CRACKER BARREL OLD COUNTRY STORE, INC CBRL
Cracker Barrel Old Country Store, Inc. is principally engaged in the operation and development of the Cracker Barrel Old Country Store® concept ("Cracker Barrel"). Originally founded in 1969, we are headquartered in Lebanon, Tennessee and are organized under the laws of the State of Tennessee.
As of September 12, 2025, we operated 657 Cracker Barrel stores in 43 states and 68 Maple Street Biscuit Company stores in 10 states. The following description of our business should be read in conjunction with the information in Part II of this report under the caption "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Item 8. Financial Statements and Supplementary Data."
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.48B | $3.47B | $3.44B | $3.27B | $2.82B | $2.52B | $3.07B | $3.03B | $2.93B | $2.91B |
| Cost of revenue | $1.08B | $1.09B | $1.13B | $1.05B | $865.3M | $779.9M | $931.1M | $935.4M | $891.3M | $928.2M |
| Gross profit | $2.40B | $2.38B | $2.32B | $2.22B | $1.96B | $1.74B | $2.14B | $2.10B | $2.03B | $1.98B |
| SG&A | $217.5M | $207.1M | $174.1M | $157.4M | $147.8M | $147.0M | $152.8M | $143.8M | $141.4M | $143.0M |
| Operating income | $55.0M | $45.1M | $120.6M | $153.0M | $366.7M | $103.6M | $282.8M | $293.6M | $313.2M | $280.5M |
| Interest expense | — | — | — | — | — | — | $16.5M | $15.2M | $14.3M | $14.1M |
| Pre-tax income | $37.7M | $24.2M | $103.6M | $143.4M | $310.6M | -$3.8M | $266.4M | $278.4M | $298.9M | $266.4M |
| Income tax | $8.7M | $16.7M | $4.6M | $11.5M | $56.0M | $28.7M | $43.0M | $30.8M | $97.0M | $77.1M |
| Net income | $46.4M | $40.9M | $99.0M | $131.9M | $254.5M | -$32.5M | $223.4M | $247.6M | $201.9M | $189.3M |
| EPS, basic | 2.08 | 1.84 | 4.47 | 5.69 | 10.74 | -1.36 | 9.29 | 10.31 | 8.40 | 7.91 |
| EPS, diluted | 2.06 | 1.83 | 4.45 | 5.67 | 10.71 | -1.36 | 9.27 | 10.29 | 8.37 | 7.86 |
| Shares, diluted (wtd. avg.) | $22.5M | $22.3M | $22.3M | $23.2M | $23.8M | $23.9M | $24.1M | $24.1M | $24.1M | $24.1M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $39.6M | $12.0M | $25.1M | $45.1M | $144.6M | $437.0M | $36.9M | $114.7M | $161.0M | $151.0M |
| Receivables | $35.1M | $39.2M | $30.4M | $32.2M | $27.4M | $20.2M | $22.8M | $19.5M | $18.1M | $19.4M |
| Inventory | $180.6M | $181.0M | $189.4M | $213.2M | $138.3M | $139.1M | $155.0M | $156.3M | $156.4M | $152.3M |
| Total current assets | $313.1M | $278.2M | $282.3M | $317.3M | $353.6M | $643.0M | $242.4M | $306.8M | $358.9M | $355.7M |
| Property, plant and equipment | $967.0M | $959.8M | $971.9M | $969.6M | $979.9M | $1.13B | $1.17B | $1.15B | $1.10B | $1.08B |
| Goodwill | — | — | $4.7M | $4.7M | $4.7M | $4.7M | $0 | — | — | — |
| Other intangibles | $24.4M | $24.4M | $23.4M | $21.2M | $21.3M | $21.0M | $0 | — | — | — |
| Total assets | $2.16B | $2.16B | $2.22B | $2.29B | $2.39B | $2.54B | $1.58B | $1.53B | $1.52B | $1.50B |
| Accounts payable | $169.8M | $162.3M | $165.5M | $169.9M | $135.2M | $103.5M | $132.2M | $122.3M | $118.4M | $132.5M |
| Short-term debt | $149.2M | $75.0K | $75.0K | $124.0K | $124.0K | $39.4M | $0 | — | — | — |
| Total current liabilities | $625.6M | $454.2M | $489.0M | $502.3M | $465.3M | $451.1M | $392.5M | $364.6M | $375.8M | $368.8M |
| Long-term debt | $335.5M | $476.6M | $414.9M | $423.2M | $327.3M | $910.0M | $400.0M | $400.0M | $400.0M | $400.0M |
| Retained earnings | $451.0M | $427.4M | $479.7M | $511.3M | $663.4M | $438.5M | $561.6M | $532.8M | $492.8M | $488.5M |
| Total equity | $461.7M | $440.1M | $483.8M | $511.5M | $663.6M | $418.4M | $604.7M | $581.8M | $544.5M | $526.4M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $218.9M | $169.0M | $250.5M | $205.3M | $301.9M | $161.0M | $362.8M | $330.6M | $320.8M | $271.4M |
| Depreciation and amortisation | $122.2M | $111.7M | $104.5M | $103.6M | $108.6M | $118.2M | $107.5M | $93.7M | $86.3M | $78.2M |
| Stock-based compensation | $11.7M | $10.3M | $9.0M | $8.2M | $8.7M | $6.4M | $8.2M | $7.0M | $8.5M | $13.2M |
| Capital expenditure | $159.1M | $128.3M | $127.0M | $98.3M | $71.4M | $297.3M | $138.3M | $152.2M | $110.6M | $114.0M |
| Investing cash flow | -$156.7M | -$124.3M | -$124.3M | -$98.5M | $78.3M | -$157.2M | -$241.6M | -$151.2M | -$109.6M | -$112.5M |
| Financing cash flow | -$34.6M | -$57.8M | -$146.1M | -$206.2M | -$672.6M | $396.3M | -$199.0M | -$225.7M | -$201.1M | -$273.4M |
| Dividends paid | $23.1M | $116.1M | $116.1M | $114.8M | $31.7M | $94.5M | $193.5M | $207.2M | $196.9M | $255.5M |
| Buybacks | — | — | $17.4M | $131.5M | $35.0M | $55.0M | $0 | $14.8M | $0 | $14.7M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-25-093663.
Others in SIC 5812
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| MCD | MCDONALDS CORP | $180.94B | 21.4x | 3.7% |
| CMG | CHIPOTLE MEXICAN GRILL INC | $46.77B | 32.4x | 5.4% |
| YUM | YUM BRANDS INC | $41.13B | 27.2x | 8.8% |
| QSR | Restaurant Brands International Inc. | $27.90B | 34.1x | 12.2% |
| DRI | DARDEN RESTAURANTS INC | $24.74B | 20.9x | 9.4% |
| ARMK | Aramark | $14.97B | 46.5x | 6.4% |
| YUMC | Yum China Holdings, Inc. | $14.93B | 17.4x | 4.4% |
| TXRH | Texas Roadhouse, Inc. | $12.44B | 31.1x | 9.4% |