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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Vital Farms
Vital Farms (VITL) investor relations material
Vital Farms Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary3 Nov, 2026
Executive summary
Q3 net revenue was $182.2M, down 8.4% YoY but up 9.7% sequentially; Adjusted EBITDA recovered to $1.5M from a $26.6M Q2 loss.
Q3 net loss was $6.5M versus net income of $16.4M; gross margin was 23.1%, up more than 16 percentage points QoQ.
FY 2026 revenue guidance was reduced to ~$730M and Adjusted EBITDA guidance to a ~$15M loss; FY2030 financial targets were withdrawn.
Financial highlights
Q3 revenue fell $16.8M YoY: $14.3M from lower price/mix, $2.2M from lower volume excluding breaker and wholesale, and $0.3M from breaker and wholesale sales.
Gross profit was $42.1M, down $32.8M YoY; lower-priced breaker and wholesale sales reduced gross profit by $7.9M.
Operating loss was $7.7M versus operating income of $21.4M; diluted EPS was $(0.15) versus $0.36.
SG&A declined $6.3M YoY to $38.1M; shipping and distribution costs rose 27% YoY, reflecting higher fuel and unfavorable linehaul rates.
Nine-month revenue was $535.3M versus $545.9M; net loss was $39.0M versus net income of $50.0M, and Adjusted EBITDA was a $20.1M loss versus $84.8M income.
Outlook and guidance
FY 2026 net revenue guidance was reduced from $775M–$800M to ~$730M; Adjusted EBITDA guidance shifted from $0–$10M income to a ~$15M loss. Capex guidance remains $70M–$75M.
Q4 outlook assumes no seasonal lift in demand or conventional egg pricing; revenue and Adjusted EBITDA are expected to improve sequentially.
Later-than-planned distribution placements shift expected revenue contribution and velocity build later in Q4; annualized SG&A run-rate reductions of $6M–$7M were completed.
Supply-control measures are expected to continue through 2026, with related costs estimated at $35M–$45M over the next 12 months; butter wind-down is expected to be substantially complete by year-end.
Expected next-12-month capex includes $40M–$55M for Vital Crossroads and $1M–$4M to complete accelerator-farm development; Vital Crossroads construction is set to halt by year-end 2026.
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Latest events from Vital Farms
- Expanded farm network and pricing strategy drive growth, with 2026 revenue guided to $775–800M.VITL
Investor presentation - Q2 2026 revenue fell 10.1% to $166M, net loss $31.1M, but retail share and liquidity improved.VITLQ2 2026
- Revenue up 15.4% but margin pressure, net loss, and strategic shifts marked Q1 2026.VITLQ1 2026
- Record revenue, expanded farm network, and strengthened ESG and governance practices in 2025.VITLProxy filing
- Virtual meeting to elect directors, ratify auditor, and approve executive pay on June 10, 2026.VITLProxy filing
- 2025 net revenue rose 25% to $759M; 2026 guidance targets up to 22% growth and major investment.VITLQ4 2025
- Targets $2B revenue by 2030, driven by brand strength, supply growth, and new Indiana facility.VITLInvestor Day 2025
- Q3 revenue up 31.3% to $145M, margins expand, and 2024 guidance raised on strong demand.VITLQ3 2024
- Q2 revenue up 38.5%, guidance raised, and new Indiana facility planned for future growth.VITLQ2 2024
Next Vital Farms earnings date
Q4 202625 Feb, 2027
Vital Farms
Next Vital Farms earnings date
Q4 202625 Feb, 2027
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Frequently asked questions
Vital Farms Inc produces and markets pasture-raised food products, including eggs, butter, and ghee. The company partners with a network of family farms to supply products that focus on animal welfare and sustainable farming practices. It distributes its products through retail and foodservice channels in the United States. The company is headquartered in Austin, Texas, and its shares are listed on the NASDAQ.