FRPT

MKT CAP:$3B

Freshpet, Inc.

Market Cap

$3B

Consumer Defensive·Packaged Foods·🇺🇸 United States·NASDAQ

Consumer Def.·Packaged Foods·🇺🇸·NASDAQ

Stock Price

$65.56+$5.41 (+8.99%)

Apr 23, 2026

Company Details

Freshpet, Inc. manufactures and markets natural fresh meals and treats for dogs and cats in the United States, Canada, and Europe. The company sells its products under the Freshpet brand; and Dognation and Dog Joy labels through various cla...

CEO

William Cyr

IPO Date

Nov 7, 2014

Website

www.freshpet.com

Key Metrics TTM

Revenue

$1.1B

+13.0% YoY

Net Income

$139M

EPS (Diluted)

$2.57

Free Cash Flow

$161M

Revenue / Share

$19.67

Gross Margin

38.6%

Operating Margin

7.6%

Net Margin

12.6%

FCF Margin

14.6%

P/S

2.9x

P/E

23.2x

Earnings Reports

Q1 2026

May 4, 2026

PENDING

FY 2025

Feb 23, 2026

$1.1B+13.0%EPS $2.64

Q4 2025

Feb 23, 2026

$285M+8.6%EPS $0.64

Q3 2025

Nov 3, 2025

$289M+14.0%EPS $1.86

Q2 2025

Aug 4, 2025

$265M+12.5%EPS $0.33

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$132M	$45M	-$16M
Q2 22	$146M	$47M	-$18M
Q3 22	$151M	$45M	-$16M
Q4 22	$166M	$46M	-$2M
Q1 23	$168M	$51M	-$22M
Q2 23	$183M	$59M	-$17M
Q3 23	$201M	$66M	-$7M
Q4 23	$215M	$75M	$15M
Q1 24	$224M	$88M	$8M
Q2 24	$235M	$94M	-$2M
Q3 24	$253M	$102M	$12M
Q4 24	$263M	$112M	$19M
Q1 25	$263M	$104M	-$11M
Q2 25	$265M	$108M	$18M
Q3 25	$289M	$108M	$26M
Q4 25	$285M	$105M	$52M

Valuation

Quarter	P/S	P/E
Q1 22	6.9x	—
Q2 22	6.4x	—
Q3 22	5.9x	—
Q4 22	5.4x	—
Q1 23	5.1x	—
Q2 23	4.8x	—
Q3 23	4.5x	—
Q4 23	4.2x	—
Q1 24	3.9x	329.7x
Q2 24	3.7x	128.7x
Q3 24	3.5x	73.1x
Q4 24	3.3x	68.7x
Q1 25	3.2x	206.2x
Q2 25	3.1x	95.7x
Q3 25	3.0x	26.1x
Q4 25	2.9x	23.2x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$35M	-$91M
Q2 22	-$28M	-$67M
Q3 22	$9M	-$64M
Q4 22	$10M	-$52M
Q1 23	-$14M	-$72M
Q2 23	$14M	-$31M
Q3 23	$39M	-$20M
Q4 23	$37M	-$40M
Q1 24	$5M	-$41M
Q2 24	$42M	-$6M
Q3 24	$56M	$22M
Q4 24	$50M	-$8M
Q1 25	$5M	-$22M
Q2 25	$34M	$41M
Q3 25	$67M	$32M
Q4 25	$55M	$110M

Capital Expenditures

Quarter	CapEx
Q1 22	$56M
Q2 22	$39M
Q3 22	$73M
Q4 22	$63M
Q1 23	$58M
Q2 23	$44M
Q3 23	$59M
Q4 23	$77M
Q1 24	$46M
Q2 24	$48M
Q3 24	$34M
Q4 24	$58M
Q1 25	$26M
Q2 25	$7M
Q3 25	$35M
Q4 25	$54M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+41.5%	+43.6%
Q2 22	+34.4%	+42.6%
Q3 22	+40.7%	+54.2%
Q4 22	+43.1%	+35.9%
Q1 23	+26.7%	+27.7%
Q2 23	+25.6%	+21.9%
Q3 23	+32.6%	+24.2%
Q4 23	+29.9%	+19.4%
Q1 24	+33.6%	+13.9%
Q2 24	+28.3%	+18.5%
Q3 24	+26.3%	+16.3%
Q4 24	+22.0%	+21.3%
Q1 25	+17.6%	+27.6%
Q2 25	+12.5%	+4.2%
Q3 25	+14.0%	+9.0%
Q4 25	+8.6%	-4.2%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$6M	4.8%
Q2 22	$6M	4.3%
Q3 22	$0	0.0%
Q4 22	$6M	3.4%
Q1 23	$8M	5.0%
Q2 23	$8M	4.6%
Q3 23	$8M	4.0%
Q4 23	-$17.0K	-0.0%
Q1 24	$6M	2.8%
Q2 24	$20M	8.3%
Q3 24	$12M	4.8%
Q4 24	$14M	5.3%
Q1 25	$9M	3.3%
Q2 25	$6M	2.4%
Q3 25	$0	0.0%
Q4 25	-$1M	-0.4%

OpEx Breakdown

Quarter	G&A	S&M	SG&A
Q1 22	—	—	$61M
Q2 22	—	—	$66M
Q3 22	—	—	$60M
Q4 22	$734.0K	$64M	—
Q1 23	$389.0K	$68M	—
Q2 23	$2M	$74M	—
Q3 23	$6M	$68M	—
Q4 23	—	—	$60M
Q1 24	—	—	$80M
Q2 24	—	—	$96M
Q3 24	—	—	$90M
Q4 24	—	—	$92M
Q1 25	—	—	$115M
Q2 25	—	—	$90M
Q3 25	—	—	$83M
Q4 25	—	—	$53M

Revenue Segments

Quarter	Reportable Segment
Q1 25	$263M
Q2 25	$265M
Q3 25	$289M
Q4 25	$285M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$30M	$0	$30M
Q2 22	$307M	$20M	$327M
Q3 22	$240M	$20M	$260M
Q4 22	$133M	$0	$133M
Q1 23	$337M	$49M	$386M
Q2 23	$244M	$114M	$358M
Q3 23	$338M	$0	$338M
Q4 23	$297M	$0	$297M
Q1 24	$258M	$0	$258M
Q2 24	$252M	$0	$252M
Q3 24	$275M	$0	$275M
Q4 24	$269M	$0	$269M
Q1 25	$244M	$0	$244M
Q2 25	$244M	$0	$244M
Q3 25	$275M	$0	$275M
Q4 25	$278M	$0	$278M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	43M	+0.1%	+4.3%
Q2 22	46M	+5.1%	+5.4%
Q3 22	48M	+4.9%	+10.3%
Q4 22	48M	+0.3%	+10.6%
Q1 23	48M	+0.1%	+10.6%
Q2 23	48M	+0.2%	+5.5%
Q3 23	48M	+0.1%	+0.7%
Q4 23	50M	+3.5%	+3.9%
Q1 24	50M	+0.3%	+4.2%
Q2 24	48M	-3.2%	+0.7%
Q3 24	50M	+3.8%	+4.3%
Q4 24	50M	+0.2%	+1.0%
Q1 25	49M	-3.3%	-2.6%
Q2 25	50M	+3.0%	+3.6%
Q3 25	56M	+11.3%	+11.1%
Q4 25	56M	+0.3%	+11.2%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$167.5K	789
Q2 22	$185.1K	789
Q3 22	$191.8K	789
Q4 22	$164.0K	1K
Q1 23	$165.7K	1K
Q2 23	$181.3K	1K
Q3 23	$198.4K	1K
Q4 23	$198.9K	1K
Q1 24	$206.7K	1K
Q2 24	$217.2K	1K
Q3 24	$233.9K	1K
Q4 24	$202.7K	1K
Q1 25	$203.1K	1K
Q2 25	$204.2K	1K
Q3 25	$222.9K	1K
Q4 25	$221.5K	1K

Revenue / Employee