UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 28, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______________ to ______________ Commission File Number: 001-39411 Vital Farms, Inc. (Exact name of registrant as specified in its charter) Delaware 27-0496985 (St ...

Vital Farms Reports Fourth Quarter and Fiscal Year 2025 Financial Results Fiscal Year 2025 Net Revenue of $759.4 million, up 25.3% versus Fiscal Year 2024 Fiscal Year 2026 Guidance of $900 to $920 million for Net Revenue, representing up to 21% Growth from 2025; Guidance of $105 to $115 million for Adjusted EBITDA and $140 to $150 million for Capital Expenditures; Remains on Track to Reach $2 Billion Net Revenue Target by 2030 $100 Million 2-year Stock Repurchase Program Authorization Successful Remediation ...

AUSTIN, Texas--(BUSINESS WIRE)--Vital Farms (Nasdaq: VITL), a Certified B Corporation that offers a range of ethically produced foods nationwide, announced today an orderly transition of its Board leadership. Matt O'Hayer, who founded the company in 2007 and has served as Executive Chairperson since 2019, has stepped down from his role as Executive Chairperson and as a member of the company's Board of Directors, effective February 24, 2026. To ensure continuity of strategy and speed of executio. ...

Core Viewpoint - Vital Farms, an ethical food producer specializing in pasture-raised eggs and butter, is experiencing a notable decline in stock value, with a recent insider sale by Executive Chairperson Matthew Ohayer amid this trend [1][8]. Transaction Summary - Matthew Ohayer sold 20,000 shares on February 2, 2026, for approximately $558,136, which is slightly below his historical median sell size of 24,000 shares [2][4]. - Post-transaction, Ohayer retains 6,341,190 direct shares and 400,000 indirect shares, with the sale impacting only 0.31% of his direct ownership [2][4]. Company Overview - Vital Farms reported a total revenue of $711.88 million and a net income of $60.54 million for the trailing twelve months (TTM) [6]. - The company has 598 employees and has seen a 1-year price change of -23.21% as of February 21, 2026 [6]. Market Performance - The current market capitalization of Vital Farms is $1.2 billion, with a current stock price of $27.17, reflecting a decline of 1.38% on the day of reporting [4][5]. - The stock has fallen approximately 15% in both 2025 and 2026 as of February 21, 2026 [8]. Company Snapshot - Vital Farms is a leading provider of pasture-raised eggs and butter in the U.S., focusing on health-conscious consumers and retailers seeking ethically produced food products [7]. Investor Considerations - The company faced social media criticism regarding the ingredients in its egg products, which may impact investor sentiment [8][9]. - Investors are advised to wait for the Q4 earnings report for fiscal year 2025, scheduled for release on February 26, before making significant investment decisions [9].

Core Insights - Vital Farms, a Certified B Corporation, will report its financial results for Q4 and the fiscal year ending December 28, 2025, on February 26, 2026, before market open [1] - A conference call and webcast will be held at 8:30 a.m. ET on the same day to discuss the results [1] Company Information - Vital Farms offers a range of ethically produced foods nationwide [1] - The company is listed on Nasdaq under the ticker symbol VITL [1]

Core Viewpoint - Vital Farms (VITL) is experiencing a decline in stock price and is under scrutiny for its upcoming earnings report, which is expected to show significant growth in earnings per share (EPS) and revenue compared to the previous year [1][2]. Financial Performance - The company is forecasted to report an EPS of $0.38, reflecting a 65.22% increase from the same quarter last year [2]. - Revenue is anticipated to reach $213.26 million, indicating a 28.48% growth compared to the corresponding quarter of the prior year [2]. - For the full year, analysts expect earnings of $1.44 per share and revenue of $759.16 million, representing a 22.03% increase in earnings but no change in revenue from last year [3]. Analyst Estimates - Recent modifications to analyst estimates for Vital Farms suggest a favorable outlook on the company's business health and profitability [4]. - The Zacks Consensus EPS estimate has decreased by 0.95% over the past month, and the company currently holds a Zacks Rank of 3 (Hold) [6]. Valuation Metrics - Vital Farms is trading at a Forward P/E ratio of 18.36, which is a premium compared to its industry's Forward P/E of 12.9 [7]. - The Food - Miscellaneous industry, part of the Consumer Staples sector, has a Zacks Industry Rank of 178, placing it in the bottom 28% of over 250 industries [7][8].

Financial Data and Key Metrics Changes - From 2018 through 2024, the company achieved a compound annual growth rate (CAGR) of 34% in net revenue and 50% in adjusted EBITDA [2] - For the year 2025 to date, revenues increased by 24% and EBITDA by 25% [2] - The company revised its fiscal 2025 net revenue guidance to a range of $755-$765 million due to temporary shipment disruptions [38] Business Line Data and Key Metrics Changes - Vital Farms is primarily known for its pasture-raised eggs and also offers pasture-raised butter, which is a smaller segment of its business [6] - The company has grown to become the second largest egg brand in the U.S., with a leading share in the fast-growing pasture-raised segment [2][8] - The gross margin for the company is notably higher than the historical average for eggs, reflecting the strength of its brand [9] Market Data and Key Metrics Changes - The company operates with over 575 small family farms across the "Pasture Belt," which supports its supply chain [8] - Despite challenges in the broader egg market due to avian influenza, Vital Farms maintained a strong commitment to biosecurity and was not affected by the disease [11] Company Strategy and Development Direction - The company aims to improve the lives of people, animals, and the planet through food, focusing on transparency and trust in its brand [6][17] - Vital Farms plans to expand its family farm network and has successfully added about 150 farms in 2025 [30] - A new facility in Indiana is scheduled to begin operations in 2027, which will integrate cold storage to improve efficiency [34][36] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the brand's growth potential, citing strong brand awareness and consumer interest in ethically produced food [51] - The company anticipates that household penetration will increase as brand awareness grows, with a target of reaching $2 billion in net revenue by 2030 [51][52] - Management noted that the company has about 3% of the retail egg supply, indicating significant room for growth [53] Other Important Information - The company has implemented a new ERP system, which caused temporary disruptions but is now operating normally [38] - The third production line at the egg washing and packing facility in Springfield, Missouri, has been successfully opened and is contributing to increased capacity [30] Q&A Session Summary Question: Can you explain the impact of the ERP implementation on revenue guidance? - The ERP implementation caused temporary slowdowns in operations, leading to a loss of shelf space and ultimately a revision of revenue guidance for 2025 [38] Question: How is consumer demand trending? - Consumption is trending positively, with record high volume levels for shell eggs, indicating no demand problem [41] Question: What are the growth drivers for 2026? - The company expects growth to be driven more by velocity rather than distribution, with plans to capture lost purchase opportunities from previous disruptions [44]

Financial Data and Key Metrics Changes - From 2018 through 2024, the company achieved a compound annual growth rate (CAGR) of 34% in net revenue and 50% in Adjusted EBITDA [2] - For the year 2025 to date, revenues increased by 24% and EBITDA by 25% [2] Business Line Data and Key Metrics Changes - Vital Farms is primarily known for pasture-raised eggs and also offers pasture-raised butter, which is a smaller segment of the business [6] - The company has grown to become the second largest egg brand in the U.S., with a leading share in the fast-growing pasture-raised segment [2][6] Market Data and Key Metrics Changes - Vital Farms operates with over 575 small family farms across the "Pasture Belt," which supports year-round outdoor access for the birds [8] - The company has a strong presence in top retailers, being the number one or two egg brand in major stores like Whole Foods and Kroger [8] Company Strategy and Development Direction - The company focuses on improving animal welfare and transparency, which has contributed to its brand strength and gross margins [9] - Vital Farms plans to expand its family farm network and has successfully added about 150 farms in 2025 [30][31] - A new facility in Indiana is scheduled to begin operations in 2027, which will integrate cold storage to improve efficiency [34][36] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the brand's strength and the opportunity to demonstrate this in 2026 without the impact of avian influenza [12] - The company anticipates continued growth driven by brand awareness and household penetration, with a target of $2 billion in net revenue by 2030 [51][52] Other Important Information - The company successfully implemented a new ERP system, which initially slowed operations but is now functioning normally [38] - The company has a strong balance sheet, which enhances its attractiveness to farmers and lenders [22][23] Q&A Session Summary Question: Can you explain the impact of the ERP implementation on revenue guidance? - The ERP implementation caused temporary shipment disruptions, leading to a revised revenue guidance of $755-$765 million for the year [38] Question: How is consumer demand trending? - Consumption is trending positively, with record high volume levels for shell eggs leading into year-end, indicating no demand problem [41] Question: What are the growth drivers for 2026? - The company expects growth to be driven more by velocity rather than distribution, with plans to capture purchase opportunities lost during previous supply constraints [44]

Financial Data and Key Metrics Changes - From 2018 through 2024, the company achieved a compound annual growth rate (CAGR) of 34% in net revenue and 50% in adjusted EBITDA [2] - For the year 2025, year-to-date revenues increased by 24% and EBITDA by 25% [2] Business Line Data and Key Metrics Changes - Vital Farms is primarily known for its pasture-raised eggs and also offers pasture-raised butter, which is a smaller segment of its business [6] - The company has grown to become the second largest egg brand in the U.S., with a leading share in the fast-growing pasture-raised segment [2][6] Market Data and Key Metrics Changes - Vital Farms operates with over 575 small family farms across the "Pasture Belt," which supports year-round outdoor access for the birds [8] - The company has a gross margin that starts with a three, indicating strong brand strength compared to traditional egg producers [9] Company Strategy and Development Direction - The company focuses on improving the lives of people, animals, and the planet through ethical food production [6] - Vital Farms aims to expand its supply by adding new farmers to its network, with plans to add about 150 farms in 2025 [30][20] - The company is also planning a second facility in Indiana, scheduled to begin operations in 2027, which will integrate cold storage to improve efficiency [34][32] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the absence of avian influenza affecting their farms, which allows them to demonstrate the strength of their brand [12] - The company anticipates continued growth driven by increased brand awareness and household penetration, with a target of $2 billion in net revenue by 2030 [52][54] Other Important Information - The company successfully opened a third production line at its egg washing and packing facility in Springfield, Missouri, which is expected to enhance production capacity [28][30] - The implementation of a new ERP system caused temporary shipment disruptions, leading to a revised revenue guidance for 2025 [36][37] Q&A Session Summary Question: How did the ERP implementation affect revenue guidance? - The ERP implementation led to slower operations at the egg washing facility, resulting in lost sales that could not be recovered, prompting a revenue guidance adjustment to $755-$765 million [36][37] Question: What is the outlook for consumer demand? - Management indicated that consumption trends are in line with expectations, with record high volume levels for shell eggs, suggesting no demand problem [40][41] Question: What are the growth drivers for 2026? - The company expects growth to be driven more by velocity rather than distribution, with plans to capture purchase opportunities lost during the previous year [44][45] Question: Can you confirm the revenue guidance for 2026? - The company reaffirmed its revenue guidance for 2026 in the range of $930-$950 million, implying about 24% growth [48][49]

Company Overview - Vital Farms is a leading U.S. producer of pasture-raised eggs and related products, focusing on ethical sourcing and animal welfare [6] - The company utilizes a differentiated supply chain to provide premium products to a growing base of health- and sustainability-focused consumers [6] - Vital Farms has a scalable model and strong brand presence, positioning it as a key player in the value-added agricultural products segment [6] Recent Transaction Analysis - Founder and Executive Chairperson Matthew O'Hayer sold 25,000 shares on January 2, 2026, generating a transaction value of approximately $771,300 based on the weighted average sale price [4] - The sale reduced O'Hayer's direct holdings by 0.37%, consistent with his historical selling pattern, which typically ranges from 0.31% to 0.33% per trade [2][4] - The transaction size aligns with O'Hayer's median sell-only transaction size of 24,000 shares, indicating a methodical disposition strategy [3] Financial Performance - In the third quarter of the previous year, Vital Farms achieved record revenue of $198.9 million, reflecting a strong 37% year-over-year increase [9] - The company's net income more than doubled year-over-year to $16.4 million compared to $7.4 million in 2024 [9] - Vital Farms exited Q3 with cash, cash equivalents, and marketable securities totaling $145.1 million and no debt, making it a potentially attractive investment [11] Market Position and Valuation - Despite a decline in stock price from a 52-week high of $53.13, the company is performing well financially [8] - With a price-to-earnings ratio of about 23, which is at a low point for the past year, the current market conditions present an opportunity for investors to acquire shares at a compelling valuation [11]