VITL earnings analysis
What we found in VITL'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
Vital Farms reported Q1 2026 revenues of $187.2 million, an increase of 15% from $162.2 million in the same quarter previous year, but suffered a net loss of $1.5 million, indicating significant margin pressure. The gross margin sharply declined to 28.3%, down from 38.5% a year prior, primarily due to increased production costs and adverse price mix. The FY 2026 revenue guidance was lowered to $775-$800 million, acknowledging persistent industry challenges.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Increase
- Total revenue rose to $187.2 million, up 15% from $162.2 million in Q1 2025.
- Gross Margin Decline
- Gross margin fell to 28.3% from 38.5% year-over-year, a drop of 10.2 percentage points.
- Net Loss Recorded
- The company reported a net loss of $1.5 million, contrasting with a profit of $16.9 million in the prior year.
- Increased Operating Expenses
- SG&A expenses surged by 39% to $44.4 million from $31.9 million the previous year due to higher marketing and personnel costs.
- Adjusted EBITDA
- Adjusted EBITDA markedly decreased from $27.5 million to $5.0 million year-over-year.
- Capital Expenditure Plans Adjusted
- Management announced a reduction in planned capital expenditures for FY 2026 to align with updated growth expectations.
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.
- Oversupply Challenges
- Persisting oversupply and lower commodity prices pressured sales, requiring participation in supply control measures to address excess inventory.
- Impact of Inflation
- Inflationary pressures on input costs pose significant challenges, contributing to lower margins and inhibiting profitability.
- Liquidity Concerns
- Potential challenges in future financing due to high interest rates may hinder operational flexibility.
What they reported.
What the company itself reported, taken out of the document.
- Gross margin
- 28.3%
What they said about what is next.
FY 2026 revenue forecast adjusted down to $775-$800 million due to anticipated market challenges.
The filing reads worse than the one before it.
What came before.
- 10-Q · November 7, 2024
- Vital Farms reported quarterly revenue of $145.0M (13-weeks ended September 29, 2024), up 31.3% year-over-year from $110.4M but down modestly versus the prior quarter ($147.0M). Gross margin improved YoY to 36.9% from…
- 10-Q · May 9, 2024
- Vital Farms reported a strong quarter with net revenue of $147,929,000 (up $28,757,000 or 24.1% vs $119,172,000 a year ago), materially higher gross profit of $58,897,000 and net income of $19,023,000 (diluted EPS $0.43…
- 10-K · March 7, 2024
- Vital Farms reports strong multi-year top-line growth, with net revenue of $471.9 million in fiscal 2023 (up from $140.8 million in fiscal 2019) representing a 35.3% CAGR since 2019. The company emphasizes a…
- 10-Q · August 3, 2023
- Vital Farms reported strong quarter with net revenue of $106,445 (13 weeks ended June 25, 2023), up from $82,870 a year ago, driving higher gross profit of $37,800 and operating income of $8,039. Diluted EPS was $0.15…
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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