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Packaged foods · Consumer Defensive · Fiscal year ends Dec 31
Freshpet reported revenue of $1.1B in the fiscal year ended Dec 2025, up 13.0% from the year before. Operating income was $76M, an operating margin of 6.9%, and net income was $139M. Operating cash flow of $161M less capital expenditure of $148M left free cash flow of $12M.
Ranks among the 21 packaged foods companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 425 | 595 | 767 | 975 | 1,102 |
| Cost of revenue | 263 | 409 | 516 | 579 | 652 |
| Gross profit | 162 | 186 | 251 | 396 | 450 |
| Selling, general & admin | 187 | 238 | 281 | 358 | 374 |
| Operating income | −24.7 | −52.0 | −30.4 | 38.0 | 75.7 |
| Interest expense | 2.9 | 5.2 | 14.1 | 12.3 | 14.1 |
| Pre-tax income | −27.5 | −55.5 | −31.5 | 47.5 | 70.8 |
| Income tax | 0.2 | 0.3 | 0.2 | 0.6 | −68.4 |
| Net income | −29.7 | −59.5 | −33.6 | 46.9 | 139 |
| Diluted EPS | −0.69 | −1.29 | −0.70 | 0.93 | 2.64 |
| Diluted shares | 42.9 | 46.2 | 48.2 | 50.3 | 56.0 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 72.8 | 133 | 297 | 269 | 278 |
| Receivables | 34.8 | 57.6 | 56.8 | 68.4 | 63.8 |
| Inventory | 35.6 | 58.3 | 63.2 | 80.8 | 76.8 |
| Current assets | 150 | 262 | 427 | 437 | 436 |
| Net PP&E | 584 | 801 | 979 | 1,066 | 1,139 |
| Total assets | 784 | 1,125 | 1,464 | 1,575 | 1,778 |
| Payables | 42.6 | 55.1 | 36.1 | 39.2 | 42.4 |
| Deferred revenue | 0.8 | 0.7 | 1.2 | 0.7 | – |
| Current liabilities | 58.9 | 89.6 | 89.2 | 98.9 | 78.6 |
| Short-term debt | 0.0 | – | – | – | – |
| Long-term debt | 0.0 | – | – | – | – |
| Total liabilities | 64.7 | 93.8 | 511 | 520 | 569 |
| Shareholders' equity | 720 | 1,032 | 953 | 1,055 | 1,209 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 0.6 | −43.2 | 75.9 | 154 | 161 |
| Capital expenditure | 322 | 230 | 239 | 187 | 148 |
| Free cash flow | −321 | −273 | −163 | −32.8 | 12.4 |
| Depreciation & amortisation | 29.5 | 34.3 | 58.2 | 69.5 | 86.4 |
| Stock-based compensation | 25.0 | 26.1 | 24.9 | 51.8 | 13.9 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 39.9% | 28.8% | 27.2% | 13.0% |
| Operating income growth (YoY) | – | – | – | – | 99.1% |
| EPS growth (YoY) | – | – | – | – | 183.9% |
| Gross margin | 38.1% | 31.2% | 32.7% | 40.6% | 40.8% |
| Operating margin | −5.8% | −8.7% | −4.0% | 3.9% | 6.9% |
| Net margin | −7.0% | −10.0% | −4.4% | 4.8% | 12.6% |
| Return on equityBlank when equity is negative | −4.1% | −5.8% | −3.5% | 4.4% | 11.5% |
| ROCEEBIT ÷ (assets − current liabilities) | −3.4% | −5.0% | −2.2% | 2.6% | 4.5% |
| Free cash flow margin | −75.5% | −45.9% | −21.3% | −3.4% | 1.1% |
| Cash conversion (CFO ÷ net income) | −0.02x | 0.73x | −2.26x | 3.29x | 1.15x |
| Receivable days | 30 | 35 | 27 | 26 | 21 |
| Inventory days | 49 | 52 | 45 | 51 | 43 |
| Payable days | 59 | 49 | 26 | 25 | 24 |
| Interest cover | −8.56x | −9.98x | −2.16x | 3.10x | 5.36x |
| Debt ÷ equity | 0.00x | – | – | – | – |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −72.8 | – | – | – | – |
| Current ratio | 2.55x | 2.92x | 4.79x | 4.42x | 5.54x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.