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# Freshpet Raises 2026 Sales Growth Outlook To 12%-13% As Adjusted Gross Margin Hits 50%
- URL: https://www.bullished.co/freshpet-raises-2026-sales-growth-outlook-to-12-13-as-adjusted-gross-margin-hits-50-e6da2822/
- Published: 2026-11-04T19:21:01.000Z
- Updated: 2026-11-04T19:21:01.000Z
- Description: The refrigerated pet food maker posted its best adjusted gross margin since early 2019 but flagged a fourth-quarter step down and rising costs.
- Author: Matteo Parrino
- Tags: Earnings, FRPT, Industry: Consumer Staples

[Freshpet](https://www.bullished.co/tag/frpt/), which makes fresh, refrigerated dog and cat food, lifted its 2026 sales growth forecast to 12% to 13% after third-quarter [net sales rose 10.0% to $317.8 million](https://www.sec.gov/Archives/edgar/data/0001611647/000161164726000026/frpt-exx991x20261104.htm?ref=bullished.co), the company reported Wednesday. Management also warned that logistics and ingredient costs are climbing and said it plans selective price increases for 2027.

## Margin at a seven-year high

Volume drove the quarter's [sales gain of 10.0%](https://www.benzinga.com/markets/earnings/26/11/62874163/freshpet-raises-2026-outlook-bets-on-super-serve-mvps-as-competition-heats-up?ref=bullished.co). Gross margin reached 44.5%, against 39.5% a year earlier, and adjusted gross margin hit 50.0%, against 46.0%, on better leverage on plant expenses, lower quality costs and lower input costs.

CEO Billy Cyr said on the [earnings call](https://www.sec.gov/Archives/edgar/data/0001611647/000161164726000026/frpt-20260930xexx993.htm?ref=bullished.co) that it was the best adjusted gross margin since the first quarter of 2019, with only a limited benefit from the company's new bag-production technology.

Adjusted EBITDA, the company's adjusted earnings measure, rose to [$64.5 million](https://www.benzinga.com/markets/earnings/26/11/62874163/freshpet-raises-2026-outlook-bets-on-super-serve-mvps-as-competition-heats-up?ref=bullished.co), or 20.3% of sales, from $54.6 million, or 18.9%. Net income fell to $29.7 million from $101.7 million, because the prior-year quarter included a $77.9 million deferred income tax benefit. This year's quarter carried income tax expense and higher selling, general and administrative costs, partly offset by higher sales.

## Guidance up, costs rising

The full-year outlook now calls for net sales growth of 12% to 13%, up from 10% to 12%. Adjusted EBITDA is expected at $215 million to $220 million, compared with $210 million to $220 million before. Capital spending is now seen at $125 million to $150 million, down from about $150 million.

CFO John O'Connor said logistics costs, which were 7.1% of sales in the quarter against 5.5% a year ago, will stay elevated on higher fuel costs and trucking capacity pressure. The company expects a fourth-quarter step down in adjusted gross margin from planned maintenance downtime and added staffing on its Homestyle Creations line.

O'Connor said cost pressure on ingredients and packaging looks structural, and that if inflation does not improve significantly, 2027 adjusted EBITDA margin would likely land in the lower half of the 20% to 22% target range. The company still targets an adjusted gross margin of at least 49% for 2027.

## Cash, buybacks and the stock

Freshpet sells through grocery, mass, pet specialty, club and digital retailers, mostly from company-owned refrigerators in stores, according to its annual report. It ended September with $345.9 million in cash after spending $102.3 million on share repurchases this year.

Freshpet shares were at $69.32 in Wednesday trading, down about 0.4% from the prior close.

Freshpet said it will give more detail on 2027 growth drivers in February.

Learn

- [Item 2.02: results of operations →](https://www.bullished.co/learn/8-k-items-explained/#item-202-results-of-operations)  
From 8-K Items Explained: What Every Item Code From 1.01 To 9.01 Tells You, With Examples

### Sources

- [8-K Filing — Freshpet, Inc. (FRPT)](https://www.sec.gov/Archives/edgar/data/0001611647/000161164726000026/frpt-20261104.htm?ref=bullished.co) — SEC EDGAR
- [Exhibit frpt-exx991x20261104.htm — Freshpet, Inc. 8-K exhibit](https://www.sec.gov/Archives/edgar/data/0001611647/000161164726000026/frpt-exx991x20261104.htm?ref=bullished.co) — SEC EDGAR
- [Exhibit frpt-20260930xexx992.htm — Freshpet, Inc. 8-K exhibit](https://www.sec.gov/Archives/edgar/data/0001611647/000161164726000026/frpt-20260930xexx992.htm?ref=bullished.co) — SEC EDGAR
- [Exhibit frpt-20260930xexx993.htm — Freshpet, Inc. 8-K exhibit](https://www.sec.gov/Archives/edgar/data/0001611647/000161164726000026/frpt-20260930xexx993.htm?ref=bullished.co) — SEC EDGAR
- [Freshpet Raises 2026 Outlook, Bets on 'Super-Serve MVPs' As Competition Heats Up](https://www.benzinga.com/markets/earnings/26/11/62874163/freshpet-raises-2026-outlook-bets-on-super-serve-mvps-as-competition-heats-up?ref=bullished.co) — benzinga.com
- [Freshpet, Inc. Reports Third Quarter 2026 Financial](https://www.globenewswire.com/news-release/2026/11/04/3395120/0/en/freshpet-inc-reports-third-quarter-2026-financial-results.html?ref=bullished.co) — globenewswire.com

### More on Freshpet

- [Freshpet Gives Nicola Baty A $675,000 Salary And 58,245 Stock Units As She Becomes President](https://www.bullished.co/freshpet-gives-nicola-baty-a-675-000-salary-and-58-245-stock-units-as-she-becomes-a36e6e81/)

[All Freshpet (FRPT) coverage →](https://www.bullished.co/tag/frpt/)