Vital Farms, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 8 fiscal years, taken from the XBRL data Vital Farms, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	107	141	214	261	362	472	606	759
Cost of revenue	71.9	97.9	140	178	253	310	376	474
Gross profit	34.8	42.9	74.5	82.9	109	162	230	286
Selling, general and administrative	19.4	29.5	47.4	57.9	77.2	102	134	159
Selling and marketing	4.61	10.3	9.82	11.5	13.3	23.6	32.1	41.3
Operating expenses	28.1	39.5	62.3	82.8	107	129	166	197
Operating income	6.77	3.35	12.2	0.05	2.1	33.3	63.6	88.4
Interest expense	0.42	0.35	0.49	0.05	0.11	0.78	1.01	0.87
Other non-operating income	-0.42	1.07	-0.57	0.3	0.73	-1.05	3.99	2.89
Pre-tax income	6.35	4.42	11.7	0.35	2.83	32.2	67.5	91.3
Income tax	0.72	1.11	2.77	-2.03	1.6	6.64	14.2	25
Net income to minority interests	-0.17	0.93	0.08	-0.05	-0.02	0	0
Net income	5.8	2.39	8.8	2.43	1.25	25.6	53.4	66.3
EBITDA	8.2	5.27	14.8	3.59	7.55	41.2	72.8	97.6
EPS, basic	0.22	0.09	0.31	0.06	0.03	0.62	1.25	1.49
EPS, diluted	0.16	0.07	0.27	0.06	0.03	0.59	1.18	1.44
Shares, basic (weighted)	25.8	25.9	28.7	40	40.6	41.2	42.8	44.6
Shares, diluted (weighted)	35.3	36.1	32.9	43.3	43.5	43.3	45.1	46

Balance sheet

	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents		1.27	29.5	31	12.9	84.1	151	48.8
Receivables		16.1	20.9	26.9	38.9	39.7	54.3	67.8
Inventory		12.9	12.9	10.9	26.8	32.9	23.7	66.5
Other current assets		2.71	3.97	3.82	5.14	6.11	7.74	11.3
Total current assets		34.7	137	141	150	196	246	263
Property, plant and equipment		22.5	30.1	44.6	59.2	66.8	84.5	161
Lease right-of-use assets				0	1.9	8.91	19.6	80.4
Goodwill		3.86	3.86	3.86	3.86	3.86	3.86	3.86
Other non-current assets				0.19	0.14	0.05	0.06	0.06
Total assets		61.9	171	190	215	275	359	519
Accounts payable		13.5	15.5	22.5	26	33.5	38.6	55.1
Accrued liabilities		8.61	9.85	15.1	18.5	24.2	31.3	54.8
Short-term debt		2.16						0
Total current liabilities		25	25.9	38	47.7	65.2	78.5	122
Long-term debt		2.9						0
Lease liabilities				0	0.89	5.77	2.92	38.1
Other non-current liabilities		0.27	0.19	0.19	0.77	1.03	0.57	2.75
Total liabilities		30.1	29	38.2	56.3	82.5	90	167
Total debt		5.06						0
Paid-in capital		19.6	144	149	156	163	186	202
Retained earnings		5.24	14	2.75	4.16	29.7	83.1	149
Treasury stock		-16.3	-16.3
Other comprehensive income			-0.03	-0.28	-1.55	-0.38	0	0.04
Shareholders' equity		8.56	142	152	158	193	269	351
Minority interests		0.08	0.16	0.12	0
Total equity	4.27	8.64	142	152	158	193	269	351
Total liabilities and equity		61.9	171	190	215	275	359	519
Shares outstanding		25.9	39.4	40.5	40.7	41.7	44	44.8

Cash flow statement

	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	5.63	3.31	8.88	2.38	1.23	25.6	53.4	66.3
Depreciation and amortization	1.44	1.92	2.55	3.54	5.44	7.93	9.26	9.25
Stock-based compensation	0.6	1.03	2.51	4.44	6.04	7.42	10.3	12.4
Deferred income tax	0.7	0.05	1.79	-2.54	0.23	-0.18	-1.86	0.69
Change in receivables	-3.58	-6.18	-4.72	-6.08	-13.9	-0.86	-14.8	-13.5
Change in inventory	-1.04	-9.27	0.03	1.73	-15.6	-6.44	8.93	-47.8
Change in payables	4.95	3.19	1.81	6.8	2.35	6.67	5.81	16.9
Cash from operations	11.4	-5.35	11.5	17.7	-8.1	50.9	64.8	33.7
Capital expenditures	-1.94	-4.8	-10.3	-16.7	-10.5	-11.5	-28.6	-82
Purchases of investments			-77.2	-51.7	-33.8	-0.98	0	-95.1
Sales and maturities of investments			4.5	48.5	34.3	32.3	23.3	41.2
Cash from investing	-1.91	-5.62	-77.7	-18.4	-10	22.4	-7.03	-134
Stock issued	0.04	14.1	0.22	2.8	0.68	0.69	13.7	5.58
Share buybacks		-14.3
Cash from financing	-1.51	0.43	94.4	2.18	0.08	-2.05	8.65	-1.23
Net change in cash	8	-10.5	28.3	1.42	-18.1	71.2	66.5	-102
Free cash flow	9.48	-10.2	1.21	0.97	-18.6	39.4	36.2	-48.2
Interest paid	0.36	0.34	0.41	0.04	0.11	0.78	0.95	0.78
Income taxes paid	0.02	2.26	2.21	-0.1	-0.1	-5.98	-16.5	-24.2

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to September 27, 2026; growth uses fiscal years. Valuation uses the share price of $10.15 on November 10, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	24.4%	Gross profit / revenue.
Operating margin	-3.8%	Operating income / revenue.
EBITDA margin	-2.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-3.9%	Pre-tax income / revenue.
Net margin	-3.0%	Net income / revenue.
FCF margin	-18.5%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	-6.5%	Cash from operations / revenue.
Return on equity (ROE)	-8.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-4.0%	Net income / average total assets.
Return on invested capital (ROIC)	-7.2%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	22.3%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.0%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	12.0%	Capital expenditures / revenue.
D&A / revenue	1.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	25.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	28.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	28.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	24.2%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	37.7%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	30.8%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	39.1%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	247.6%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	48.5%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	34.1%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	134.8%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	45.9%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	24.2%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	275.6%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	49.8%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	22.0%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	263.4%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	39.8%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-48.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 5y	24.0%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-233.3%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	30.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	30.4%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	19.8%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	44.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	34.2%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	24.8%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	2.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	1.9%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	6.9%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.56x	Current assets / current liabilities.
Quick ratio	1.06x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.61x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.42x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	20.6%	Total debt / total assets.
Liabilities / assets	50.8%	Total liabilities / total assets.
Net debt	$33.7M	Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage	-7.67x	Operating income / interest expense.
Working capital	$77.1M	Current assets - current liabilities.
Goodwill and intangibles / assets	0.7%	(Goodwill + intangible assets) / total assets.
Tangible book value	$276.5M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.31x	Revenue / average total assets.
Fixed asset turnover	3.83x	Revenue / average property, plant and equipment.
Inventory turnover	11.3x	Cost of revenue / average inventory.
Days inventory	32 days	365 x average inventory / cost of revenue.
Receivables turnover	12.4x	Revenue / average receivables.
Days sales outstanding	30 days	365 x average receivables / revenue.
Days payables	31 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	31 days	Days inventory + days sales outstanding - days payables.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.53	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$17.44	Revenue / diluted weighted shares.
FCF per share	-$3.22	Free cash flow / diluted weighted shares.
Operating cash flow per share	-$1.13	Cash from operations / diluted weighted shares.
Book value per share	$6.53	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$6.44	Tangible book value / shares outstanding.
Cash per share	$1.96	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$435.8M	Share price x shares outstanding.
Enterprise value	$469.4M	Market cap + total debt - cash - short-term investments.
P/S	0.58x	Market cap / revenue.
P/B	1.55x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.58x	Market cap / tangible book value, when positive.
EV/Sales	0.63x	Enterprise value / revenue.
FCF yield	-31.7%	Free cash flow / market cap.
Earnings yield	-5.2%	Net income / market cap (the inverse of P/E).

What was Vital Farms, Inc.'s revenue in fiscal 2025?

Vital Farms, Inc. reported revenue of $759.4M for fiscal 2025, 25.3% higher than the year before.

Was Vital Farms, Inc. profitable in fiscal 2025?

Yes. Net income was $66.3M, a net margin of 8.7%.

How much free cash flow did Vital Farms, Inc. generate in fiscal 2025?

Cash from operations of $33.7M minus capital expenditures of $82.0M left free cash flow of -$48.2M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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