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…
Earnings analysis · 10-Q
VITL earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
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…
Read full summary
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.
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.
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
- Gross margin
- 28.3%
What stood out
-
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.
What to watch
-
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.
Management's outlook
FY 2026 revenue forecast adjusted down to $775-$800 million due to anticipated market challenges.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.