of our business and our results of operations, as well as assisting investors in evaluating how well we are executing our strategic initiatives.

Our competitors may define EBITDA and Adjusted EBITDA differently, and as a result, our measures of EBITDA and Adjusted EBITDA may not be directly comparable to EBITDA and Adjusted EBITDA of other companies. Items excluded from EBITDA and Adjusted EBITDA are significant components in understanding and assessing financial performance. EBITDA and Adjusted EBITDA are supplemental measures of operating performance that do not represent and should not be considered in isolation or as an alternative to, or substitute for, net income or other financial statement data presented in the consolidated financial statements as indicators of financial performance. EBITDA and Adjusted EBITDA have limitations as analytical tools, and should not be considered in isolation, or as a substitute for analysis of our results as reported under GAAP. Some of the limitations are:

●

EBITDA and Adjusted EBITDA do not reflect our cash expenditures, or future requirements for capital expenditures or contractual commitments;

●

EBITDA and Adjusted EBITDA do not reflect changes in, or cash requirements for, our working capital needs;

●

EBITDA and Adjusted EBITDA do not reflect any depreciation or interest expense for leases classified as finance leases;

●

EBITDA and Adjusted EBITDA do not reflect the interest expense, or the cash requirements necessary to service interest or principal payments on our debt;

●

Adjusted EBITDA does not reflect share-based compensation, impairment of long-lived assets, store closing costs, amortization of SaaS implementation costs and business interruption insurance recovery gain;

●

EBITDA and Adjusted EBITDA do not reflect our tax expense or the cash requirements to pay our taxes; and

●

Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future and EBITDA and Adjusted EBITDA do not reflect any cash requirements for such replacements.

Due to these limitations, EBITDA and Adjusted EBITDA should not be considered as measures of discretionary cash available to us to invest in the growth of our business. We compensate for these limitations by relying primarily on our GAAP results and using EBITDA and Adjusted EBITDA as supplemental information.

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Document And Entity Information

Aug. 06, 2026

Document Information [Line Items]

Entity, Registrant Name

Natural Grocers by Vitamin Cottage, Inc.

Document, Type

8-K

Document, Period End Date

Aug. 06, 2026

Entity, Incorporation, State or Country Code

Entity, File Number

001-35608

Entity, Tax Identification Number

45-5034161

Entity, Address, Address Line One

12612 West Alameda Parkway

Entity, Address, City or Town

Lakewood

Entity, Address, State or Province

Entity, Address, Postal Zip Code

80228

City Area Code

303

Local Phone Number

986-4600

Written Communications

false

Soliciting Material

false

Pre-commencement Tender Offer

false

Pre-commencement Issuer Tender Offer

false

Title of 12(b) Security

Common Stock

Trading Symbol

NGVC

Security Exchange Name

NYSE

Entity, Emerging Growth Company

false

Amendment Flag

false

Entity, Central Index Key

0001547459

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+ References

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Area code of city

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- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.

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- Definition

The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.

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- Definition

Address Line 1 such as Attn, Building Name, Street Name

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Name of the City or Town

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Code for the postal or zip code

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Name of the state or province.

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- Definition

A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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Indicate if registrant meets the emerging growth company criteria.

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-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

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Two-character EDGAR code representing the state or country of incorporation.

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The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

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-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

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-Publisher SEC

-Name Exchange Act

-Number 240

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- Definition

Local phone number for entity.

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

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-Number 240

-Section 14d

-Subsection 2b

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- Definition

Title of a 12(b) registered security.

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-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

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- Definition

Name of the Exchange on which a security is registered.

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-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

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-Publisher SEC

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-Number 240

-Section 14a

-Subsection 12

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Trading symbol of an instrument as listed on an exchange.

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

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-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

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