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Freshpet cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$37.8M in Q3 2026 · $67.3M over twelve months

Operating cash flow$60.8M
Capital spending−$22.9M
Free cash flow+$37.8M
Cash / net income2.0×
Cash conversion cycle47 days

Analysis

In Q3 2026, Freshpet generated $60.8M of operating cash flow and spent $22.9M on capital projects, leaving free cash flow of $37.8M. That is $6.3M more than in Q3 2025 ($31.6M).

Over the twelve months to Sep 30, 2026, operating cash flow was $201M; the largest uses were capital spending ($133M), other financing ($102M), taxes on employees’ shares ($4.6M); besides operations, cash came from other investing ($100M), shares issued ($13.6M); the cash balance rose by $71.3M.

Operating cash flow was $60.8M against net income of $29.7M — 2.0× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$23.8M, inventory −$7.7M, accrued liabilities +$6.9M.

Its cash conversion cycle was 47 days (receivables 19 + inventory 47 − payables 19).

Free cash flow

Freshpet: free cash flow by quarterFreshpet: free cash flow by quarter−$7.9MQ4 2024−$21.7MQ1 2025$445KQ2 2025$31.6MQ3 2025$2.1MQ4 2025$12.7MQ1 2026$14.7MQ2 2026$37.8MQ3 2026
Operating cash flow less capital spending.
Freshpet: operating cash flow against capital spendingFreshpet: operating cash flow against capital spendingOperating cash flowCapital spending$50.4M$58.3MQ4 2024$4.8M$26.5MQ1 2025$33.9M$33.4MQ2 2025$66.8M$35.2MQ3 2025$55.1M$53.0MQ4 2025$40.3M$27.6MQ1 2026$44.4M$29.7MQ2 2026$60.8M$22.9MQ3 2026
Latest (Q3 2026): Operating cash flow $60.8M, Capital spending $22.9M.

Capital allocation, year by year

Freshpet: where the cash came from (up) and went (down), by fiscal yearFreshpet: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingFY2021: Operating cash flow $647KFY2021: Shares issued $334MFY2021: Capital spending −$322M$335MFY2021FY2022: Operating cash flow −$43.2MFY2022: Shares issued $338MFY2022: Capital spending −$230M$338MFY2022FY2023: Operating cash flow $75.9MFY2023: Net borrowing $392MFY2023: Shares issued $4.5MFY2023: Capital spending −$239M$473MFY2023FY2024: Operating cash flow $154MFY2024: Net borrowing −$2.0MFY2024: Shares issued $9.1MFY2024: Capital spending −$187M$163MFY2024FY2025: Operating cash flow $161MFY2025: Net borrowing −$2.1MFY2025: Shares issued $2.1MFY2025: Capital spending −$148M$163MFY2025
Over these 5 years operating cash flow totalled $348M; the largest uses were capital spending ($1.1B) and operating cash flow ($43.2M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$346M
Debtnone
Net cash$346M

Freshpet funds itself: free cash flow was $67.3M over the last twelve months, with $346M of cash and investments and no debt on the balance sheet.

Where the cash came from and went

Freshpet: sources (+) and uses (−) of cash, Q3 2026Freshpet: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$60.8MBuybacks−$47.9MCapital spending−$22.9MShares issued$5.8MCash drawn (+) / kept (−)$4.9MNet borrowing (+) / repaid (−)−$583KTaxes on employees’ shares−$31K
Freshpet: sources (+) and uses (−) of cash, TTM to Q3 2026Freshpet: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$201MCapital spending−$133MOther financing−$102MOther investing$100MCash drawn (+) / kept (−)−$71.3MShares issued$13.6MTaxes on employees’ shares−$4.6MNet borrowing (+) / repaid (−)−$2.7M

From profit to cash

Freshpet: net income to operating cash flow, Q3 2026Freshpet: net income to operating cash flow, Q3 2026Net income$29.7MDepreciation & amortization$23.8MStock-based pay$5.9MDeferred taxes$4.4MGains on disposals$510KReceivables−$3.3MInventory−$7.7MPayables$4.5MAccrued liabilities$6.9MPrepaid and other assets−$3.1MOperating cash flow$60.8M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202619471947
Q2 202619431944
Q1 202620402040
Q4 202521422142
Q3 202520421943
Q2 202521502546
Q1 202522462345
Q4 202423472347

Every quarter

QuarterOperating cash flowCapital spendingBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$60.8M−$22.9M−$47.9M−$583K$5.8M$4.9M$37.8M
Q2 2026$44.4M−$29.7M—−$572K$5.2M$30.6M$14.7M
Q1 2026$40.3M−$27.6M—−$984K$743K−$103M$12.7M
Q4 2025$55.1M−$53.0M—−$547K$1.8M−$3.4M$2.1M
Q3 2025$66.8M−$35.2M—−$536K$77K−$30.9M$31.6M
Q2 2025$33.9M−$33.4M—−$524K$30K$48K$445K
Q1 2025$4.8M−$26.5M—−$513K$157K$24.9M−$21.7M
Q4 2024$50.4M−$58.3M—−$533K$3.6M$6.0M−$7.9M

Freshpet: income statement and cash flow

Freshpet, Q3 2026: revenue $318M (+10% year over year), operating margin 11.1%. The chart follows the revenue to costs, profit and cash.

Freshpet: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.