FRPT earnings analysis
What we found in FRPT's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Freshpet reported strong Q1 2026 results with revenues of $297.6 million, reflecting a 13.1% increase year-over-year. The company also saw a significant turnaround in net income, reporting $48.5 million compared to a net loss of $12.7 million in Q1 2025, benefiting from higher sales and a substantial gain on equity investment.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Growth of 13.1%
- Freshpet's revenue for Q1 2026 was $297.6 million, up from $263.2 million in Q1 2025.
- Major Net Income Turnaround
- The company posted a net income of $48.5 million in Q1 2026, compared to a net loss of $12.7 million in the same quarter last year.
- Improved Gross Margin
- Gross profit margin increased to 40.5% in Q1 2026 from 39.4% in Q1 2025.
- Grocery and Digital Channel Growth
- Net sales in the Grocery, Mass, International and Digital segment grew by $17.2 million.
- Working Capital Increase
- Working capital surged by $97 million to $454.1 million as of March 31, 2026.
- Operating Cash Flow Improvement
- Net cash provided by operating activities significantly increased to $40.3 million in Q1 2026 from $4.8 million in Q1 2025.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Increased SG&A Expenses
- SG&A expenses rose to $116.3 million, representing 39.1% of net sales, compared to $115.3 million or 43.8% of net sales in Q1 2025.
- Macroeconomic Pressure
- Management cited risks from ongoing macroeconomic factors like inflation and potential changes in consumer spending patterns.
- Debt Levels and Refinancing Risk
- The company's ability to service the $402.5 million in convertible notes could be strained if cash generation does not meet expectations.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.91
- Gross margin
- 40.5%
- Operating margin
- 1.5%
- Segment
- Grocery, Mass, International and Digital
- Segment
- Pet Specialty and Club
What they said about what is next.
Full-year 2026 net sales guidance increased to a range of 8% to 11%, up from 7% to 10%.
The filing reads better than the one before it.
What came before.
- 10-K · February 23, 2026
- Freshpet reports a clear multi-year inflection: consolidated net sales rose to $1,102,015 (in thousands) in 2025 and GAAP diluted EPS was $2.64, driven by operating income of $75,672 (in thousands) and a year-end income…
- 10-Q · November 3, 2025
- Freshpet reported Q3 net sales of $288,848 (three months ended September 30, 2025; amounts in the financial statements are presented in thousands) vs $253,367 in the year-ago quarter, with gross profit of $114,192 and…
- 10-Q · August 4, 2025
- Freshpet reported Q2 net sales of $264.689M, up 12.5% year-over-year, with gross profit of $108.190M and operating income of $17.804M (operating margin 6.7%) versus an operating loss of $1.750M in the year-ago quarter.…
- 10-Q · May 5, 2025
- Revenue increased to $263.25M in Q1 2025, driven by higher net sales versus $223.85M in Q1 2024, but the company reported an operating loss of $11.50M and a net loss of $12.70M (diluted EPS $(0.26)). Operating cash flow…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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