Revenue growth has trended into negative territory with a 2.9% year-over-year decline in 2026Q3, while operating margins remain volatile, recently dipping to 0.8%.
| 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 |
|---|
| Sales/Revenue | 3.34B | 3.48B | 3.47B | 3.44B | 3.27B | 2.82B | 2.52B | 3.07B | 3.03B | 2.93B | 2.91B | 2.84B | 2.68B | 2.64B | 2.58B | 2.43B | 2.4B | 2.37B | 2.38B | 2.35B | 2.64B | 2.57B | 2.38B | 2.2B | 2.07B | 1.96B | 1.77B | 1.53B | 1.32B | 1.12B | 943.3M |
| Revenue Growth % | -4.92% | 0.37% | 0.81% | 5.36% | 15.82% | 11.84% | -17.88% | 1.37% | 3.56% | 0.48% | 2.47% | 5.91% | 1.48% | 2.5% | 5.99% | 1.24% | 1.57% | -0.72% | 1.4% | -11.03% | 2.94% | 7.84% | 8.31% | 6.35% | 5.26% | 10.77% | 15.74% | 16.29% | 17.19% | 19.15% | 20.46% |
| Cost of Goods Sold | 2.2B | 2.34B | 2.36B | 2.34B | 2.2B | 1.85B | 1.7B | 2.01B | 1.99B | 1.91B | 1.93B | 1.92B | 1.84B | 1.82B | 1.78B | 772.47M | 745.82M | 764.91M | 773.76M | 744.27M | 845.64M | 847.04M | 785.7M | 703.91M | 677.74M | 664.33M | 553.25M | 486.5M | 406.7M | 352M | 293.5M |
| COGS % of Revenue | - | 67.05% | 67.97% | 67.86% | 67.29% | 65.51% | 67.58% | 65.43% | 65.71% | 65.22% | 66.42% | 67.43% | 68.54% | 68.71% | 68.95% | 31.73% | 31.02% | 32.31% | 32.45% | 31.65% | 32% | 32.99% | 33% | 32.02% | 32.79% | 33.83% | 31.21% | 31.76% | 30.88% | 31.32% | 31.11% |
| Gross Profit | 1.14B | 1.15B | 1.11B | 1.11B | 1.07B | 973.06M | 817.86M | 1.06B | 1.04B | 1.02B | 977.99M | 925.73M | 844.33M | 827.39M | 801.28M | 1.66B | 1.66B | 1.6B | 1.61B | 1.61B | 1.8B | 1.72B | 1.6B | 1.49B | 1.39B | 1.3B | 1.22B | 1.05B | 910.4M | 771.9M | 649.8M |
| Gross Margin % | 34.14% | 32.95% | 32.03% | 32.14% | 32.71% | 34.49% | 32.42% | 34.57% | 34.29% | 34.78% | 33.58% | 32.57% | 31.46% | 31.29% | 31.05% | 68.27% | 68.98% | 67.69% | 67.55% | 68.35% | 68% | 67.01% | 67% | 67.98% | 67.21% | 66.17% | 68.79% | 68.24% | 69.12% | 68.68% | 68.89% |
| Gross Profit Growth % | - | 3.28% | 0.46% | 3.53% | 9.84% | 18.98% | -23% | 2.2% | 2.1% | 4.08% | 5.64% | 9.64% | 2.05% | 3.26% | -51.79% | 0.2% | 3.51% | -0.52% | 0.22% | -10.57% | 4.47% | 7.85% | 6.76% | 7.57% | 6.91% | 6.55% | 16.68% | 14.8% | 17.94% | 18.79% | 19.3% |
| Operating Expenses | 1.16B | 1.09B | 1.07B | 985.9M | 915.82M | 606.4M | 761.71M | 779.28M | 745.64M | 704.71M | 697.52M | 670.85M | 635.92M | 625.86M | 610.3M | 1.5B | 1.49B | 1.72B | 1.46B | 1.44B | 1.77B | 1.52B | 1.41B | 1.32B | 1.24B | 1.2B | 1.1B | 922.2M | 745.5M | 634.3M | 549.1M |
| OpEx % of Revenue | - | 31.37% | 30.73% | 28.64% | 28.03% | 21.49% | 30.19% | 25.37% | 24.61% | 24.08% | 23.95% | 23.6% | 23.7% | 23.67% | 23.65% | 61.43% | 62.02% | 72.77% | 61.23% | 61.2% | 66.86% | 59.14% | 59.22% | 60.06% | 59.99% | 61.25% | 62.08% | 60.21% | 56.6% | 56.44% | 58.21% |
| Selling, General & Admin | 195.57M | 217.51M | 207.06M | 174.09M | 157.43M | 147.82M | 146.97M | 152.83M | 143.76M | 141.41M | 142.98M | 147.54M | 129.39M | 143.26M | 146.17M | 1.5B | 1.49B | 1.72B | 1.46B | 1.44B | 1.6B | 1.52B | 1.41B | 1.32B | 1.24B | 1.19B | 1.04B | 868.4M | 702.1M | 598.6M | 517.7M |
| SG&A % of Revenue | - | 6.24% | 5.97% | 5.06% | 4.82% | 5.24% | 5.83% | 4.97% | 4.74% | 4.83% | 4.91% | 5.19% | 4.82% | 5.42% | 5.67% | 61.43% | 62.02% | 72.77% | 61.19% | 61.2% | 60.5% | 59.14% | 59.22% | 60.06% | 59.99% | 60.51% | 58.4% | 56.7% | 53.31% | 53.26% | 54.88% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 3M | 875.45M | 859.39M | 811.81M | 758.39M | 458.58M | 614.73M | 626.45M | 601.89M | 563.3M | 554.53M | 523.31M | 506.53M | 482.6M | 464.13M | 0 | 0 | 0 | 877K | 0 | 168.07M | 0 | 0 | 0 | 0 | 14.37M | 65.22M | 53.8M | 43.4M | 35.7M | 31.4M |
| Operating Income | -21.22M | 55.03M | 45.12M | 120.62M | 153M | 366.66M | 56.15M | 282.84M | 293.59M | 313.16M | 280.47M | 254.88M | 208.41M | 201.52M | 190.97M | 167.18M | 164.67M | 142.24M | 150.78M | 168.15M | 22.3M | 202.16M | 185.14M | 174.08M | 149.3M | 96.7M | 118.97M | 122.9M | 164.9M | 137.6M | 100.7M |
| Operating Margin % | -0.64% | 1.58% | 1.3% | 3.5% | 4.68% | 13% | 2.23% | 9.21% | 9.69% | 10.7% | 9.63% | 8.97% | 7.77% | 7.62% | 7.4% | 6.87% | 6.85% | 6.01% | 6.32% | 7.15% | 0.84% | 7.87% | 7.78% | 7.92% | 7.22% | 4.92% | 6.71% | 8.02% | 12.52% | 12.24% | 10.68% |
| Operating Income Growth % | - | 21.96% | -62.59% | -21.17% | -58.27% | 552.96% | -80.15% | -3.66% | -6.25% | 11.65% | 10.04% | 22.3% | 3.42% | 5.52% | 14.23% | 1.53% | 15.77% | -5.66% | -10.33% | 654.08% | -88.97% | 9.2% | 6.35% | 16.6% | 54.4% | -18.72% | -3.2% | -25.47% | 19.84% | 36.64% | -1.95% |
| EBITDA | 171.88M | 190M | 169.6M | 237.84M | 269.31M | 488M | 237.77M | 390.38M | 387.28M | 399.48M | 358.69M | 327.83M | 276.8M | 267.64M | 255.44M | 229.97M | 225.69M | 201.53M | 208.46M | 225.05M | 94.58M | 269.48M | 249M | 238.46M | 212.06M | 161.6M | 184.19M | 176.7M | 208.3M | 173.3M | 132.1M |
| EBITDA Margin % | 5.15% | 5.45% | 4.89% | 6.91% | 8.24% | 17.3% | 9.43% | 12.71% | 12.78% | 13.65% | 12.32% | 11.53% | 10.31% | 10.12% | 9.9% | 9.45% | 9.39% | 8.51% | 8.74% | 9.57% | 3.58% | 10.5% | 10.46% | 10.85% | 10.26% | 8.23% | 10.39% | 11.54% | 15.82% | 15.42% | 14% |
| EBITDA Growth % | -16.3% | 12.03% | -28.69% | -11.69% | -44.81% | 105.24% | -39.09% | 0.8% | -3.05% | 11.37% | 9.41% | 18.44% | 3.42% | 4.78% | 11.08% | 1.9% | 11.99% | -3.33% | -7.37% | 137.96% | -64.9% | 8.22% | 4.42% | 12.45% | 31.23% | -12.26% | 4.24% | -15.17% | 20.2% | 31.19% | 2.32% |
| D&A (Non-Cash Add-back) | 98.95M | 134.97M | 124.48M | 117.22M | 116.3M | 121.34M | 181.62M | 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 |
| EBIT | 75.7M | 58.22M | 45.12M | 120.62M | 153M | 366.66M | 102.45M | 282.84M | 296.99M | 309M | 275.08M | 254.88M | 200.34M | 180.75M | 190.97M | 167.18M | 164.67M | 142.24M | 150.96M | 168.15M | 161.8M | 202.26M | 182.99M | 171.88M | 149.3M | 96.7M | 118.97M | 122.9M | 164.9M | 137.6M | 100.7M |
| Net Interest Income | -16.13M | -20.49M | -20.93M | -17.01M | -9.62M | -56.11M | -22.33M | -16.49M | -15.17M | -14.27M | -14.05M | -16.68M | -17.56M | -35.74M | -44.69M | -51.49M | -48.96M | -52.18M | -57.26M | 0 | 0 | 0 | -8.44M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 185K | 0 | 0 | 0 | 5K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 16.13M | 20.49M | 20.93M | 17.01M | 9.62M | 56.11M | 22.33M | 16.49M | 15.17M | 14.27M | 14.05M | 16.68M | 17.56M | 35.74M | 44.69M | 51.49M | 48.96M | 52.18M | 57.89M | 0 | 0 | 8.6M | 8.44M | 8.82M | 6.77M | 12.23M | 24.26M | 10M | 0 | 0 | 0 |
| Other Income/Expense | 34.06M | -17.3M | -20.93M | -17.01M | -9.62M | -56.11M | 25.13M | -16.49M | -15.17M | -14.27M | -14.05M | -16.68M | -17.56M | -35.74M | -44.69M | -50.87M | -51.76M | -54.27M | -57.26M | -51.66M | -21.44M | -8.6M | -6.29M | -8.82M | -6.77M | -12.23M | -24.26M | -10M | -200K | -100K | 1.7M |
| Pretax Income | 12.84M | 37.73M | 24.19M | 103.61M | 143.38M | 310.55M | 81.28M | 266.36M | 278.42M | 298.89M | 266.42M | 238.2M | 190.85M | 165.78M | 146.29M | 115.69M | 115.71M | 90.06M | 93.52M | 116.48M | 168.05M | 193.56M | 176.7M | 165.26M | 142.53M | 84.46M | 94.7M | 112.9M | 164.7M | 137.5M | 102.4M |
| Pretax Margin % | 0.38% | 1.08% | 0.7% | 3.01% | 4.39% | 11.01% | 3.22% | 8.67% | 9.19% | 10.21% | 9.15% | 8.38% | 7.11% | 6.27% | 5.67% | 4.75% | 4.81% | 3.8% | 3.92% | 4.95% | 6.36% | 7.54% | 7.42% | 7.52% | 6.9% | 4.3% | 5.34% | 7.37% | 12.5% | 12.23% | 10.86% |
| Income Tax | -13.38M | -8.65M | -16.74M | 4.56M | 11.5M | 56.04M | -28.68M | 42.95M | 30.8M | 96.99M | 77.12M | 74.3M | 58.72M | 48.52M | 43.21M | 30.48M | 30.45M | 24.11M | 28.21M | 40.5M | 51.76M | 66.92M | 63.44M | 58.73M | 50.74M | 35.28M | 35.71M | 42.7M | 60.6M | 50.9M | 38.9M |
| Effective Tax Rate % | -104.21% | -22.94% | -69.23% | 4.4% | 8.02% | 18.04% | -35.29% | 16.13% | 11.06% | 32.45% | 28.95% | 31.19% | 30.77% | 29.27% | 29.54% | 26.35% | 26.32% | 26.76% | 30.17% | 34.77% | 30.8% | 34.57% | 35.9% | 35.54% | 35.6% | 41.77% | 37.7% | 37.82% | 36.79% | 37.02% | 37.99% |
| Net Income | 26.23M | 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 | 65.93M | 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 |
| Net Margin % | 0.79% | 1.33% | 1.18% | 2.88% | 4.04% | 9.02% | -1.29% | 7.27% | 8.17% | 6.9% | 6.5% | 5.77% | 4.92% | 4.43% | 4% | 3.5% | 3.55% | 2.78% | 2.75% | 6.89% | 4.4% | 4.93% | 4.76% | 4.85% | 4.44% | 2.5% | 3.33% | 4.58% | 7.9% | 7.71% | 6.73% |
| Net Income Growth % | -54.6% | 13.31% | -58.68% | -24.89% | -48.18% | 883.72% | -114.54% | -9.78% | 22.65% | 6.66% | 15.49% | 24.05% | 12.67% | 13.76% | 20.98% | -0.06% | 29.32% | 0.57% | -59.55% | 39.36% | -8.17% | 11.81% | 6.32% | 16.06% | 86.64% | -16.64% | -15.96% | -32.56% | 20.21% | 36.38% | -3.79% |
| Net Income (Continuing) | 26.23M | 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 | 65.3M | 75.98M | 95.5M | 126.64M | 111.89M | 105.11M | 91.79M | 49.18M | 59M | 70.2M | 104.1M | 86.6M | 63.5M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 20.79M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1.17 | 2.06 | 1.83 | 4.45 | 5.67 | 10.71 | -1.36 | 9.27 | 10.29 | 8.37 | 7.86 | 6.82 | 5.51 | 4.90 | 4.40 | 3.61 | 3.62 | 2.89 | 2.80 | 5.23 | 2.50 | 2.45 | 2.12 | 1.97 | 1.64 | 0.87 | 1.02 | 1.16 | 1.65 | 1.41 | 1.04 |
| EPS Growth % | -55.15% | 12.57% | -58.88% | -21.52% | -47.06% | 887.5% | -114.67% | -9.91% | 22.94% | 6.49% | 15.25% | 23.77% | 12.45% | 11.36% | 21.88% | -0.28% | 25.26% | 3.21% | -46.46% | 109.2% | 2.04% | 15.57% | 7.61% | 20.12% | 88.51% | -14.71% | -12.07% | -29.7% | 17.02% | 35.58% | -4.59% |
| EPS (Basic) | - | 2.08 | 1.84 | 4.47 | 5.69 | 10.74 | -1.36 | 9.29 | 10.31 | 8.40 | 7.91 | 6.85 | 5.55 | 4.95 | 4.47 | 3.70 | 3.71 | 2.94 | 2.88 | 5.86 | 2.71 | 2.65 | 2.29 | 2.13 | 1.69 | 0.88 | 1.02 | 1.16 | 1.68 | 1.42 | 1.05 |
| Diluted Shares Outstanding | 22.5M | 22.46M | 22.32M | 22.27M | 23.25M | 23.77M | 23.87M | 24.1M | 24.08M | 24.12M | 24.07M | 24.05M | 23.97M | 23.95M | 23.41M | 23.63M | 23.58M | 22.79M | 23.41M | 31.76M | 48.04M | 53.38M | 54.95M | 55.58M | 56.09M | 59.8M | 58.04M | 58.63M | 63.09M | 61.42M | 61.06M |
| Basic Shares Outstanding | 22.35M | 22.51M | 22.19M | 22.17M | 23.16M | 23.69M | 23.87M | 24.04M | 24.01M | 24.03M | 23.95M | 23.92M | 23.82M | 23.71M | 23.07M | 23M | 23.01M | 22.46M | 22.78M | 27.64M | 42.92M | 47.79M | 48.88M | 49.27M | 54.2M | 56.13M | 57.96M | 58.63M | 61.96M | 60.99M | 60.48M |
| Dividend Payout Ratio | - | 49.8% | 283.61% | 117.19% | 87.07% | 12.44% | - | 86.6% | 83.66% | 97.51% | 135% | 58.39% | 54.1% | 38.72% | 21.7% | 23.29% | 21.75% | 26.71% | 24.02% | 9.63% | 20.65% | 17.98% | 14.3% | 0.98% | 1.27% | 2.41% | 1.08% | 1.42% | 1.25% | 1.73% | 1.89% |
Persistent margin compression risk
According to the most recent quarterly financial data, Cracker Barrel's revenue growth has trended into negative territory, with a 2.9% year-over-year decline in 2026Q3, suggesting that the brand is struggling to maintain its historical volume levels amidst a challenging consumer environment for casual dining operators.
The consistent deceleration in revenue growth indicates that the company's traditional interstate-focused model may be facing saturation or a shift in consumer travel habits. Investors should monitor whether the lack of top-line momentum reflects a permanent loss of market share to more agile, modern dining competitors.
As reported in the company's income statements, gross margins have exhibited extreme volatility, ranging from a low of 5.6% in 2026Q2 to a high of 69.8% in 2026Q3, which highlights the significant impact of inventory management and seasonal retail fluctuations on the consolidated profitability profile.
This wide variance suggests that the retail gift shop segment, while intended to provide a high-margin buffer, may be introducing unpredictable swings in profitability. The inability to maintain consistent gross margins implies that the company lacks the pricing power necessary to offset rising input costs effectively.
Based on the provided figures, operating income has frequently dipped into negative territory, including a $32.8 million loss in 2026Q1, indicating that the company's high fixed-cost structure prevents it from scaling efficiently when revenue growth fails to materialize or costs spike unexpectedly.
The thin operating margins, often hovering near or below 1%, suggest that the business lacks the operational flexibility to absorb inflationary pressures in labor and commodities. This lack of operating leverage leaves the firm highly vulnerable to even minor fluctuations in guest traffic or average check growth.
Analysis of the income statement reveals that net income has been highly inconsistent, with a 94.2% decline in EPS during 2026Q2, which raises significant questions regarding the long-term sustainability of the current dividend-heavy capital allocation strategy in the face of deteriorating operational performance.
Short-sellers would likely focus on the company's inability to generate consistent bottom-line growth, viewing the recent earnings volatility as a sign of structural decline rather than cyclical weakness. The reliance on non-operating items or potential gift card breakage to stabilize results warrants further investigation by fundamental analysts.
Quick answers to the most common questions about buying CBRL stock.
For fiscal year 2025, Cracker Barrel Old Country Store, Inc. (CBRL) reported total revenue of $3.48B. This represents a 269.3% increase compared to $943.3M in 1996.
Cracker Barrel Old Country Store, Inc. (CBRL) is profitable, generating $46.4M in net income for the fiscal year ending 2025 with a net profit margin of 1.3%.
Cracker Barrel Old Country Store, Inc. (CBRL) reported an operating income of $55.0M, resulting in an operating profit margin of 1.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Cracker Barrel Old Country Store, Inc. (CBRL) generated $1.15B in gross profit for the year, representing a gross profit margin of 33.0%. This demonstrates the company's core pricing power and production efficiency.