Vital Farms, Inc.
VITL Nasdaq Food And Kindred Products Financials FY2018–FY2025
Last close · Oct 23, 2026
$9.14
2.9%
Revenue
Total sales reported in the income statement.
$759M
25.3%
vs prior year
Operating margin
Operating income as a share of revenue.
11.6%
1.2 pts
Net income
Profit after all expenses, interest and tax.
$66.3M
24.2%
Free cash flow
Cash from operations minus capital spending.
−$48.2M
233.3%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
21.2%
Market cap
Last close times the latest diluted share count, so it is approximate.
$392M
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On −$0.04 EPS (TTM)
What Vital Farms, Inc. does
No business description yet.
- Legal name
- Vital Farms, Inc.
- Fiscal year ends
- December 28, 2025
- Latest annual report
- 10-K · Feb 26, 2026
- Accession · CIK
- 0001193125-26-073423
0001579733
Revenue and margins
Vital Farms, Inc. had $759M of revenue in fiscal 2025, up 25.3% on the year before.
FY18
Revenue $107M
FY19
Revenue $141M
FY20
Revenue $214M
FY21
Revenue $261M
FY22
Revenue $362M
FY23
Revenue $472M
FY24
Revenue $606M
FY25
Revenue $759M
Q3 '23
Revenue $110M
Q4 '23
Revenue $136M
Q1 '24
Revenue $148M
Q2 '24
Revenue $147M
Q3 '24
Revenue $145M
Q4 '24
Revenue $166M
Q1 '25
Revenue $162M
Q2 '25
Revenue $185M
Q3 '25
Revenue $199M
Q4 '25
Revenue $214M
Q1 '26
Revenue $187M
Q2 '26
Revenue $166M
FY18
Gross 32.6%
Operating 6.3%
Net 5.4%
FCF 8.9%
FY19
Gross 30.5%
Operating 2.4%
Net 1.7%
FCF −7.2%
FY20
Gross 34.8%
Operating 5.7%
Net 4.1%
FCF 0.6%
FY21
Gross 31.8%
Operating 0.0%
Net 0.9%
FCF 0.4%
FY22
Gross 30.2%
Operating 0.6%
Net 0.3%
FCF −5.1%
FY23
Gross 34.4%
Operating 7.0%
Net 5.4%
FCF 8.3%
FY24
Gross 37.9%
Operating 10.5%
Net 8.8%
FCF 6.0%
FY25
Gross 37.6%
Operating 11.6%
Net 8.7%
FCF −6.4%
Gross
Operating
Net
FCF
Q3 '23
Gross 33.2%
Operating 4.7%
Net 4.1%
FCF 3.1%
Q4 '23
Gross 33.3%
Operating 6.7%
Net 5.3%
FCF 15.7%
Q1 '24
Gross 39.8%
Operating 16.3%
Net 12.9%
FCF 15.3%
Q2 '24
Gross 39.1%
Operating 11.6%
Net 11.1%
FCF 7.2%
Q3 '24
Gross 36.9%
Operating 6.4%
Net 5.1%
FCF 4.4%
Q4 '24
Gross 36.1%
Operating 7.8%
Net 6.4%
FCF −2.0%
Q1 '25
Gross 38.5%
Operating 13.4%
Net 10.4%
FCF 1.3%
Q2 '25
Gross 38.9%
Operating 12.9%
Net 9.0%
FCF −4.1%
Q3 '25
Gross 37.7%
Operating 10.8%
Net 8.3%
FCF −5.3%
Q4 '25
Gross 35.8%
Operating 10.0%
Net 7.6%
FCF −15.1%
Q1 '26
Gross 28.3%
Operating −1.2%
Net −0.8%
FCF −21.0%
Q2 '26
Gross 6.6%
Operating −24.2%
Net −18.7%
FCF −26.5%
Gross
Operating
Net
FCF
Net income and earnings per share
From fiscal 2018 to 2025, diluted EPS grew 36.9% a year. Loss periods are shown in red.
FY18
Net income $5.8M
FY19
Net income $2.4M
FY20
Net income $8.8M
FY21
Net income $2.4M
FY22
Net income $1.3M
FY23
Net income $25.6M
FY24
Net income $53.4M
FY25
Net income $66.3M
Q3 '23
Net income $4.5M
Q4 '23
Net income $7.2M
Q1 '24
Net income $19.0M
Q2 '24
Net income $16.3M
Q3 '24
Net income $7.4M
Q4 '24
Net income $10.6M
Q1 '25
Net income $16.9M
Q2 '25
Net income $16.6M
Q3 '25
Net income $16.4M
Q4 '25
Net income $16.3M
Q1 '26
Net income −$1.5M
Q2 '26
Net income −$31.1M
FY18
Diluted EPS $0.16
FY19
Diluted EPS $0.07
FY20
Diluted EPS $0.27
FY21
Diluted EPS $0.06
FY22
Diluted EPS $0.03
FY23
Diluted EPS $0.59
FY24
Diluted EPS $1.18
FY25
Diluted EPS $1.44
Q3 '23
Diluted EPS $0.10
Q4 '23
Diluted EPS $0.18
Q1 '24
Diluted EPS $0.43
Q2 '24
Diluted EPS $0.36
Q3 '24
Diluted EPS $0.16
Q4 '24
Diluted EPS $0.23
Q1 '25
Diluted EPS $0.37
Q2 '25
Diluted EPS $0.36
Q3 '25
Diluted EPS $0.36
Q4 '25
Diluted EPS $0.35
Q1 '26
Diluted EPS −$0.03
Q2 '26
Diluted EPS −$0.72
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY18
Return on capital —
Return on equity 135.9%
Return on assets —
FY19
Return on capital 20.3%
Return on equity 37.2%
Return on assets 3.9%
FY20
Return on capital —
Return on equity 11.7%
Return on assets 7.5%
FY21
Return on capital —
Return on equity 1.7%
Return on assets 1.3%
FY22
Return on capital —
Return on equity 0.8%
Return on assets 0.6%
FY23
Return on capital —
Return on equity 14.6%
Return on assets 10.4%
FY24
Return on capital —
Return on equity 23.1%
Return on assets 16.8%
FY25
Return on capital 21.2%
Return on equity 21.4%
Return on assets 15.1%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was −$48.2M in fiscal 2025, −6.4% of revenue. Cash from operations minus capital spending.
FY18
Free cash flow $9.5M
FY19
Free cash flow −$10.2M
FY20
Free cash flow $1.2M
FY21
Free cash flow $1.0M
FY22
Free cash flow −$18.6M
FY23
Free cash flow $39.4M
FY24
Free cash flow $36.2M
FY25
Free cash flow −$48.2M
Q3 '23
Free cash flow $3.4M
Q4 '23
Free cash flow $21.3M
Q1 '24
Free cash flow $22.6M
Q2 '24
Free cash flow $10.5M
Q3 '24
Free cash flow $6.4M
Q4 '24
Free cash flow −$3.4M
Q1 '25
Free cash flow $2.1M
Q2 '25
Free cash flow −$7.6M
Q3 '25
Free cash flow −$10.6M
Q4 '25
Free cash flow −$32.1M
Q1 '26
Free cash flow −$39.3M
Q2 '26
Free cash flow −$44.1M
FY18
Cash from operations $11.4M
Capital spending $1.9M
FY19
Cash from operations −$5.4M
Capital spending $4.8M
FY20
Cash from operations $11.5M
Capital spending $10.3M
FY21
Cash from operations $17.7M
Capital spending $16.7M
FY22
Cash from operations −$8.1M
Capital spending $10.5M
FY23
Cash from operations $50.9M
Capital spending $11.5M
FY24
Cash from operations $64.8M
Capital spending $28.6M
FY25
Cash from operations $33.7M
Capital spending $82.0M
Cash from operations
Capital spending
Q3 '23
Cash from operations $8.3M
Capital spending $4.8M
Q4 '23
Cash from operations $23.7M
Capital spending $2.4M
Q1 '24
Cash from operations $23.9M
Capital spending $1.3M
Q2 '24
Cash from operations $16.1M
Capital spending $5.6M
Q3 '24
Cash from operations $10.0M
Capital spending $3.6M
Q4 '24
Cash from operations $14.8M
Capital spending $18.2M
Q1 '25
Cash from operations $5.3M
Capital spending $3.1M
Q2 '25
Cash from operations −$0.8M
Capital spending $6.9M
Q3 '25
Cash from operations $23.4M
Capital spending $34.0M
Q4 '25
Cash from operations $5.8M
Capital spending $37.9M
Q1 '26
Cash from operations −$18.6M
Capital spending $20.8M
Q2 '26
Cash from operations −$27.4M
Capital spending $16.7M
Cash from operations
Capital spending
Dividends, buybacks and share count
Vital Farms, Inc. returned — to shareholders in fiscal 2025. The diluted share count rose 2.0%.
FY18
Dividends —
Buybacks —
FY19
Dividends —
Buybacks $14.3M
FY20
Dividends —
Buybacks —
FY21
Dividends —
Buybacks —
FY22
Dividends —
Buybacks —
FY23
Dividends —
Buybacks —
FY24
Dividends —
Buybacks —
FY25
Dividends —
Buybacks —
Dividends
Buybacks
Q3 '23
Dividends —
Buybacks —
Q4 '23
Dividends —
Buybacks —
Q1 '24
Dividends —
Buybacks —
Q2 '24
Dividends —
Buybacks —
Q3 '24
Dividends —
Buybacks —
Q4 '24
Dividends —
Buybacks —
Q1 '25
Dividends —
Buybacks $0.0M
Q2 '25
Dividends —
Buybacks $0.0M
Q3 '25
Dividends —
Buybacks —
Q4 '25
Dividends —
Buybacks —
Q1 '26
Dividends —
Buybacks $20.0M
Q2 '26
Dividends —
Buybacks $15.2M
Dividends
Buybacks
FY18
Diluted shares 0.04B
FY19
Diluted shares 0.04B
FY20
Diluted shares 0.03B
FY21
Diluted shares 0.04B
FY22
Diluted shares 0.04B
FY23
Diluted shares 0.04B
FY24
Diluted shares 0.05B
FY25
Diluted shares 0.05B
Balance sheet
Cash, debt and the ratios that show how comfortably Vital Farms, Inc. can carry it.
FY18
Cash —
Debt —
FY19
Cash $1.3M
Debt $5.1M
FY20
Cash $29.5M
Debt —
FY21
Cash $31.0M
Debt —
FY22
Cash $12.9M
Debt —
FY23
Cash $84.1M
Debt —
FY24
Cash $151M
Debt —
FY25
Cash $48.8M
Debt $10.8M
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $31.0M | $12.9M | $84.1M | $151M | $48.8M |
| Debt incl. finance leases | — | — | — | — | $10.8M |
| Net debt / EBITDA | — | — | — | — | −0.4x |
| Debt / equity | — | — | — | — | 0.0x |
| Interest coverage | 1.0x | 18.5x | 42.5x | 62.9x | 101.1x |
| Current ratio | 3.7x | 3.1x | 3.0x | 3.1x | 2.2x |
| Quick ratio | 3.4x | 2.6x | 2.5x | 2.8x | 1.6x |
| Total assets | $190M | $215M | $275M | $359M | $519M |
| Total liabilities | $38.2M | $56.3M | $82.5M | $90.0M | $167M |
| Shareholders' equity | $152M | $158M | $193M | $269M | $351M |
| Net debt (− = net cash) | — | — | — | — | −$38.1M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. “Plan” marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✕ | ✓ | ✓ | ✕ | ✓ | ✓ | ✓ |
| Return on assets rose | — | — | ✓ | ✕ | ✕ | ✓ | ✓ | ✕ |
| Cash from operations exceeds net income | ✓ | ✕ | ✓ | ✓ | ✕ | ✓ | ✓ | ✕ |
| Debt fell relative to assets | — | — | — | — | — | — | — | — |
| Current ratio rose | — | — | ✓ | ✕ | ✕ | ✕ | ✓ | ✕ |
| Share count didn't rise | — | ✕ | ✓ | ✕ | ✕ | ✓ | ✕ | ✕ |
| Gross margin rose | — | ✕ | ✓ | ✕ | ✕ | ✓ | ✓ | ✕ |
| Revenue rose relative to assets | — | — | ✕ | ✓ | ✓ | ✓ | ✕ | ✕ |
| F-score | — / 3 | — / 5 | 7 / 8 | 4 / 8 | 2 / 8 | 7 / 8 | 6 / 8 | 2 / 8 |
| Accruals ratio | — | 12.5% | −2.3% | −8.4% | 4.6% | −10.3% | −3.6% | 7.4% |
| Altman Z'' | — | 1.96 | 10.16 | 7.79 | 6.20 | 6.72 | 8.14 | 6.07 |
8 years of figures
Amounts in USD. Hover a ratio’s name for its definition.
| Fiscal year | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||
| Revenue | $107M | $141M | $214M | $261M | $362M | $472M | $606M | $759M |
| Gross profit | $34.8M | $42.9M | $74.5M | $82.9M | $109M | $162M | $230M | $286M |
| Operating income | $6.8M | $3.4M | $12.2M | $0.1M | $2.1M | $33.3M | $63.6M | $88.4M |
| Interest expense | $0.4M | $0.3M | $0.5M | $0.1M | $0.1M | $0.8M | $1.0M | $0.9M |
| Pretax income | $6.4M | $4.4M | $11.7M | $0.4M | $2.8M | $32.2M | $67.5M | $91.3M |
| Income tax | $0.7M | $1.1M | $2.8M | −$2.0M | $1.6M | $6.6M | $14.2M | $25.0M |
| Net income | $5.8M | $2.4M | $8.8M | $2.4M | $1.3M | $25.6M | $53.4M | $66.3M |
| Diluted EPS | $0.16 | $0.07 | $0.27 | $0.06 | $0.03 | $0.59 | $1.18 | $1.44 |
| Diluted shares | 0.04B | 0.04B | 0.03B | 0.04B | 0.04B | 0.04B | 0.05B | 0.05B |
| Cash flow | ||||||||
| Cash from operations | $11.4M | −$5.4M | $11.5M | $17.7M | −$8.1M | $50.9M | $64.8M | $33.7M |
| Capital expenditure | $1.9M | $4.8M | $10.3M | $16.7M | $10.5M | $11.5M | $28.6M | $82.0M |
| Free cash flow | $9.5M | −$10.2M | $1.2M | $1.0M | −$18.6M | $39.4M | $36.2M | −$48.2M |
| Depreciation and amortization | $1.4M | $1.9M | $2.6M | $3.5M | $5.4M | $7.9M | $9.3M | $9.3M |
| Stock-based compensation | $0.6M | $1.0M | $2.5M | $4.4M | $6.0M | $7.4M | $10.3M | $12.4M |
| Share buybacks | — | $14.3M | — | — | — | — | — | — |
| Dividends and buybacks | — | $14.3M | — | — | — | — | — | — |
| Balance sheet | ||||||||
| Cash and short-term investments | — | $1.3M | $29.5M | $31.0M | $12.9M | $84.1M | $151M | $48.8M |
| Total debt | — | $5.1M | — | — | — | — | — | $0.0M |
| Finance lease liabilities | — | — | — | $0.3M | $8.6M | $13.7M | $11.9M | $10.8M |
| Current assets | — | $34.7M | $137M | $141M | $150M | $196M | $246M | $263M |
| Current liabilities | — | $25.0M | $25.9M | $38.0M | $47.7M | $65.2M | $78.5M | $122M |
| Inventory | — | $12.9M | $12.9M | $10.9M | $26.8M | $32.9M | $23.7M | $66.5M |
| Property and equipment, net | — | $22.5M | $30.1M | $44.6M | $59.2M | $66.8M | $84.5M | $161M |
| Goodwill | — | $3.9M | $3.9M | $3.9M | $3.9M | $3.9M | $3.9M | $3.9M |
| Total assets | — | $61.9M | $171M | $190M | $215M | $275M | $359M | $519M |
| Total liabilities | — | $30.1M | $29.0M | $38.2M | $56.3M | $82.5M | $90.0M | $167M |
| Preferred stock | — | — | — | — | $0.0M | $0.0M | $0.0M | $0.0M |
| Shareholders' equity | $4.3M | $8.6M | $142M | $152M | $158M | $193M | $269M | $351M |
| Margins | ||||||||
| Gross margin | 32.6% | 30.5% | 34.8% | 31.8% | 30.2% | 34.4% | 37.9% | 37.6% |
| Operating margin | 6.3% | 2.4% | 5.7% | 0.0% | 0.6% | 7.0% | 10.5% | 11.6% |
| EBITDA margin | 7.7% | 3.7% | 6.9% | 1.4% | 2.1% | 8.7% | 12.0% | 12.9% |
| Net margin | 5.4% | 1.7% | 4.1% | 0.9% | 0.3% | 5.4% | 8.8% | 8.7% |
| FCF margin | 8.9% | −7.2% | 0.6% | 0.4% | −5.1% | 8.3% | 6.0% | −6.4% |
| Returns | ||||||||
| Return on capital | — | 20.3% | — | — | — | — | — | 21.2% |
| Return on capital employed | — | 9.1% | 8.4% | 0.0% | 1.3% | 15.8% | 22.6% | 22.3% |
| Return on equity | 135.9% | 37.2% | 11.7% | 1.7% | 0.8% | 14.6% | 23.1% | 21.4% |
| Return on assets | — | 3.9% | 7.5% | 1.3% | 0.6% | 10.4% | 16.8% | 15.1% |
| Return on tangible equity | 135.9% | 50.7% | 6.4% | 1.6% | 0.8% | 13.5% | 20.1% | 19.1% |
| Growth | ||||||||
| Revenue growth | — | 31.9% | 52.3% | 21.8% | 38.8% | 30.3% | 28.5% | 25.3% |
| Net income growth | — | −58.9% | 269.0% | −72.4% | −48.5% | 1,943.6% | 108.8% | 24.2% |
| EPS growth | — | −56.3% | 285.7% | −77.8% | −50.0% | 1,866.7% | 100.0% | 22.0% |
| FCF growth | — | −207.0% | — | −19.9% | −2,012.0% | — | −8.1% | −233.3% |
| Share count change | — | 2.3% | −8.8% | 31.6% | 0.3% | −0.4% | 4.2% | 2.0% |
| Financial health | ||||||||
| Net debt / EBITDA | — | 0.7x | — | — | — | — | — | −0.4x |
| Debt / equity | — | 0.6x | — | — | — | — | — | 0.0x |
| Interest coverage | 16.0x | 9.6x | 25.1x | 1.0x | 18.5x | 42.5x | 62.9x | 101.1x |
| Current ratio | — | 1.4x | 5.3x | 3.7x | 3.1x | 3.0x | 3.1x | 2.2x |
| Quick ratio | — | 0.9x | 4.8x | 3.4x | 2.6x | 2.5x | 2.8x | 1.6x |
| Capital allocation | ||||||||
| Capex / revenue | 1.8% | 3.4% | 4.8% | 6.4% | 2.9% | 2.4% | 4.7% | 10.8% |
| Stock comp / revenue | 0.6% | 0.7% | 1.2% | 1.7% | 1.7% | 1.6% | 1.7% | 1.6% |
| Quality scores | ||||||||
| Piotroski F-score | — | — | 7.0 | 4.0 | 2.0 | 7.0 | 6.0 | 2.0 |
| Altman Z'' | — | 2.0 | 10.2 | 7.8 | 6.2 | 6.7 | 8.1 | 6.1 |
| Accruals ratio | — | 12.5% | −2.3% | −8.4% | 4.6% | −10.3% | −3.6% | 7.4% |
Source: SEC EDGAR XBRL filings (CIK 0001579733). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.