Freshpet Q3 net sales +14% to $288.8M; adj. EBITDA rises to $54.6M; guides FY lower end

Freshpet, Inc.

2025-Q3 EPS reported $2.00 revenue$816,786,000

Net sales $288.8M (+14% YoY); volume +12.9%, price/mix +1.1%.
Net income $101.7M includes $77.9M discrete tax benefit; adj. EBITDA $54.6M vs $43.5M.
Achieved positive free cash flow in Q3; now expects FY2025 free cash flow positive (one year early).
Updates 2025 guidance to lower end of previous range due to consumer behavior changes.
Adjusted gross margin 46.0% vs 46.5% YoY; SG&A leverage improved 480 bps.

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