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…
Earnings analysis · 10-Q
FRPT earnings analysis
Filed May 6, 2026 · Our reading of the company's report
The latest report
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…
Read full summary
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.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.91
- Segment
- Grocery, Mass, International and Digital
- Segment
- Pet Specialty and Club
What stood out
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Revenue Growth of 13.1%
Freshpet's revenue for Q1 2026 was $297.6 million, up from $263.2 million in Q1 2025.
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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.
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Improved Gross Margin
Gross profit margin increased to 40.5% in Q1 2026 from 39.4% in Q1 2025.
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Grocery and Digital Channel Growth
Net sales in the Grocery, Mass, International and Digital segment grew by $17.2 million.
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Working Capital Increase
Working capital surged by $97 million to $454.1 million as of March 31, 2026.
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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.
What to watch
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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.
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Macroeconomic Pressure
Management cited risks from ongoing macroeconomic factors like inflation and potential changes in consumer spending patterns.
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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.
Management's outlook
Full-year 2026 net sales guidance increased to a range of 8% to 11%, up from 7% to 10%.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.