Vital Farms (VITL) Q3 FY2026 earnings: revenue $182 million, down 8.4% on the year

Vital Farms, Inc. (VITL) reported revenue of $182 million for Q3 FY2026, the quarter ended 27 September 2026, down 8.4% on the same quarter a year earlier. Net income was -$6 million, and diluted earnings per share $-0.15. The figures are the company's own, from the 10-Q it filed with the SEC on 3 November 2026.

Revenue

$182 million

-8.4% on the year · +9.7% on the quarter

Q4 FY2024Q3 FY2026

Operating margin

-4.2%

10.8% a year earlier

Q4 FY2024Q3 FY2026

Net income

-$6 million

Q4 FY2024Q3 FY2026

Diluted EPS

-$0.15

Q4 FY2024Q3 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 2 lowered, 1 kept.

Net revenue up sequentially, down yearly: Net revenue was $182.2 million, down 8.4% from the prior-year quarter and up 9.7% from the second quarter of fiscal 2026.
Operating loss replaces prior-year profit: The company reported a loss from operations and a net loss of $6.5 million, or $0.15 per diluted share, against prior-year net income of $16.4 million.
Adjusted EBITDA improved sequentially: Adjusted EBITDA was $1.5 million, down from $27.4 million a year earlier and $28.1 million higher than the second quarter.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Revenue	182	166	199	+9.7%	-8.4%
Cost of revenue	140	155	124	-9.7%	+12.9%
Gross profit	42.1	10.9	75.0	+285.5%	-43.8%
Gross margin	23.1%	6.6%	37.7%
Selling, general and administrative	38.1	40.4	44.4	-5.5%	-14.1%
Operating income	-7.7	-40.1	21.4
Operating margin	-4.2%	-24.2%	10.8%
Interest expense	2.9	0.4	0.2	+596.0%	+1,275.6%
Pre-tax income	-9.2	-40.8	22.0
Income tax	-2.8	-9.7	5.5
Effective tax rate	n/a	n/a	25.3%
Net income	-6.5	-31.1	16.4
Net margin	-3.5%	-18.7%	8.3%
Diluted EPS	-$0.15	-$0.72	$0.36

$ 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	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Operating cash flow	-8.5	-27.4	23.4
Capital expenditure	14.3	16.7	34.0	-14.6%	-58.1%
Free cash flow	-22.8	-44.1	-10.6
Free cash flow margin	-12.5%	-26.5%	-5.3%
Cash from investing	-14.8	-1.7	-38.4
Cash from financing	86.1	13.6	0.6	+530.7%	+14,762.5%
Depreciation and amortisation	2.9	2.3	2.0	+29.7%	+44.2%
Share-based compensation	3.1	-1.4	3.2		-3.6%
Buybacks	-0.1	15.2	0.0
Diluted shares, weighted	43m	43m	46m	-0.0%	-7.1%
Shares outstanding at period end	43m	43m	45m	+0.0%	-4.1%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Shareholders' equity	280	284	331	-1.2%	-15.4%
Debt	118	30.0	0.0	+292.1%
Operating lease liabilities	35.5	38.2	38.0	-7.2%	-6.8%
Finance lease liabilities	0.6	2.1	6.1	-73.5%	-90.8%
Other liabilities	136	148	106	-8.1%	+28.3%
Total liabilities and equity	570	502	482	+13.6%	+18.4%
Fixed assets	196	192	121	+1.8%	+61.6%
Goodwill	3.9	3.9	3.9	0.0%	0.0%
Securities held for sale or to maturity	0.0	0.0	51.3
Cash and equivalents	84.0	21.2	93.8	+295.3%	-10.5%
Receivables	60.6	50.7	58.3	+19.6%	+4.1%
Inventory	50.3	73.9	51.8	-32.0%	-3.0%
Other assets	176	160	101	+9.8%	+73.3%
Total assets	570	502	482	+13.6%	+18.4%

Questions

What was Vital Farms' revenue in Q3 FY2026?

Vital Farms (VITL) reported revenue of $182 million for Q3 FY2026, the quarter ended 27 September 2026, down 8.4% on the same quarter a year earlier.

How much did Vital Farms earn in Q3 FY2026?

Net loss for Q3 FY2026 was $6 million, and the diluted loss per share $0.15.

When did Vital Farms report Q3 FY2026 results?

Vital Farms filed its 10-Q for the quarter ended 27 September 2026 with the SEC on 3 November 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	77.4	77.1	82.9	92.0	110	119	106	110	136	148	147	145	166	162	185	199	214	187	166	182
Cost of revenue	57.6	55.4	57.9	62.5	76.8	76.5	68.6	73.8	90.6	89.0	89.7	91.5	106	99.7	113	124	137	134	155	140
Gross profit	19.8	21.7	24.9	29.5	33.3	42.7	37.8	36.7	45.2	58.9	57.7	53.5	59.9	62.5	71.8	75.0	76.4	53.0	10.9	42.1
Gross margin	26%	28%	30%	32%	30%	36%	36%	33%	33%	40%	39%	37%	36%	39%	39%	38%	36%	28%	7%	23%
SG&A	15.8	17.6	17.0	20.6	22.0	23.9	23.9	25.1	28.8	27.1	33.3	36.1	37.4	31.9	39.0	44.4	44.1	44.4	40.4	38.1
Operating income	-4.2	-4.1	0.7	2.0	3.4	10.9	8.0	5.2	9.1	24.2	17.1	9.2	13.0	21.8	23.8	21.4	21.4	-2.3	-40.1	-7.7
Operating margin	-5%	-5%	1%	2%	3%	9%	8%	5%	7%	16%	12%	6%	8%	13%	13%	11%	10%	-1%	-24%	-4%
Interest expense	0.0	0.0	0.0	0.0	0.1	0.1	0.1	0.2	0.3	0.3	0.3	0.3	0.2	0.2	0.2	0.2	0.2	0.2	0.4	2.9
Pre-tax income	-4.2	-3.9	0.9	2.2	3.7	9.7	7.9	5.1	9.6	24.7	18.1	10.4	14.3	22.3	24.5	22.0	22.4	-1.9	-40.8	-9.2
Tax rate	n/a	n/a	78%	67%	50%	26%	16%	11%	25%	23%	10%	28%	26%	24%	32%	25%	27%	n/a	n/a	n/a
Net income	-3.6	-1.5	0.2	0.7	1.9	7.2	6.7	4.5	7.2	19.0	16.3	7.4	10.6	16.9	16.6	16.4	16.3	-1.5	-31.1	-6.5
Net margin	-5%	-2%	0%	1%	2%	6%	6%	4%	5%	13%	11%	5%	6%	10%	9%	8%	8%	-1%	-19%	-4%
Diluted EPS	-$0.08	-$0.04	$0.00	$0.02	$0.05	$0.16	$0.15	$0.10	$0.17	$0.43	$0.36	$0.16	$0.23	$0.37	$0.36	$0.36	$0.35	-$0.03	-$0.72	-$0.15
Operating cash flow	4.1	-4.9	1.9	-0.4	-4.7	5.4	13.5	8.3	23.7	23.9	16.1	10.0	14.8	5.3	-0.8	23.4	5.8	-18.6	-27.4	-8.5
Capital expenditure	2.5	1.7	2.7	2.5	3.6	1.8	2.5	4.8	2.4	1.3	5.6	3.6	18.2	3.1	6.9	34.0	37.9	20.8	16.7	14.3
Free cash flow	1.5	-6.6	-0.8	-2.8	-8.3	3.6	11.0	3.4	21.3	22.6	10.5	6.4	-3.4	2.1	-7.6	-10.6	-32.1	-39.3	-44.1	-22.8
Buybacks	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	0.0	0.0	0.0	n/a	20.0	15.2	-0.1
Shares outstanding	40m	41m	41m	41m	41m	41m	41m	42m	42m	42m	43m	44m	44m	44m	45m	45m	45m	44m	43m	43m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 27 September 2026, filed 3 November 2026: the filing.