Freshpet (FRPT) financial statements
Freshpet reported revenue of $1.1B in fiscal 2025, up 26.8% a year over 9 years.
Net income was $139M and the operating margin 6.9%, against -1.7% in 2016.
Free cash flow was $12M.
The diluted share count rose 66% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Freshpet's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $130M | $152M | $193M | $246M | $319M | $425M | $595M | $767M | $975M | $1.1B |
| Cost of revenue | $69M | $80M | $103M | $132M | $186M | $263M | $409M | $516M | $579M | $652M |
| Gross profit | $60M | $72M | $90M | $114M | $133M | $162M | $186M | $251M | $396M | $450M |
| Research and development | $470,150 | $284,574 | $500,000 | $1M | $800,000 | — | — | — | — | — |
| Selling, general and admin | $63M | $75M | $95M | $114M | $135M | $187M | $238M | $281M | $358M | $374M |
| Operating income | -$2M | -$3M | -$5M | -$253,000 | -$2M | -$25M | -$52M | -$30M | $38M | $76M |
| Interest expense | $698,119 | $910,492 | $296,000 | $991,000 | $1M | $3M | $5M | $14M | $12M | $14M |
| Pre-tax income | -$3M | -$4M | -$5M | -$1M | -$3M | -$28M | -$55M | -$32M | $48M | $71M |
| Income tax | $65,754 | $75,195 | $77,000 | $144,000 | $65,000 | $162,000 | $282,000 | $210,000 | $598,000 | -$68M |
| Net income | -$3M | -$4M | -$5M | -$1M | -$3M | -$30M | -$59M | -$34M | $47M | $139M |
| EPS (diluted) | -$0.09 | -$0.12 | -$0.15 | -$0.04 | -$0.08 | -$0.69 | -$1.29 | -$0.70 | $0.93 | $2.64 |
| Diluted shares | 34M | 34M | 35M | 36M | 40M | 43M | 46M | 48M | 50M | 56M |
| Gross margin | 46.5% | 47.5% | 46.6% | 46.4% | 41.7% | 38.1% | 31.2% | 32.7% | 40.6% | 40.8% |
| Operating margin | -1.7% | -1.8% | -2.5% | -0.1% | -0.6% | -5.8% | -8.7% | -4.0% | 3.9% | 6.9% |
| Net margin | -2.4% | -2.8% | -2.8% | -0.6% | -1.0% | -7.0% | -10.0% | -4.4% | 4.8% | 12.6% |
Balance sheet
Fiscal years, from Freshpet's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $4M | $2M | $8M | $9M | $67M | $73M | $133M | $297M | $269M | $278M |
| Receivables | $9M | $13M | $12M | $19M | $18M | $35M | $58M | $57M | $68M | $64M |
| Inventory | $5M | $10M | $9M | $13M | $19M | $36M | $58M | $63M | $81M | $77M |
| Total current assets | $19M | $27M | $31M | $54M | $109M | $150M | $262M | $427M | $437M | $436M |
| Property, plant and equipment | $101M | $101M | $102M | $165M | $281M | $584M | $801M | $979M | $1.1B | $1.1B |
| Total assets | $126M | $134M | $140M | $236M | $434M | $784M | $1.1B | $1.5B | $1.6B | $1.8B |
| Total current liabilities | $19M | $17M | $18M | $42M | $33M | $59M | $90M | $89M | $99M | $79M |
| Long-term debt | — | — | — | $54M | $0 | $0 | — | — | — | — |
| Total liabilities | $19M | $17M | $18M | $105M | $40M | $65M | $94M | $511M | $520M | $569M |
| Shareholders' equity | $108M | $117M | $121M | $131M | $394M | $720M | $1.0B | $953M | $1.1B | $1.2B |
| Net debt | -$4M | -$2M | -$8M | $45M | -$67M | -$73M | -$133M | -$297M | -$269M | -$278M |
Cash flow
Fiscal years, from Freshpet's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $13M | $10M | $19M | $16M | $21M | $647,000 | -$43M | $76M | $154M | $161M |
| Capital spending | $30M | $13M | $16M | $71M | $135M | $322M | $230M | $239M | $187M | $148M |
| Free cash flow | -$17M | -$3M | $2M | -$54M | -$113M | -$321M | -$273M | -$163M | -$33M | $12M |
| Stock-based compensation | $4M | $4M | $7M | $8M | $11M | $25M | $26M | $25M | $52M | $14M |
| Share buybacks (net) | — | — | -$256,226 | — | — | — | — | — | — | — |
| Free cash flow margin | -13.2% | -1.8% | 1.2% | -22.1% | -35.6% | -75.5% | -45.9% | -21.3% | -3.4% | 1.1% |
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Open FRPT in InvestinglyQuestions
What was Freshpet's revenue in 2025?
$1.1B in fiscal 2025, from its 10-K filing.
How much free cash flow does Freshpet generate?
$12M in fiscal 2025 (operating cash flow minus capital spending).
From Freshpet's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.