Vital Farms Earnings Call Transcripts
Fiscal Year 2026
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Q1 2026 results missed expectations due to unsustainable price gaps, slowing new customer growth and compressing margins. Guidance for 2026 was lowered, with margin recovery and volume growth expected in late 2026 and 2027 as cost actions and pricing adjustments take effect.
Fiscal Year 2025
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Record 2025 results with net revenue up 25% to $759.4M and Adjusted EBITDA at $114M. 2026 guidance targets $900–$920M revenue and $105–$115M Adjusted EBITDA, with continued investment in capacity and a new $100M share repurchase program.
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Vital Farms reported strong growth, expanding its farm network and production capacity while maintaining premium pricing and high gross margins. The company reaffirmed 2026 revenue guidance and outlined a clear path to long-term targets, driven by brand strength, increased shelf presence, and operational improvements.
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Aiming for $2 billion in revenue by 2030, the company is scaling its farm network, expanding capacity with a new Indiana facility, and maintaining strong gross margin and EBITDA targets. Brand loyalty, retailer partnerships, and operational investments underpin a resilient, high-growth model.
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Premium pasture-raised egg brand continues strong growth, expanding farm network and production capacity while maintaining high consumer trust and brand loyalty. Retailers are allocating more shelf space to premium eggs, and the company is ahead of its 2027 financial targets.
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Record Q3 revenue and profit growth were driven by strong supply expansion, robust demand, and improved operational efficiency. Full-year guidance was raised, with continued investments in capacity and brand building supporting long-term growth.
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Egg supply is recovering post-avian flu, with strong consumer demand and expanding production capacity. Growth is driven by direct farm relationships, increased organic egg mix, and distribution focus. Margins remain strong despite tariff and commodity pressures, with innovation ongoing in supply chain and product lines.
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Q2 2025 results exceeded expectations with 25%+ revenue growth, record adjusted EBITDA, and strong volume and price mix. Raised full-year guidance, accelerated CapEx for new capacity, and maintained robust demand and brand loyalty despite margin headwinds from tariffs and promotions.
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Net revenue grew 10% year-over-year to $162 million in Q1, with strong butter segment growth and continued supply constraints in eggs. Full-year guidance is reaffirmed, with price increases offsetting tariff impacts and supply expected to improve as new farms ramp up.
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Strong revenue and EBITDA growth continues, supported by a rapidly expanding farm network and increased production capacity. The business model remains focused on long-term partnerships with family farms, brand-driven growth, and disciplined expansion, with significant investments in automation and marketing to sustain momentum.
Fiscal Year 2024
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2024 net revenue grew 28.5% to $606.3M, with strong gains in gross profit, EBITDA, and net income. Despite industry-wide egg shortages, supply chain investments and new farm additions position the company for 22% revenue growth in 2025 and continued margin strength.
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Q3 2024 saw net revenue rise 31.3% to $145 million, with gross margin expanding to 36.9% and adjusted EBITDA up 64.5%. Strong demand, expanded distribution, and a rebound in the butter segment drove results, prompting raised full-year guidance and continued investment in capacity and brand building.
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Record Q2 revenue and profit growth were driven by strong consumer demand, expanded distribution, and operational efficiencies. Guidance for 2024 was raised, with significant investments planned in new facilities, marketing, and farm network expansion to support long-term growth.
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A leading pasture-raised egg producer leverages brand trust, transparency, and a stakeholder model to drive growth, aiming for $1 billion in sales by 2027 through expanded distribution, operational investment, and a resilient farmer network. Focus remains on eggs and butter, with future category expansion under evaluation.