Freshpet, Inc.

freshpet.com

What Do They Do?

Sells fresh, refrigerated dog and cat food and treats to grocery, mass and pet specialty retailers.

How Do They Make Money?

Retailers pay for fresh pet food products delivered to them, either through direct sales or distributor arrangements. Payment is due on a short-term basis.

FY2025 revenue

Who Are Their Customers?

Retailers buy directly or through third-party distributors, then sell through grocery, mass, international, digital, pet specialty and club channels.

Direct customers above 10% of revenue, FY2025

of revenue from two customers (25%, 10%)

FY2024: 48% from two customers

Do Revenues Turn Into Profits?

Yes. It kept 13 cents of every revenue dollar as net income in FY2025 and turned 1 cent into free cash flow.

Operating income, FY2025

7% of revenue

▲ +99% vs FY2024 ($38M, 4%)

Net income, FY2025

13% of revenue

▲ +197% vs FY2024 ($46.9M, 5%)

Free cash flow, FY2025

1% of revenue

▲ Now profitable vs FY2024 (−$32.8M, −3%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +15%; vs $264.7M in Q2 FY2025
Net income: ▲ +19%; vs $16.4M in Q2 FY2025

Growing. Revenue grew 2.6x in 4 years, from $425.5M in FY2021 to $1.1B in FY2025, about 27% a year.

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