Freshpet, Inc. reported its first-ever full-year positive net income of $46.9 million, or $0.94 per share, for the fiscal year ended December 31, 2024, a significant turnaround from a net loss of $33.6 million in the prior year. Full-year net sales increased by 27.2% to $975.2 million, driven by 26.1% volume gains.
The company's operational improvements led to a full-year Adjusted Gross Profit of 46.5% of net sales, up from 40.0% in the prior year, and Adjusted EBITDA of $161.8 million, a 143% increase year-over-year. Freshpet also reported a substantial increase in operating cash flow to $154.3 million, up $78.3 million from the prior year, reinforcing its path to being free cash flow positive in 2026.
Freshpet raised its long-term guidance for fiscal year 2027, now expecting an Adjusted Gross Margin of 48% (up from 45%) and an Adjusted EBITDA Margin of 22% (up from 18%). For full year 2025, the company provided guidance of net sales between $1.18 billion and $1.21 billion, representing 21% to 24% growth, and Adjusted EBITDA of at least $210 million.
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