Freshpet (FRPT) FY2025 results: revenue $1.1 billion, up 13.0% on the year
Freshpet, Inc. (FRPT) reported revenue of $1.1 billion for fiscal 2025, the year ended 31 December 2025, up 13.0% on the year before. Net income was $139 million, up 196.5%, and diluted earnings per share $2.64. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2026.
Revenue
$1.1 billion
+13.0% on the year
FY2018FY2025
Operating margin
6.9%
3.9% a year earlier
FY2018FY2025
Net income
$139 million
+196.5% on the year
FY2018FY2025
Diluted EPS
$2.64
+183.9% on the year
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 3 new.
Fourth-quarter sales rose 8.6%: Fourth-quarter net sales were $285.2 million against $262.7 million. Volume gains of 9.7% were partly offset by price/mix down 1.1%.
Net income lifted by tax benefit: Full-year net income was $139.1 million against $46.9 million, with diluted EPS of $2.64. A $68.4 million income tax benefit from releasing the valuation allowance was cited as the main reason.
Adjusted EBITDA reached $195.7 million: Full-year Adjusted EBITDA was $195.7 million, a 17.8% margin, against $161.8 million. Fourth-quarter Adjusted EBITDA was $61.2 million, 21.4% of net sales.
Island fridge testing began: Testing of island fridges began. Management called it the company's most significant step change in retail visibility and availability.
New-technology manufacturing line started: The first manufacturing line using a new technology was started up. Management said the technology can enhance product quality and profitability.
$ million except per share. Read moreFree 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
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
161
154
75.9
+4.1%
Capital expenditure
148
187
239
-20.8%
Free cash flow
12.4
-32.8
-163
Free cash flow margin
1.1%
-3.4%
-21.3%
Cash from investing
-148
-187
-239
Cash from financing
-3.0
4.6
327
Depreciation and amortisation
86.4
69.5
58.2
+24.3%
Share-based compensation
13.9
51.8
24.9
-73.2%
Diluted shares, weighted
56m
50m
48m
+11.5%
Shares outstanding at period end
49m
49m
48m
+0.6%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
1,209
1,055
953
+14.5%
Debt
397
395
393
+0.5%
Operating lease liabilities
65.0
2.2
2.6
+2,838.2%
Finance lease liabilities
28.1
23.3
26.1
+20.6%
Other liabilities
78.7
98.9
89.2
-20.4%
Total liabilities and equity
1,778
1,575
1,464
+12.9%
Fixed assets
n/a
n/a
979
Investments
n/a
0.0
0.0
Cash and equivalents
278
269
297
+3.5%
Receivables
63.8
68.4
56.8
-6.8%
Inventory
76.8
80.8
63.2
-5.0%
Other assets
1,359
1,157
68.4
+17.5%
Total assets
1,778
1,575
1,464
+12.9%
10-K for the year ended 31 December 2025, filed 23 February 2026: the filing.