Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Operating activities:
Net income	$ 11,334	$ 9,938
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	7,973	7,950
Loss on impairment of long-lived assets and store closing costs	21	50
(Gain) loss on disposal of property and equipment	(13)	15
Share-based compensation	857	1,435
Deferred income tax expense (benefit)	46	(742)
Non-cash interest expense	1	1
Other	(3)	(0)
Changes in operating assets and liabilities:
Accounts receivable, net	2,082	144
Merchandise inventory	5,082	(1,148)
Prepaid expenses and other assets	(408)	(570)
Income tax receivable	604	0
Operating lease assets	8,579	8,409
Operating lease liabilities	(8,548)	(8,543)
Accounts payable	(977)	(12,970)
Accrued expenses	(5,502)	(1,287)
Net cash provided by operating activities	21,134	2,682
Investing activities:
Acquisition of property and equipment	(9,572)	(9,618)
Acquisition of other intangibles	(29)	(60)
Proceeds from sale of property and equipment	0	25
Proceeds from property insurance settlements	22	236
Net cash used in investing activities	(9,579)	(9,417)
Financing activities:
Borrowings under revolving loans	161,500	157,000
Repayments under revolving loans	(161,500)	(148,100)
Finance lease obligation payments	(886)	(969)
Dividends to shareholders	(3,455)	(2,749)
Payments on withholding tax for restricted stock unit vesting	(1,120)	(1,002)
Net cash (used in) provided by financing activities	(5,461)	4,180
Net increase (decrease) in cash and cash equivalents	6,094	(2,555)
Cash and cash equivalents, beginning of period	17,116	8,871
Cash and cash equivalents, end of period	23,210	6,316
Supplemental disclosures of cash flow information:
Cash paid for interest	214	308
Cash paid for interest on finance lease obligations, net of capitalized interest of $112 and $46, respectively	460	496
Income taxes paid	7	163
Supplemental disclosures of non-cash investing and financing activities:
Acquisition of property and equipment not yet paid	6,318	3,828
Acquisition of other intangibles not yet paid	7	27
Lease assets obtained in exchange for new operating lease obligations	3,894	1,612
Lease assets obtained in exchange for new finance lease obligations	$ (32)	$ 0

Natural Grocers by Vitamin Cottage, Inc. 10-Q