Revenue growth has normalized to 13.1% as of 2026Q1, while the company maintains a 40.5% gross margin despite the inherent cost burdens of its specialized cold-chain logistics.
| 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 | 1.14B | 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 % | 12.01% | 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 | 694.32M | 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 | 442.09M | 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 % | 38.9% | 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 | 341.98M | 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 | 341.98M | 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 | 0 | -10.68M | 22.34M | 0 | 0 | 0 | 0 | 0 | -102.34K | -525.4K | -181.85K | 448.94K | -328.79K | 0 | -343.21K |
| Operating Income | 100.11M | 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 % | 8.81% | 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 | 165.15M | 181.83M | 111.61M | 28.07M | -17.43M | 5.8M | 19.13M | 15.67M | 9.18M | 9.94M | 7.49M | 3.93M | 7.12K | -6.44M | -10.02M |
| EBITDA Margin % | 14.53% | 16.5% | 11.45% | 3.66% | -2.93% | 1.36% | 6% | 6.37% | 4.75% | 6.36% | 5.63% | 3.38% | 0.01% | -10.19% | -23.02% |
| EBITDA Growth % | 69.25% | 62.91% | 297.61% | 261.07% | -400.22% | -69.65% | 22.07% | 70.64% | -7.63% | 32.67% | 90.87% | 55030.78% | 100.11% | 35.77% | - |
| D&A (Non-Cash Add-back) | 65.05M | 86.87M | 73.61M | 58.52M | 34.55M | 30.47M | 21.13M | 15.92M | 14.07M | 12.69M | 9.71M | 7.57M | 6.42M | 5.95M | 4.73M |
| EBIT | 98.33M | 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 | -284K | -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 | 6.79M | 0 | 11.87M | 13.03M | 1.71M | 13K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 7.08M | 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 | 48.87M | -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 | 148.98M | 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 % | 13.11% | 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 | -51.37M | -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 % | -34.48% | -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 | 200.34M | 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 % | 17.63% | 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 % | 1182.11% | 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) | 200.34M | 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) | 3.57 | 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 % | 1106.45% | 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 | 56.06M | 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 | 49.06M | 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 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
High Fixed Cost Sensitivity
According to the latest quarterly filings, Freshpet's year-over-year revenue growth has decelerated to 13.01%, a notable shift from the 33.6% expansion observed in early 2024, suggesting the company is transitioning from an aggressive market-capture phase toward a more mature, sustainable growth trajectory within the pet food sector.
The deceleration in top-line growth may indicate that the initial rapid conversion of pet owners to the fresh category is encountering natural market saturation or increased competitive friction. Investors should monitor whether this trend reflects a permanent shift in demand elasticity or merely a temporary pause as the company optimizes its existing retail fridge footprint.
As reported in financial statements, Freshpet maintains a gross margin of 40.5%, reflecting the inherent cost burden of its specialized cold-chain logistics and refrigerated manufacturing infrastructure, which remains significantly more capital-intensive than the ambient distribution models utilized by traditional dry-kibble competitors in the broader packaged food industry.
The company's ability to sustain margins above 40% appears contingent on achieving greater manufacturing utilization at its newer Kitchens. Any volatility in protein input costs or energy prices for the fridge fleet may disproportionately impact these margins, given the lack of pricing flexibility often found in premium consumer goods.
Based on the most recent income statement data, Freshpet has demonstrated improved operating leverage, with operating income reaching $4.3M in 2026Q1, as the company successfully scales its revenue base against a relatively more stable SG&A expense structure compared to the high-spend periods observed throughout the 2024 fiscal year.
The reduction in SG&A intensity suggests that the company may be moving past the peak of its customer acquisition and infrastructure-build costs. This trend warrants further investigation to determine if the current operating margin expansion is a durable result of operational maturity or a temporary reduction in marketing investment.
Financial disclosures indicate that net income has experienced significant quarterly fluctuations, with a 2026Q1 net margin of 16.3% following periods of negative profitability, largely driven by non-operating items and variable stock-based compensation expenses that complicate the assessment of core, recurring earnings power for the company.
The inconsistency in bottom-line performance suggests that investors should focus on adjusted metrics that strip out the noise of capital-intensive depreciation and equity-based incentives. The current net income profile appears sensitive to accounting adjustments, which may obscure the underlying cash-generating capability of the core refrigerated pet food business.
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.