08/07/2025 - 07:20 AM

2025年8月7日- 上午 7:20

Second Quarter Net Revenue of $184.8 Million, Up 25.4% Versus Prior Year Period

第二季度净收入为 1.848 亿美元，比去年同期增长 25.4%

Raises Fiscal Year 2025 Net Revenue Outlook to At Least $770 Million, 27% Increase from 2024 Results, Reflecting Strong Consumer Demand and Successful Strategic Pricing Actions; Increases Adjusted EBITDA Guidance to At Least $110 Million

将 2025 财年的净收入预期提高至至少 7.7 亿美元，比 2024 年的业绩增长 27%，反映出强劲的消费者需求和成功的战略定价措施；将调整后的息税折旧摊销前利润（EBITDA）指引提高至至少 1.1 亿美元

On Track to Reach $1 Billion Net Revenue Target in 2027

有望在 2027 年实现 10 亿美元的净收入目标

AUSTIN, Texas--(BUSINESS WIRE)--Vital Farms (Nasdaq: VITL), a Certified B Corporation that offers a range of ethically produced foods nationwide, today reported financial results for its second quarter ended June 29, 2025.

德克萨斯州奥斯丁 --（商业资讯）--Vital Farms（纳斯达克：VITL），一家提供一系列伦理生产食品的认证 B 公司，今天公布了截至2025年6月29日的第二季度财务业绩。

Financial highlights for the second quarter ended June 29, 2025, compared to the second quarter ended June 30, 2024, include:

截至2025年6月29日的第二季度财务亮点，与截至2024年6月30日的第二季度相比，包括：

Net Revenue increased 25.4% to $184.8 million, compared to $147.4 million
Gross Margin of 38.9%, compared to 39.1%
Net Income of $16.6 million, compared to $16.3 million
Net Income per Diluted Share of $0.36, compared to $0.36
Adjusted EBITDA of $29.9 million,compared to $23.3 million1

净收入增长 25.4%，达到 1.848 亿美元，去年为 1.474 亿美元
毛利率为 38.9%，去年为 39.1%
净收入为 1660 万美元，去年为 1630 万美元
每股摊薄净收入为 0.36 美元，去年为 0.36 美元
调整后的 EBITDA 为 2990 万美元，去年为 2330 万美元 1

"We delivered second quarter results that exceeded our initial expectations, demonstrating the overall strength of our business model and expanding year-over-year consumer awareness of our strong brand," said Russell Diez-Canseco, Vital Farms' President and Chief Executive Officer. "Our crew continues to successfully execute our supply chain expansion strategy, hitting several critical milestones since our last earnings call. These include an increase of 50 farms in the quarter to more 500 family farms with 9 million hens under contract, redesigning and breaking ground on our Seymour facility to bring additional production capacity online in 2027, continuing the installation of a third production line in Springfield for scheduled completion in the fourth quarter this year, and placing birds on our first accelerator farm. These critical initiatives, combined with the successful implementation of our strategic pricing actions and our continued strong brand loyalty, have enabled us to raise our full-year revenue guidance. As we continue to build America's most trusted food company, our commitment to ethical food production and sustainable growth remains unwavering, and we believe we're well-positioned to achieve our $1 billion revenue target by 2027."

“我们交出了超出初步预期的第二季度业绩，展示了我们商业模式的整体实力以及消费者对我们强大品牌的年复一年认知的提升，” Vital Farms 总裁兼首席执行官 Russell Diez-Canseco 表示。“我们的团队继续成功执行我们的供应链扩展战略，自上次财报电话会议以来达成了几个关键里程碑。这些包括在本季度增加 50 个农场，使家庭农场总数超过 500 个，合同下有 900 万只母鸡，重新设计并开工建设我们的西摩工厂，以在 2027 年上线额外的生产能力，继续在斯普林菲尔德安装第三条生产线，计划在今年第四季度完成，以及在我们的第一个加速农场放置鸟类。这些关键举措，加上我们战略定价措施的成功实施和持续强大的品牌忠诚度，使我们能够提高全年收入指引。随着我们继续建设美国最受信赖的食品公司，我们对伦理食品生产和可持续增长的承诺始终如一，我们相信我们在 2027 年实现 10 亿美元收入目标的定位良好。”

1Adjusted EBITDA is a non-GAAP financial measure defined in the section titled “Non-GAAP Financial Measures” below and is reconciled to net income, its closest comparable GAAP measure, at the end of this release.

1 调整后的 EBITDA 是一项非公认会计原则（GAAP）财务指标，定义在下面标题为 “非 GAAP 财务指标” 的部分，并在本公告末尾与其最接近的 GAAP 指标净收入进行对账。

For the 13 Weeks Ended June 29, 2025

截至2025年6月29日的 13 周

Net revenue increased 25.4% to $184.8 million in the second quarter of 2025, compared to $147.4 million in the second quarter of 2024. Net revenue growth in the second quarter of 2025 was driven by price/mix benefits of $15.7 million and volume-related revenue growth of $21.7 million. Volume growth was driven by accelerated demand for existing products, new offerings and store distribution at existing customers.

净收入 在 2025 年第二季度增长 25.4%，达到 1.848 亿美元，而 2024 年第二季度为 1.474 亿美元。2025 年第二季度的净收入增长主要得益于 1570 万美元的价格/组合收益和 2170 万美元的销量相关收入增长。销量增长得益于对现有产品的需求加速、新产品的推出以及现有客户的门店分销。

Gross profit was $71.8 million, or 38.9% of net revenue, in the second quarter of 2025, up from $57.7 million, or 39.1% of net revenue, in the prior year quarter. Gross profit growth was driven by higher revenue from higher volume, increased pricing across the egg portfolio and favorable mix benefits. Gross profit margin declined slightly compared to the prior year period as investments made to continue to scale and grow the business driven by increases in labor and overhead costs were partially offset by favorable price/mix benefits.

毛利润 在 2025 年第二季度为 7180 万美元，占净收入的 38.9%，高于去年同期的 5770 万美元，占净收入的 39.1%。毛利润增长得益于销量增加带来的更高收入、鸡蛋组合的价格上涨和有利的组合收益。与去年同期相比，毛利润率略有下降，因为为了继续扩大和发展业务而进行的投资（由于劳动力和间接费用的增加）部分被有利的价格/组合收益抵消。

Income from operations was $23.8 million in the second quarter of 2025, compared to income from operations of $17.1 million in the second quarter of 2024. The increase was driven by higher revenue and gross profit, partially offset by increases in marketing, shipping and distribution and employee-related costs.

营业收入 在 2025 年第二季度为 2380 万美元，而 2024 年第二季度的营业收入为 1710 万美元。增长主要得益于更高的收入和毛利润，部分被市场营销、运输和分销以及员工相关成本的增加所抵消。

Net income was $16.6 million in the second quarter of 2025, compared to net income of $16.3 million in the prior year quarter. The increase was driven by higher revenue and income from operations, partially offset by higher taxes due to a decrease in the tax benefit of non-qualified stock option exercises and restricted stock units.

净收入 在 2025 年第二季度为 1660 万美元，而去年同期的净收入为 1630 万美元。增长主要得益于更高的收入和营业收入，部分被由于非合格股票期权行使和限制性股票单位的税收优惠减少而导致的更高税收所抵消。

Net income per diluted share was $0.36 for the second quarter of 2025, compared to net income per diluted share of $0.36 in the prior year quarter.

每股摊薄净收入 在 2025 年第二季度为 0.36 美元，而去年同期为 0.36 美元。

Adjusted EBITDA was $29.9 million, or 16.2% of net revenue, in the second quarter of 2025, compared to $23.3 million, or 15.8% of net revenue, in the second quarter of 2024. The increase in Adjusted EBITDA was primarily driven by higher sales and gross margin, partially offset by higher crew member investments.

调整后的 EBITDA 在 2025 年第二季度为 2990 万美元，占净收入的 16.2%，而 2024 年第二季度为 2330 万美元，占净收入的 15.8%。调整后的 EBITDA 的增长主要得益于更高的销售和毛利率，部分被对员工的投资增加所抵消。

Adjusted EBITDA excludes certain non-cash items. Adjusted EBITDA is a non-GAAP financial measure defined in the section titled “Non-GAAP Financial Measures” below and is reconciled to net income, its closest comparable GAAP measure, at the end of this release.

调整后的 EBITDA 不包括某些非现金项目。调整后的 EBITDA 是一项非 GAAP 财务指标，定义在下面标题为 “非 GAAP 财务指标” 的部分，并在本公告末尾与其最接近的 GAAP 指标净收入进行对账。

Balance Sheet and Cash Flow Highlights

资产负债表和现金流亮点

Cash, cash equivalents and marketable securities were $155.0 million as of June 29, 2025, and we had no outstanding debt. Net cash provided by operating activities was $4.5 million for the 26-week period ended June 30, 2025, compared to net cash provided by operating activities of $40.1 million for the 26-week period ended June 30, 2024.

截至2025年6月29日，现金、现金等价物和可交易证券 为 1.55 亿美元，且我们没有未偿债务。截止2025年6月30日的 26 周期间，经营活动提供的净现金为 450 万美元，而 2024 年同期为 4010 万美元。

Capital expenditures totaled $10.0 million in the 26-week period ended June 29, 2025, compared to $6.9 million in the 26-week period ended June 30, 2024.

截至2025年6月29日的 26 周期间，资本支出 总计 1000 万美元，而 2024 年同期为 690 万美元。

Fiscal 2025 Outlook

2025 财年展望

Thilo Wrede, Vital Farms’ Chief Financial Officer, commented: "We are raising our net revenue and Adjusted EBITDA guidance for fiscal 2025, reflecting the strong performance of our core business and successful implementation of strategic pricing actions. Our increased outlook is supported by robust consumer demand and improving supply dynamics as our expanded network of family farms ramps up production. We are increasing our capital expenditure outlook to accelerate the buildout of our Seymour facility, a strategic decision that we believe will better position us to meet growing demand and optimize our long-term returns. We anticipate some margin pressure in the second half of the year from tariff impacts and planned promotional activities, but these factors are fully incorporated into our guidance. With our strong balance sheet, growing operational capabilities, and proven ability to execute, we remain confident in achieving our $1 billion net revenue target by 2027."

Vital Farms 的首席财务官 Thilo Wrede 评论道：“我们正在提高 2025 财年的净收入和调整后 EBITDA 指引，这反映了我们核心业务的强劲表现和战略定价措施的成功实施。我们提高的展望得到了强劲消费者需求和改善的供应动态的支持，因为我们扩展的家庭农场网络正在加速生产。我们正在增加资本支出展望，以加快 Seymour 设施的建设，这是一个战略决策，我们相信这将使我们更好地满足日益增长的需求并优化我们的长期回报。我们预计下半年会受到关税影响和计划促销活动的利润压力，但这些因素已完全纳入我们的指引中。凭借我们强大的资产负债表、不断增长的运营能力和证明的执行能力，我们对到 2027 年实现 10 亿美元净收入目标充满信心。

For fiscal year 2025, we now expect:

对于 2025 财年，我们现在预计：

Net revenue of at least $770 million, which represents at least 27% growth versus fiscal year 2024 results, an increase from previous guidance of at least $740 million.
Adjusted EBITDA of at least $110 million, which represents at least 26% growth versus fiscal year 2024, an increase from previous guidance of at least $100 million.
Capital expenditures in the range of $90 million to $110 million, an increase from our previous guidance of $50 to $60 million. This increase reflects our strategic decision to construct both production lines at our Seymour, Indiana facility simultaneously rather than in phases, and add onsite cold storage, which we believe will provide us with sufficient capacity to supply future expected demand and also optimize our capital efficiency on a per-square-foot basis. Our capital expenditure plans continue to also support investments in our new production line at Egg Central Station in Springfield, our accelerator farms, and our Digital Transformation project, which remains on track to go live in early Fall 2025. We continue to evaluate our capital allocation priorities, and we will provide updates as necessary in future earnings reports.

净收入至少为 7.7 亿美元，较 2024 财年增长至少 27%，高于之前至少 7.4 亿美元的指引。
调整后 EBITDA 至少为 1.1 亿美元，较 2024 财年增长至少 26%，高于之前至少 1 亿美元的指引。
资本支出在 9000 万到 1.1 亿美元之间，高于我们之前 5000 万到 6000 万美元的指引。此次增加反映了我们战略性决定同时在印第安纳州 Seymour 设施建设两条生产线，而不是分阶段进行，并增加现场冷藏设施，我们相信这将为我们提供足够的能力来满足未来预期的需求，并在每平方英尺的基础上优化我们的资本效率。我们的资本支出计划还将支持对位于斯普林菲尔德的 Egg Central Station 的新生产线、我们的加速农场和数字化转型项目的投资，该项目预计将在 2025 年初上线。我们将继续评估我们的资本配置优先事项，并将在未来的财报中根据需要提供更新。

Vital Farms’ guidance assumes that there are no significant disruptions to the supply chain or its customers or consumers, including any issues from adverse macroeconomic factors. Vital Farms cannot provide a reconciliation between its forecasted Adjusted EBITDA and net income and Adjusted EBITDA Margin and net income margin, their most directly comparable GAAP measures, without unreasonable effort due to the unavailability of reliable estimates for income taxes, among other items. These items are not within our control and may vary greatly between periods and could significantly impact future financial results.

Vital Farms 的指引假设供应链或其客户或消费者没有重大干扰，包括任何不利的宏观经济因素造成的问题。Vital Farms 无法在没有不合理努力的情况下提供其预测的调整后 EBITDA 与净收入及调整后 EBITDA 利润率与净收入利润率之间的对账，因为缺乏可靠的所得税等项目的估算。这些项目不在我们的控制范围内，可能在不同期间之间有很大差异，并可能对未来的财务结果产生重大影响。

Conference Call and Webcast Details

电话会议和网络直播详情

Vital Farms will host a conference call and webcast at 8:30 a.m. ET today to discuss the results. To participate on the live call, listeners in North America may dial +1-800-715-9871 and international listeners may dial +1-646-307-1963 with the Conference ID: 8674985. Alternatively, participants may access the live webcast on the Vital Farms Investor Relations website at https://investors.vitalfarms.com under “Events & Presentations.” The webcast will be archived for 30 days.

Vital Farms 将在今天东部时间上午 8:30 召开电话会议和网络直播，讨论业绩。要参与直播，北美的听众可以拨打 +1-800-715-9871，国际听众可以拨打 +1-646-307-1963，会议 ID 为：8674985。或者，参与者可以通过 Vital Farms 投资者关系网站访问直播，网址为 https://investors.vitalfarms.com，查找 “活动与演示”。该网络直播将保存 30 天。

In addition, Vital Farms will publish its August 2025 Corporate Presentation as supporting materials to the webcast on the Vital Farms Investor Relations website at https://investors.vitalfarms.com under “Events & Presentations.”

此外，Vital Farms 将在其投资者关系网站上发布 2025 年 8 月的公司演示文稿，作为网络直播的支持材料，网址为 https://investors.vitalfarms.com，查找 “活动与演示”。

About Vital Farms

关于 Vital Farms

Vital Farms (Nasdaq: VITL) is a Certified B Corporation that offers a range of ethically produced foods nationwide. Started on a single farm in Austin, Texas, in 2007, Vital Farms is now a national consumer brand that works with more than 500 family farms and is the leading U.S. brand of pasture-raised eggs by retail dollar sales. Vital Farms’ ethics are exemplified by its focus on the humane treatment of farm animals and sustainable farming practices. In addition, as a Delaware public benefit corporation, Vital Farms prioritizes the long-term benefits of each of its stakeholders, including farmers and suppliers, customers and consumers, communities and the environment, and crew members and stockholders. Vital Farms’ products, including shell eggs, butter, hard-boiled eggs, and liquid whole eggs, are sold in more than 23,500 stores nationwide. Vital Farms pasture-raised eggs can also be found on menus at hundreds of foodservice operators across the country. For more information, visit https://vitalfarms.com/.

Vital Farms（纳斯达克：VITL）是一家认证的 B 型公司，提供一系列在全国范围内以道德方式生产的食品。Vital Farms 于 2007 年在德克萨斯州奥斯丁的一家农场起步，现在已成为一个全国性的消费品牌，与 500 多家家庭农场合作，是美国零售额最高的放养鸡蛋品牌。Vital Farms 的伦理体现在其对农场动物人道对待和可持续农业实践的关注。此外，作为特拉华州的公共利益公司，Vital Farms 优先考虑每个利益相关者的长期利益，包括农民和供应商、客户和消费者、社区和环境，以及员工和股东。Vital Farms 的产品，包括鸡蛋、黄油、熟鸡蛋和液体全蛋，已在全国超过 23,500 家商店销售。Vital Farms 的放养鸡蛋也可以在全国数百家餐饮服务商的菜单上找到。欲了解更多信息，请访问 https://vitalfarms.com/。

Forward-Looking Statements

前瞻性声明

This press release and the earnings call referencing this press release contain “forward-looking” statements, as that term is defined under the federal securities laws, including but not limited to statements regarding Vital Farms’ market opportunity, brand strength, anticipated growth, expectations regarding supply constraints, timing regarding Vital Farms’ Digital Transformation project, specifications and timing regarding Vital Farms’ planned egg washing and packing facility in Seymour, Indiana and new production line at Egg Central Station in Springfield, Missouri, the effect of such projects on Vital Farms’ future revenue, future growth of its family farm network, and future financial performance, including management’s outlook for fiscal year 2025 and management’s long-term outlook. These forward-looking statements are based on Vital Farms’ current assumptions, expectations, and beliefs and are subject to substantial risks, uncertainties, assumptions, and changes in circumstances that may cause Vital Farms’ actual results, performance, or achievements to differ materially from those expressed or implied in any forward-looking statement.

本新闻稿及提及本新闻稿的电话会议包含 “前瞻性” 声明，按照联邦证券法的定义，包括但不限于关于 Vital Farms 市场机会、品牌实力、预期增长、对供应限制的预期、Vital Farms 数字化转型项目的时间安排、Vital Farms 在印第安纳州 Seymour 的计划洗蛋和包装设施的规格和时间安排、这些项目对 Vital Farms 未来收入的影响、家庭农场网络的未来增长以及未来财务表现的管理展望，包括管理层对 2025 财年的展望和长期展望。这些前瞻性声明基于 Vital Farms 当前的假设、预期和信念，并受到重大风险、不确定性、假设和情况变化的影响，这可能导致 Vital Farms 的实际结果、表现或成就与任何前瞻性声明中表达或暗示的结果有重大差异。

The risks and uncertainties referred to above include, but are not limited to: Vital Farms’ expectations regarding its revenue, expenses, and other operating results; Vital Farms’ ability to attract new customers, to successfully retain existing customers, to attract and retain its suppliers, distributors, and co-manufacturers, and to maintain its relationships with members of its existing farm network and further expand its farm network and development of its accelerator farms; Vital Farms’ ability to sustain or increase its profitability; Vital Farms’ expectations regarding its future growth in the foodservice channel; Vital Farms’ ability to procure sufficient high-quality eggs, cream for its butter, and other raw materials; real or perceived quality or food safety issues with Vital Farms’ products or other issues that adversely affect Vital Farms’ brand and reputation; changes in the tastes and preferences of consumers; the financial condition of, and Vital Farms’ relationships with, its farmers, suppliers, co-manufacturers, distributors, retailers, and foodservice customers, as well as the health of the foodservice industry generally; the effects of outbreaks of agricultural diseases, including avian influenza and egg drop syndrome, the perception that outbreaks may occur or regulatory or market responses to such outbreaks generally; the ability of Vital Farms, its farmers, suppliers, and its co-manufacturers to comply with food safety, environmental or other laws or regulations; the impacts of international trade policies, including tariffs and sanctions; the effects of a public health pandemic or contagious disease, or fear of such outbreaks, on Vital Farms’ supply chain, the demand for its products, and on overall economic conditions, consumer confidence and spending levels; specifications and timing regarding Vital Farms’ planned egg washing and packing facility in Seymour, Indiana and the timing for installation of an additional egg washing and packing line at Vital Farms’ Egg Central Station facility in Missouri, and the impacts of prior or future expansions of such facilities on Vital Farms’ future revenue and farm network; future investments in its business, anticipated capital expenditures and estimates regarding capital requirements; anticipated changes in Vital Farms’ product offerings and Vital Farms’ ability to innovate to offer new products or enter into new product categories; the costs and success of marketing efforts; Vital Farms’ ability to effectively manage its growth, to maintain effective internal controls over financial reporting and to remediate and prevent material weaknesses in its internal controls; Vital Farms’ ability to compete effectively with existing competitors and new market entrants; the impact of adverse or volatile economic conditions, elevated interest rates, and inflation; the potential influence of Vital Farms’ focus on a specific public benefit purpose and producing a positive effect for society on its financial performance; the sufficiency of Vital Farms’ cash, cash equivalents, marketable securities and availability of credit under its credit facility to meet liquidity needs; seasonality; and the growth rates of the markets in which Vital Farms competes.

上述提到的风险和不确定性包括但不限于：Vital Farms 对其收入、支出和其他经营结果的预期；Vital Farms 吸引新客户、成功留住现有客户、吸引和留住供应商、分销商和共同制造商的能力，以及维持与现有农场网络成员的关系并进一步扩展其农场网络和加速器农场的发展；Vital Farms 维持或增加盈利能力的能力；Vital Farms 对其在餐饮渠道未来增长的预期；Vital Farms 采购足够高质量的鸡蛋、黄油用奶油和其他原材料的能力；Vital Farms 产品的实际或感知质量或食品安全问题，或其他对 Vital Farms 品牌和声誉产生不利影响的问题；消费者口味和偏好的变化；Vital Farms 与其农民、供应商、共同制造商、分销商、零售商和餐饮客户的财务状况及关系，以及餐饮行业整体的健康状况；农业疾病爆发的影响，包括禽流感和蛋掉综合症，爆发可能发生的感知或对此类爆发的监管或市场反应；Vital Farms、其农民、供应商和共同制造商遵守食品安全、环境或其他法律法规的能力；国际贸易政策的影响，包括关税和制裁；公共卫生疫情或传染病的影响，或对这种爆发的恐惧对 Vital Farms 的供应链、产品需求以及整体经济状况、消费者信心和支出水平的影响；关于 Vital Farms 在印第安纳州西摩计划的鸡蛋清洗和包装设施的规格和时间，以及在 Missouri 的 Vital Farms Egg Central Station 设施安装额外鸡蛋清洗和包装线的时间，以及这些设施的先前或未来扩展对 Vital Farms 未来收入和农场网络的影响；对其业务的未来投资、预期资本支出和资本需求的估计；对 Vital Farms 产品供应的预期变化以及 Vital Farms 创新以提供新产品或进入新产品类别的能力；市场营销工作的成本和成功；Vital Farms 有效管理其增长、维持财务报告内部控制的有效性以及补救和防止内部控制重大缺陷的能力；Vital Farms 有效与现有竞争对手和新市场参与者竞争的能力；不利或波动经济条件、高利率和通货膨胀的影响；Vital Farms 专注于特定公共利益目的并对社会产生积极影响的潜在影响对其财务表现的影响；Vital Farms 的现金、现金等价物、可交易证券的充足性以及在其信贷设施下获得信贷的可用性以满足流动性需求；季节性；以及 Vital Farms 竞争市场的增长率。

These risks and uncertainties are more fully described in Vital Farms’ filings with the Securities and Exchange Commission (SEC), including in the sections entitled “Risk Factors” in its Quarterly Report on Form 10-Q for the fiscal quarter ended June 29, 2025, which Vital Farms anticipates filing on August 7, 2025, and other filings and reports that Vital Farms may file from time to time with the SEC. Moreover, Vital Farms operates in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for management to predict all risks, nor can Vital Farms assess the impact of all factors on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements Vital Farms may make. In light of these risks, uncertainties, and assumptions, Vital Farms cannot guarantee future results, levels of activity, performance, achievements, or events and circumstances reflected in the forward-looking statements will occur. Forward-looking statements represent management’s beliefs and assumptions only as of the date of this press release. Vital Farms disclaims any obligation to update forward-looking statements except as required by law.

这些风险和不确定性在 Vital Farms 向证券交易委员会（SEC）提交的文件中有更详细的描述，包括在其截至2025年6月29日的季度报告 10-Q 中名为 “风险因素” 的部分，Vital Farms 预计将在2025年8月7日提交，以及 Vital Farms 可能不时向 SEC 提交的其他文件和报告。此外，Vital Farms 运营在一个竞争激烈且快速变化的环境中。新的风险不时出现。管理层无法预测所有风险，也无法评估所有因素对其业务的影响或任何因素或因素组合可能导致实际结果与 Vital Farms 可能做出的任何前瞻性声明中包含的结果有实质性差异的程度。鉴于这些风险、不确定性和假设，Vital Farms 无法保证未来的结果、活动水平、表现、成就或前瞻性声明中反映的事件和情况将会发生。前瞻性声明仅代表管理层在本新闻稿日期的信念和假设。Vital Farms 不承担更新前瞻性声明的任何义务，除非法律要求。


VITAL FARMS, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Amounts in thousands, except share amounts) (Unaudited)
	13-Weeks Ended		26-Weeks Ended
	June 29, 2025		June 30, 2024	June 29, 2025		June 30, 2024
Net revenue	$	184,767		$	147,388		$	346,956		$	295,316
Cost of goods sold		112,985			89,710			212,661			178,742
Gross profit		71,782			57,678			134,295			116,574
Operating expenses:
Selling, general and administrative		38,987			33,336			70,897			60,467
Shipping and distribution		9,000			7,203			17,835			14,799
Total operating expenses		47,987			40,539			88,732			75,266
Income from operations		23,795			17,139			45,563			41,308
Other income (expense), net:
Interest expense		(218	)		(257	)		(453	)		(512	)
Interest income		1,332			1,316			2,544			2,404
Other expense, net		(378	)		(87	)		(781	)		(364	)
Total other income (expense), net		736			972			1,310			1,528
Net income before income taxes		24,531			18,111			46,873			42,836
Income tax provision		7,893			1,772			13,334			7,474
Net income	$	16,638		$	16,339		$	33,539		$	35,362
Net income per share:
Basic:	$	0.37		$	0.38		$	0.76		$	0.84
Diluted:	$	0.36		$	0.36		$	0.73		$	0.79
Weighted average common shares outstanding:
Basic:		44,591,484			42,500,355			44,421,116			42,148,992
Diluted:		45,804,158			45,248,792			45,815,874			44,600,401


VITAL FARMS, INC. 简明合并损益表（金额单位：千美元，除每股金额外）（未经审计）
	截至 13 周		截至 26 周
	2025年6月29日		2024年6月30日	2025年6月29日		2024年6月30日
净收入	$	184,767		$	147,388		$	346,956		$	295,316
销售成本		112,985			89,710			212,661			178,742
毛利润		71,782			57,678			134,295			116,574
营业费用：
销售、一般和行政费用		38,987			33,336			70,897			60,467
运输和分销费用		9,000			7,203			17,835			14,799
总营业费用		47,987			40,539			88,732			75,266
营业收入		23,795			17,139			45,563			41,308
其他收入（费用），净额：
利息费用		(218	)		(257	)		(453	)		(512	)
利息收入		1,332			1,316			2,544			2,404
其他费用，净额		(378	)		(87	)		(781	)		(364	)
总其他收入（费用），净额		736			972			1,310			1,528
税前净收入		24,531			18,111			46,873			42,836
所得税费用		7,893			1,772			13,334			7,474
净收入	$	16,638		$	16,339		$	33,539		$	35,362
每股净收入：
基本：	$	0.37		$	0.38		$	0.76		$	0.84
稀释：	$	0.36		$	0.36		$	0.73		$	0.79
加权平均普通股流通股数：
基本：		44,591,484			42,500,355			44,421,116			42,148,992
稀释：		45,804,158			45,248,792			45,815,874			44,600,401


VITAL FARMS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in thousands, except share amounts)
	June 29, 2025		December 29, 2024
	(Unaudited)
Assets
Current assets:
Cash and cash equivalents	$	108,224		$	150,601
Investment securities, available-for-sale		46,773			9,692
Accounts receivable, net of allowance for credit losses of $857 and $691 as of June 29, 2025 and December 29, 2024, respectively		68,405			54,342
Inventories		42,710			23,666
Prepaid expenses and other current assets, net of allowance for credit losses of $522 and $240 as of June 29, 2025 and December 29, 2024, respectively		6,428			7,740
Assets held for sale		2,667			—
Total current assets		275,207			246,041
Property, plant and equipment, net		111,155			84,521
Operating lease right-of-use assets		31,196			19,617
Goodwill and other assets		13,194			9,153
Total assets	$	430,752		$	359,332
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	66,352		$	38,582
Accrued liabilities		34,037			31,328
Operating lease liabilities, current		5,368			3,849
Finance lease liabilities, current		4,401			3,932
Income taxes payable		690			838
Total current liabilities		110,848			78,529
Operating lease liabilities, non-current		1,361			2,918
Finance lease liabilities, non-current		6,458			8,011
Other liabilities		2,307			572
Total liabilities	$	120,974		$	90,030
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.0001 par value per share, 10,000,000 shares authorized as of June 29, 2025 and December 29, 2024; no shares issued and outstanding as of June 29, 2025 and December 29, 2024		—			—
Common stock, $0.0001 par value per share, 310,000,000 shares authorized as of June 29, 2025 and December 29, 2024; 44,661,608 and 44,042,355 shares issued and outstanding as of June 29, 2025 and December 29, 2024, respectively		4			4
Additional paid-in capital		193,119			186,182
Retained earnings		116,652			83,113
Accumulated other comprehensive income		3			3
Total stockholders’ equity	$	309,778		$	269,302
Total liabilities and stockholders’ equity	$	430,752		$	359,332


VITAL FARMS, INC. 简明合并资产负债表（金额单位：千美元，除每股金额外）
	2025年6月29日		2024年12月29日
	（未经审计）
资产
流动资产：
现金及现金等价物	$	108,224		$	150,601
可供出售投资证券		46,773			9,692
应收账款，减去截至2025年6月29日和2024年12月29日的信用损失准备金 857 和 691		68,405			54,342
存货		42,710			23,666
预付费用及其他流动资产，减去截至2025年6月29日和2024年12月29日的信用损失准备金 522 和 240		6,428			7,740
待售资产		2,667			—
总流动资产		275,207			246,041
固定资产，净额		111,155			84,521
租赁使用权资产		31,196			19,617
商誉及其他资产		13,194			9,153
总资产	$	430,752		$	359,332
负债和股东权益
流动负债：
应付账款	$	66,352		$	38,582
应计负债		34,037			31,328
流动租赁负债		5,368			3,849
流动融资租赁负债		4,401			3,932
应付所得税		690			838
总流动负债		110,848			78,529
非流动租赁负债		1,361			2,918
非流动融资租赁负债		6,458			8,011
其他负债		2,307			572
总负债	$	120,974		$	90,030
承诺和或有事项
股东权益：
优先股，每股面值$0.0001，2025年6月29日和2024年12月29日授权 10,000,000 股；截至2025年6月29日和2024年12月29日未发行和流通的股份		—			—
普通股，每股面值$0.0001，2025年6月29日和2024年12月29日授权 310,000,000 股；截至2025年6月29日和2024年12月29日发行和流通的股份分别为 44,661,608 和 44,042,355		4			4
额外实收资本		193,119			186,182
留存收益		116,652			83,113
累计其他综合收益		3			3
总股东权益	$	309,778		$	269,302
总负债和股东权益	$	430,752		$	359,332


VITAL FARMS, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Amounts in thousands) (Unaudited)
	26-Weeks Ended
	June 29, 2025		June 30, 2024
Cash flows from operating activities:
Net income	$	33,539		$	35,362
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		6,727			6,499
Reduction in the carrying amount of right-of-use assets		3,691			1,658
Amortization of available-for-sale debt securities		(296	)		76
Amortization of debt issuance costs		43			19
Stock-based compensation expense		5,887			4,898
Deferred taxes		(24	)		—
Uncertain tax positions		1,735			—
Net realized losses on derivative instruments		822			346
Other		1,293			(132	)
Net change in operating assets and liabilities		(48,904	)		(8,644	)
Net cash provided by operating activities	$	4,513		$	40,082
Cash flows from investing activities:
Purchases of property, plant and equipment		(9,994	)		(6,914	)
Purchases and settlements of derivative instruments		264			(669	)
Purchases of available-for-sale securities		(45,079	)		—
Maturities and call redemptions of available-for-sale debt securities		7,890			13,335
Proceeds from the sale of available-for-sale debt securities		404			—
Proceeds from the sale of property, plant and equipment		608			1
Net cash (used in) provided by investing activities	$	(45,907	)	$	5,753
Cash flows from financing activities:
Proceeds from exercise of stock options		3,649			6,448
Proceeds from issuance of common stock under employee stock purchase plan		379			178
Payment of tax withholding obligation on vested restricted stock unit shares		(2,978	)		(1,351	)
Principal payments under finance lease obligations		(2,033	)		(1,672	)
Payment of financing costs		—			(414	)
Net cash (used in) provided by financing activities	$	(983	)	$	3,189
Net (decrease) increase in cash and cash equivalents		(42,377	)		49,024
Cash and cash equivalents at beginning of the period		150,601			84,149
Cash and cash equivalents at end of the period	$	108,224		$	133,173
Supplemental disclosure of cash flow information:
Cash paid for interest	$	410		$	512
Cash paid for income taxes		11,772			11,344
Supplemental disclosure of non-cash investing and financing activities:
Purchases of property, plant and equipment included in accounts payable and accrued liabilities	$	25,590		$	150


维塔农场公司现金流量简表（金额单位：千美元）（未经审计）
	截至 26 周
	2025年6月29日		2024年6月30日
经营活动产生的现金流量：
净收入	$	33,539		$	35,362
调整净收入以计算经营活动提供的净现金：
折旧和摊销		6,727			6,499
使用权资产账面价值减少		3,691			1,658
可供出售债务证券的摊销		(296	)		76
债务发行成本的摊销		43			19
基于股票的补偿费用		5,887			4,898
递延税款		(24	)		—
不确定的税务事项		1,735			—
衍生工具的净实现损失		822			346
其他		1,293			(132	)
经营资产和负债的净变动		(48,904	)		(8,644	)
经营活动提供的净现金	$	4,513		$	40,082
投资活动产生的现金流量：
购买物业、厂房和设备		(9,994	)		(6,914	)
衍生工具的购买和结算		264			(669	)
购买可供出售证券		(45,079	)		—
可供出售债务证券的到期和赎回		7,890			13,335
可供出售债务证券的销售收入		404			—
物业、厂房和设备的销售收入		608			1
投资活动使用的净现金	$	(45,907	)	$	5,753
融资活动产生的现金流量：
行使股票期权的收入		3,649			6,448
员工股票购买计划下发行普通股的收入		379			178
支付已归属限制性股票单位股份的税款		(2,978	)		(1,351	)
融资租赁义务的本金支付		(2,033	)		(1,672	)
融资成本的支付		—			(414	)
融资活动使用的净现金	$	(983	)	$	3,189
现金及现金等价物的净（减少）增加		(42,377	)		49,024
期初现金及现金等价物		150,601			84,149
期末现金及现金等价物	$	108,224		$	133,173
现金流量信息的补充披露：
支付的利息	$	410		$	512
支付的所得税		11,772			11,344
非现金投资和融资活动的补充披露：
计入应付账款和应计负债的物业、厂房和设备的购买	$	25,590		$	150

Non-GAAP Financial Measures

非公认会计原则财务指标

We report our financial results in accordance with GAAP. However, management believes that Adjusted EBITDA and Adjusted EBITDA Margin, non-GAAP financial measures, provide investors with additional useful information in evaluating our performance.

我们按照公认会计原则（GAAP）报告财务结果。然而，管理层认为，调整后的息税折旧摊销前利润（Adjusted EBITDA）和调整后的息税折旧摊销前利润率（Adjusted EBITDA Margin）作为非 GAAP 财务指标，为投资者提供了额外的有用信息，以评估我们的业绩。

Adjusted EBITDA and Adjusted EBITDA Margin are financial measures that are not required by or presented in accordance with GAAP. We believe that Adjusted EBITDA and Adjusted EBITDA Margin, when taken together with our financial results presented in accordance with GAAP, provide meaningful supplemental information regarding our operating performance and facilitate internal comparisons of our historical operating performance on a more consistent basis by excluding certain items that may not be indicative of our business, results of operations or outlook. In particular, we believe that the use of Adjusted EBITDA and Adjusted EBITDA Margin are helpful to our investors as they are measures used by management in assessing the health of our business, determining incentive compensation and evaluating our operating performance, as well as for internal planning and forecasting purposes. We calculate Adjusted EBITDA as net income, adjusted to exclude: (1) depreciation and amortization; (2) stock-based compensation expense; (3) (benefit) or provision for income taxes as applicable; (4) interest expense; and (5) interest income. We calculate Adjusted EBITDA Margin as Adjusted EBITDA divided by Net Revenue.

调整后的息税折旧摊销前利润（Adjusted EBITDA）和调整后的息税折旧摊销前利润率（Adjusted EBITDA Margin）是未按 GAAP 要求或未按照 GAAP 呈现的财务指标。我们认为，调整后的息税折旧摊销前利润和调整后的息税折旧摊销前利润率与我们按照 GAAP 呈现的财务结果结合在一起，提供了有关我们经营业绩的有意义的补充信息，并通过排除某些可能不代表我们业务、经营结果或前景的项目，促进我们历史经营业绩的内部比较。特别是，我们认为，使用调整后的息税折旧摊销前利润和调整后的息税折旧摊销前利润率对我们的投资者是有帮助的，因为这些指标被管理层用于评估我们业务的健康状况、确定激励补偿和评估我们的经营业绩，以及用于内部规划和预测。我们将调整后的息税折旧摊销前利润计算为净收入，调整以排除：（1）折旧和摊销；（2）基于股票的补偿费用；（3）适用的所得税（收益）或准备；（4）利息费用；以及（5）利息收入。我们将调整后的息税折旧摊销前利润率计算为调整后的息税折旧摊销前利润除以净收入。

Adjusted EBITDA and Adjusted EBITDA Margin are presented for supplemental informational purposes only, have limitations as analytical tools and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP. Some of the limitations of Adjusted EBITDA and Adjusted EBITDA Margin include that (1) they do not properly reflect capital commitments to be paid in the future, (2) although depreciation and amortization are non-cash charges, the underlying assets may need to be replaced and Adjusted EBITDA and Adjusted EBITDA Margin do not reflect these capital expenditures, (3) they do not consider the impact of stock-based compensation expense, (4) they do not reflect other non-operating expenses, including interest expense; and (5) they do not reflect tax payments that may represent a reduction in cash available to us. In addition, our use of Adjusted EBITDA and Adjusted EBITDA Margin may not be comparable to similarly titled measures of other companies because they may not calculate Adjusted EBITDA and Adjusted EBITDA Margin in the same manner, limiting the usefulness as comparative measures. Because of these limitations, when evaluating our performance, you should consider Adjusted EBITDA and Adjusted EBITDA Margin alongside other financial measures, including our net income and other results stated in accordance with GAAP.

调整后的 EBITDA 和调整后的 EBITDA 利润率仅用于补充信息目的，作为分析工具存在局限性，不应单独考虑或替代根据 GAAP 提供的财务信息。调整后的 EBITDA 和调整后的 EBITDA 利润率的一些局限性包括：(1) 它们未能正确反映未来需支付的资本承诺；(2) 尽管折旧和摊销是非现金费用，但基础资产可能需要更换，而调整后的 EBITDA 和调整后的 EBITDA 利润率未能反映这些资本支出；(3) 它们未考虑基于股票的补偿费用的影响；(4) 它们未反映其他非经营性费用，包括利息费用；(5) 它们未反映可能代表我们可用现金减少的税款支付。此外，我们对调整后的 EBITDA 和调整后的 EBITDA 利润率的使用可能与其他公司的类似指标不可比，因为它们可能以不同的方式计算调整后的 EBITDA 和调整后的 EBITDA 利润率，从而限制了作为比较指标的有效性。由于这些局限性，在评估我们的业绩时，您应将调整后的 EBITDA 和调整后的 EBITDA 利润率与其他财务指标一起考虑，包括我们的净收入和根据 GAAP 报告的其他结果。


VITAL FARMS, INC. ADJUSTED EBITDA RECONCILIATION (Amounts in thousands) (Unaudited)
	13-Weeks Ended		26-Weeks Ended
	June 29, 2025		June 30, 2024	June 29, 2025		June 30, 2024
	(in thousands)		(in thousands)
Net income	$	16,638		$	16,339		$	33,539		$	35,362
Depreciation and amortization(1)		3,468			3,288			6,727			6,499
Stock-based compensation expense		3,034			2,916			5,887			4,898
Income tax provision		7,893			1,772			13,334			7,474
Interest expense		218			257			453			512
Interest income		(1,332	)		(1,316	)		(2,544	)		(2,404	)
Adjusted EBITDA	$	29,919		$	23,256		$	57,396		$	52,341

Net revenue	$	184,767		$	147,388		$	346,956		$	295,316
Net income margin(2)		9.0	%		11.1	%		9.7	%		12.0	%
Adjusted EBITDA Margin(3)		16.2	%		15.8	%		16.5	%		17.7	%


VITAL FARMS, INC. 调整后的 EBITDA 重新调整（金额以千计）（未经审计）
	截至 13 周		截至 26 周
	2025年6月29日		2024年6月30日	2025年6月29日		2024年6月30日
	（以千计）		（以千计）
净收入	$	16,638		$	16,339		$	33,539		$	35,362
折旧和摊销 (1)		3,468			3,288			6,727			6,499
基于股票的补偿费用		3,034			2,916			5,887			4,898
所得税费用		7,893			1,772			13,334			7,474
利息费用		218			257			453			512
利息收入		(1,332	)		(1,316	)		(2,544	)		(2,404	)
调整后的 EBITDA	$	29,919		$	23,256		$	57,396		$	52,341

净收入	$	184,767		$	147,388		$	346,956		$	295,316
净收入利润率 (2)		9.0	%		11.1	%		9.7	%		12.0	%
调整后的 EBITDA 利润率 (3)		16.2	%		15.8	%		16.5	%		17.7	%


1	Amount also includes finance lease amortization.
2	Net income margin is calculated by dividing net income by net revenue.
3	Adjusted EBITDA Margin is calculated by dividing Adjusted EBITDA by net revenue.


1	金额还包括融资租赁摊销。
2	净收入利润率通过将净收入除以净收入计算得出。
3	调整后的 EBITDA 利润率通过将调整后的 EBITDA 除以净收入计算得出。

View source version on businesswire.com: https://www.businesswire.com/news/home/20250807966613/en/

在 businesswire.com 查看源版本：https://www.businesswire.com/news/home/20250807966613/en/

Media:

媒体：

Rob Discher

Rob.Discher@vitalfarms.com

Investors:

投资者：

John Mills

ICR

John.Mills@icrinc.com

Source: Vital Farms

来源：Vital Farms

Vital Farms 发布 2025 年第二季度财务报告 | VITL 股票新闻