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Freshpet vs Ingredion: revenue, profit, margins and growth compared

Freshpet brought in $1.1B of revenue in fiscal 2025, Ingredion $7.2B in fiscal 2025. Revenue changed by +13.0% at Freshpet and -2.8% at Ingredion on the year before, so Freshpet grew faster. Freshpet kept 12.6% of its revenue as net profit, Ingredion 10.1%. Free cash flow was $12.4M at Freshpet and $511M at Ingredion.

Side by side, latest fiscal year

FRPTINGR
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$1.1B$7.2B
Revenue growth+13.0%-2.8%
Net income$139.1M$729M
Net margin12.6%10.1%
Free cash flow$12.4M$511M
Free cash flow margin1.1%7.1%
Earnings per share (diluted)$2.64$11.18
Cash$278M$1B
Debtn/a$1.7B
Price to earnings21.98.7
Market value$2.8B$6.1B
Dividend yieldn/an/a
Rank by revenue in sector#62 of 93 · Consumer staples#31 of 93 · Consumer staples

Over the years

Revenue
FRPT FY2018: $193.2MFRPT FY2019: $245.9MFRPT FY2020: $318.8MFRPT FY2021: $425.5MFRPT FY2022: $595.3MFRPT FY2023: $766.9MFRPT FY2024: $975.2MFRPT FY2025: $1.1BINGR FY2018: $6.3BINGR FY2019: $6.2BINGR FY2020: $6BINGR FY2021: $6.9BINGR FY2022: $7.9BINGR FY2023: $8.2BINGR FY2024: $7.4BINGR FY2025: $7.2BFY18FY19FY20FY21FY22FY23FY24FY25
FRPT $1.1BINGR $7.2B
Net income
FRPT FY2018: -$5.4MFRPT FY2019: -$1.4MFRPT FY2020: -$3.2MFRPT FY2021: -$29.7MFRPT FY2022: -$59.5MFRPT FY2023: -$33.6MFRPT FY2024: $46.9MFRPT FY2025: $139.1MINGR FY2018: $443MINGR FY2019: $413MINGR FY2020: $348MINGR FY2021: $117MINGR FY2022: $492MINGR FY2023: $643MINGR FY2024: $647MINGR FY2025: $729MFY18FY19FY20FY21FY22FY23FY24FY25
FRPT $139.1MINGR $729M
Net margin
FRPT FY2018: -2.8%FRPT FY2019: -0.6%FRPT FY2020: -1.0%FRPT FY2021: -7.0%FRPT FY2022: -10.0%FRPT FY2023: -4.4%FRPT FY2024: 4.8%FRPT FY2025: 12.6%INGR FY2018: 7.0%INGR FY2019: 6.7%INGR FY2020: 5.8%INGR FY2021: 1.7%INGR FY2022: 6.2%INGR FY2023: 7.9%INGR FY2024: 8.7%INGR FY2025: 10.1%FY18FY19FY20FY21FY22FY23FY24FY25
FRPT 12.6%INGR 10.1%
Revenue growth
FRPT FY2019: +27.2%FRPT FY2020: +29.7%FRPT FY2021: +33.5%FRPT FY2022: +39.9%FRPT FY2023: +28.8%FRPT FY2024: +27.2%FRPT FY2025: +13.0%INGR FY2019: -1.3%INGR FY2020: -3.6%INGR FY2021: +15.1%INGR FY2022: +15.3%INGR FY2023: +2.7%INGR FY2024: -8.9%INGR FY2025: -2.8%FY19FY20FY21FY22FY23FY24FY25
FRPT +13.0%INGR -2.8%
Free cash flow
FRPT FY2018: $2.3MFRPT FY2019: -$54.3MFRPT FY2020: -$113.4MFRPT FY2021: -$321.5MFRPT FY2022: -$273.3MFRPT FY2023: -$163.2MFRPT FY2024: -$32.8MFRPT FY2025: $12.4MINGR FY2018: $353MINGR FY2019: $352MINGR FY2020: $489MINGR FY2021: $92MINGR FY2022: -$148MINGR FY2023: $743MINGR FY2024: $1.1BINGR FY2025: $511MFY18FY19FY20FY21FY22FY23FY24FY25
FRPT $12.4MINGR $511M

Fiscal years as each company reports them; the two may end in different months.

Questions about Freshpet and Ingredion

Which is bigger by revenue, Freshpet or Ingredion?

Ingredion is bigger by revenue: $7.2B in fiscal 2025, against $1.1B for Freshpet in fiscal 2025.

Which keeps more of its revenue as profit, Freshpet or Ingredion?

Freshpet had a net margin of 12.6% in fiscal 2025; Ingredion had 10.1% in fiscal 2025.

Which grew revenue faster, Freshpet or Ingredion?

In their latest fiscal years revenue changed by +13.0% at Freshpet and -2.8% at Ingredion.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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