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Freshpet (FRPT) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 4, 2026 · Freshpet (FRPT) Q3 2026 earnings results →
Q3 2026 Revenue up 10% year over year to $318M · 9¢ of every $1 of revenue kept as net profit · operating margin 11.1%
Freshpet made $318M in Q3 2026 (+10% Y/Y). Operating margin 11.1%, net earnings $29.7M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 4, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $317.8M in Q3 2026, up 10% year over year and up 4% from the previous quarter.
Gross margin was 44.5%, up 4.9 points from Q3 2025. Operating profit was $35.1M, a 11.1% margin (up 2.4 points year over year). Of the extra revenue versus Q3 2025, 35% reached operating profit, above the 9% margin then. Operating expenses grew 19% against revenue growth of 10%. Net earnings were $29.7M, down 71% year over year. The effective tax rate was 13.7%.
Operating cash flow was $60.8M (down 9% year over year), 205% of net earnings. Non-cash charges added back $23.8M of depreciation and amortization and $5.9M of share-based compensation. Capital expenditures of $22.9M left free cash flow of $37.8M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 4, 2026 | $318M | +10% | 11.1% | $29.7M | $60.8M |
| Q2 2026 | 10-Q | Aug 5, 2026 | $306M | +16% | 7.1% | $19.5M | $44.4M |
| Q1 2026 | 10-Q | May 6, 2026 | $298M | +13% | 1.5% | $48.5M | $40.3M |
| Q4 2025 | 10-K | Feb 23, 2026 | $285M | +9% | 15.6% | $33.8M | $55.1M |
| Q3 2025 | 10-Q | Nov 3, 2025 | $289M | +14% | 8.6% | $102M | $66.8M |
| Q2 2025 | 10-Q | Aug 4, 2025 | $265M | +12% | 6.7% | $16.4M | $33.9M |
| Q1 2025 | 10-Q | May 5, 2025 | $263M | +18% | -4.4% | −$12.7M | $4.8M |
Charts
Interactive views
The same charts as the app — open one to draw it.
💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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Customers and suppliers named in filings
Sells to
- COST — 25% of its revenue · Stated in 10-K (sentence) · source
- WMT — 10% of its revenue · Stated in 10-K (sentence) · source
About Freshpet
Freshpet, Inc. (“Freshpet,” the “Company,” "we" or "our") is disrupting the over $56.0 billion United States pet food industry by driving consumers to reassess conventional dog and cat food offerings that have remained essentially unchanged for decades. We position our brand to benefit from mainstream trends of growing pet humanization and consumer focus on health and wellness. We price our products to be accessible to the average consumer, providing us with broad demographic appeal and allowing us to penetrate multiple classes of retail, including grocery, mass, international, digital, pet specialty, and club. We have successfully expanded our network of Freshpet Fridges within leading blue-chip retail chains.
In its own words, from its 10-K, filed Feb 23, 2026.
Freshpet against its Grain Mill Products peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +10% against the peers' median -1%. Operating margin: 11.1% against the peers' median 11.2%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| FRPT Freshpet | Q3 2026 | $318M | +10% | 11.1% |
| GIS General Mills | Q1 FY27 | $4.4B | -3% | 14.4% |
| POST Post Holdings | Q3 FY26 | $1.9B | -2% | 9.7% |
| INGR Ingredion | Q3 2026 | $1.8B | -1% | 11.2% |
Source: Freshpet 10-Q on SEC EDGAR · CIK 1611647 · Grain Mill Products
Guidance and outlook
13F: who owns FRPT and who is buying
More on FRPT
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results