$FRPT

Freshpet, Inc.

CIK:0001611647|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
NET SALES	$ 305,587	$ 264,689	$ 603,231	$ 527,938
COST OF GOODS SOLD	176,893	156,499	353,863	315,960
GROSS PROFIT	128,694	108,190	249,368	211,978
SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES	106,985	90,386	223,328	205,671
INCOME FROM OPERATIONS	21,709	17,804	26,040	6,307
OTHER INCOME (EXPENSES):
Interest and Other Income, net	2,830	2,199	5,713	4,592
Interest Expense	(3,483)	(3,749)	(7,069)	(7,208)
Gain on Equity Investment	4,539	0	66,552	0
TOTAL OTHER INCOME (EXPENSES)	3,886	(1,550)	65,196	(2,616)
INCOME BEFORE INCOME TAXES	25,595	16,254	91,236	3,691
INCOME TAX EXPENSE (BENEFIT)	6,107	(102)	23,240	32
INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	19,488	16,356	67,996	3,659
OTHER COMPREHENSIVE (LOSS) INCOME:
Change in foreign currency translation	(247)	240	(1,040)	451
TOTAL OTHER COMPREHENSIVE (LOSS) INCOME	(247)	240	(1,040)	451
TOTAL COMPREHENSIVE INCOME	$ 19,241	$ 16,596	$ 66,956	$ 4,110
NET INCOME PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS
-BASIC (in dollars per share)	$ 0.40	$ 0.34	$ 1.38	$ 0.08
-DILUTED (in dollars per share)	$ 0.39	$ 0.33	$ 1.29	$ 0.07
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING
-BASIC (in shares)	49,197	48,778	49,129	48,755
-DILUTED (in shares)	55,811	50,198	55,926	50,256

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 19,488	$ 16,356	$ 67,996	$ 3,659
Adjustments to reconcile net income to net cash flows provided by operating activities:
Provision for loss on accounts receivable			14	11,452
Loss on disposal of property, plant and equipment			154	1,229
Share-based compensation			15,516	15,037
Depreciation and amortization			49,954	42,436
Amortization of deferred financing costs			1,113	1,074
Change in operating lease right of use asset			1,638	727
Deferred income taxes	5,400		21,528	0	$ (68,800)
Gain on equity investment	(4,539)	0	(66,552)	0
Changes in operating assets and liabilities:
Accounts receivable			(1,467)	(3,208)
Inventories			(9,991)	(9,400)
Prepaid expenses and other current assets			2,445	(3,913)
Other assets			(3,725)	(3,060)
Accounts payable			(5,554)	2,291
Accrued expenses			12,713	(18,958)
Operating lease liability			(1,028)	(673)
Net cash flows provided by operating activities			84,754	38,693
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sale of equity investment			99,998	0
Acquisitions of property, plant and equipment, software and deposits on equipment			(57,324)	(59,932)
Net cash flows provided by (used in) investing activities			42,674	(59,932)
CASH FLOWS FROM FINANCING ACTIVITIES:
Purchase of treasury stock, inclusive of broker fees			(54,391)	0
Proceeds from exercise of options to purchase common stock			5,985	187
Tax withholdings related to net shares settlements of restricted stock units			(4,632)	(2,860)
Principal payments under finance lease obligations			(1,556)	(1,037)
Net cash flows used in financing activities			(54,594)	(3,710)
NET CHANGE IN CASH AND CASH EQUIVALENTS			72,834	(24,949)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR			277,975	268,633	268,633
CASH AND CASH EQUIVALENTS, END OF PERIOD	350,809	243,684	350,809	243,684	$ 277,975
SUPPLEMENTAL CASH FLOW INFORMATION:
Interest paid, net of amounts capitalized			5,812	5,992
Taxes paid			912	0
Operating right-of-use assets obtained in exchange for lease obligations			0	64,866
NON-CASH FINANCING AND INVESTING ACTIVITIES:
Property, plant and equipment and software purchases in accounts payable and accrued expenses			8,500	9,057
Excise tax on share repurchases included in accrued liabilities	$ 174	$ 0	174	0
Tax withholdings related to net shares settlements of restricted stock units in accrued expenses			24	301
Non-cash addition of finance lease to property, plant and equipment			$ 0	$ 7,236

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
CURRENT ASSETS:
Cash and cash equivalents	$ 350,809	$ 277,975
Accounts receivable, net of allowance for doubtful accounts	65,383	63,762
Inventories, net	86,734	76,766
Prepaid expenses	7,744	9,807
Other current assets	6,396	7,404
Total Current Assets	517,066	435,714
Property, plant and equipment, net	1,146,325	1,138,671
Operating lease right of use assets	64,786	66,424
Long term investment in equity securities	0	33,446
Deferred tax assets, net	47,405	68,893
Other assets	36,833	34,627
Total Assets	1,812,415	1,777,775
CURRENT LIABILITIES:
Accounts payable	36,817	42,429
Accrued expenses	44,116	31,610
Current operating lease liabilities	2,189	2,241
Current finance lease liabilities	2,397	2,315
Total Current Liabilities	85,519	78,595
Convertible senior notes	398,443	397,330
Long term operating lease liabilities	64,046	65,023
Long term finance lease liabilities	26,582	28,075
Deferred tax liabilities, net	129	93
Total Liabilities	574,719	569,116
Commitments and contingencies	0	0
STOCKHOLDERS' EQUITY:
Common stock — voting, $0.001 par value, 200,000 shares authorized, 49,671 issued and 48,625 outstanding on June 30, 2026, and 48,985 issued and 48,970 outstanding on December 31, 2025	49	49
Additional paid-in capital	1,367,847	1,351,201
Accumulated deficit	(74,673)	(142,669)
Accumulated other comprehensive (loss) income	(706)	334
Treasury stock, at cost, inclusive of excise tax and broker fees — 1,046 shares on June 30, 2026 and 14000 shares on December 31, 2025	(54,821)	(256)
Total Stockholders' Equity	1,237,696	1,208,659
Total Liabilities and Stockholders' Equity	$ 1,812,415	$ 1,777,775