10-Q · May 6, 2026
Freshpet reported strong Q1 2026 results with revenues of $297.6 million, reflecting a 13.1% increase year-over-year. The company also saw a significant turnaround in net income, reporting $48.5 million compared to a…
Earnings analysis · 10-Q
FRPT earnings analysis
Filed November 4, 2026 · Our reading of the company's report
The latest report
Freshpet delivered Q3 revenue of $317.8 million, up approximately 10.0% year over year, while gross margin expanded to 44.5% from 39.5%. EPS of $0.58 declined from $1.86 in Q3 2025 but materially exceeded the $0.36…
Read full summary
Freshpet delivered Q3 revenue of $317.8 million, up approximately 10.0% year over year, while gross margin expanded to 44.5% from 39.5%. EPS of $0.58 declined from $1.86 in Q3 2025 but materially exceeded the $0.36 consensus estimate. Management raised 2026 sales-growth and Adjusted EBITDA guidance and reduced the capital-expenditure range, although commodity, inflation and interest-rate risks remain. No material changes to the risk factors from the Annual Report were reported.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.58
- Gross margin
- 44.5%
What stood out
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Revenue grew 10% year over year
Q3 revenue was $317.8 million, up approximately 10.0% from $289 million in Q3 2025 and 3.9% from $306 million in Q2 2026. Revenue exceeded the $311.8 million consensus estimate by approximately 1.9%.
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Gross margin expanded to 44.5%
Gross margin reached 44.5%, increasing 500 basis points from 39.5% in Q3 2025 and 240 basis points from 42.1% in Q2 2026.
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EPS beat estimates despite year-over-year decline
Diluted EPS was $0.58 versus $1.86 in Q3 2025, a decrease of $1.28, but exceeded the $0.36 consensus estimate by $0.22, or approximately 61.1%.
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2026 outlook was raised
Management raised 2026 net sales growth guidance to 12%-13% from 10%-12% and Adjusted EBITDA guidance to $215 million-$220 million from $210 million-$220 million.
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Lower planned capital spending
Capital-expenditure guidance declined to $125 million-$150 million from approximately $150 million, while management continued to expect positive free cash flow.
What to watch
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Commodity and inflation pressure
The filing identifies commodity-price and inflation exposure across food, raw materials, labor, energy and other services. Management states that cost increases may raise operating costs as a percentage of sales if they cannot be offset through pricing or expense reductions.
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Interest-rate and FX exposure
The company states that rising interest rates could increase borrowing costs and constrain customer purchasing power. The filing separately identifies foreign-exchange exposure to the British pound, euro and Canadian dollar; Canada represented approximately 1% of nine-month revenue and Europe less than 1%.
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Capital allocation and liquidity demands
Freshpet repurchased 813,265 shares for $47.733 million during Q3 under a $150 million authorization, leaving $47.733 million available at September 30, 2026. The timing of future repurchases depends on funding needs and alternative investment opportunities.
Management's outlook
Management raised 2026 net sales growth guidance to 12%-13% from 10%-12% and Adjusted EBITDA guidance to $215 million-$220 million from $210 million-$220 million. Capital-expenditure guidance was lowered to $125 million-$150 million from approximately $150 million; positive free cash flow remains expected. No quantitative revenue-dollar or EPS guidance was provided.
Earlier filings 4
10-K · February 23, 2026
Freshpet reports a clear multi-year inflection: consolidated net sales rose to $1,102,015 (in thousands) in 2025 and GAAP diluted EPS was $2.64, driven by operating income of $75,672 (in thousands) and a year-end income…
10-Q · November 3, 2025
Freshpet reported Q3 net sales of $288,848 (three months ended September 30, 2025; amounts in the financial statements are presented in thousands) vs $253,367 in the year-ago quarter, with gross profit of $114,192 and…
10-Q · August 4, 2025
Freshpet reported Q2 net sales of $264.689M, up 12.5% year-over-year, with gross profit of $108.190M and operating income of $17.804M (operating margin 6.7%) versus an operating loss of $1.750M in the year-ago quarter.…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.