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Sep 30, 2025
Freshpet Q3 2025 Earnings Report
Freshpet posted strong Q3 results, driven by double-digit sales growth and a large tax benefit that boosted net income.
Key Takeaways
Freshpet reported solid performance in Q3 2025 with 14% revenue growth and significant net income driven by a $77.9M tax benefit. The company achieved positive free cash flow ahead of schedule and saw a notable increase in adjusted EBITDA.
Net sales rose 14% YoY to $288.8M, driven by volume growth and favorable price/mix.
Net income surged to $101.7M due to a $77.9M deferred tax benefit.
Adjusted EBITDA reached $54.6M, up from $43.5M the previous year.
Freshpet achieved positive free cash flow ahead of schedule and expects to remain FCF positive for FY2025.
Revenue by Geographic Location
Forward Guidance
Freshpet revised full-year 2025 guidance to the lower end of previous ranges, maintaining financial discipline while projecting full-year positive free cash flow.
Positive Outlook
- Full-year net sales expected to grow ~13%
- Adjusted EBITDA guided between $190M and $195M
- Capital expenditures reduced from $175M to ~$140M
- Company now expects full-year 2025 free cash flow positivity
- Strong household penetration and market share growth expected
Challenges Ahead
- Guidance revised to lower end of prior range
- Continued economic uncertainty influencing consumer behavior
- Reduced gross margin due to lower plant leverage
- Ongoing pressure from SG&A and media spend
Historical Earnings Impact
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Avg. Return Before/After Earnings
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