Cracker Barrel

CBRL · Nasdaq · Consumer Discretionary · Financials, fiscal 2017 to 2026

CBRL · Last close · October 26, 2026

$68.84

Cracker Barrel's revenue fell 4.7% to $3.3 billion in fiscal 2026. Its operating margin was −0.4%, down from 1.6% a year earlier. Free cash flow was $88 million, up 48.0%. It paid out $23 million in dividends and buybacks, 26% of free cash flow. The diluted share count rose 0.4%.

Cracker Barrel Old Country Store, Inc. Latest fiscal year ended July 31, 2026 10-K filed September 25, 2026 · 0001104659-26-110772 Updated October 19, 2026

Revenue

$3.3B

4.7%

Operating margin

−0.4%

2.0 pts

Net income

$32M

31.7%

Free cash flow

$88M

48.0%

Return on equity

6.7%

3.5 pts

Market cap

$1.5B

Oct 26 close

P/E

49.2x

On $1.40 EPS, FY26

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on equity is net income as a share of shareholders' equity. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. Return on capital for fiscal 2026 is blank: the 10-K's structured data doesn't include current portion of long-term debt. Net debt to EBITDA for fiscal 2026 is blank: the 10-K's structured data doesn't include current portion of long-term debt. Piotroski F-score for fiscal 2026 is blank: the 10-K's structured data doesn't include current portion of long-term debt.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2017 to 2026, earnings per share fell 18.0% a year and net income 18.6% a year, while buybacks cut the share count by 7%.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Cracker Barrel yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Cracker Barrel's 10-K and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

The example scenarios need Cracker Barrel's net cash, which its filings' structured data doesn't give for its latest year. You can enter your own figure in the calculator.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2026.

Net cash, US$ millions Cash and short-term investments minus debt and finance leases at July 31, 2026. Negative means net debt.

Diluted shares, millions Weighted-average diluted shares in fiscal 2026.

Your assumptions

Start from

Fitted to Cracker Barrel's own revenue growth, as above. Cautious: growth of -2% then 0% a year, 2% after year 10, a 11% discount rate. Base: growth of 0% then 1% a year, 2.5% after year 10, a 10% discount rate. Optimistic: growth of 2% then 2.5% a year, 3% after year 10, a 9% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $68.84
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Cracker Barrel's earnings per share of $1.40 (in fiscal 2026). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 17.7×, the middle of Cracker Barrel's own P/E today, its peers' median and its sector's median (the Consumer Discretionary median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 11%, 10% and 9%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$ Diluted earnings per share in fiscal 2026, from the 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Cheesecake Factory, Domino's, Wendy's.

Earnings growth in the years ahead (% a year) Starts at Cracker Barrel's revenue growth over the last 3 years, -1.2% a year, kept between 0% and 20%, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $68.84
Value at this multiple, against the last close: —
Cracker Barrel's P/E at the last close: 49.2×

Company	Last close	Earnings per share	P/E today
Cracker BarrelCBRL	$68.84	$1.40	49.2×
Cheesecake FactoryCAKE	$110.13	$3.69	29.8×
Domino'sDPZ	$313.32	$18.15	17.3×
Wendy'sWEN	$6.19	$0.66	9.4×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY22	FY23	FY24	FY25	FY26
Cash and short-term investments	45	25	12	40	36
Debt incl. finance leases	423	415	477	485	—
Net debt (negative means net cash)	378	390	465	445	—
Net debt to EBITDA	1.5x	1.7x	3.0x	2.5x	—
Debt to equity	0.8x	0.9x	1.1x	1.1x	—
Interest coverage	19.9x	8.9x	2.4x	3.2x	−1.2x
Current ratio	0.6x	0.6x	0.6x	0.5x	0.6x
Quick ratio	0.2x	0.2x	0.2x	0.2x	0.2x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought Cracker Barrel shares on the open market, and 5 insiders sold $17.3 million.

Date	Insider	Trade	Shares	Price	Value	Filing
Jan 5, 2026	Bay Resource Partners Offshore Master Fund L.p.10% owner	Sold	42,400	$27.10	$1.1 million	Form 4
Dec 29, 2025	Thomas E Claugus10% owner	Sold	42,400	$25.56	$1.1 million	Form 4
Dec 23, 2025	Bay II Resource Partners Lp10% owner	Sold	42,400	$26.03	$1.1 million	Form 4
Dec 19, 2025	Bay Resource Partners Lp10% owner	Sold	42,400	$26.37	$1.1 million	Form 4
Dec 17, 2025	Bay Resource Partners Offshore Master Fund L.p.10% owner	Sold	42,400	$26.85	$1.1 million	Form 4
Dec 16, 2025	Bay Resource Partners Offshore Master Fund L.p.10% owner	Sold	42,400	$26.13	$1.1 million	Form 4
Dec 11, 2025	Gmt Capital Corp10% owner	Sold	42,400	$28.79	$1.2 million	Form 4
Dec 10, 2025	Gmt Capital Corp10% owner	Sold	42,400	$26.13	$1.1 million	Form 4
Dec 9, 2025	Bay II Resource Partners Lp10% owner	Sold	42,400	$27.61	$1.2 million	Form 4
Dec 8, 2025	Bay II Resource Partners Lp10% owner	Sold	42,400	$26.89	$1.1 million	Form 4
Dec 5, 2025	Bay Resource Partners Lp10% owner	Sold	42,400	$27.73	$1.2 million	Form 4
Dec 4, 2025	Bay Resource Partners Lp10% owner	Sold	42,400	$28.33	$1.2 million	Form 4

The latest 12 of 14 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY24	FY25	FY26
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Pass	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Fail	Fail	—
Current ratio rose	Pass	Fail	Pass
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	Pass	Pass	Pass
Revenue rose relative to assets	Pass	Pass	Fail
F-score	6 of 9	6 of 9	—
Accruals ratio	−5.8%	−8.0%	−8.3%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Cracker Barrel side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Cracker Barrel	FY26	−4.7%	−0.4%	2.7%	—	—	—
Cheesecake Factory	FY25	4.8%	5.0%	4.1%	20.5%	1.4x	5	Compare
Domino's	FY25	5.0%	19.3%	13.6%	92.2%	4.5x	8	Compare
Wendy's	FY25	−3.1%	15.8%	11.2%	7.8%	6.3x	4	Compare
Dave & Buster's	FY25	−1.4%	4.1%	−4.8%	4.1%	4.3x	6	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Income statement
Revenue	2,926	3,030	3,072	2,523	2,821	3,268	3,443	3,471	3,484	3,319
Revenue growth	0.5%	3.6%	1.4%	−17.9%	11.8%	15.8%	5.4%	0.8%	0.4%	−4.7%
Gross profit	2,035	2,095	2,141	1,743	1,956	2,218	2,315	2,383	2,403	2,292
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	313	294	283	104	367	153	121	45	55	−12
Net income	202	248	223	−32	254	132	99	41	46	32
Diluted EPS (US$)	8.37	10.29	9.27	−1.36	10.71	5.67	4.45	1.83	2.06	1.40
Diluted shares (millions)	24	24	24	24	24	23	22	22	22	22
Cash flow
Cash from operations	321	331	363	161	302	205	250	169	219	206
Capital expenditure	111	152	138	297	71	98	127	128	159	118
Free cash flow	210	178	224	−136	230	107	123	41	60	88
Dividends paid	197	207	194	94	32	115	116	116	23	23
Share buybacks	0	15	0	55	35	132	17	0	0	0
Acquisitions	0	0	0	33	2	2	0	0	0	0
Stock-based compensation	8	7	8	6	9	8	9	10	12	9
Balance sheet at fiscal year end
Cash and short-term investments	161	115	37	437	145	45	25	12	40	36
Debt incl. finance leases	400	400	400	949	327	423	415	477	485	—
Total assets	1,522	1,527	1,581	2,544	2,392	2,295	2,218	2,162	2,162	2,022
Total liabilities	977	946	976	2,126	1,728	1,783	1,734	1,721	1,700	1,544
Shareholders' equity	544	582	605	418	664	512	484	440	462	478
Margins and ratios
Gross margin	69.5%	69.1%	69.7%	69.1%	69.3%	67.9%	67.2%	68.7%	69.0%	69.1%
Operating margin	10.7%	9.7%	9.2%	4.1%	13.0%	4.7%	3.5%	1.3%	1.6%	−0.4%
Net margin	6.9%	8.2%	7.3%	−1.3%	9.0%	4.0%	2.9%	1.2%	1.3%	0.9%
Free cash flow margin	7.2%	5.9%	7.3%	−5.4%	8.2%	3.3%	3.6%	1.2%	1.7%	2.7%
Return on capital	27.1%	31.6%	25.9%	8.6%	33.8%	16.2%	13.1%	5.1%	6.1%	—
Return on equity	37.7%	44.0%	37.7%	−6.3%	47.0%	22.4%	19.9%	8.9%	10.3%	6.7%
Return on assets	13.4%	16.2%	14.4%	−1.6%	10.3%	5.6%	4.4%	1.9%	2.1%	1.5%
Net debt to EBITDA	0.6x	0.7x	0.9x	2.3x	0.4x	1.5x	1.7x	3.0x	2.5x	—

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Cracker Barrel's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Cracker Barrel.