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Freshpet (FRPT) investor relations material
Freshpet J.P. Morgan U.S. Opportunities Forum summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.J.P. Morgan U.S. Opportunities Forum summary12 Nov, 2025
Investment and operational progress
Over $1.3 billion invested since 2017, resulting in significant scale, technology, and margin improvements.
Achieved free cash flow positivity and expect to remain so, enabling use of accumulated NOLs.
Current capacity supports $1.5 billion in sales, with CapEx focused on incremental expansion and technology upgrades.
New production technology being deployed, with scalable and retrofit options to improve efficiency by 2027.
CapEx for 2024 projected at $140 million, with similar levels expected next year, mainly for maintenance, fridge expansion, and capacity.
Market environment and consumer trends
Pet food demand has slowed, mainly due to reduced consumer willingness to trade up and delayed pet ownership among younger consumers.
Long-term drivers remain strong, with younger generations showing increased interest in pet ownership.
Premiumization trend has stalled, impacting growth rates for premium brands across the industry.
Pent-up demand expected as economic confidence returns, with current softness seen as cyclical.
Competitive positioning and strategy
Competitive moat built through loyal customer base, superior products, cost advantages, and advanced technology.
New entrants validate the market and increase category awareness, benefiting established players.
Ongoing investment in product innovation and manufacturing scale to stay ahead of competitors.
New line tech: How does it scale across facilities?
Market slowdown: How are you adjusting strategy?
FCF positive: How will you deploy capital?
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Next Freshpet earnings date
Morgan Stanley Global Consumer & Retail Conference 20252 Dec, 2025
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Frequently asked questions
Fresh Pet Food
Freshpet is an American company that, as suggested by its name, manufactures and sells fresh pet food that needs to be refrigerated. The company markets its products as a healthier and fresher alternative to traditional pet food and has both cat and dog food in its portfolio of products. The company is headquartered in Secaucus, New Jersey, and its shares are traded on the Nasdaq.
Founded by Pet Food Executives
Founded in 2006 the company was started by former pet food executives Scott Morris, and Cathal Walsh, who identified a niche in the pet food market for products that focused on fresh, whole ingredients with minimal processing. Freshpet set itself apart by providing these refrigerated foods and marketing them as a healthier and better alternative to traditional dry or canned pet food options. The brand's growth reflected a shift in consumer preferences towards more natural and fresh food options for pets. Today, the company’s products are sold at retailers such as Walmart and Target, as well as at specialized pet stores.
For Cats and Dogs
Freshpet offers a range of refrigerated food products for both dogs and cats, focusing on fresh, natural ingredients. Their dog food line includes various forms such as rolls, bagged meals, and patties, catering to different canine dietary needs and preferences. These products typically feature real meats, vegetables, and grains, without preservatives or fillers. Freshpet also provides grain-free and chicken-free options to accommodate dogs with specific dietary restrictions or allergies.
For cats, Freshpet's selection is similarly crafted with fresh, high-quality ingredients, including poultry, beef, and fish. The cat food range offers meals in both rolled and bagged formats. These recipes are designed to meet feline nutritional requirements, with an emphasis on high protein content and essential vitamins and minerals.
Across both ranges, Freshpet emphasizes the use of natural ingredients, minimal processing, and the absence of artificial preservatives, aiming to offer pet food that is closer to a natural diet. This is something that has become more and more important to consumers as the years pass, as it has become easier than ever before to become educated on what pets need in order to live long and healthy lives.
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