Revenue grew from $235.3M to $317.8M across the reported window while gross margin recovered to 44.5% in Q3 2026, though operating margin of 11.1% and the distorted $101.7M net income in Q3 2025 suggest earnings quality remains uneven.
Freshpet, Inc. (FRPT) annual income statement — 14-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Sales/Revenue | 1.21B | 1.1B | 975.18M | 766.89M | 595.34M | 425.49M | 318.79M | 245.86M | 193.24M | 156.38M | 133.05M | 116.19M | 86.76M | 63.15M | 43.52M |
| Revenue Growth % | 11.75% | 13.01% | 27.16% | 28.82% | 39.92% | 33.47% | 29.66% | 27.23% | 23.57% | 17.53% | 14.52% | 33.91% | 37.39% | 45.11% | - |
| Cost of Goods Sold | 710.79M | 676.82M | 579.22M | 516.02M | 409.31M | 263.34M | 185.88M | 131.66M | 103.25M | 83.96M | 72.68M | 61.54M | 44.55M | 35.96M | 22.88M |
| COGS % of Revenue | - | 61.42% | 59.4% | 67.29% | 68.75% | 61.89% | 58.31% | 53.55% | 53.43% | 53.69% | 54.63% | 52.96% | 51.34% | 56.94% | 52.58% |
| Gross Profit | 495.51M | 425.2M | 395.96M | 250.87M | 186.03M | 162.15M | 132.91M | 114.2M | 89.99M | 72.42M | 60.37M | 54.65M | 42.22M | 27.19M | 20.64M |
| Gross Margin % | 41.08% | 38.58% | 40.6% | 32.71% | 31.25% | 38.11% | 41.69% | 46.45% | 46.57% | 46.31% | 45.37% | 47.04% | 48.66% | 43.06% | 47.42% |
| Gross Profit Growth % | - | 7.39% | 57.83% | 34.85% | 14.73% | 22% | 16.39% | 26.9% | 24.27% | 19.95% | 10.47% | 29.44% | 55.26% | 31.76% | - |
| Operating Expenses | 382.11M | 330.24M | 357.96M | 281.32M | 238.02M | 186.81M | 134.91M | 114.45M | 94.88M | 75.17M | 62.59M | 58.3M | 48.64M | 39.57M | 35.39M |
| OpEx % of Revenue | - | 29.97% | 36.71% | 36.68% | 39.98% | 43.9% | 42.32% | 46.55% | 49.1% | 48.07% | 47.04% | 50.18% | 56.06% | 62.67% | 81.31% |
| Selling, General & Admin | 275.12M | 340.92M | 335.62M | 281.32M | 238.02M | 186.81M | 134.91M | 114.45M | 86.19M | 68.31M | 55.61M | 52.84M | 44.4M | 39.57M | 35.39M |
| SG&A % of Revenue | - | 30.94% | 34.42% | 36.68% | 39.98% | 43.9% | 42.32% | 46.55% | 44.6% | 43.68% | 41.8% | 45.48% | 51.17% | 62.67% | 81.31% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 486.8K | 284.57K | 470.15K | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | 0.25% | 0.18% | 0.35% | - | - | - | - |
| Other Operating Expenses | 1000K | -10.68M | 22.34M | 0 | 0 | 0 | 0 | 0 | -102.34K | -525.4K | -181.85K | 448.94K | -328.79K | 0 | -343.21K |
| Operating Income | 113.4M | 94.96M | 38M | -30.45M | -51.98M | -24.66M | -2M | -253K | -4.89M | -2.75M | -2.21M | -3.65M | -6.42M | -12.38M | -14.75M |
| Operating Margin % | 9.4% | 8.62% | 3.9% | -3.97% | -8.73% | -5.8% | -0.63% | -0.1% | -2.53% | -1.76% | -1.66% | -3.14% | -7.4% | -19.6% | -33.89% |
| Operating Income Growth % | - | 149.9% | 224.81% | 41.43% | -110.77% | -1134.38% | -689.72% | 94.82% | -77.58% | -24.21% | 39.28% | 43.16% | 48.16% | 16.05% | - |
| EBITDA | 210.07M | 184.68M | 111.61M | 28.07M | -17.43M | 5.8M | 19.13M | 15.67M | 9.18M | 9.94M | 7.67M | 3.93M | 7.12K | -6.44M | -10.02M |
| EBITDA Margin % | 17.41% | 16.76% | 11.45% | 3.66% | -2.93% | 1.36% | 6% | 6.37% | 4.75% | 6.36% | 5.77% | 3.38% | 0.01% | -10.19% | -23.02% |
| EBITDA Growth % | 51.27% | 65.46% | 297.61% | 261.07% | -400.22% | -69.65% | 22.07% | 70.64% | -7.63% | 29.57% | 95.43% | 55030.78% | 100.11% | 35.77% | - |
| D&A (Non-Cash Add-back) | 96.67M | 89.72M | 73.61M | 58.52M | 34.55M | 30.47M | 21.13M | 15.92M | 14.07M | 12.69M | 9.89M | 7.57M | 6.42M | 5.95M | 4.73M |
| EBIT | 168.14M | 84.89M | 59.78M | -17.42M | -50.27M | -24.65M | -1.91M | -248K | -4.99M | -3.28M | -2.4M | -3.2M | -6.75M | -12.92M | -15.09M |
| Net Interest Income | -2.08M | -14.12M | -394K | -1.07M | -3.5M | -2.87M | -1.21M | -991K | -296K | -910.49K | -698.12K | -454.57K | -30.55M | -8.74M | -3.53M |
| Interest Income | 4.59M | 0 | 11.87M | 13.03M | 1.71M | 13K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 6.67M | 14.12M | 12.26M | 14.1M | 5.21M | 2.88M | 1.21M | 991K | 296.23K | 910.49K | 698.12K | 454.57K | 30.55M | 8.74M | 3.53M |
| Other Income/Expense | 55.64M | -24.18M | 9.52M | -2.96M | -7.23M | -4.87M | -1.13M | -986K | -398K | -1.44M | -879.97K | -5.62K | -30.88M | -9.27M | -3.88M |
| Pretax Income | 169.04M | 70.77M | 47.52M | -33.4M | -59.21M | -29.54M | -3.12M | -1.24M | -5.28M | -4.19M | -3.09M | -3.65M | -37.3M | -21.66M | -18.62M |
| Pretax Margin % | 14.01% | 6.42% | 4.87% | -4.36% | -9.95% | -6.94% | -0.98% | -0.5% | -2.73% | -2.68% | -2.33% | -3.14% | -42.99% | -34.29% | -42.79% |
| Income Tax | 37.51M | -68.36M | 598K | 210K | 282K | 162K | 65K | 144K | 77.1K | 75.19K | 65.75K | 57.52K | 41.75K | 31.52K | 32.78K |
| Effective Tax Rate % | 22.19% | -96.6% | 1.26% | -0.63% | -0.48% | -0.55% | -2.08% | -11.62% | -1.46% | -1.8% | -2.12% | -1.57% | -0.11% | -0.15% | -0.18% |
| Net Income | 131.52M | 139.14M | 46.92M | -33.61M | -59.49M | -29.7M | -3.19M | -1.38M | -5.36M | -4.26M | -3.16M | -3.71M | -37.34M | -21.69M | -18.66M |
| Net Margin % | 10.9% | 12.63% | 4.81% | -4.38% | -9.99% | -6.98% | -1% | -0.56% | -2.77% | -2.73% | -2.38% | -3.19% | -43.04% | -34.34% | -42.87% |
| Net Income Growth % | 6.54% | 196.51% | 239.6% | 43.5% | -100.32% | -831.59% | -130.51% | 74.2% | -25.78% | -34.86% | 14.83% | 90.06% | -72.17% | -16.24% | - |
| Net Income (Continuing) | 131.52M | 139.14M | 46.92M | -33.61M | -59.49M | -29.7M | -3.19M | -1.38M | -5.36M | -4.26M | -3.16M | -3.71M | -37.34M | -21.69M | -18.66M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 2.40 | 2.64 | 0.93 | -0.70 | -1.29 | -0.69 | -0.08 | -0.04 | -0.15 | -0.12 | -0.09 | -0.11 | -2.74 | -1.04 | -1.80 |
| EPS Growth % | 10.04% | 183.87% | 232.86% | 45.74% | -86.96% | -762.5% | -100% | 73.33% | -25% | -27.8% | 14.64% | 95.99% | -163.46% | 42.22% | - |
| EPS (Basic) | - | 2.85 | 0.97 | -0.70 | -1.29 | -0.69 | -0.08 | -0.04 | -0.15 | -0.12 | -0.09 | -0.11 | -2.74 | -1.04 | -1.80 |
| Diluted Shares Outstanding | 54.74M | 56.04M | 50.26M | 48.16M | 46.19M | 42.93M | 39.76M | 35.95M | 35.33M | 34.49M | 33.67M | 33.73M | 13.63M | 20.76M | 10.37M |
| Basic Shares Outstanding | 48.43M | 48.8M | 48.49M | 48.16M | 46.19M | 42.93M | 39.76M | 35.95M | 35.33M | 34.49M | 33.67M | 33.5M | 13.63M | 20.76M | 10.37M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying FRPT stock.
For fiscal year 2025, Freshpet, Inc. (FRPT) reported total revenue of $1.10B. This represents a 2432.2% increase compared to $43.5M in 2012.
Freshpet, Inc. (FRPT) is profitable, generating $139.1M in net income for the fiscal year ending 2025 with a net profit margin of 12.6%.
Freshpet, Inc. (FRPT) reported an operating income of $95.0M, resulting in an operating profit margin of 8.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Freshpet, Inc. (FRPT) generated $425.2M in gross profit for the year, representing a gross profit margin of 38.6%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Competitive pricing pressure on margins
Metrics are mathematically derived from official filings.
Top-Line Growth Holding at Double Digits
Based on reported quarterly figures, Freshpet's revenue rose from $235.3M in Q2 2024 to $317.8M in Q3 2026, a trajectory that suggests sustained demand for refrigerated pet meals despite a crowded competitive field.
Year-over-year revenue growth of roughly 9% to 16% across the most recent quarters indicates the top line is still expanding, though the pace has moderated from the 26% to 28% growth seen in 2024. The sequential step-up from $305.6M to $317.8M in the latest quarter appears consistent with management's commentary on double-digit growth, but the data does not isolate volume from pricing contribution. Investors should monitor whether growth remains durable as the category matures and larger competitors respond.
Gross Margin Recovering From Trough
As reported in the income statements, Freshpet's gross margin improved from 36.8% in Q4 2025 to 44.5% in Q3 2026, a recovery that may reflect better fixed-cost absorption at newer Kitchen capacity.
The expansion in gross margin over the last three quarters suggests cold-chain and protein input costs are being managed more effectively than during the 2025 compression. Because the refrigerated logistics cost base is structurally high, incremental volume through existing facilities would be expected to lift margins, which is consistent with the reported trend. Whether the 44.5% level is sustainable depends on protein cost inflation and promotional intensity, neither of which is fully visible in the supplied data.
Operating Leverage Remains Uneven
Based on the reported quarterly data, operating margin has swung from -4.4% in Q1 2025 to 11.1% in Q3 2026, indicating that operating income is not yet scaling in a consistent, predictable manner.
SG&A runs at roughly 33% to 36% of revenue in the periods where it is reported, so gross profit gains have translated into operating income only when SG&A growth is contained. The Q2 2026 SG&A figure is unreported, which limits confidence in the quarterly operating margin trajectory. Investors would need several consecutive quarters of SG&A discipline to conclude that operating leverage is structural rather than episodic.
Net Income Distorted by Discrete Items
According to the reported figures, Q3 2025 net income of $101.7M sits far above its $25.7M operating income, a gap that suggests non-operating or tax-related items rather than core operations drove that period's earnings.
The divergence between operating income and net income in Q3 2025, and the subsequent sharp EPS decline in Q3 2026, indicates headline earnings are sensitive to discrete items that do not reflect the underlying operating run rate. Stock-based compensation has remained in a $5.9M to $9.1M range in recent quarters, which is modest but not negligible relative to operating income. Analysts should normalize for these items before assessing the durability of the net margin improvement.
Margin Gains Vulnerable to Competition
Based on reported figures, peer operating margins are generally low, and Freshpet's 11.1% operating margin may attract promotional responses from better-capitalized competitors such as Nestlé's Purina line.
The bear case centers on whether the recent gross margin expansion is a function of favorable input timing rather than structural pricing power, since CEO commentary references an intense competitive environment. If larger players respond with aggressive promotions or private-label fresh options, the 38% to 44% gross margin band could compress quickly given the high fixed-cost base. Investors should treat the recent margin recovery as provisional until it survives a period of competitive pressure.