Freshpet, Inc.

Listed Company

FRPTCIK 0001611647NasdaqLarge AcceleratedGrain Mill ProductsDelawareFY ends Dec 31

Period

FY 2025

Revenue

$1.10B

Net Income

$139.14M

Total Assets

$1.78B

Equity

$1.21B

Shares Out

49.06M

Op. Cash Flow

$160.56M

Business

Freshpet, Inc. manufactures, markets and distributes fresh, refrigerated pet food and refrigerated merchandising to mainstream consumers seeking higher-quality pet nutrition. Its products include fresh dog and cat meals, fresh treats under multiple labels, proprietary recipes and related refrigerated retail fixtures and services. The company operates a single business segment encompassing manufacturing, product innovation, quality and safety functions, and management of its Freshpet Kitchens and Freshpet Fridge network. It sells primarily in the United States and also in Canada and Europe through grocery, mass, club, pet specialty, digital and other retail channels.

Summary from filing dated 2025-02-20

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
NET SALES	1,102	975	767	595	425
COST OF GOODS SOLD	652	579	516	409	263
GROSS PROFIT	450	396	251	186	162
SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES	374	358	281	238	187
INCOME (LOSS) FROM OPERATIONS	76	38	−30	−52	−25
Interest and Other Income, net	9	12	13	2	13,000
Interest Expense	−14	−12	−14	−5	—
Gain on Equity Investment	0	10	0	0	—
Other income (expenses)	−5	10	−1	−3	−3
INCOME (LOSS) BEFORE INCOME TAXES	71	48	−32	−55	−28
INCOME TAX (BENEFIT) EXPENSE	−68	598,000	210,000	282,000	162,000
LOSS ON EQUITY METHOD INVESTMENT	0	0	2	4	2
INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	139	47	−34	−59	−30
Change in foreign currency translation	1	−196,000	−2	1	—
TOTAL OTHER COMPREHENSIVE INCOME (LOSS)	1	−196,000	−2	1	−40,000
TOTAL COMPREHENSIVE INCOME (LOSS)	140	47	−36	−58	−30
-BASIC (in dollars per share)	2.85	0.97	−0.7	−1.29	−0.69
-DILUTED (in dollars per share)	2.64	0.93	−0.7	−1.29	−0.69
-BASIC (in shares)	49	48	48	46	43
-DILUTED (in shares)	56	50	48	46	43

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	278	269	297	133	73
Accounts receivable, net of allowance for doubtful accounts	64	68	57	58	35
Inventories, net	77	81	63	58	36
Prepaid expenses	10	16	8	10	6
Other current assets	7	3	3	4	1
Total Current Assets	436	437	427	262	150
Property, plant and equipment, net	1,139	1,066	979	—	—
Deposits on equipment	118,000	1	2	4	4
Operating lease right of use assets	66	3	4	5	7
Long term investment in equity securities	33	33	24	0	—
Deferred tax assets, net	69	0	—	—	—
Other assets	35	34	29	28	14
Total Assets	1,778	1,575	1,464	1,125	784
Accounts payable	42	39	36	55	43
Accrued expenses	32	56	50	33	15
Current operating lease liabilities	2	1	1	2	1
Current finance lease liabilities	2	2	2	0	—
Total Current Liabilities	79	99	89	90	59
Convertible senior notes	397	395	393	0	—
Long term operating lease liabilities	65	2	3	4	6
Long term finance lease liabilities	28	23	26	0	—
Deferred tax liabilities, net	93,000	0	—	—	—
Total Liabilities	569	520	511	94	65
Commitments and contingencies	0	0	0	—	—
Common stock voting, $0.001 par value, 200,000 shares authorized, 48,985 issued and 48,970 outstanding on December 31, 2025, and 48,716 issued and 48,702 outstanding on December 31, 2024	49,000	49,000	48,000	48,000	43,000
Additional paid-in capital	1,351	1,338	1,283	1,326	956
Accumulated deficit	−143	−282	−329	−295	−236
Accumulated other comprehensive income (loss)	334,000	−787,000	−591,000	1	−120,000
Treasury stock, at cost 14 shares on December 31, 2025 and on December 31, 2024	−256,000	−256,000	−256,000	−256,000	—
Total Stockholders' Equity	1,209	1,055	953	1,032	720
Total Liabilities and Stockholders' Equity	1,778	1,575	1,464	1,125	784

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Provision for loss (gains) on accounts receivable	12	467,000	−2,000	−20,000	29,000
Loss on disposal of property, plant and equipment	2	1	4	396,000	538,000
Share-based compensation	14	52	25	26	25
Depreciation and amortization	90	74	59	35	30
Write-off and amortization of deferred financing costs	2	2	4	—	—
Change in operating lease right of use asset	2	1	2	1	—
Deferred income taxes	−69	0	0	—	—
Inventory obsolescence	0	347,000	0	3	349,000
Loss on equity method investment	0	0	2	4	2
Accounts receivable	−7	−12	820,000	−33	−16
Inventories	4	−15	−1	−26	−17
Prepaid expenses and other current assets	−1	269,000	−2	−435,000	−3
Other assets	−4	−5	−4	−3	−8
Accounts payable	1	12	4	−3	15
Accrued expenses	−23	8	19	13	−273,000
Operating lease liability	−2	−1	−2	−1	—
Net cash flows provided by operating activities	161	154	76	−43	647,000
Acquisitions of property, plant and equipment, software and deposits on equipment	−148	−187	−239	−230	−322
Purchase of short-term investments	0	0	−113	−20	0
Proceeds from maturities of short-term investments	0	0	113	20	0
Net cash flows used in investing activities	−148	−187	−239	−233	−322
Proceeds from exercise of options to purchase common stock	2	9	5	471,000	2
Tax withholdings related to net shares settlements of restricted stock units	−3	−3	−1	−1	−4
Principal payments under finance lease obligations	−2	−2	−1	0	0
Purchase of capped call options	0	0	−66	0	0
Proceeds from issuance of convertible senior notes	0	0	394	0	0
Debt issuance costs	0	0	−2	0	0
Net cash flows (used in) provided by financing activities	−3	5	327	337	327
NET CHANGE IN CASH AND CASH EQUIVALENTS	9	−28	164	60	—
Taxes paid	910,000	193,000	308,000	297,000	182,000
Interest paid, net of amounts capitalized	12	10	9	3	2
Operating right-of-use assets obtained in exchange for lease obligations	65	2	0	0	—
Property, plant and equipment and software purchases in accounts payable and accrued expenses	9	8	19	44	22
Non-cash addition of finance lease to property, plant and equipment	7	0	29	0	—
Tax withholdings related to net shares settlements of restricted stock units in accrued expenses	101,000	746,000	0	0	0

Filings

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