Logo: https://freshpet.com/, Non-free logo, via Wikipedia5
American pet food company
Freshpet, Inc. is an American pet food company. Its cat food and dog food products are marketed as fresh and need to be kept refrigerated. It is listed on the Nasdaq exchange with the ticker symbol FRPT.3Wikipedia text CC BY-SA 4.0
Freshpet, Inc. is an American pet food company. Its cat food and dog food products are marketed as fresh and need to be kept refrigerated. It is listed on the Nasdaq exchange with the ticker symbol FRPT.3
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Revenue91011128$1.1B in 2025+348% since 2019Gross profit91011128$449.6M in 2025+294% since 2019Operating income91011128$75.7M in 2025Net income91011128$139.1M in 2025
Revenue1314$305.6M in Q2 FY2026+3% since Q1 FY2026Gross profit1314$128.7M in Q2 FY2026+7% since Q1 FY2026Operating income1314$21.7M in Q2 FY2026+401% since Q1 FY2026Net income1314$19.5M in Q2 FY2026−60% since Q1 FY2026
Every line of the income statement as filed: the last 3 fiscal years, latest first.8
Period ending
2025-12-31
2024-12-31
2023-12-31
NET SALES
$1.1B
$975.2M
$766.9M
COST OF GOODS SOLD
$652.4M
$579.2M
$516.0M
GROSS PROFIT
$449.6M
$396.0M
$250.9M
SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES
$374.0M
$358.0M
$281.3M
INCOME (LOSS) FROM OPERATIONS
$75.7M
$38.0M
-$30.4M
Interest and Other Income, net
$9.2M
$11.9M
$13.0M
Interest Expense
-$14.1M
-$12.3M
-$14.1M
Gain on Equity Investment
$0
$9.9M
$0
Other income (expenses)
-$4.9M
$9.5M
-$1.1M
INCOME (LOSS) BEFORE INCOME TAXES
$70.8M
$47.5M
-$31.5M
INCOME TAX (BENEFIT) EXPENSE
-$68.4M
$598.0K
$210.0K
LOSS ON EQUITY METHOD INVESTMENT
$0
$0
$1.9M
INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS
$139.1M
$46.9M
-$33.6M
Change in foreign currency translation
$1.1M
-$196.0K
-$2.0M
TOTAL OTHER COMPREHENSIVE INCOME (LOSS)
$1.1M
-$196.0K
-$2.0M
TOTAL COMPREHENSIVE INCOME (LOSS)
$140.3M
$46.7M
-$35.6M
-BASIC (in dollars per share)
$2.85
$0.97
-$0.70
-DILUTED (in dollars per share)
$2.64
$0.93
-$0.70
-BASIC (in shares)
48.8M shares
48.5M shares
48.2M shares
-DILUTED (in shares)
56.0M shares
50.3M shares
48.2M shares
No quarter-by-quarter statement was filed.
Total assets1591011128$1.8B in 2025+653% since 2019Total liabilities1591011128$569.1M in 2025+443% since 2019Shareholders’ equity1011128$1.2B in 2025+821% since 2019Cash1591011128$278.0M in 2025+2835% since 2019Long-term debt15$0 in 2020
Total assets1314$1.8B in Q2 FY2026+2% since Q1 FY2025Total liabilities1314$574.7M in Q2 FY2026+1% since Q1 FY2025Shareholders’ equity1314$1.2B in Q2 FY2026+2% since Q1 FY2025Cash1314$350.8M in Q2 FY2026+26% since Q1 FY2025
Every line of the balance sheet as filed: the last 5 fiscal years (annual) or 5 quarters (quarterly), latest first.8
Period ending
2025-12-31
2024-12-31
2023-12-31
2023-03-31
2022-12-31
Cash and cash equivalents
$278.0M
$268.6M
Accounts receivable, net of allowance for doubtful accounts
$63.8M
$68.4M
Inventories, net
$76.8M
$80.8M
Prepaid expenses
$9.8M
$16.0M
Other current assets
$7.4M
$3.1M
Total Current Assets
$435.7M
$437.0M
Property, plant and equipment, net
$1.1B
$1.1B
Deposits on equipment
$118.0K
$1.0M
Operating lease right of use assets
$66.4M
$3.4M
Long term investment in equity securities
$33.4M
$33.4M
Deferred tax assets, net
$68.9M
$0
Other assets
$34.5M
$34.2M
Total Assets
$1.8B
$1.6B
Accounts payable
$42.4M
$39.2M
Accrued expenses
$31.6M
$56.3M
Current operating lease liabilities
$2.2M
$1.3M
Current finance lease liabilities
$2.3M
$2.1M
Total Current Liabilities
$78.6M
$98.9M
Convertible senior notes
$397.3M
$395.2M
Long term operating lease liabilities
$65.0M
$2.2M
Long term finance lease liabilities
$28.1M
$23.3M
Deferred tax liabilities, net
$93.0K
$0
Total Liabilities
$569.1M
$519.5M
Commitments and contingencies
$0
$0
Common stock voting, $0.001 par value, 200,000 shares authorized, 48,985 issued and 48,970 outstanding on December 31, 2025, and 48,716 issued and 48,702 outstanding on December 31, 2024
$49.0K
$49.0K
Additional paid-in capital
$1.4B
$1.3B
Accumulated deficit
-$142.7M
-$281.8M
Accumulated other comprehensive income (loss)
$334.0K
-$787.0K
Treasury stock, at cost 14 shares on December 31, 2025 and on December 31, 2024
-$256.0K
-$256.0K
Total Stockholders' Equity
$1.2B
$1.1B
$953.5M
$1.0B
Total Liabilities and Stockholders' Equity
$1.8B
$1.6B
Common stock, par value (in dollars per share)
$0.00
$0.00
$0.00
Common stock, authorized (in shares)
200.0M shares
200.0M shares
Common stock, issued (in shares)
49.0M shares
48.7M shares
Common stock, outstanding (in shares)
49.0M shares
48.7M shares
Treasury stock (in shares)
14.0K shares
14.0K shares
Period ending
2025-12-31
2024-12-31
2023-12-31
2023-03-31
2022-12-31
Cash and cash equivalents
$278.0M
$268.6M
Accounts receivable, net of allowance for doubtful accounts
$63.8M
$68.4M
Inventories, net
$76.8M
$80.8M
Prepaid expenses
$9.8M
$16.0M
Other current assets
$7.4M
$3.1M
Total Current Assets
$435.7M
$437.0M
Property, plant and equipment, net
$1.1B
$1.1B
Deposits on equipment
$118.0K
$1.0M
Operating lease right of use assets
$66.4M
$3.4M
Long term investment in equity securities
$33.4M
$33.4M
Deferred tax assets, net
$68.9M
$0
Other assets
$34.5M
$34.2M
Total Assets
$1.8B
$1.6B
Accounts payable
$42.4M
$39.2M
Accrued expenses
$31.6M
$56.3M
Current operating lease liabilities
$2.2M
$1.3M
Current finance lease liabilities
$2.3M
$2.1M
Total Current Liabilities
$78.6M
$98.9M
Convertible senior notes
$397.3M
$395.2M
Long term operating lease liabilities
$65.0M
$2.2M
Long term finance lease liabilities
$28.1M
$23.3M
Deferred tax liabilities, net
$93.0K
$0
Total Liabilities
$569.1M
$519.5M
Commitments and contingencies
$0
$0
Common stock voting, $0.001 par value, 200,000 shares authorized, 48,985 issued and 48,970 outstanding on December 31, 2025, and 48,716 issued and 48,702 outstanding on December 31, 2024
$49.0K
$49.0K
Additional paid-in capital
$1.4B
$1.3B
Accumulated deficit
-$142.7M
-$281.8M
Accumulated other comprehensive income (loss)
$334.0K
-$787.0K
Treasury stock, at cost 14 shares on December 31, 2025 and on December 31, 2024
-$256.0K
-$256.0K
Total Stockholders' Equity
$1.2B
$1.1B
$953.5M
$1.0B
Total Liabilities and Stockholders' Equity
$1.8B
$1.6B
Common stock, par value (in dollars per share)
$0.00
$0.00
$0.00
Common stock, authorized (in shares)
200.0M shares
200.0M shares
Common stock, issued (in shares)
49.0M shares
48.7M shares
Common stock, outstanding (in shares)
49.0M shares
48.7M shares
Treasury stock (in shares)
14.0K shares
14.0K shares
Cash from operations91011128$160.6M in 2025+884% since 2019
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.8
Period ending
2025-12-31
2024-12-31
2023-12-31
Net income (loss)
$139.1M
$46.9M
-$33.6M
Provision for loss (gains) on accounts receivable
$12.1M
$467.0K
-$2.0K
Loss on disposal of property, plant and equipment
$2.2M
$1.3M
$4.3M
Share-based compensation
$13.9M
$51.8M
$24.9M
Depreciation and amortization
$89.7M
$73.6M
$58.5M
Write-off and amortization of deferred financing costs
$2.2M
$2.1M
$4.1M
Change in operating lease right of use asset
$2.3M
$1.4M
$1.5M
Deferred income taxes
-$68.8M
$0
$0
Inventory obsolescence
$0
$347.0K
$0
Gain on equity investment
$0
-$9.9M
$0
Loss on equity method investment
$0
$0
$1.9M
Accounts receivable
-$6.9M
-$12.2M
$820.0K
Inventories
$3.8M
-$15.5M
-$1.2M
Prepaid expenses and other current assets
-$1.3M
$269.0K
-$2.2M
Other assets
-$4.1M
-$5.1M
-$4.1M
Accounts payable
$1.3M
$12.5M
$3.5M
Accrued expenses
-$23.4M
$7.8M
$19.2M
Operating lease liability
-$1.7M
-$1.5M
-$1.8M
Net cash flows provided by operating activities
$160.6M
$154.3M
$75.9M
Acquisitions of property, plant and equipment, software and deposits on equipment
-$148.2M
-$187.1M
-$239.1M
Purchase of short-term investments
$0
$0
-$113.4M
Proceeds from maturities of short-term investments
$0
$0
$113.4M
Net cash flows used in investing activities
-$148.2M
-$187.1M
-$239.1M
Proceeds from exercise of options to purchase common stock
$2.1M
$9.1M
$4.5M
Tax withholdings related to net shares settlements of restricted stock units
-$3.0M
-$2.6M
-$1.4M
Principal payments under finance lease obligations
-$2.1M
-$2.0M
-$1.1M
Purchase of capped call options
$0
$0
-$66.2M
Proceeds from issuance of convertible senior notes
$0
$0
$393.5M
Debt issuance costs
$0
$0
-$2.0M
Net cash flows (used in) provided by financing activities
-$3.0M
$4.6M
$327.3M
NET CHANGE IN CASH AND CASH EQUIVALENTS
$9.3M
-$28.2M
$164.1M
Taxes paid
$910.0K
$193.0K
$308.0K
Interest paid, net of amounts capitalized
$11.5M
$10.2M
$9.3M
Operating right-of-use assets obtained in exchange for lease obligations
$65.4M
$1.8M
$0
Property, plant and equipment and software purchases in accounts payable and accrued expenses
$9.3M
$7.8M
$19.3M
Non-cash addition of finance lease to property, plant and equipment
$7.2M
$0
$29.2M
Tax withholdings related to net shares settlements of restricted stock units in accrued expenses
Freshpet sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of Freshpet
WASATCH ADVISORS LPFiled SCHEDULE 13G/A on Freshpet, latest Jul 15, 2026 (7 filings since Feb 11, 2022)
ARMISTICE CAPITAL, LLCFiled SC 13G/A on Freshpet, latest Feb 14, 2024 (3 filings since Sep 23, 2022)
FreshpetSecaucus, New Jersey, United States
Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What Freshpet reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
We lease our corporate headquarters in Bedminster, New Jersey, which contribute right of use assets and lease liabilities.
In August 2025, we entered into a lease arrangement for a to-be constructed warehouse space, which will contribute right of use assets and lease liabilities upon lease commencement, which is currently anticipated to occur during the first quarter of 2027.
The rest of Item 2
We own the Freshpet Kitchens Bethlehem ("Kitchens 1.0" and "Kitchens 2.0"). Kitchens 1.0 is approximately a 100,000 square-foot manufacturing facility, and Kitchens 2.0 is approximately a 140,000 square-foot manufacturing facility, both located in Bethlehem, Pennsylvania (together, the "Freshpet Kitchens Bethlehem").
Additionally we own a second location in Ennis, Texas ("Freshpet Kitchens Ennis"), that will be completed in 3 phases. Phase 1 had one line commissioned during 2022 and the remaining two lines were completed during 2023, subsequent to which, the Freshpet Kitchens Ennis facility represents approximately 400,000 square-feet. Phase 2 commissioning was initiated in 2024 with the addition of two lines, with the balance of Phase 2 and Phase 3 planned for completion over the next several years. At the completion of phase 2 and 3, the Freshpet Kitchens Ennis facility will grow by approximately 400,000 square-feet.
We believe that our properties have been adequately maintained, are in good condition generally and are suitable and adequate for our business as presently conducted.
Freshpet was founded in Secaucus, New Jersey, in 2006 by Scott Morris, Cathal Walsh, and John Phelps, former pet food executives. It opened a factory in Quakertown, Pennsylvania, in 2006 and another in Bethlehem, Pennsylvania in 2013. Freshpet went public on the NASDAQ in November 2014, raising $164 million in its IPO with a market capitalization of $447 million.
In February 2020, the company was given a grant of $2.1 million by the Texas Enterprise Fund to build a plant in Ennis, Texas south of Dallas. In 2020, the company reported revenue of almost $319 million, an increase of about 30% and a net income loss of $3.19 million, up 130% on the previous year. It also reported losses in the four preceding years. In 2024, the company moved its headquarters to Bedminster, New Jersey.
Freshpet's cat food and dog food products are marketed as fresh, requiring refrigeration since the company's products have no preservatives. Freshpet was the first to distribute pet food in the fresh and refrigerated category across North America. After a 2007 crisis of wet and dried dog food tainted by melamine, Freshpet's uncontaminated fresh food products experienced rapid growth in many of stores carrying them.
As of 2021, the company's pet-food brands include Freshpet, Dog Joy, DogNation, Spring & Sprout, Vital, Homestyle Creations, and Nature's Fresh.
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
425 filings to the SEC since October 2021: 8 annual reports, 15 quarterly reports, 49 major events, 196 insider forms, 59 large holders, 98 other. The latest 20:
67 open-market trades by officers, directors and large owners since October 2021: 30 buys and 37 sales. Grants, option exercises and gifts are left out.
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
From the cover page of the 10-K filed Feb 23, 2026 (Section 12(b) of the Exchange Act).16
Risk factors and legal proceedings
The risks Freshpet names in Item 1A of its 10-K filed Feb 23, 2026: 36 risks under these headings, as written.16
Risks Related to our Growth Strategy and Need for Capital
We may not be able to successfully implement our growth strategy on a timely basis or at all.
We expect to need capital in the future for business development, and we may not be able to generate sufficient cash flow or raise capital on acceptable terms to meet our needs.
Loss of our key executive officers or personnel, or an inability to attract and retain such management and other personnel, could negatively affect our business.
Risks Related to Competition in Our Industry
The pet food product category in which we participate is highly competitive. If we are unable to compete effectively, our results of operations could be adversely affected.
Our operating results depend, in part, on the sufficiency and effectiveness of our marketing and trade spending programs.
Risks Related to our Products and Customers
Our business depends on our ability to introduce new products and improve existing products in anticipation of changes in consumer preferences and demographics.
If we fail to develop and maintain our brand, or the quality of our products that customers have come to expect, our business could suffer.
The loss of a significant customer or distributor, certain actions by a significant customer or distributor, or financial difficulties of a significant customer or distributor could adversely affect our results of operations.
If we are unable to maintain or increase prices for our products, our results of operations may be adversely affected.
The other 27 risks
If our products are alleged to cause injury or illness, be mislabeled or misbranded, or fail to comply with governmental regulations, we may suffer adverse public relations, need to recall our products and experience product liability claims.
Risks Related to our Manufacturing and Supply Chain
We may not be able to successfully implement initiatives to improve productivity and product quality, to streamline operations, or to control or reduce costs. Failure to successfully implement such initiatives could adversely affect our results of operations.
Our manufacturing capacity and expansion plans could have a material adverse effect on our business, financial condition and results of operations.
The inputs, commodities and ingredients that we require are subject to macroeconomic factors, government regulation, and other factors outside of our or our suppliers' control, including but not limited to, price increases, inflationary and interest rate pressures, tariffs, trade wars, product or agricultural industry labor shortages, livestock disease or pestilence, any of which could adversely affect our results of operations.
If we do not manage our supply chain effectively, including inventory levels, our business, financial condition and results of operation may be adversely affected.
Adverse weather conditions, natural disasters, livestock disease, pestilences, global or local pandemics and other natural conditions can disrupt our operations, which can adversely affect our business, financial condition and results of operations.
If the operating capacity or reputation of our Freshpet Fridges is harmed, our business, financial condition and results of operations may suffer.
If the ingredients we use in our products are contaminated, alleged to be contaminated or are otherwise rumored to have adverse effects, our results of operations could be adversely affected.
Outbreaks of animal diseases could have a material adverse effect on our business, financial condition and results of operations.
We rely on co-packers to provide our supply of certain products and distributors to sell some of our products in certain channels. Any failure by co-packers or distributors to fulfill their obligations or any termination or renegotiation of their agreements could adversely affect our results of operations.
Failure by our transportation providers to deliver our products on time or at all could result in lost sales.
Disruptions in the U.S. and international economy may adversely affect our business, results of operations, and financial condition.
Our ability to meet our workforce needs, particularly for staffing our Freshpet Kitchens, is crucial
Risks Related to Government Regulation and Legal Proceedings
Government regulation, scrutiny, warnings and public perception could increase our costs of production and increase legal and regulatory expenses.
From time to time, we may be subject to litigation, government investigations or governmental proceedings, which may adversely impact our results of operations and financial condition.
Risks Related to Intellectual Property
If we are not successful in protecting our intellectual property rights, our business, financial conditions and results of operations may be harmed.
Risks Related to our International Operations
We may face difficulties as we expand into countries in which we have no prior operating experience.
Risks Related to Environmental Regulation and Environmental Risks
We are subject to environmental regulation and environmental risks, which may adversely affect our business. Climate change or evolving views or concerns regarding climate change may increase environmental risks and environmental regulation of such risks.
Risks Related to Information Technology and Cyber Security
Our business operations could be disrupted if our information technology systems fail to perform adequately.
We are subject to cyber security risks and may incur increasing costs in an effort to minimize those risks.
Our increasing use of artificial intelligence ("AI") technologies presents operations, legal, ethical and reputational risks that could adversely affect our business.
Risks Related to our NOLs
We may be unable to use some or all of our net operating loss carryforwards, which could adversely affect our financial results.
Risks Related to Interest Rates
Changes in interest rates may adversely affect our earnings and cash flows.
Risks Related to Ownership of Our Common Stock
Our quarterly operating results may fluctuate significantly and could fall below the expectations of securities analysts and investors due to various factors that are beyond our control, resulting in a decline in our stock price.
The price of our common stock has been and may continue to be volatile and you may lose all or part of your investment.
Actions of activist stockholders have in the past and could in the future cause us to incur substantial costs, divert management's attention and resources, and have an adverse effect on our business.
Future offerings of debt securities, which would rank senior to our common stock upon our bankruptcy or liquidation, and future offerings of equity securities, which may be senior to our common stock for the purposes of dividend and liquidating distributions, may adversely affect the market price of our common stock.
Legal proceedings
We are currently involved in various claims and legal actions that arise in the ordinary course of our business. While the results of such litigation proceedings cannot be predicted with certainty, management believes none of these claims or proceedings are expected to have a material adverse effect on our business, financial condition, results of operations or cash flows. See also “Item 1A. Risk Factors” and "Note 10 - Commitments and Contingencies - Legal Obligations" to our Consolidated Financial Statements for a discussion of certain legal proceedings involving the Company.
