Freshpet (FRPT) FY2024 results: revenue $975 million, up 27.2% on the year

Freshpet, Inc. (FRPT) reported revenue of $975 million for fiscal 2024, the year ended 31 December 2024, up 27.2% on the year before. Net income was $47 million, and diluted earnings per share $0.93. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2025.

Revenue

$975 million

+27.2% on the year

FY2017FY2024

Operating margin

3.9%

-4.0% a year earlier

FY2017FY2024

Net income

$47 million

FY2017FY2024

Diluted EPS

$0.93

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	975	767	595	+27.2%
Cost of revenue	579	516	409	+12.2%
Gross profit	396	251	186	+57.8%
Gross margin	40.6%	32.7%	31.2%
Selling, general and administrative	358	281	238	+27.2%
Operating income	38.0	-30.4	-52.0
Operating margin	3.9%	-4.0%	-8.7%
Interest expense	12.3	14.1	5.2	-13.0%
Pre-tax income	47.5	-31.5	-55.5
Income tax	0.6	0.2	0.3	+184.8%
Effective tax rate	1.3%	n/a	n/a
Net income	46.9	-33.6	-59.5
Net margin	4.8%	-4.4%	-10.0%
Diluted EPS	$0.93	-$0.70	-$1.29

$ 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	FY2024	FY2023	FY2022	On the year
Operating cash flow	154	75.9	-43.2	+103.2%
Capital expenditure	187	239	230	-21.7%
Free cash flow	-32.8	-163	-273
Free cash flow margin	-3.4%	-21.3%	-45.9%
Cash from investing	-187	-239	-233
Cash from financing	4.6	327	337	-98.6%
Depreciation and amortisation	69.5	58.2	34.3	+19.5%
Share-based compensation	51.8	24.9	26.1	+107.8%
Diluted shares, weighted	50m	48m	46m	+4.3%
Shares outstanding at period end	49m	48m	48m	+0.9%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	1,055	953	1,032	+10.7%
Debt	395	393	0.0	+0.5%
Operating lease liabilities	2.2	2.6	4.2	-14.6%
Finance lease liabilities	23.3	26.1	0.0	-10.8%
Other liabilities	98.9	89.2	89.6	+10.8%
Total liabilities and equity	1,575	1,464	1,125	+7.5%
Fixed assets	n/a	979	801
Investments	0.0	0.0	20.0
Cash and equivalents	269	297	133	-9.5%
Receivables	68.4	56.8	57.6	+20.6%
Inventory	80.8	63.2	58.3	+27.8%
Other assets	1,157	68.4	56.2	+1,591.7%
Total assets	1,575	1,464	1,125	+7.5%

10-K for the year ended 31 December 2024, filed 20 February 2025: the filing.