Freshpet (FRPT) FY2023 results: revenue $767 million, up 28.8% on the year

Freshpet, Inc. (FRPT) reported revenue of $767 million for fiscal 2023, the year ended 31 December 2023, up 28.8% on the year before. Net income was -$34 million, and diluted earnings per share $-0.70. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2024.

Revenue

$767 million

+28.8% on the year

FY2016FY2023

Operating margin

-4.0%

-8.7% a year earlier

FY2016FY2023

Net income

-$34 million

FY2016FY2023

Diluted EPS

-$0.70

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	767	595	425	+28.8%
Cost of revenue	516	409	263	+26.1%
Gross profit	251	186	162	+34.9%
Gross margin	32.7%	31.2%	38.1%
Selling, general and administrative	281	238	187	+18.2%
Operating income	-30.4	-52.0	-24.7
Operating margin	-4.0%	-8.7%	-5.8%
Interest expense	14.1	5.2	2.9	+170.7%
Pre-tax income	-31.5	-55.5	-27.5
Income tax	0.2	0.3	0.2	-25.5%
Net income	-33.6	-59.5	-29.7
Net margin	-4.4%	-10.0%	-7.0%
Diluted EPS	-$0.70	-$1.29	-$0.69

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2023	FY2022	FY2021	On the year
Operating cash flow	75.9	-43.2	0.6
Capital expenditure	239	230	322	+3.9%
Free cash flow	-163	-273	-321
Free cash flow margin	-21.3%	-45.9%	-75.5%
Cash from investing	-239	-233	-322
Cash from financing	327	337	327	-2.7%
Depreciation and amortisation	58.2	34.3	29.5	+69.4%
Share-based compensation	24.9	26.1	25.0	-4.4%
Diluted shares, weighted	48m	46m	43m	+4.3%
Shares outstanding at period end	48m	48m	43m	+0.5%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	953	1,032	720	-7.6%
Debt	393	0.0	0.0
Operating lease liabilities	2.6	4.2	5.7	-38.3%
Finance lease liabilities	26.1	0.0	n/a
Other liabilities	89.2	89.6	58.9	-0.4%
Total liabilities and equity	1,464	1,125	784	+30.1%
Fixed assets	979	801	584	+22.3%
Investments	0.0	20.0	0.0
Cash and equivalents	297	133	72.8	+123.7%
Receivables	56.8	57.6	34.8	-1.4%
Inventory	63.2	58.3	35.6	+8.5%
Other assets	68.4	56.2	57.3	+21.7%
Total assets	1,464	1,125	784	+30.1%

10-K for the year ended 31 December 2023, filed 26 February 2024: the filing.