Company Reports

With its fresh products, Freshpet is well positioned to capitalize on continued growing pet ownership along with humanization trends by expanding its store footprint and growing its sales per store. It primarily focuses on the $42 billion US dog food market (according to Euromonitor) through company-owned and -maintained refrigerators in 30,721 grocery, mass and club, pet specialty, and natural stores as of June 30, 2026. Of these, 25% had multiple refrigerators. The company has exceeded its market opportunity estimate of at least 30,000 stores, though we forecast nearly 40,000 by the end of our 10-year forecast period given the 46,000 supermarkets in the US alone, not including pet specialty stores.

Freshpet's second-quarter sales grew 15.5% year over year, as a 15.7% volume gain offset lower price/mix. Adjusted EBITDA margin expanded 30 basis points to 17.1% on lower input, operating, and media costs, which outpaced higher startup and logistics costs and variable compensation.

With its fresh products, Freshpet is well positioned to capitalize on continued growing pet ownership along with humanization trends by expanding its store footprint and growing its sales per store. It primarily focuses on the $42 billion US dog food market (according to Euromonitor) through company-owned and -maintained refrigerators in 30,435 grocery, mass and club, pet specialty, and natural stores as of March 31, 2026. Of these, 25% had multiple refrigerators. The company has exceeded its market opportunity estimate of at least 30,000 stores, though we forecast nearly 40,000 by the end of our 10-year forecast period given the 46,000 supermarkets in the US alone, not including pet specialty stores.

Freshpet reported first-quarter revenue of $298 million, up 13.1% year-over-year, as a volume gain of 14.6% offset unfavorable price/mix. However, adjusted EBITDA margin contracted by 80 basis points to 12.7% amid higher variable compensation expense, logistics costs, and media spending.

On March 24, Freshpet shares plunged on worries from increasing competitive threats. The price fell by more than 20% at one point on developments from direct-to-consumer competitor The Farmer's Dog and retail giant Costco.

With its fresh products, Freshpet is well positioned to capitalize on continued growing pet ownership along with humanization trends by expanding its store footprint and growing its sales per store. It primarily focuses on the $42 billion US dog food market (according to Euromonitor) through company-owned and -maintained refrigerators in 30,235 grocery, mass and club, pet specialty, and natural stores as of Dec. 31, 2025. Of these, 24% had more than one refrigerator. The company has exceeded its market opportunity estimate of at least 30,000 stores, though we forecast nearly 40,000 by the end of our 10-year forecast period given the 46,000 supermarkets in the US alone, not including pet specialty stores.

On March 17, the National Advertising Division, an arm of the Better Business Bureau that issues recommendations on advertising accuracy, recommended changes to some of Freshpet's video advertisements following a challenge from competitor The Farmer's Dog.

Freshpet reported fourth-quarter revenue of $285 million, up 8.6% year over year, as volume gains of nearly 10% offset unfavorable price/mix. Adjusted EBITDA margin expanded by 140 basis points to 21.4%.

On Feb. 4, Freshpet announced the appointment of John O'Connor as chief financial officer. Interim CFO Ivan Garcia will remain with the company as senior vice president of finance.

With its fresh products, Freshpet is well positioned to capitalize on continued growing pet ownership along with humanization trends by expanding its store footprint and growing its sales per store. It primarily focuses on the $42 billion US dog food market (according to Euromonitor) through company-owned and -maintained refrigerators in 29,745 grocery, mass and club, pet specialty, and natural stores as of Sept. 30, 2025. Of these, 24% had more than one refrigerator. The company estimates a market opportunity of at least 30,000 stores, though we forecast more than 38,000 by the end of our 10-year forecast period given the 46,000 supermarkets in the US alone, not including pet specialty stores.

Freshpet reported third-quarter revenue of $289 million, up 14% year over year mostly on volume. Adjusted EBITDA margin expanded by 170 basis points to 18.9%. Although lowered guidance reflected market deceleration, shares were up 13% as it looks on track to achieve positive free cash flow.

Freshpet announced that CFO Todd Cunfer would leave the company on Oct. 17 to become Campbell's CFO. Vice President of Finance Ivan Garcia will serve as interim CFO upon Cunfer's departure.

With its fresh products, Freshpet is well positioned to capitalize on continued growing pet ownership along with humanization trends by expanding its store footprint and growing its sales per store. It primarily focuses on the $42 billion US dog food market (according to Euromonitor) through company-owned and -maintained refrigerators in 29,141 grocery, mass and club, pet specialty, and natural stores as of June 30, 2025. As of Dec. 31, 2024, 22% had more than one refrigerator. The company estimates a market opportunity of at least 30,000 stores, though we forecast more than 38,000 by the end of our 10-year forecast period given the 46,000 supermarkets in the US alone, not including pet specialty stores.

Freshpet reported second-quarter revenue growth of 12.5% to $265 million. Adjusted EBITDA margin expanded by 190 basis points to 16.8%. Although updated guidance signaled slower market growth, shares were still up 6% amid improved margins and lower capital spending.

With its fresh products, Freshpet is well positioned to capitalize on continued growing pet ownership along with humanization trends by expanding its store footprint and growing its sales per store. It primarily focuses on the $42 billion US dog food market (according to Euromonitor) through company-owned and -maintained refrigerators in 28,141 grocery, mass and club, pet specialty, and natural stores as of Dec. 31, 2024. Of these, 22% have more than one refrigerator. The company estimates a market opportunity of at least 30,000 stores, though we forecast nearly 38,000 by the end of our 10-year forecast period given the 46,000 supermarkets in the US alone, not including pet specialty stores.

Freshpet reported first-quarter revenue growth of 18% to $263 million. Adjusted EBITDA margin was down 20 basis points to 13.5%. Although the company cut full-year guidance, shares were still up 3.6% on the results amid lowered market expectations.

With its fresh products, Freshpet is well positioned to capitalize on continued growing pet ownership along with humanization trends by expanding its store footprint and growing its sales-per-store. It primarily focuses on the $42 billion US dog food market (2024 estimate according to Euromonitor) through company-owned and -maintained refrigerators in 28,141 grocery, mass and club, pet specialty, and natural stores. Of these, 22% have more than one refrigerator. The company estimates a market opportunity of at least 30,000 stores, though we forecast nearly 38,000 by the end of our 10-year forecast period given the 46,000 supermarkets in the US alone, not including pet specialty stores.

Freshpet reported 2024 revenue growth of 27% to $975 million and adjusted EBITDA margin of 16.6%, up 790 basis points. It expects sales growth of 21%-24% and 17.5% margin for 2025. Longer term, it still guides for 2027 sales of $1.8 billion but increased margin to 22% from 18%.

With its fresh products, Freshpet is well positioned to capitalize on continued growing pet ownership along with humanization trends by expanding its store footprint and growing its sales-per-store. It primarily focuses on the $37 billion US dog food market (2023 estimate according to Euromonitor) through company-owned and -maintained refrigerators in 27,838 grocery, mass and club, pet specialty, and natural stores. The company estimates a market opportunity of at least 30,000 stores, though we forecast at least 36,000 by the end of our 10-year forecast period given the 46,000 supermarkets in the US alone, not including pet specialty stores.

Freshpet's streak of robust top-line growth and margin expansion continued through the third quarter. Net sales were up 26% year on year to $253 million, and adjusted EBITDA expanded 560 basis points to 17.2%. Shares were up a low-double-digit percentage on the results and 75% for the year.