FRPTHIGH SIGNALFINANCIAL10-K

FRPT delivered substantially higher operating income alongside steady revenue growth of 13%, indicating meaningful operational improvements and margin expansion.

The company's operating performance improved dramatically while maintaining solid top-line growth, suggesting successful cost management and operational efficiency gains. The increased household penetration from 13.5 million to 15.2 million households demonstrates strong market share expansion, positioning FRPT well within the resilient pet food market that historically maintains spending even during economic downturns.

Comparing 2026-02-23 vs 2025-02-20View on EDGAR →
FINANCIAL ANALYSIS

FRPT showed strong financial performance with revenue growing 13% to $1.1B and gross profit expanding 13.6% to $449.6M, while operating income improved substantially to $75.7M from $38.0M. The balance sheet strengthened with total assets growing 12.9% to $1.8B, stockholders' equity increasing 14.5% to $1.2B, and current liabilities declining 20.5% to $78.6M. The combination of revenue growth, margin expansion, and improved balance sheet metrics signals robust operational execution and financial health.

FINANCIAL STATEMENT CHANGES
Operating Income
P&L
+99.1%
$38.0M→$75.7M

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

R&D Expense
P&L
-30.9%
$1.2M→$800K

R&D spending cut 30.9% — could signal cost discipline or concerning reduction in innovation investment.

Current Liabilities
Balance Sheet
-20.5%
$98.9M→$78.6M

Current liabilities reduced — improved short-term financial position and working capital health.

Stockholders Equity
Balance Sheet
+14.5%
$1.1B→$1.2B

Equity base grew 14.5% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Gross Profit
P&L
+13.6%
$396.0M→$449.6M

Gross profit expanding — improving pricing power or product mix shift toward higher-margin offerings.

Revenue
P&L
+13%
$975.2M→$1.1B

Revenue growing 13% — solid top-line momentum, watch margins for quality of growth.

Total Assets
Balance Sheet
+12.9%
$1.6B→$1.8B

Asset base grew 12.9% — expansion through organic growth, acquisitions, or capital deployment.

LANGUAGE CHANGES
NEW — 2026-02-23
PRIOR — 2025-02-20
ADDED
As of February 19, 2026, 49,057,177 shares of common stock of the registrant were outstanding.
While we believe that our assumptions are reasonable, we caution that it is very difficult to predict the impact of known factors, and it is impossible for us to anticipate all factors that could affect our actual results.
As of December 31, 2025, our household penetration within the United States was approximately 15.2 million households.
The pet food market has historically been resilient as consumers continue to spend on their pets even during economic downturns, and we believe pet food spending in North America will increase long-term.
We believe the following trends will drive growth in our industry: Pet ownership.
There are currently approximately 98 million dog or cat food buying households in the United States, meaning that approximately 73% of total households are buying dog and/or cat food, according to Numerator.
According to Numerator, 90% of United States dog households view their pets as members of the family.
Pets Our pets are members of our family and deserve to eat the kind of fresh, healthy food that we do.
These efforts have contributed to an employee net promoter score of 7.9.
All Freshpet Kitchens are landfill-free facilities thanks to our commitment to recycling, digesting, and waste-to-energy processes.
REMOVED
As of February 18, 2025, 48,718,620 shares of common stock of the registrant were outstanding.
As of December 31, 2024, our household penetration within the United States was approximately 13.5 million, with a target of 20 million households by 2027.
We believe pet food spending in North America will continue to increase at a similar rate as it has in the past.
The pet food market has historically been resilient as consumers continue to spend on their pets even during economic downturns.
We believe the following trends are driving growth in our industry: Pet ownership.
There are currently approximately 95.0 million pet food buying households in the United States, which represent approximately 75% of total households having a dog and/or cat, according to Numerator.
According to Numerator, 89% of United States dog parents view their pets as members of the family.
Our Mission and Values Our mission is to elevate the way we feed our pets with fresh food that nourishes all.
These efforts have contributed to an employee net promoter score of 8.2.
Freshpet Kitchens Bethlehem is a landfill-free facility thanks to state-of-the-art recycling, digesting, and waste-to-energy processes.
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