Freshpet (FRPT) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Freshpet published the results on November 4, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison.

• Year-ago net income of $101.7 million and diluted EPS of $1.86 included a discrete $77.9 million deferred tax benefit from releasing most of Freshpet's valuation allowance.

Source: Freshpet Q3 2026 results, November 4, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Freshpet splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Freshpet's Grocery, Mass, International and Digital revenue was $246 million in Q3 2026, up 6% from $232 million in Q3 2025, 77% of total revenue.
• Freshpet's Pet Specialty and Club revenue was $72.2 million in Q3 2026, up 28% from $56.4 million in Q3 2025, 23% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

Freshpet does not provide guidance for net income or EPS.

In its Q3 2026 release, Freshpet said:

“Net sales growth in the range of 12% to 13%, compared to growth of 10% to 12% in the previous guidance;”

“Adjusted EBITDA in the range of $215 million to $220 million, compared to $210 million to $220 million in the previous guidance;”

“Positive Free Cash Flow with capital expenditures between $125 to $150 million, compared to ~$150 million in the previous guidance.”

Source: Freshpet Q3 2026 release, Nov 4, 2026.

This is the company's own guidance as of Nov 4, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the FRPT forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

Net sales and diluted EPS, each as first reported in that quarter's release. Q1 2026 EPS includes a $66.6 million gain on an equity investment, and Q3 2025 EPS includes a $77.9 million deferred tax benefit.

We do not hold a confirmed date for Freshpet's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Nov 4, 2026

Freshpet's net sales rose 10.0% to $317.8 million in Q3 2026 from $288.8 million, and the company says the increase was primarily driven by volume gains of 10.0%. For the first nine months, volume rose 13.3% and price/mix was unfavorable by 0.5%. (Freshpet Q3 2026 release (8-K Exhibit 99.1), Nov 4, 2026)

Freshpet sells refrigerated dog and cat food mainly through its own branded Freshpet Fridges, installed in about 31,164 retail stores at September 30, 2026. Grocery, Mass, International and Digital produced $245.6 million of Q3 net sales and Pet Specialty and Club $72.2 million, the faster-growing of the two classes. (Freshpet Form 10-Q, Q3 2026, Nov 4, 2026)

Freshpet's sales are concentrated in two retailers. In 2025 Walmart accounted for 25% of net sales and Costco 10%, while its largest distributor accounted for less than 10%. (Freshpet Form 10-K, 2025, Feb 23, 2026)

Freshpet's earnings presentation puts ecommerce at 16.9% of sales in Q3 2026 and its share of US dog food and treats at 4.5%. MVP household penetration rose 8% and total household penetration 1%, and Freshpet says MVPs (its most valuable pet parents) represent 72% of its sales. (Freshpet Q3 2026 earnings presentation (8-K Exhibit 99.2), Nov 4, 2026)

Freshpet's diluted EPS fell to $0.58 in Q3 2026 from $1.86 because the year-ago quarter included a $77.9 million deferred income tax benefit from releasing most of its valuation allowance. This quarter it recorded income tax expense of $4.7 million, against a benefit of $78.0 million a year earlier. (Freshpet Q3 2026 release (8-K Exhibit 99.1), Nov 4, 2026)

Freshpet does not publish an adjusted EPS. Its main non-GAAP measure is Adjusted EBITDA, $64.5 million or 20.3% of net sales, up from $54.6 million. Gross margin rose to 44.5% from 39.5% on improved leverage on plant expenses, reduced quality costs and lower input costs, while SG&A rose to 33.4% of net sales from 30.9% on logistics costs and variable compensation. (Freshpet Q3 2026 release (8-K Exhibit 99.1), Nov 4, 2026)

Diluted weighted average shares were 54.7 million against 55.9 million. Freshpet spent $102.3 million on share repurchases in the first nine months of 2026. In the same period it received $100.0 million of cash from selling an equity investment, which produced a $66.6 million gain in the first quarter. (Freshpet Q3 2026 release (8-K Exhibit 99.1), Nov 4, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Freshpet raised and narrowed its full-year 2026 outlook: net sales growth of 12% to 13% (previously 10% to 12%), Adjusted EBITDA of $215 million to $220 million (previously $210 million to $220 million), and positive free cash flow with capital expenditures of $125 to $150 million. (Freshpet Q3 2026 release (8-K Exhibit 99.1), Nov 4, 2026)

For 2027 Freshpet reiterated an Adjusted Gross Margin of at least 49% and an Adjusted EBITDA margin of 20% to 22%. It does not give net income guidance and says it cannot reconcile forecast Adjusted EBITDA to net income without unreasonable effort. (Freshpet Q3 2026 release (8-K Exhibit 99.1), Nov 4, 2026)

A consensus figure is the average of the models published by the analysts who cover Freshpet, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Freshpet's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning FRPT is on is FRPT a buy or a sell?, what analysts expect next is on the FRPT forecast, and what the company does is on the Freshpet (FRPT) stock page.

Every number on this page can be traced to a document Freshpet published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.