Vital Farms Inc

vitalfarms.com

What Do They Do?

Sells eggs and butter sourced from family farms to retail customers and foodservice operators.

How Do They Make Money?

Retailers, distributors and foodservice customers place purchase orders for products; the company counts sales when products are delivered.

revenue

Segment	Share	Revenue	How money arrives
Eggs and Egg Related Products Sold outright	97% FY2022: 94%		Sold outright
Butter and Butter Related Products Sold outright	3.5% FY2022: 6.3%		Sold outright

Who Are Their Customers?

Retailers are reached through brokers and distributors, with mainstream retailers served through deliveries to their distribution centers and natural retailers mainly through food distributors. Foodservice operators are also reached through distributors.

Do Revenues Turn Into Profits?

Yes. It kept 9 cents of every revenue dollar as net income in FY2025, but spent more cash than it brought in: free cash flow was −$48.2M.

Operating income, FY2025

12% of revenue

▲ +39% vs FY2024 ($63.6M, 10%)

Net income, FY2025

9% of revenue

▲ +24% vs FY2024 ($53.4M, 9%)

Free cash flow, FY2025

−6% of revenue

▼ Now a loss vs FY2024 ($36.2M, 6%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 28, 2026

Revenue: ▼ −10%; vs $184.8M in Q2 FY2025
Net income: ▼ Now a loss; vs $16.6M in Q2 FY2025

Eggs and Egg Related Products share of revenue vs 96.6% in Q2 FY2025

Aug 6, 2026 Vital Farms reiterated its fiscal 2026 outlook It reiterated net revenue outlook of $775 million to $800 million and adjusted EBITDA outlook of $0 million to $10 million.
May 7, 2026 Vital Farms plans to wind down its butter business The discontinuation is expected to be substantially completed by the end of fiscal 2026.

Growing. Revenue grew 2.9x in 4 years, from $260.9M in FY2021 to $759.4M in FY2025, about 31% a year.

Revenue over time

Eggs and Egg Related Products Butter and Butter Related Products

$1B$500M$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Cal-Maine Foods and Ornua Co-operative

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