Vital Farms VITL
Vital Farms is a food company that sells eggs and butter, operating through a network of 600 family farms. The company is committed to conscious capitalism and is a certified B Corporation.
- Ticker
- VITL
- Headquarters
- Austin, Texas
- CEO
- Russell Canseco
- IPO year
- 2020
- Sector
- Egg Producer
- Website
- vitalfarms.com
- Management
- Team & leadership ↗
Notes & Takes
"Vital Farms sources its eggs from 600 distributed "family farms" across the country that adhere to their high standards for raising pasture raised chickens.
I like the management team, the CEO and CFO are solid. Selling eggs is a tough business and highly cyclical so it'll never be a buy and hold forever company.
Egg prices plummeted in the first half of 2026 and the price differential between Vital and competitors caused volumes to decline. EBITDA guide went from $100 mill to $0. Such is the world of commodities."
Company Financials
Quarterly Headlines
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Vital Farms Q2 2026
Jun 30, 2026
- Revenue down 10.1%
- Gross margin of 6.6%
- Net loss of $31.1 mill
- Adjusted EBITDA loss of $26 million
- Cash balance of $21 mill with LT debt of $30 mill
- $15 mill of share repurchases at an average price of $13.29
- Share repurchase plan terminated
- Capital expenditures of $37.5 mill the first 26 weeks of 2026. Full year capex expected to be $70 to $75 million related to the buildout of Seymour Indiana
- Reiterates revenue outlook of $775 to $800 mill and adjusted EBITDA of $0 to $10 mill
Vital Farms Q1 2026
Mar 31, 2026
- Revenue up 15.4%
- Closing the butter business down
- New guidance for 2026 of $775 to $800 mill in revenue with $0 to 10 mill in EBITDA
- Gross margins down to 28.3% from 38.5%
- Net loss per diluted share of $0.03 or $1.5 million
- Adjusted EBITDA of $5 mill vs. $27 mill last year
- Industry pricing and promotions hurt Vital demand as the price gap between their pricing and competitors was too large
- Cash of $51 million with no debt
- $20 million on share repurchases at an average price of $19.97
- Reducing capex from $150 mill down to $75 mill
Vital Farms Q4 2025
Dec 31, 2025
- Revenue up 28.7% to $213 million
- Gross margin of 35.8% compared to 36.1%
- Net income of $16.3 million
- Net income per diluted share of $0.35
- Adjusted EBITDA of $29.2 million
- Total revenue for the year increased 25.3%, gross margin of 37.6%, adj EBITDA of $114 million, net income of $66.3 million, net income per diluted share of $1.44
- Grew farm network to 600 farms
- Cash of $113 million with no debt
- $82 million of capital expenditures for 2025
- Announced $100 million share repurchase program
- Guiding for revenue growth of 19% to 22% in 2026 / adj EBITDA of $105 to $115 million in 2026
- Capital expenditures of $150 million for 2026
Vital Farms Q3 2025
Sep 30, 2025
- Revenue up 37%
- Gross margin of 37.7% vs. 36.9%
- Net income of $16.4 million vs. $7.4 mill last year
- Diluted EPS of $0.36
- Family farm network has grown to 575
- Cash of $145 million no debt
- Guidance for full year 2025 includes $775 mill in revenue which implies 28% growth vs. 2024. Expecting adjusted EBITDA of $115 million, with capital expenditures of $100 million
Vital Farms Q2 2025
Jun 29, 2025
- Revenue up 25.4%
- Gross margin of 38.9%
- Net income of $16.6 million
- Diluted EPS of $0.36
- Grew family farms by 50 in the quarter. Total farms are now exceeding 500
- Cash of $155 million with no debt
- Capital expenditures totaled $10 million for the first 26 weeks - for the full year we expect capex to total $90 to $110 million reflecting our decision to construct both production lines at our Seymour, Indiana facility simultaneously rather than in phases, and add onsite cold storage.
Vital Farms Q1 2025
Mar 30, 2025
- Revenue up 9.6% YoY
- On track to reach $1 billion in revenue by 2027
- Gross margin of 38.5%
- Net income of $16.9 million vs. $19 million the lower amount was due to higher crew member investments
- We now have 450 family farmers in our network
- Cash of $161 million with no debt
- We expect capex of $50 to $60 million in 2025
Vital Farms Q4 2025
Dec 29, 2024
- Revenue up 22%
- Gross margin of 36.1%
- Net income up 46.8% to $10.6 million
- Net income per diluted share of $0.23
- We are on target to hit $1 billion in revenue by 2027
- Added 125 new family farms for the year and have a total of 425
- Cash of $160 million and no debt
Vital Farms Q3 2025
Sep 29, 2024
- 3Q revenue up 31% YoY
- Gross margin up to 36.9%
- Net income of $7.4 million vs. $4.5 million up 64% YoY
- We added to our network of now more than 375 family farms this quarter and our prep work for a new state of the art egg washing and packing facility in Seymour Indiana is well on track.
- Cash and securities were $163 million as of September 2024
- No outstanding debt
- Net cash provided by operating activities was $50 million for the first 9 months of the year
- Expect to spend $30 to $40 million in capital expenditures for 2024
Vital Farms Q2 2025
Jun 30, 2024
- 2Q revenue up 38.5% YoY
- Gross margin of 39.1%
- Net income of $16.3 million vs. $6.7 million up 149% YoY
- We have now passed a milestone of 350 family farms in our network
- Cash and securities totaled $152 million in June of 2024
- No outstanding debt
- Net cash provided by operating activities was $40 million for the first 6 months
- Expect to spend $35 to $45 million for 2024
Vital Farms Q1 2025
Mar 31, 2024
- Revenue up 24% YoY
- Gross margin of 39.8%
- Net income of $19 million vs. $7.2 million up 163% YoY
- We have signed an agreement to acquire land for a new egg washing and packing facility in southern Indiana.
- Cash and securities totaled $137 million in March 2024
- No outstanding debt
- Net cash provided by operating activities was $23.9 million for the first 3 months
- Expected capex for the year of $35 to $45 million