Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ________________________________________________________________ FORM 10-K ________________________________________________________________ (Mark One) x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File ...

Core Insights - Freshpet Inc. reported fourth-quarter results that exceeded earnings expectations with adjusted earnings per share of $0.64, surpassing the consensus estimate of $0.41 by $0.23 [1] - The company's revenue totaled $285.2 million, slightly below the estimate of $285.7 million, but showed an 8.6% increase from $262.7 million in the prior-year period [2] Revenue and Growth - The growth in revenue was driven by a 9.7% increase in volume, which was partially offset by an unfavorable price/mix impact of 1.1% [2] - For fiscal 2026, Freshpet projected net sales growth of 7% to 10%, equating to revenue between $1.179 billion and $1.212 billion, with a midpoint reflecting approximately 8.5% growth [3] Financial Performance - For the full year 2025, Freshpet's net sales rose 13% to $1.102 billion, and adjusted EBITDA increased to $195.7 million from $161.8 million the previous year [4] - The company generated positive free cash flow of $12.4 million, compared to negative $32.8 million in 2024 [4]

Core Insights - Freshpet Inc. specializes in fresh, natural pet food, differentiating itself in the competitive pet food industry with high-quality, refrigerated products [1] Financial Performance - Freshpet reported earnings per share (EPS) of $0.60, exceeding the estimated $0.43, with net income rising to $33.8 million from $18.1 million year-over-year [2][6] - The company generated revenue of approximately $285.2 million, slightly below the estimated $285.7 million, but achieved a net sales growth of 8.6% for the fourth quarter and 13% for the full year, reaching $1.1 billion [3][6] Profitability Metrics - Freshpet's gross margin for the quarter was 43.3%, up from 42.5% the previous year, while the adjusted gross margin increased to 48.4% from 48.1%, indicating effective cost management [4] Financial Health - The company's current ratio is about 5.52, demonstrating a strong ability to cover short-term liabilities, and the debt-to-equity ratio stands at approximately 0.42, reflecting a balanced financing approach [5][6] - Freshpet has a P/E ratio of 29.45 and an earnings yield of 3.40%, presenting a compelling investment opportunity in the pet food sector [5]

Freshpet (FRPT) came out with quarterly earnings of $0.64 per share, beating the Zacks Consensus Estimate of $0.44 per share. This compares to earnings of $0.36 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of +47.19%. A quarter ago, it was expected that this seller of refrigerated fresh pet food would post earnings of $0.43 per share when it actually produced earnings of $0.46, delivering a surprise of +6.98%.Over the last fou ...

Freshpet, Inc. (NASDAQ:FRPT) is one of the best pet stocks to buy according to hedge funds. On February 4, Piper Sandler adjusted the price target on Freshpet, Inc. (NASDAQ:FRPT) to $87 from $80 and maintained an Overweight rating on the shares. According to the firm, Freshpet, Inc. (NASDAQ:FRPT) is likely a beneficiary of stronger middle- and high-income consumers’ tax savings and elevated 2026 refunds. If the company benefits from higher tax refunds/lower withholding, as it anticipates, the firm sees thi ...

Financial Data and Key Metrics Changes - In Q4 2025, net sales were $285.2 million, an increase of 8.6% year-over-year, primarily driven by volume growth of 9.7% [17][32] - For the full year 2025, net sales reached $1.102 billion, up 13% year-over-year, aligning with guidance [18][33] - Adjusted gross margin for Q4 was 48.4%, compared to 48.1% in the prior year, while full year adjusted gross margin was 46.7%, up 20 basis points year-over-year [18][34] - Adjusted EBITDA for Q4 was $61.2 million, a 16% increase year-over-year, and for the full year, it was $195.7 million, up 21% [18][36] - Net income for Q4 was $33.8 million, compared to $18.1 million in the prior year, and for the full year, it was $139.1 million, up from $46.9 million [35][36] Business Line Data and Key Metrics Changes - The company reported a significant increase in e-commerce, which grew nearly 40% last year and now represents 14% of total business [9][15] - The company expanded its distribution network, ending the year with products in 30,235 stores, with 24% having multiple fridges [19][20] - The company achieved a household penetration of 15.2 million households, up 10% year-over-year, with a total buy rate of approximately $115, up 4% [21][22] Market Data and Key Metrics Changes - The total addressable market for Freshpet has grown to 36 million households, reflecting a continued interest in high-quality pet food [10] - The company increased its market share in the US dog food segment to 4.0% [19] - The company reported broad-based consumption growth across channels, with Nielsen-measured dollars showing 9.4% growth in total US pet retail [32] Company Strategy and Development Direction - The company is focused on building an omni-channel presence, leveraging its brand equity and manufacturing capabilities to meet consumer demands across various channels [11][52] - The company plans to rebalance its media mix to be more diversified and digital-forward, targeting Millennials and Gen Z consumers [13] - The company is investing in new manufacturing technologies to enhance product quality and operational efficiency, aiming for a competitive advantage [11][16] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges faced in 2025 but emphasized the lessons learned that strengthened the company for future growth [6][7] - The company expects net sales growth of 7% to 10% for 2026, with adjusted EBITDA projected between $205 million and $215 million [24][40] - Management expressed optimism about the potential for growth despite macroeconomic headwinds, citing early signs of improvement in household penetration and buying rates [39][63] Other Important Information - The company welcomed new leadership, including a new CFO and SVP of Supply Chain, to support its growth strategy [27] - The company received $95.5 million from the sale of Ollie, a DTC dog food brand, which will enhance its financial position [29][30] Q&A Session Summary Question: Can you elaborate on the implied uptick in EBITDA margins for 2027? - Management indicated multiple pathways to achieving 20%+ EBITDA margins, including improvements in gross margin and operational efficiencies [44][46] Question: What insights were gained from the investment in Ollie? - The investment provided valuable insights into the DTC market, leading to a focus on building an omni-channel business [50][51] Question: What are the key drivers for consumption growth in 2026? - Management ranked effective advertising, distribution growth, and affordability initiatives as primary drivers for consumption growth [58][61] Question: How is the Fridge Island expansion progressing? - The company is in the test phase with Fridge Islands, which provide increased capacity and assortment, enhancing brand visibility [66][68] Question: What are the expectations for volume growth versus sales growth in 2026? - Management anticipates that volume growth will exceed sales growth due to affordability initiatives and improved entry-level price points [71][73]

Freshpet (NasdaqGM:FRPT) Q4 2025 Earnings call February 23, 2026 08:00 AM ET Company ParticipantsBilly Cyr - CEOJohn O'Connor - CFONicki Baty - COORachel Ulsh - VP in Investor Relations and Corporate CommunicationsConference Call ParticipantsBrian Holland - Senior Research AnalystJon Andersen - Research AnalystMichael Lavery - Senior Research AnalystPeter Benedict - Senior Research AnalystPeter Galbo - Senior Equity Research AnalystRobert Moskow - Senior Food & Beverages Research AnalystRupesh Parikh - Seni ...

Financial Data and Key Metrics Changes - In Q4 2025, net sales were $285.2 million, an increase of 8.6% year-over-year, primarily driven by volume growth of 9.7% [17][31] - For the full year 2025, net sales reached $1.102 billion, up 13% year-over-year, with volume contributing 12% growth [18][33] - Adjusted gross margin for Q4 was 48.4%, compared to 48.1% in the prior year, while full year adjusted gross margin was 46.7%, up 20 basis points year-over-year [18][34] - Adjusted EBITDA for Q4 was $61.2 million, a 16% increase year-over-year, and for the full year, it was $195.7 million, up 21% [18][36] - The company ended the year with cash on hand of $278 million and was free cash flow positive [37] Business Line Data and Key Metrics Changes - The e-commerce business grew nearly 40% last year, now accounting for 14% of total business [8][14] - The company expanded its distribution network significantly, with products now in 30,235 stores, 24% of which have multiple fridges [19][20] - The company achieved its best year in over a decade for new store growth, largely driven by club expansion [13][19] Market Data and Key Metrics Changes - The total addressable market for Freshpet has grown to 36 million households, up from 33 million [9] - The company has increased its market share in the US dog food category to 4.0% [19] Company Strategy and Development Direction - The company is focusing on building an omni-channel presence, leveraging its brand equity and manufacturing capabilities to meet consumer demands across various channels [10][51] - Freshpet aims to enhance its competitive advantages through investments in new manufacturing technologies and expanding its fridge network [10][16] - The company plans to rebalance its media mix to be more diversified and digital-forward, targeting Millennials and Gen Z consumers [12] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges faced in 2025 but emphasized the lessons learned that have strengthened the company for future growth [5] - The company expects net sales growth of 7% to 10% for 2026, with adjusted EBITDA projected between $205 million and $215 million [23][40] - Management remains optimistic about the growth potential despite macroeconomic headwinds, citing early signs of improvement in household penetration and buying rates [64] Other Important Information - The company received $95.5 million from the sale of Ollie, a DTC dog food brand, which has strengthened its financial position [29] - Freshpet is evaluating its capital allocation strategy to accelerate growth and improve margins [29] Q&A Session Summary Question: Can you elaborate on the implied uptick in EBITDA margins for 2027? - Management indicated multiple pathways to achieve 2027 EBITDA margin targets, including improvements in gross margin and net sales growth [44][45] Question: What insights were gained from the investment in Ollie? - The investment provided valuable insights into the DTC market, leading to a focus on building an omni-channel business [49][50] Question: What are the key drivers for consumption growth in 2026? - Management ranked advertising effectiveness, distribution growth, and affordability initiatives as primary drivers for consumption growth [58][61]

Q4 & FY 2025 Earnings February 23, 2026 1 Forward Looking Statements & Non-GAAP Measures Forward-looking statements Certain statements in this presentation by Freshpet, Inc. (the "Company") constitute "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995 and are based on our current expectations and assumptions. These include statements related to our ability to adapt to the changing environment, strategies to address the current consumer environment, drive ...

Exhibit 99.1 Freshpet, Inc. Reports Fourth Quarter and Full Year 2025 Financial Results Full Year 2025 Net Sales Growth of 13% and Achieves Positive Free Cash Flow Provides Full Year 2026 Outlook Bedminster, N.J. – February 23, 2026 – Freshpet, Inc. ("Freshpet" or the "Company") (Nasdaq: FRPT) today reported financial results for its fourth quarter and full year ended December 31, 2025. Fourth Quarter 2025 Financial Highlights Compared to Prior Year Period Full Year 2025 Financial Highlights Compared to Pri ...