Free cash flow margin swung to 10.4% in 2026Q4, but this improvement was heavily influenced by a one-time $79.8M acquisition-related inflow, masking underlying cash conversion volatility and working capital swings.
Cracker Barrel Old Country Store, Inc. (CBRL) cash flow statement — 30-year operating, investing & financing cash flows
| Metric | TTM | Aug'25 | Jul'24 | Jul'23 | Jul'22 | Jul'21 | Jul'20 | Jul'19 | Jul'18 | Jul'17 | Jul'16 | Jul'15 | Jul'14 | Jul'13 | Jul'12 | Jul'11 | Jul'10 | Jul'09 | Jul'08 | Jul'07 | Jul'06 | Jul'05 | Jul'04 | Jul'03 | Jul'02 | Jul'01 | Jul'00 | Jul'99 | Jul'98 | Jul'97 | Jul'96 |
|---|
| Cash from Operations | 206.2M | 218.9M | 168.98M | 250.46M | 205.25M | 301.9M | 161M | 362.8M | 330.62M | 320.77M | 271.38M | 334.06M | 177.63M | 208.5M | 219.82M | 138.21M | 212.11M | 164.12M | 124.89M | 63.05M | 214.85M | 279.9M | 200.37M | 240.59M | 191.42M | 147.76M | 160.25M | 140.9M | 150.8M | 124.2M | 103.7M |
| Operating CF Margin % | - | 6.28% | 4.87% | 7.27% | 6.28% | 10.7% | 6.38% | 11.81% | 10.91% | 10.96% | 9.32% | 11.75% | 6.62% | 7.88% | 8.52% | 5.68% | 8.82% | 6.93% | 5.24% | 2.68% | 8.13% | 10.9% | 8.42% | 10.94% | 9.26% | 7.52% | 9.04% | 9.2% | 11.45% | 11.05% | 10.99% |
| Operating CF Growth % | -840.3% | 29.54% | -32.53% | 22.02% | -32.01% | 87.52% | -55.62% | 9.73% | 3.07% | 18.2% | -18.76% | 88.07% | -14.81% | -5.15% | 59.05% | -34.84% | 29.24% | 31.41% | 98.08% | -70.65% | -23.24% | 39.7% | -16.72% | 25.68% | 29.55% | -7.79% | 13.73% | -6.57% | 21.42% | 19.77% | 12.23% |
| Net Income | 31.68M | 46.38M | 40.93M | 99.05M | 131.88M | 254.51M | -32.48M | 223.4M | 247.62M | 201.9M | 189.3M | 163.9M | 132.13M | 117.27M | 103.08M | 85.21M | 85.26M | 65.96M | 65.55M | 162.06M | 116.29M | 126.64M | 113.26M | 106.53M | 91.79M | 49.18M | 59M | 70.2M | 104.1M | 86.6M | 63.5M |
| Depreciation & Amortization | 132.66M | 124.11M | 124.48M | 117.22M | 116.3M | 121.34M | 118.18M | 107.54M | 93.69M | 86.32M | 78.22M | 72.95M | 68.39M | 66.12M | 64.47M | 62.79M | 61.02M | 59.29M | 57.69M | 56.91M | 72.28M | 67.32M | 63.87M | 64.38M | 62.76M | 64.9M | 65.22M | 53.8M | 43.4M | 35.7M | 31.4M |
| Stock-Based Compensation | 3.19M | 11.74M | 10.3M | 9.04M | 8.2M | 8.73M | 6.39M | 8.18M | 6.98M | 5.82M | 10.58M | 11.51M | 6.68M | 15.51M | 9.92M | 5.69M | 8.13M | 6.01M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 18.29M | 67.14M | -213.66M | -40.33M | -4.17M | 5.06M | 13.64M | 13.64M | -2.84M | -2.84M | 1.26M | 7.8M | 7.8M | 0 | -59.46M | 150K | -12.49M | -7.15M | 13.28M | 14.38M | 39.25M | 1.75M | -5.29M | 6.94M | 3.9M | 6M | 15.5M | -2M |
| Other Non-Cash Items | -558K | 106.18M | 92.56M | 61.5M | -1.25M | 56.68M | 205.88M | 14.44M | 2.06M | -8.06M | 7.15M | 9.71M | 8M | 2.8M | -5.1M | -6M | 7.37M | 65.93M | 9.02M | -15.91M | 20.41M | 22.65M | 21.38M | 19.56M | 10.93M | 25.53M | 4.73M | 100K | 100K | 100K | 100K |
| Working Capital Changes | 39.24M | -69.52M | -99.28M | -54.65M | -117.02M | 74.3M | -96.65M | 13.41M | -24.79M | 21.14M | -13.87M | 78.82M | -34.73M | 5.55M | 39.65M | -17.27M | 50.33M | 26.41M | -8.85M | -7.68M | 11.16M | 50.01M | -12.53M | 10.87M | 24.2M | 13.44M | 24.36M | 13.2M | -3M | -13.7M | -4M |
| Change in Receivables | 0 | 1.4M | -7.48M | 3.4M | -2.04M | -7.02M | 3.12M | -3.26M | -1.38M | 1.27M | -1.34M | 4.65M | -6.76M | -1.33M | -2.33M | 1.25M | -800K | 754K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 15.99M | 373K | 8.41M | 23.89M | -74.93M | 771K | 16.09M | 1.29M | 114K | -4.06M | 750K | 12.37M | -18.74M | -3.42M | -1.72M | 2.53M | -6.66M | 18.53M | -11.54M | -16.11M | 4.63M | -984K | -5.8M | -11.33M | -8.1M | -9.21M | -6.92M | -8.1M | -17.9M | -11.8M | -10M |
| Change in Payables | -17.11M | 7.56M | -3.2M | -4.39M | 34.7M | 31.67M | -30.59M | 9.89M | 3.94M | -14.1M | -624K | 34.64M | -12.16M | 9.37M | 1.59M | -16.54M | 24.05M | -1.02M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -34.22M | -156.7M | -124.33M | -124.32M | -98.5M | 78.33M | -157.23M | -241.57M | -151.22M | -109.61M | -112.52M | -88.61M | -88.81M | -73.41M | -79.55M | -69.49M | -69.63M | -9.09M | -82.71M | 365.67M | -137.07M | -170.07M | -143.67M | -118.95M | -90.88M | 49.84M | -120.7M | -343.7M | -177.7M | -141.7M | -125.3M |
| Capital Expenditures | -115.32M | -158.65M | -128.29M | -125.39M | -97.1M | -70.13M | -296.01M | -137.54M | -151.63M | -110.11M | -113.36M | -90.49M | -90.56M | -73.96M | -80.17M | -77.69M | -69.89M | -67.84M | -88.03M | -96.54M | -146.29M | -171.45M | -144.61M | -120.92M | -96.69M | -91.44M | -138.03M | -347.1M | -182.5M | -148.6M | -137.6M |
| CapEx % of Revenue | 3.47% | 4.55% | 3.7% | 3.64% | 2.97% | 2.49% | 11.73% | 4.48% | 5% | 3.76% | 3.89% | 3.18% | 3.37% | 2.8% | 3.11% | 3.19% | 2.91% | 2.87% | 3.69% | 4.11% | 5.54% | 6.68% | 6.07% | 5.5% | 4.68% | 4.66% | 7.79% | 22.66% | 13.86% | 13.22% | 14.59% |
| Acquisitions | 79.8M | 0 | 0 | 1.07M | -1.5M | -1.5M | -32.97M | -89.1M | 411K | 503K | 845K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 265.99M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.5M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 1.3M | 1.95M | 3.97M | 1.6M | 105K | 149.96M | 171.75M | -14.93M | 411K | 503K | 845K | 1.88M | 1.75M | 555K | 623K | 8.2M | 265K | 58.76M | 5.32M | 196.22M | 9.22M | 1.38M | 945K | 1.97M | 5.81M | 141.28M | 17.33M | 3.4M | 3.1M | 3.3M | -100K |
| Cash from Financing | -175.09M | -34.59M | -57.77M | -146.1M | -206.24M | -672.64M | 396.34M | -198.99M | -225.74M | -201.13M | -273.35M | -99.35M | -91.17M | -165.34M | -40.59M | -64.15M | -106.39M | -155.41M | -44.46M | -502.31M | -5.38M | -121.44M | -42.31M | -122.32M | -97.28M | -199.66M | -43.95M | 158.5M | 24.5M | 53.5M | 2.5M |
| Debt Issued (Net) | 133.5M | -7.2M | 59.92M | -10.12M | 44.88M | -572.97M | 549.39M | 0 | 0 | 0 | 0 | 0 | -1K | -125.15M | -25.13M | -30.26M | -67.88M | -142.33M | 23.36M | -120.99M | 701.27M | 21.31M | -7.13M | -13.09M | 67.62M | -167.19M | -22.73M | 241M | -3.8M | 45.9M | -4.1M |
| Equity Issued (Net) | 0 | -1.45M | 0 | -17.45M | -131.54M | -37.28M | -55.01M | -2.5M | -14.77M | 0 | -14.65M | 0 | -12.47M | -3.57M | -14.92M | -13.02M | -62.49M | 0 | -52.38M | -372.35M | -676.88M | -121.25M | -19M | -106.98M | -163.73M | -31.29M | -20.57M | -81.6M | 29.6M | 9.1M | 7.9M |
| Dividends Paid | -23.15M | -23.1M | -116.08M | -116.08M | -114.83M | -31.67M | -94.54M | -193.47M | -207.16M | -196.87M | -255.55M | -95.7M | -71.48M | -45.4M | -22.37M | -19.85M | -18.55M | -17.61M | -15.74M | -15.61M | -24.02M | -22.76M | -16.19M | -1.04M | -1.16M | -1.19M | -637K | -1M | -1.3M | -1.5M | -1.2M |
| Share Repurchases | 0 | -1.45M | -1.61M | -17.45M | -131.54M | -35M | -55.01M | -2.5M | -14.77M | -6.9M | -14.65M | -12.47M | -12.47M | -3.57M | -14.92M | -33.56M | -62.49M | 0 | -52.38M | -405.53M | -704.16M | -159.33M | -69.21M | -166.63M | -216.83M | -36.44M | -21.1M | -83.5M | 0 | 0 | 0 |
| Other Financing | -285.44M | -2.84M | -1.61M | -2.45M | -4.75M | -30.72M | -3.51M | -3.02M | -3.82M | -4.26M | -3.15M | -3.65M | -7.21M | 8.79M | 21.84M | -1.02M | 42.52M | 4.53M | 306K | 6.64M | -5.76M | 1.26M | -1K | -1.21M | -4.85M | 0 | 0 | 100K | 0 | 0 | -100K |
| Net Change in Cash | -3.11M | 27.61M | -13.11M | -19.96M | -99.49M | -292.4M | 400.11M | -77.77M | -46.34M | 10.04M | -114.49M | 146.09M | -2.36M | -30.24M | 99.69M | 4.57M | 36.09M | -369K | -2.27M | -73.58M | 72.39M | -11.6M | 14.39M | -685K | 3.27M | -2.06M | -4.4M | -44.3M | -2.4M | 36M | -19.1M |
| Free Cash Flow | 90.88M | 60.25M | 40.69M | 125.07M | 108.15M | 231.77M | -135.01M | 225.26M | 178.99M | 210.66M | 158.02M | 243.56M | 87.06M | 134.54M | 139.65M | 60.53M | 142.22M | 96.28M | 36.87M | -33.48M | 68.56M | 108.46M | 55.75M | 119.67M | 94.73M | 56.32M | 22.21M | -206.2M | -31.7M | -24.4M | -33.9M |
| FCF Margin % | 2.74% | 1.73% | 1.17% | 3.63% | 3.31% | 8.21% | -5.35% | 7.33% | 5.91% | 7.2% | 5.43% | 8.57% | 3.24% | 5.09% | 5.41% | 2.49% | 5.91% | 4.07% | 1.55% | -1.42% | 2.59% | 4.22% | 2.34% | 5.44% | 4.58% | 2.87% | 1.25% | -13.46% | -2.41% | -2.17% | -3.59% |
| FCF Growth % | 52.09% | 48.09% | -67.47% | 15.65% | -53.34% | 271.68% | -159.93% | 25.85% | -15.03% | 33.31% | -35.12% | 179.76% | -35.29% | -3.66% | 130.73% | -57.44% | 47.71% | 161.15% | 210.11% | -148.84% | -36.79% | 94.53% | -53.41% | 26.32% | 68.19% | 153.54% | 110.77% | -550.47% | -29.92% | 28.02% | -18.12% |
| FCF per Share | 4.01 | 2.68 | 1.82 | 5.62 | 4.65 | 9.75 | -5.66 | 9.35 | 7.43 | 8.73 | 6.56 | 10.13 | 3.63 | 5.62 | 5.97 | 2.56 | 6.03 | 4.23 | 1.58 | -1.05 | 1.43 | 2.03 | 1.01 | 2.15 | 1.69 | 0.94 | 0.38 | -3.52 | -0.50 | -0.40 | -0.56 |
| FCF Conversion (FCF/Net Income) | 2.87x | 4.72x | 4.13x | 2.53x | 1.56x | 1.19x | -4.96x | 1.62x | 1.34x | 1.59x | 1.43x | 2.04x | 1.34x | 1.78x | 2.13x | 1.62x | 2.49x | 2.49x | 1.91x | 0.39x | 1.85x | 2.21x | 1.77x | 2.26x | 2.09x | 3.00x | 2.72x | 2.01x | 1.45x | 1.43x | 1.63x |
| Interest Paid | 0 | 17.24M | 18.48M | 13.6M | 7.7M | 40.8M | 20.27M | 12.1M | 17.27M | 12.85M | 12.75M | 15.36M | 15.86M | 29.96M | 50.36M | 46.3M | 45.32M | 32.34M | 37.18M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 10.33M | 9.21M | 6.49M | 25.95M | 2.91M | 5.67M | 56.45M | 43.47M | 78.09M | 84.87M | 69.95M | 66.44M | 47.55M | 18.77M | 32.25M | 20.67M | 23.78M | 32.03M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying CBRL stock.
Cracker Barrel Old Country Store, Inc. (CBRL) generated $218.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Cracker Barrel Old Country Store, Inc. (CBRL) generated $60.3M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Cracker Barrel Old Country Store, Inc. (CBRL) spent $158.6M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Cracker Barrel Old Country Store, Inc. (CBRL) returned $23.1M to shareholders via cash dividends and spent $1.4M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Cash Flow Volatility and Conversion Risk
Metrics are mathematically derived from official filings.
Extreme Earnings-to-Cash Disconnect
CBRL's OCF/NI ratio has swung from a 39.99x multiple in 2026Q2 to a negative -0.91x in 2025Q1, a volatile pattern reported in quarterly filings that fundamentally questions the reliability of net income as a cash generation metric.
The enormous disparity between net income and operating cash flow, driven by massive working capital swings, indicates that reported profitability is largely an accounting construct disconnected from operational cash generation. This pattern suggests the company's core business does not consistently convert profits to cash, forcing reliance on balance sheet management for liquidity.
Working Capital Swings Dominate Cash Profile
Changes in working capital have been the primary driver of cash flow volatility, ranging from a -$79.2M drag in 2026Q1 to a +$83.0M boost in 2026Q3, according to the company's reported cash flow statements.
These extreme, quarter-to-quarter swings in working capital, often opposite in direction, obscure underlying operational cash flow trends and suggest inconsistent inventory or receivables management. This volatility forces management to focus on short-term cash flow engineering rather than sustainable operational improvements, which is a precarious position for a capital-intensive restaurant operator.
FCF Margin Unpredictability Undermines Valuation
Free cash flow margin has fluctuated wildly from -11.2% to 10.4% over the past ten quarters, with the most recent positive 10.4% in 2026Q4 heavily influenced by a one-time $79.8M acquisition transaction according to SEC filings.
The absence of a stable FCF trajectory makes intrinsic valuation exceedingly difficult and suggests the business cannot generate consistent surplus cash. Even the strongest recent quarter's result is distorted by a significant investing cash inflow, not underlying operational strength, indicating the base business may still be cash flow challenged.
Persistent Cumulative Earnings-Cash Gap
Over the last six reported quarters, CBRL's cumulative net income totals approximately $52.4M, yet cumulative operating cash flow stands at $302.3M, a $249.9M surplus based on the provided figures.
This significant cumulative gap between accounting profit and cash flow is not indicative of high-quality earnings but rather reveals the profound impact of non-cash items and working capital adjustments. The divergence means historical net income cannot be used as a proxy for historical cash generation, complicating any backward-looking financial analysis.
Cash Flow Statement Masking Investment Needs
Depreciation and amortization consistently exceeds capital expenditures, with 2026Q4 D&A at $31.3M versus CapEx of $25.2M, suggesting potential under-investment in maintaining the asset base as reported in financial statements.
This pattern, where cash flow from operations is inflated by non-cash depreciation without commensurate reinvestment, may indicate that the company is not fully replacing its aging restaurant assets. If sustained, this could lead to deteriorating store conditions, higher future maintenance costs, and impaired revenue potential, a risk not immediately visible in the reported cash flow totals.