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Freshpet
Freshpet (FRPT) investor relations material
Freshpet Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary23 Feb, 2026
Executive summary
Net sales grew 13% in 2025, surpassing $1.1 billion for the first time, outpacing the dog food category and expanding margins.
Adjusted EBITDA rose 21% to $195.7 million, with margin and operational improvements contributing to profitability.
Positive free cash flow of $12.4 million was achieved a year ahead of plan, reversing a prior year deficit.
Household penetration and MVP (heavy user) base grew, adding 1.3 million households year-over-year.
Digital sales reached 14% of total business, with omni-channel and retail expansion supporting growth.
Financial highlights
FY 2025 net sales reached $1,102.0 million, up 13.0% year-over-year; Q4 net sales were $285.2 million, up 8.6%.
FY 2025 net income was $139.1 million, up from $46.9 million, mainly due to a $68.4 million deferred tax benefit.
Adjusted gross margin improved to 46.7% for FY 2025 and 48.4% for Q4 2025.
FY 2025 adjusted EBITDA was $195.7 million (17.8% margin), up from $161.8 million (16.6%) in FY 2024.
Operating cash flow for FY 2025 was $160.6 million; capital expenditures were $148.2 million.
Outlook and guidance
2026 net sales growth expected at 7%-10%, with adjusted EBITDA guidance of $205-$215 million.
Adjusted gross margin expected to improve by 50–100 basis points in FY 2026.
Capital expenditures projected at ~$150 million for 2026, excluding potential incremental investments.
Free cash flow positive status expected to continue in 2026; 2027 targets include adjusted gross margin of at least 48% and EBITDA margin of 20%-22%.
Market share gains and growth above the US dog food category anticipated.
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Next Freshpet earnings date
Q1 20264 May, 2026
Freshpet
Next Freshpet earnings date
Q1 20264 May, 2026
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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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