Freshpet, Inc. (FRPT) Earnings
Freshpet, Inc. is expected to report next earnings on August 3, 2026 (in NaN days), with a consensus EPS estimate of $0.22. FRPT has beaten EPS estimates in 2 of its last 12 reported quarters (average surprise +123.4% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 6, 2026 | $0.06 | $0.04 | -33.3% | $298M | +2.0% |
| Feb 20, 2025 | $0.44 | $0.36 | -18.2% | $263M | -4.6% |
| Feb 26, 2024 | $0.05 | $0.31 | +520.0% | $215M | +5.4% |
| Feb 27, 2023 | $-0.08 | $-0.06 | +25.0% | $166M | +9.0% |
| Nov 1, 2022 | $-0.23 | $-0.39 | -69.6% | $151M | +2.3% |
| May 2, 2022 | $-0.36 | $-0.40 | -11.1% | $132M | +4.4% |
| Feb 28, 2022 | $-0.14 | $-0.21 | -50.0% | $116M | -0.5% |
| May 3, 2021 | $-0.03 | $-0.26 | -900.0% | $93M | -83.3% |
| Feb 22, 2021 | $0.07 | $-0.08 | -214.3% | $85M | -61.5% |
| May 4, 2020 | $-0.08 | $-0.10 | -26.0% | $70M | +21.2% |
| Feb 25, 2020 | $0.17 | $0.12 | -29.4% | $66M | -29.4% |
| Feb 26, 2019 | $0.09 | $0.05 | -44.4% | $52M | -44.4% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · May 6, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- Off to a strong start to the year and well-positioned in the growing fresh pet food market. - Built on manufacturing scale, fridge network, and first mover advantage. - Shifted commercial model with changes in media mix, messaging, and distribution. - Marketing model based on advertising driving household growth. - New campaign 'Kitchen Conversations' launched. - Manufacturing technology breakthroughs with new lines starting up and plans for more conversions. - Strong growth in household penetration, buy rate, and MVPs. - Retail footprint with 30,435 stores and 25% of stores having multiple fridges.
Guidance
- Raised net sales guidance range from 7%-10% growth to 8%-11% growth year-over-year. - Reiterated adjusted EBITDA guidance of 205-215 million. - Expect capital expenditures to be approximately $150 million this year. - Adjusted EBITDA dollars and margin expected to improve sequentially for the remainder of the year. - Media as a percent of sales still expected to be roughly in line with 2025 at ~12.5% of net sales and front half weighted. - Elevated logistics costs expected for remainder of the year due to increased fuel costs. - Confident in achieving net sales growth well in excess of U.S. dog food category growth, at least 48% adjusted gross margin, and adjusted EBITDA margin of 20-22% for fiscal year 2027.
Segment performance
First quarter net sales were 297.6 million, up 13.1% year over year, primarily driven by volume. Adjusted gross margin in the first quarter was 46.9% compared to 45.7% in the prior year period. Adjusted EBITDA in the first quarter was 37.9 million, up 2.4 million year-over-year. Year-to-date, household penetration was 16.1 million households, up 8% year over year, and total buy rate was approximately $114, up 6% year over year. MVPs are 2.5 million households, up 13% year-over-year, and have an average buy rate of $513. Digital orders grew 43% and accounted for 16.1% of total business, up from 14.6% in the fourth quarter.
Risks & headwinds
- Macro environment is volatile, which could impact consumer buying habits and the business. - Potential shifts in consumer willingness to trade up need to be watched. - Input cost pressures, such as on logistics and packaging, need to be monitored and addressed. - Uncertainty around the impact of new competition entering the market. - Risks associated with forward-looking statements, including actual results differing from expectations.
Analyst Q&A
Q: Talk about competitive environment and performance in stores with new competition, and innovation plans.
A: Broad portfolio and distribution insulate from competition.
Q: Expand on media leverage signs.
A: Changes in messaging, CAC down, ROAS up, growth from millennials and MVPs.
Q: Top-line guidance informed by better-than-expected 1Q, visibility on balance of year.
A: Guidance informed by Nielsen data, household panel, and macro factors.
Q: Consumption acceleration factors and pet category outlook.
A: Fundamentals like advertising, household penetration, buy rate; category still pressured but online growing.
Q: EBITDA margin target for 2027 and staffing/costs.
A: Can get leverage on staffing, new tech capital costs depreciated.
Q: Decision-making on expediting new manufacturing technology.
A: Factors include yield, throughput, quality, return on invested capital.
Q: Logistics cost environment and impact.
A: Fuel costs embedded, weather events caused driver shortages.
Q: Omnichannel unit economics and distribution gain outlook.
A: Omnichannel focuses on MVPs, e-commerce through fridge network; distribution gain with retail lifestyle expansion.
Q: Pricing and manufacturing scale advantage.
A: Comfortable with current pricing, manufacturing scale and R&D give advantage.
Q: Light version new technology and club fridge expansion.
A: Light version benefits in 2027, club fridges open opportunity.
Q: Omni-channel growth fridge capacity and retailer interest.
A: Interest in multiple fridges, retailers seeking to maximize holding capacity.
Q: SG&A cadence and omnichannel investment.
A: Media front half-weighted, other G&A generally flat sequentially.
Q: Technology impact on product range and forms in pet food.
A: New tech enables wider product range and innovation; fresh frozen remains gold standard.
Q: Omnichannel unit economics with Tractor Supply and new tech bagged capacity.
A: Tractor Supply go-to-market strategy similar, new tech bagged capacity low currently and ramp not linear.