Cracker Barrel Old Country Store, Inc (CBRL)

Price$54.69Cached quoteAs of 2026-09-05 05:20 UTC

AI: Overvalued

Price checkThe shares look expensive because current operations do not support their earnings multiple.

Using 22.35 million shares, the observed quote implies an equity value near $1.11 billion. Adding $486.6 million of funded debt and subtracting $26.1 million of cash gives a business value around $1.57 billion, roughly 12.5 times $125 million of adjusted EBITDA—profit before interest, taxes, depreciation, and selected costs. Even after the planned $77 million debt reduction and guidance above $125 million, that is demanding for falling sales. The shares also trade near 24 times fiscal 2025 earnings; adjusted earnings were negative through 2026’s first nine months.

Big pictureRevenue has held near its peak, but profit and cash have become far less dependable.

Fiscal 2025 revenue was $3.48 billion, barely above 2024, yet operating income was $55 million versus $153 million in 2022. In the latest quarter, 6.7% fewer guests outweighed a 4.3% higher average check, and revenue fell 2.9%, showing the sensitivity of this restaurant-and-retail model. Adjusted operating profit fell to $40.3 million from $48.1 million. Nine-month operating cash of $92.5 million barely covered roughly $90 million of investment spending, leaving almost no free cash flow—cash left after running and investing—despite a $47.4 million legal settlement.

Business strengthA durable brand and tighter spending help, but debt and weak margins limit protection.

Cracker Barrel still operates about 657 namesake stores, and its roadside restaurant-plus-retail format is distinctive. Liquidity was adequate: May funded debt was $486.6 million, cash was $26.1 million, and unused credit capacity was $541.3 million. However, including lease obligations, the supplied debt measure exceeded $1.1 billion while nine-month operating profit was negative. Capital allocation has turned defensive: the annualized dividend fell from roughly $5.20 a share in fiscal 2024 to $1.00, no buybacks occurred in fiscal 2024 or 2025, and the share count rose about 0.7%, modestly spreading ownership across more shares.

What could change the storySustained guest growth could justify the price, while renewed traffic losses would expose it.

Best case: the new chief executive keeps the brand familiar, improves service, and turns recent cost savings into repeatable profit. Exiting Maple Street, which supplied under 2% of revenue, should help profitability, and $77 million of property-sale proceeds can reduce debt. Bear case: fourth-quarter comparable restaurant sales were still down 2.5% through eleven weeks, so higher prices may be masking fewer visits. To support the valuation, Cracker Barrel likely needs annual adjusted EBITDA comfortably above $125 million, positive cash after investment spending without one-time receipts, and debt reduction exceeding the added rent from selling properties.

AI: News

Third-quarter guidance liftQuarterly results beat expectations and raised guidance, but underlying sales and profit still fell.

On June 9, fiscal third-quarter revenue was $797.4 million and adjusted earnings were $0.29 a share, both above published estimates. Management raised full-year revenue guidance to $3.27-$3.30 billion and adjusted EBITDA to $120-$125 million from $85-$100 million. Yet revenue fell 2.9% and adjusted EBITDA fell 16% from a year earlier; reported profit included a $47.4 million settlement. Shares closed 22.6% higher the next session. The timing strongly suggests the results drove the move, although timing alone cannot prove causation.

Property and portfolio resetProperty sales and the Maple Street exit promised lower debt and better future profit.

On July 20, Cracker Barrel sold 26 properties and leased them back, generating about $77 million earmarked for debt reduction. It also sold assets from 35 Maple Street locations and planned to close 16 more. Maple Street contributed under 2% of annual revenue; management expects the exit to improve adjusted profit from fiscal 2027, after $6-$8 million of cash exit costs. Shares rose about 9% after hours, a reaction reported alongside the announcement, but the new leases create recurring rent and reduce owned-property protection.

Chief executive transitionA surprise leadership change adds uncertainty to a turnaround already recovering from brand backlash.

On July 27, David Deno was named chief executive effective August 10, replacing Julie Masino, who remains an adviser through October 9. Deno previously led Bloomin’ Brands, bringing relevant restaurant operating experience. The change followed abandoned logo and modern-store redesigns that had drawn negative publicity and hurt traffic. Associated Press reported shares down 2.7% that afternoon and called the departure surprising given recent improvements; that reaction is consistent with added execution uncertainty, not proof that the leadership news alone caused the decline.

Loading local price history

Revenue

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

Net income

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

Free cash flow

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

Total cash / debt

CashTotal debt

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009
Revenue	$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	$2.40B	$2.37B
Gross profit	$2.40B	$2.38B	$2.32B	$2.22B	$1.96B	$1.74B	$2.14B	$2.10B	$2.03B	$1.98B	$1.92B	$1.81B	$1.79B	$1.75B	$1.66B	$1.66B	$1.60B
Gross margin	68.97%	68.66%	67.25%	67.87%	69.33%	69.08%	69.69%	69.13%	69.54%	68.13%	67.48%	67.48%	67.68%	67.93%	68.27%	68.98%	67.69%
Operating expenses	$2.35B	$2.34B	$2.19B	$2.06B	$1.59B	$1.64B	$1.86B	$1.80B	$1.72B	$1.70B	$1.66B	$1.60B	$1.59B	$1.56B	$1.49B	$1.49B	$1.46B
Operating income	$55.0M	$45.1M	$120.6M	$153.0M	$366.7M	$103.6M	$282.8M	$293.6M	$313.2M	$280.5M	$254.9M	$208.4M	$201.5M	$191.0M	$167.2M	$164.7M	$142.2M
Operating margin	1.58%	1.30%	3.50%	4.68%	13.00%	4.11%	9.21%	9.69%	10.70%	9.63%	8.97%	7.77%	7.62%	7.40%	6.87%	6.85%	6.01%
EBITDA	$177.3M	$156.9M	$225.1M	$256.6M	$475.3M	$221.8M	$390.4M	$387.3M	$399.5M	$358.7M	$327.8M	$276.8M	$267.6M	$255.4M	$230.0M	$225.7M	$201.5M
EBITDA margin	5.09%	4.52%	6.54%	7.85%	16.84%	8.79%	12.71%	12.78%	13.65%	12.32%	11.53%	10.31%	10.12%	9.90%	9.45%	9.39%	8.51%
Net income	$46.4M	$40.9M	$99.0M	$131.9M	$254.5M	−$32.5M	$223.4M	$247.6M	$201.9M	$189.3M	$163.9M	$132.1M	$117.3M	$103.1M	$85.2M	$85.3M	$65.9M
Net profit margin	1.33%	1.18%	2.88%	4.04%	9.02%	−1.29%	7.27%	8.17%	6.90%	6.50%	5.77%	4.92%	4.43%	4.00%	3.50%	3.55%	2.78%
Basic EPSper basic share	$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
Diluted EPSper diluted share	$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

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

≈15.90%of listed shares

BlackRock, Inc.3.55M shares · Jun 30, 2026

View holders

Top 20 reported holders of CBRL
Holder	% owned
BlackRock, Inc.	≈15.90%3.55M shares
D. E. Shaw & Co., Inc.	≈6.43%1.44M shares
AMERICAN CENTURY COMPANIES INC	≈4.71%1.05M shares
Allianz Asset Management GmbH	≈4.66%1.04M shares
VANGUARD CAPITAL MANAGEMENT LLC	≈4.43%990.8K shares
TWO SIGMA INVESTMENTS, LP	≈4.39%980.28K shares
STATE STREET CORP	≈4.03%899.95K shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC	≈3.05%682.1K shares
FEDERATED HERMES, INC.	≈2.68%599.45K shares
GEODE CAPITAL MANAGEMENT, LLC	≈2.67%596.33K shares
VANGUARD PORTFOLIO MANAGEMENT LLC	≈2.55%569.61K shares
GMT Capital Corp	≈2.44%545.2K shares
Nuveen, LLC	≈1.84%411.06K shares
GOLDMAN SACHS GROUP INC	≈1.68%376.25K shares
AQR CAPITAL MANAGEMENT LLC	≈1.62%361.58K shares
COMMONWEALTH EQUITY SERVICES, LLC	≈1.56%348.12K shares
Invesco Ltd.	≈1.48%330.29K shares
UBS Group AG	≈1.46%326.38K shares
WELLINGTON MANAGEMENT GROUP LLP	≈1.35%301.14K shares
MILLENNIUM MANAGEMENT LLC	≈1.32%295.02K shares

Percentages use 22.35M shares of this listed class outstanding on Jun 1, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys10$19.89M disclosed value

Sells (SEC code S)14$17.31M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jan 5, 2026Form 4	BAY RESOURCE PARTNERS OFFSHORE MASTER FUND, L.P. +4TenPercentOwner	SellCommon Stock	42.4K	$27.10	$1.15M	2.20M
Dec 29, 2025Form 4	CLAUGUS THOMAS E +4TenPercentOwner	SellCommon Stock	42.4K	$25.56	$1.08M	2.24M
Dec 23, 2025Form 4	BAY II RESOURCE PARTNERS LP +4TenPercentOwner	SellCommon Stock	42.4K	$26.03	$1.10M	2.28M
Dec 19, 2025Form 4	BAY RESOURCE PARTNERS LP +4TenPercentOwner	SellCommon Stock	42.4K	$26.37	$1.12M	2.33M
Dec 17, 2025Form 4	BAY RESOURCE PARTNERS OFFSHORE MASTER FUND, L.P. +4TenPercentOwner	SellCommon Stock	42.4K	$26.85	$1.14M	2.37M

Review ownership filings at SEC.gov ↗

Community posts

View community

It’s quiet here.

No posts about CBRL yet. Start the conversation.

Write the first post

Cracker Barrel Old Country Store, Inc (CBRL)

Financial charts

Financial statements

Owners

Insider buys & sells

Community posts

It’s quiet here.