At a glance
Cracker Barrel Old Country Store is worth $1.58B, about 51 times its fiscal 2026 earnings. Revenue fell 4.7% to $3.32B in fiscal 2026, with 1.0% kept as profit; over 5 years it has grown 3.3% a year. It pays a 1.41% dividend yield, and returned $542.2M to shareholders in dividends and buybacks over FY2022–FY2026. The stock returned +102.8% over the past year with dividends reinvested and −8.1% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 66.4% in the 2020 crash (S&P 500: 33.7%) and 37.9% in the 2022 bear market (S&P 500: 24.5%).
The business in plain English
Cracker Barrel Old Country Store was founded in 1969 and is based in Lebanon, Tennessee. It runs a chain of restaurants that each come with a gift shop. As of September 11, 2026, it operated 655 stores in 43 states, and none of them were franchised. The rustic, freestanding buildings, many with rocking chairs on the porch, are meant to draw both travelers and local diners. About 20% of store space is gift shop.
The restaurants brought in about 81% of the $3.32 billion in revenue for the fiscal year ended July 31, 2026. They serve moderately priced home-style food such as biscuits, chicken and dumplings, and meatloaf, with breakfast served all day. The lunch hours bring in the most, at 40% of restaurant sales. The average check per guest was $15.58, up 3.7%, and a typical store served about 4,900 guests a week. About 20% of restaurant sales come from pick-up orders, delivery apps such as DoorDash, and catering.
The gift shops supplied the other 19% of revenue. Apparel and accessories made up 32% of retail sales, food items such as pancake mix and coffee 19%, and toys 15%. The shops aim to sell to people who came in for a meal. About one-third of the retail items bought in fiscal 2026 came directly from vendors in China.
Price history
The interactive chart needs JavaScript.
CBRL +102.8% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Restaurant | $2.70B | 81.4% |
| Retail | $616.9M | 18.6% |
Latest results
- In Q4 FY2026 (ended Jul 31, 2026), revenue was $849.3M, down 2.2% from a year earlier, and net income was $12.2M (+80.7%).
- For fiscal 2026, revenue was $3.32B (-4.7% year over year; +3.3% a year from FY2021 to FY2026) with a 1% net margin.
Financial health check
| Revenue growth a year (FY2021–FY2026) | +3.3% watch |
|---|---|
| Operating margin | -0.4% weak |
| Free cash flow margin | 2.7% watch |
| Return on equity (FY2026) | 6.6% weak |
| Return on assets (FY2026) | 1.6% weak |
| Net cash (cash minus debt) | $-300.7M weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $2.82B | $254.5M | $230.5M |
| FY2022 | $3.27B | $131.9M | $106.9M |
| FY2023 | $3.44B | $99.0M | $123.5M |
| FY2024 | $3.47B | $40.9M | $40.7M |
| FY2025 | $3.48B | $46.4M | $59.8M |
| FY2026 | $3.32B | $31.7M | $88.4M |
Valuation snapshot
| Market value | $1.58B |
|---|---|
| P/E ratio | 50.6 |
| Dividend yield | 1.41% |
Rank among 1514 US companies
Market value at each year end
Cracker Barrel Old Country Store’s market value went from $4.01B at the end of 2016 to $1.58B on Oct 28, 2026, down 61%; since the end of 2025 it is up 179%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $1.58B | +179.3% |
| 2025 | $567.1M | -51.8% |
| 2024 | $1.18B | -31.2% |
| 2023 | $1.71B | -18.7% |
| 2022 | $2.10B | -30.5% |
| 2021 | $3.03B | -3.3% |
| 2020 | $3.13B | -15.1% |
| 2019 | $3.69B | -4.0% |
| 2018 | $3.84B | +0.8% |
| 2017 | $3.81B | -5.0% |
| 2016 | $4.01B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| CBRL price data to Oct 28, 2026 | +185.9% | +102.8% | +6.4% | -8.1% | -2.9% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +185.9% |
| 2025 | -50.9% |
| 2024 | -27.9% |
| 2023 | -14.0% |
| 2022 | -22.7% |
| 2021 | -0.8% |
| 2020 | -11.3% |
| 2019 | -0.8% |
| 2018 | +3.7% |
| 2017 | +0.2% |
| 2016 | +38.8% |
| 2015 | -5.4% |
| 2014 | +33.4% |
| 2013 | +76.3% |
| 2012 | +30.4% |
| 2011 | -6.2% |
| 2010 | +46.7% |
| 2009 | +90.3% |
| 2008 | -34.4% |
| 2007 | -26.6% |
| 2006 | +29.1% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 43.8% over that stretch · deepest drop along the way 71%, back to its old high 13 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 50.9% over that stretch · deepest drop along the way 66.4%, back to its old high 11.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 25.5% over that stretch · deepest drop along the way 37.9%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 2 sales ($1.3M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Jan 5, 2026 | Gmt Capital Corp 10% owner | sell | $1.1M |
| Oct 1, 2026 | Donna Roberts SVP, Chief HR Officer | sell | $182K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 14.9% | Mar 31, 2025 |
| D. E. Shaw & Co., L.P. | 7.3% | Jul 6, 2026 |
| Vanguard Capital Management | 5.1% | Mar 31, 2026 |
| FMR LLC | 3% | Mar 31, 2026 |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | 2.99% | Mar 31, 2025 |
| GMT Capital Corp. | 2.44% | Jun 30, 2026 |
| AllianceBernstein L.P. | 0.1% | Dec 31, 2025 |
ETFs with the most weight in CBRL
| RZV Invesco S&P SmallCap 600® Pure Value ETF | 0.62% |
| NIXT Research Affiliates Deletions ETF | 0.51% |
| WCEO Hypatia Women CEO ETF | 0.46% |
| FYT First Trust Small Cap Value AlphaDEX Fund | 0.28% |
| RWJ Invesco S&P SmallCap 600 Revenue ETF | 0.25% |
| FYX First Trust Small Cap Core AlphaDEX Fund | 0.2% |
| AVUV Avantis U.S. Small Cap Value ETF | 0.18% |
| FLQS Franklin U.S. Small Cap Multifactor Index ETF | 0.17% |
What could go wrong
- Brand and marketing changes can backfire. In fiscal 2026, a new logo and modern store remodels drew negative publicity. The company went back to its old logo and dropped the remodels. Its advertising also relies heavily on tightly regulated billboards.
- Convertible notes could strain cash or dilute owners. The 2030 Notes are convertible bonds, which can be swapped for shares. Conversion may dilute existing owners. The company might not raise enough cash to pay holders on conversion or after a major corporate change.
- Heavy reliance on imports from China. About one-third of retail items bought in fiscal 2026 came directly from vendors in China. Tariffs, exchange rates or supplier problems could raise costs or leave gift-shop shelves short.
- One warehouse handles most retail goods. About 80% of retail items pass through a single distribution center in Lebanon, Tennessee, near headquarters. A disaster there, without a working backup plan, could disrupt gift-shop supply and corporate operations.
- Local changes can hurt individual stores. Each store depends on its local market. If conditions there worsen, the company may write down the store's value. A July 20, 2026 company filing also reported an asset impairment and restructuring costs.
- Rising food, labor and utility costs. Prices for beef, pork, chicken, dairy, produce, labor and utilities can all rise. Because Cracker Barrel aims for moderate prices, raising menu prices may not fully cover costs without losing guests.
Recent events
- Quarterly results released
- Executive or board change; Investor presentation or announcement
- New debt or financial obligation; Restructuring or exit costs; Asset impairment; Investor presentation or announcement; Other company announcement
- Quarterly results released
- Executive or board change
- Quarterly results released
- Investor presentation or announcement
- Quarterly results released
- Executive or board change; Shareholder vote results
For income and retirement investors
Cracker Barrel pays a dividend, but not a growing one. The regular dividend was $5.20 a share in fiscal 2022 and 2023. It was then cut to $1.00 a share in fiscal 2025 and 2026 (fiscal years end July 31). In fiscal 2026 the dividend used 73% of earnings but 26% of free cash flow, which is the cash left after running and investing in the business. The yield was 1.41% as of October 28, 2026. Buybacks totaled about $149 million over fiscal 2022 to 2026, all in the first two years. The share count fell 4.9% over five years.
The shares have fallen hard in downturns. They dropped 71% in the 2008 financial crisis and recovered 13 months after the low. They dropped 66% in the 2020 COVID crash and recovered in about a year. After a 38% drop in the 2022 bear market, they had not regained their early-2022 peak as of October 28, 2026. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Cracker Barrel make money?
Mostly by selling meals. In the fiscal year ended July 31, 2026, its restaurants brought in about 81% of $3.32 billion in revenue. Its gift shops, which sell apparel, food, toys and décor, brought in the other 19%. As of September 11, 2026, it ran 655 stores in 43 states and franchised none. That means it keeps all store sales but also pays all store costs. The average check per guest was $15.58 in fiscal 2026.
Did Cracker Barrel cut its dividend?
Yes. The regular dividend was $5.20 a share in fiscal 2022 and 2023. It fell to $4.15 in fiscal 2024 and was $1.00 a share in both fiscal 2025 and 2026. Total dividends paid fell from about $116 million in fiscal 2024 to about $23 million in fiscal 2026. The $1.00 used about 73% of fiscal 2026 earnings and 26% of free cash flow. The yield was 1.41% as of October 28, 2026.
Is Cracker Barrel profitable?
Yes, but only slightly. In fiscal 2026 (ended July 31, 2026), revenue fell 4.7% to $3.32 billion and the company had an operating loss of about $12 million. Net income was still $31.7 million, or $1.40 a diluted share, down 31.7%. Free cash flow, the cash left after capital spending, was $88.4 million. Earnings per share were $10.71 in fiscal 2021. At October 28, 2026 prices, the shares traded at about 51 times fiscal 2026 earnings.
Why did Cracker Barrel go back to its old logo?
The company returned to its former logo after a new logo and modern test-store remodels drew negative publicity. Both changes were part of a previously announced strategic plan. In the first quarter of fiscal 2026 (the year ended July 31, 2026), it went back to the old logo and stopped the modern remodels. Its annual report lists marketing that proves ineffective as one of its business risks.
How has Cracker Barrel stock performed?
It is down over five and ten years, with big swings. The share price fell in every calendar year from 2020 through 2025, including drops of about 28% in 2024 and 51% in 2025. It then rose about 186% in 2026 through October 28. As of October 28, 2026, the price was down about 34% over five years and 25% over ten. Annualized volatility, a measure of how much the price moves around, was about 60% over the prior year.