Freshpet had a strong fiscal year 2024, with significant growth in net sales, household penetration, and profitability. The company improved its adjusted gross margin significantly and expanded its distribution and capacity. Although there are challenges in the pet specialty channel and a temporary inventory-related impact on gross margin, the overall outlook remains positive.

Company Guidance

In the recent earnings call, Freshpet provided a comprehensive update on its fiscal year 2024 performance and guidance for 2025. The company reported net sales of $975 million, up 27% year-over-year, predominantly driven by volume growth and household penetration, with 2 million new households added. Adjusted gross margin saw a significant improvement, increasing by 650 basis points to 46.5% for the year. Freshpet achieved an adjusted EBITDA of $161.8 million, marking a 143% increase from the previous year. For 2025, Freshpet projects net sales of $1.18 billion to $1.21 billion, representing a 21% to 24% growth, and an adjusted EBITDA of at least $210 million. The company also expects capital expenditures of approximately $250 million, with plans to be free cash flow positive by 2026. Freshpet remains optimistic about its long-term growth, raising its 2027 margin targets to a 48% adjusted gross margin and a 22% adjusted EBITDA margin.

Strong Full Year 2024 Results

Freshpet reported a 27% year-over-year increase in net sales, reaching $975 million, and achieved profitability with a net income of $0.94 per share. Adjusted EBITDA increased by 143% to $161.8 million.

Record Household Penetration

Freshpet added approximately 2 million new households, with 800,000 being super heavy and heavy users, marking the largest household penetration gains on record.

Significant Adjusted Gross Margin Improvement

The company improved its adjusted gross margin by 650 basis points year-over-year, reaching 46.5% for fiscal 2024, and exceeded its fiscal 2027 target three years early.

Expansion of Distribution and Capacity

Freshpet added over 1,300 new stores and 2,300 new fridges, with a total of 28,141 stores and 36,544 fridges by year-end 2024. The company also successfully started up new roll lines and plans to expand capacity further.

Positive Outlook for Fiscal Year 2025

The company expects net sales growth of 21% to 24% year-over-year for fiscal 2025, with adjusted EBITDA of at least $210 million, and is on track to achieve $1.8 billion in net sales by fiscal year 2027.

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Freshpet (FRPT) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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FRPT Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
May 12, 2025	2025 (Q1)	0.20 / -	0.37	―	―	―
Feb 20, 2025	2024 (Q4)	0.41 / 0.36	0.31	16.13% (+0.05)
Nov 04, 2024	2024 (Q3)	0.15 / 0.24	-0.15	260.00% (+0.39)
Aug 05, 2024	2024 (Q2)	-0.04 / -0.03	-0.35	91.43% (+0.32)
May 06, 2024	2024 (Q1)	-0.23 / 0.37	-0.52	171.15% (+0.89)
Feb 26, 2024	2023 (Q4)	0.07 / 0.31	-0.06	616.67% (+0.37)
Nov 06, 2023	2023 (Q3)	-0.16 / -0.15	-0.39	61.54% (+0.24)
Aug 07, 2023	2023 (Q2)	-0.41 / -0.35	-0.45	22.22% (+0.10)
May 08, 2023	2023 (Q1)	-0.40 / -0.52	-0.4	-30.00% (-0.12)
Feb 27, 2023	2022 (Q4)	-0.07 / -0.06	-0.21	71.43% (+0.15)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

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FRPT Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Feb 20, 2025	$130.57	$106.39	-18.52%
Nov 04, 2024	$133.69	$150.57	+12.63%
Aug 05, 2024	$122.10	$121.41	-0.57%
May 06, 2024	$109.58	$121.03	+10.45%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

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