Revenue reached $182.2M in 2026Q3, yet gross margin volatility and SG&A near $38M to $55M per quarter drove an operating margin of -4.2%, indicating weakened operating leverage.
Vital Farms, Inc. (VITL) annual income statement — 8-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 |
|---|
| Sales/Revenue | 748.9M | 759.44M | 606.31M | 471.86M | 362.05M | 260.9M | 214.28M | 140.73M | 106.71M |
| Revenue Growth % | 5.2% | 25.26% | 28.49% | 30.33% | 38.77% | 21.76% | 52.26% | 31.88% | - |
| Cost of Goods Sold | 566.39M | 473.76M | 376.38M | 309.53M | 252.61M | 178M | 139.75M | 97.86M | 71.89M |
| COGS % of Revenue | - | 62.38% | 62.08% | 65.6% | 69.77% | 68.23% | 65.22% | 69.53% | 67.37% |
| Gross Profit | 182.5M | 285.68M | 229.93M | 162.33M | 109.44M | 82.9M | 74.53M | 42.88M | 34.82M |
| Gross Margin % | 24.37% | 37.62% | 37.92% | 34.4% | 30.23% | 31.77% | 34.78% | 30.47% | 32.63% |
| Gross Profit Growth % | - | 24.25% | 41.64% | 48.32% | 32.02% | 11.23% | 73.82% | 23.14% | - |
| Operating Expenses | 211.25M | 197.31M | 166.37M | 129.07M | 107.34M | 82.85M | 62.3M | 39.53M | 28.05M |
| OpEx % of Revenue | - | 25.98% | 27.44% | 27.35% | 29.65% | 31.75% | 29.07% | 28.09% | 26.29% |
| Selling, General & Admin | 188.87M | 197.31M | 166.37M | 129.07M | 107.34M | 82.85M | 62.3M | 39.53M | 28.05M |
| SG&A % of Revenue | - | 25.98% | 27.44% | 27.35% | 29.65% | 31.75% | 29.07% | 28.09% | 26.29% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -28.75M | 88.37M | 63.55M | 33.25M | 2.1M | 52K | 12.23M | 3.35M | 6.77M |
| Operating Margin % | -3.84% | 11.64% | 10.48% | 7.05% | 0.58% | 0.02% | 5.71% | 2.38% | 6.34% |
| Operating Income Growth % | - | 39.06% | 91.11% | 1480.51% | 3946.15% | -99.57% | 265.01% | -50.5% | - |
| EBITDA | -1.44M | 102.22M | 76.64M | 41.18M | 7.54M | 3.59M | 14.78M | 5.27M | 8.2M |
| EBITDA Margin % | -0.19% | 13.46% | 12.64% | 8.73% | 2.08% | 1.38% | 6.9% | 3.75% | 7.69% |
| EBITDA Growth % | -101.5% | 33.36% | 86.13% | 445.78% | 110.05% | -75.69% | 180.36% | -35.75% | - |
| D&A (Non-Cash Add-back) | 27.31M | 13.84M | 13.09M | 7.92M | 5.44M | 3.54M | 2.55M | 1.92M | 1.44M |
| EBIT | -25.76M | 92.14M | 68.55M | 32.98M | 2.94M | 406K | 12.14M | 4.77M | 6.78M |
| Net Interest Income | -2.55M | 4.14M | 4.24M | 1.76M | 878K | 329K | -391K | -349K | -424K |
| Interest Income | 2.53M | 5.01M | 5.25M | 2.54M | 992K | 381K | 97K | 0 | 0 |
| Interest Expense | 5.08M | 874K | 1.01M | 782K | 114K | 52K | 488K | 349K | 424K |
| Other Income/Expense | -713K | 2.89M | 3.99M | -1.05M | 727K | 302K | -574K | 1.07M | -415K |
| Pretax Income | -29.46M | 91.26M | 67.54M | 32.2M | 2.83M | 354K | 11.65M | 4.42M | 6.35M |
| Pretax Margin % | -3.93% | 12.02% | 11.14% | 6.82% | 0.78% | 0.14% | 5.44% | 3.14% | 5.95% |
| Income Tax | -6.74M | 24.98M | 14.15M | 6.63M | 1.6M | -2.03M | 2.77M | 1.11M | 723K |
| Effective Tax Rate % | 22.87% | 27.37% | 20.95% | 20.6% | 56.55% | -572.88% | 23.77% | 25.03% | 11.38% |
| Net Income | -22.72M | 66.28M | 53.39M | 25.57M | 1.25M | 2.43M | 8.8M | 2.38M | 5.8M |
| Net Margin % | -3.03% | 8.73% | 8.81% | 5.42% | 0.35% | 0.93% | 4.11% | 1.69% | 5.43% |
| Net Income Growth % | -137.54% | 24.15% | 108.82% | 1943.65% | -48.5% | -72.4% | 268.97% | -58.86% | - |
| Net Income (Continuing) | -22.72M | 66.28M | 53.39M | 25.57M | 1.23M | 2.38M | 8.88M | 3.31M | 5.63M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 290K | 338K | 23.29M | 22.36M |
| EPS (Diluted) | -0.53 | 1.44 | 1.18 | 0.59 | 0.03 | 0.06 | 0.27 | 0.06 | 0.16 |
| EPS Growth % | -141.98% | 22.03% | 100% | 1948.61% | -48.66% | -79.22% | 319.91% | -59.81% | - |
| EPS (Basic) | - | 1.49 | 1.25 | 0.62 | 0.03 | 0.06 | 0.31 | 0.07 | 0.17 |
| Diluted Shares Outstanding | 42.93M | 46.02M | 45.13M | 43.31M | 43.47M | 43.32M | 32.91M | 37.12M | 37.12M |
| Basic Shares Outstanding | 42.93M | 44.59M | 42.85M | 41.19M | 40.65M | 40.03M | 28.67M | 34.14M | 34.14M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying VITL stock.
For fiscal year 2025, Vital Farms, Inc. (VITL) reported total revenue of $759.4M. This represents a 611.7% increase compared to $106.7M in 2018.
Vital Farms, Inc. (VITL) is profitable, generating $66.3M in net income for the fiscal year ending 2025 with a net profit margin of 8.7%.
Vital Farms, Inc. (VITL) reported an operating income of $88.4M, resulting in an operating profit margin of 11.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Vital Farms, Inc. (VITL) generated $285.7M in gross profit for the year, representing a gross profit margin of 37.6%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Margin compression from volatility
Metrics are mathematically derived from official filings.
Revenue Growth Stalls After Strong Run
Based on reported figures, VITL's revenue grew 8.4% year-over-year to $182.2M in 2026Q3 after reaching $213.6M in 2025Q4, but the sequential trend points to a deceleration that may indicate softening demand momentum over recent quarters.
Year-over-year growth has oscillated sharply, from 37.2% in 2025Q3 down to negative territory in 2026Q2, suggesting the earlier expansion may have been driven by a combination of volume and pricing that is now normalizing. The reported data does not isolate volume from pricing, so investors should monitor whether the recent rebound is durable or largely a function of comparison effects. Without clearer disclosure on drivers, the growth trajectory warrants further investigation before extrapolating.
Gross Margin Volatility Undermines Pricing Stability
As reported in financial statements, VITL's gross margin swung from 38.9% in 2025Q2 to just 6.6% in 2026Q2 before recovering to 23.1% in 2026Q3, a range that appears to reflect considerable sensitivity in input costs or pricing realization.
Such a wide gross margin range is atypical for a branded consumer food business and may suggest limited pricing power relative to cost pressures during the trough quarters. Peer Freshpet reports a gross margin of 38.6%, which implies VITL's current 23.1% sits well below a comparable premium-positioned peer. Investors should monitor whether margins can re-establish a higher baseline or whether volatility persists as a structural feature.
Operating Deleverage Erodes Profit Conversion
Based on EDBL's reported figures, SG&A held near $38M to $55M per quarter while operating margin collapsed from 13.4% in 2025Q1 to -24.2% in 2026Q2, indicating that fixed overhead is absorbing a disproportionate share of weakened gross profit.
The operating margin trajectory suggests overhead has not flexed down in line with the gross profit decline, which points to weak operating leverage during downturn periods. Quarterly SG&A of roughly $55M against gross profit of $10.9M in 2026Q2 illustrates how cost rigidity amplified the loss. Investors should monitor whether management can align the cost base with revenue volatility going forward.
Net Income Diverges From Operating Performance
According to recent SEC filings, VITL reported net income of $16.4M in 2025Q3 on an operating income of $21.4M, while 2026Q3 showed a net loss of $6.5M against an operating loss of $7.7M, a relationship that appears broadly consistent but warrants closer scrutiny of non-operating items.
The relative closeness of net and operating results implies limited material non-operating drag or tax distortion in most periods, though the data does not itemize interest, tax, or other income lines. Stock-based compensation of $2.7M to $6.5M per quarter represents a modest but recurring non-cash expense that flatters neither profitability nor cash conversion. Investors may wish to verify the tax rate and non-operating components before relying on reported EPS trends.
Peer Margin Gap Challenges Premium Thesis
Based on reported peer figures, VITL's recent operating margin of -4.2% trails Simply Good Foods at 15.1% and Freshpet at 8.6%, which may challenge any assumption that the company commands a durable premium margin structure.
Bears would likely argue that repeated quarters of negative or near-zero operating margin, combined with a 2026 gross margin trough, indicate the business has not yet demonstrated the resilience its growth narrative implies. The strongest counter-argument is that volatility reflects transitional cost or pricing dynamics that may not persist, but the reported data alone does not confirm this. Investors should monitor whether margins recover toward peer levels or remain structurally impaired.