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Cracker Barrel Old Country Store, Inc.

CBRL

Cracker Barrel Old Country Store, Inc. • NASDAQ
$28.89 ▲ 0.38% (+0.11)
Market Cap $643.34 M
52w High $71.93
52w Low $25.62
Dividend Yield 1.00%
P/E 14.02
Volume 496.75K
Outstanding Shares 22.27M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q4-2025 $868.009M ▲ $50.169M ▼ $6.754M ▼ 0.778% ▼ $0.3 ▼ $39.023M ▼
Q3-2025 $821.147M ▼ $254.229M ▼ $12.574M ▼ 1.531% ▼ $0.56 ▼ $49.031M ▼
Q2-2025 $949.439M ▲ $284.148M ▲ $22.207M ▲ 2.339% ▲ $1 ▲ $62.541M ▲
Q1-2025 $845.089M ▼ $271.892M ▲ $4.844M ▼ 0.573% ▼ $0.22 ▼ $7.071M ▼
Q4-2024 $894.387M $264.899M $18.139M 2.028% $0.82 $51.197M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q4-2025 $39.643M ▲ $2.425B ▲ $1.964B ▲ $461.689M ▼
Q3-2025 $9.814M ▼ $2.139B ▼ $1.67B ▼ $469.311M ▲
Q2-2025 $10.346M ▼ $2.15B ▼ $1.689B ▼ $460.915M ▲
Q1-2025 $11.534M ▼ $2.193B ▲ $1.752B ▲ $440.7M ▲
Q4-2024 $12.035M $2.161B $1.721B $440.149M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q4-2025 $6.754M ▼ $102.222M ▲ $-45.317M ▼ $-27.076M ▼ $29.829M ▲ $56.75M ▲
Q3-2025 $12.574M ▼ $22.984M ▼ $-35.293M ▲ $11.777M ▲ $-532K ▲ $-13.617M ▼
Q2-2025 $22.207M ▲ $98.088M ▲ $-37.339M ▲ $-61.937M ▼ $-1.188M ▼ $59.969M ▲
Q1-2025 $4.844M ▼ $-4.395M ▼ $-38.753M ▲ $42.647M ▲ $-501K ▼ $-43.347M ▼
Q4-2024 $18.139M $69.524M $-44.377M $-24.964M $183K $22.054M

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q2-2025
Restaurant
Restaurant
 $670.00M ▲$2.12Bn ▲$680.00M ▼$750.00M ▲
Retail
Retail
 $150.00M ▲$530.00M ▲$160.00M ▼$200.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has been broadly flat in recent years, inching up only modestly. The bigger story is on profitability: operating and net income have both trended down from earlier levels, and earnings per share are far below where they were a few years ago. This suggests that costs (labor, food, and overhead) have risen faster than sales, squeezing margins in a business that already runs on fairly thin profit per dollar of revenue. Earnings have also been more volatile, which hints at a business under pressure rather than one in a smooth growth phase.

Balance Sheet

Balance Sheet The balance sheet looks steady in size but less comfortable in quality. Total assets have inched down slightly, and cash on hand is quite limited, leaving less of a buffer for shocks. Debt sits at a meaningful level compared with the company’s equity, and equity itself has eroded over time, which points to higher leverage and a thinner cushion for absorbing setbacks. It doesn’t look distressed, but the financial flexibility is clearly tighter than it used to be.

Cash Flow

Cash Flow The core business still generates positive cash from operations, but the flow is not particularly strong and has softened versus earlier years. At the same time, spending on new stores, remodels, and other investments has increased, which eats into the cash left over. Free cash flow remains positive but compressed, meaning there is less excess cash to comfortably cover debt, buybacks, or dividends while also funding the current transformation efforts.

Competitive Edge

Competitive Edge Cracker Barrel’s main strength is its distinctive brand and experience: the combination of down-home restaurant and country store, the nostalgic setting, and locations near highways that cater to travelers. This creates loyalty and a differentiated niche compared with typical casual dining chains. However, competition in the broader restaurant space is intense, and the company has been facing declining guest traffic and relevance challenges, especially with younger and more digitally oriented customers. Its digital tools, delivery options, and loyalty program help it keep up, but they do not create a unique edge by themselves; the moat still rests mostly on brand and real estate, not technology.

Innovation and R&D

Innovation and R&D Innovation is focused on refreshing the concept rather than inventing new technology. The company is investing heavily in a multi‑year transformation plan: updating store formats, tweaking branding, modernizing interiors, and revising the menu to appeal to a broader audience. It is also building out digital capabilities, loyalty features, and off‑premise channels, and using Maple Street Biscuit Company as a growth platform for a different customer segment. These moves are meaningful but carry execution risk: changes must be large enough to drive growth yet careful enough not to alienate long‑time guests who value the traditional feel.

Summary

Overall, Cracker Barrel today looks like a mature, well‑known brand with stable sales but weakened profitability and a more leveraged, less flexible financial position than in the past. Cash generation is still positive but under pressure as the company ramps up investment in a significant strategic makeover. The competitive moat is rooted in brand, ambiance, and its highway‑oriented footprint, not in technology, and that moat has been tested by shifting consumer tastes and rising costs. The outcome of its current transformation—store upgrades, menu changes, and digital and concept expansion—will likely be the key factor determining whether it stabilizes and re‑energizes the business or continues to face margin and traffic headwinds. Uncertainty remains elevated while this transition plays out.

NEWS

November 25, 2025 · 8:00 AM UTC

CRACKER BARREL FISCAL 2026 FIRST QUARTER CONFERENCE CALL

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November 21, 2025 · 9:00 AM UTC

Biglari Capital Highlights Support of Retail Shareholders Against the CEO

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November 20, 2025 · 11:15 AM UTC

Cracker Barrel Shareholders Show Strong Support for the Company's Director Nominees and Bylaw Amendments, Per Preliminary Results

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November 14, 2025 · 7:00 PM UTC

Egan-Jones Proxy Services Issues Withhold Recommendation for Cracker Barrel directors and CEO Masino due to ongoing decline and poor results

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November 13, 2025 · 8:25 AM UTC

Biglari Capital Urges ALL Shareholders to Send a Strong Message to the Cracker Barrel Board That the Current Plan Is Failing

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