Vital Farms, Inc. · NASDAQ:VITL
Vital Farms — Q2 2026 Earnings Presentation
27 slides from Vital Farms's earnings presentation, August 2026
Slide 1: Vital Farms, Inc. August 2026 Corporate Presentation
Vital Farms, Inc. (Nasdaq: VITL) • August 2026 Corporate Presentation
Slide 2: Reporting Disclaimer
Reporting Disclaimer This presentation contains, in addition to historical information, certain “forward-looking statements” (within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended), that are based on our curren
Slide 3: Bird of the Quarter
BIRD OF THE QUARTER \ \ \ soe? Sparkling Sophia shines all the way from her dazzling red comb to her perfectly pointy toes.
Slide 4: Performance Charts
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Slide 5: Wholesale Shell Egg Prices
Wholesale Shell Egg Prices Wholesale Shell Egg Prices (Large White $/dz) $9 2024 $8 2025 $7 2026 $6 $5 $4 $3 $2 $1 $0 0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38 40 42 44 46 48 50 52 Week Source: USDA 5
Slide 6: Average Retail Price by Subcategory
Average Retail Price by Subcategory Total Shell Egg Market (Average Retail Price per Volume EQ Unit, Total MULO+) YOY % change (13 week period, $7.5 ending 6/28/26) $7.0 $6.5 -11.1% $6.0 $5.5 $5.0 $4.5 $4.0 -15.9% $3.5 $3.0 -31.1% $2.5 -41.5% $0.0 -51.8% 03-30-25 06-29-25 09-28-25 12-28-25 03-29-26
Slide 7: Vital Farms to Competitor Average Retail Price
Vital Farms to Competitor Average Retail Price Shell Egg Market (Average Retail Price per Volume EQ Unit, Total MULO+) $9.0 $8.35 $8.16 $8.5 Vital Farms $8.0 Branded Competitor A $7.5 Branded Competitor B $7.0 Branded Competitor C $6.5 $6.0 $5.5 $0.0 03-30-25 06-29-25 09-28-25 12-28-25 03-29-26 06-2
Slide 8: Price Gap Reduction at Top Retailer Drove Velocity and Household Improvements
Example: Price Gap Reduction at Top 10 Retailer Drove Velocity and Household Improvements Vital Farms Core 12 ct Price Gap to Branded Competitors vs. Vital Farms Units Per Store Per Week 4 Week Periods Ending +27.0% $1.79 66 69 62 61 55 54 $0.27 2/22 3/22 4/19 5/17 6/14 7/12 Incremental New Househol
Slide 9: Average Weekly Volume Per Store Selling Per Item
Average Weekly Volume Per Store Selling Per Item Is At The Highest Level Since February Vital Farms Shell Eggs (Average Weekly Volume Per Store Selling Per Item, Total MULO+) +12.5% 27 27 26 26 25 24 24 02-22-26 03-22-26 04-19-26 05-17-26 06-14-26 07-12-26 Building 07-19-26 4 Week Periods Ending Sou
Slide 10: Re-affirming 2026e Average Weekly Total Distribution Points
Re-affirming 2026e Average Weekly Total Distribution Points (TDPs) Growth Should Be Strongest Since the 2020 IPO Vital Farms Shell Eggs (Average Weekly Total Distribution Points, Total MULO+) 150 to 160 130 123 108 96 76 2021 2022 2023 2024 2025 2026e Source: Circana MULO+ 2026 estimate represents t
Slide 11: Q4 Has Historically Been Our Seasonally Largest Quarter
Q4 Has Historically Been Our Seasonally Largest Quarter Vital Farms Average Net Revenue by Quarter % of Full Year (Q1 2020 – Q4 2025) 27% – 29%* 24% – 26%* 23% – 25%* 22% – 24%* 24% - 26%* 23% - 25%* 22% - 24%* Q1 Q2 Q3 Q4 *Each quarter range represents historical average % of full year revenues Sou
Slide 12: Financial Update
Financial Update
Slide 13: Q2 2026 Key Financial Metrics
Q2 2026 KEY FINANCIAL METRICS Net Revenue Gross Margin Adj. EBITDA** Adj. Diluted EPS** $166M 6.6% -$26.6M -$0.47 -10%* -3227bps* NA NA * Compared to prior fiscal year quarter. ** Refer to Appendix for reconciliation of non-GAAP financial metrics 13
Slide 14: Financial Summary Highlights: Q2 2026 Update
Financial Summary Highlights: Q2 2026 Update Highlights Financial Performance • Net revenue decreased 10.1% to $166.0 million in Q2 2026 versus Q2 2025. The decrease in net revenue was primarily driven by a volume-driven decline of $19.8 million, excluding excess breaker ($ thousands) Q2'26 Q2'25 %
Slide 15: Financial Summary Highlights: Net Revenue Comparison
Financial Summary Highlights: Net Revenue Comparison Q2 ’26 Net Revenue Comparison Highlights Net Revenue by Product Segment ($ Millions) Growth Rates • Net revenue for Q2 2026 was $166.0 million, compared to $184.8 -10.1% Eggs Q2'25 Q2'26 25% -10% million for Q2 2025. YOY Butter 43% -12% Consolidat
Slide 16: Financial Summary Highlights: Margin Performance
Financial Summary Highlights: Margin Performance Highlights Gross profit and margin Operating Expenses • Gross profit decreased $60.9 million in Q2 2026 Gross Margin SG&A as a % of Net Revenue versus Q2 2025 and gross margin decreased to 6.6% in Q2 2026 versus 38.9% in Q2 2025, driven 38.9% 6.6% 21.
Slide 17: Certain Q2 2026 Expenses
Certain Q2 2026 Expenses™ ADDED BACK TO Adjusted EBITDA and Adjusted Net Income Butter exit costs* Restructuring and (COGS) severance costs* (SG&A) $7.8M $3.3M TOTAL ADDED BACK: $11.1M (To Adjusted EBITDA and Adjusted Net Income) Source: Vital Farms Company Data *Added back to Adjusted EBITDA and Ad
Slide 18: We Are Re-affirming Our 2026 Guidance
We Are Re-affirming Our 2026 guidance NET REVENUE $775 Million to $800 Million Assuming category price levels remain stabilized at current levels ADJUSTED EBITDA $0 Million to $10 Million Reflects higher promotional spending and price investments and estimated negative impact in the mid-$30 million
Slide 19: Our values are rooted in Conscious Capitalism
Our values are rooted in Conscious Capitalism CKHOLDER TO We operate a S S STAKEHOLDER MODEL that prioritizes the long-term benefits of each Y & ENVIRO RS & CONS NIT ME of our stakeholders UM COMMU TO NM ERS CUS ENT Our approach has been validated by our designation as a CERTIFIED B CORPORATION, FA
Slide 20: We have developed an alternative to factory farming practices
We have developed an alternative to factory farming practices Year-Round Production Our Framework OPEN AIR, 108 SQUARE FEET LIVING CONDITIONS PER HEN OMNIVOROUS, INCLUDING FEED GRAIN, PLANTS, INSECTS LAND MANAGEMENT SUSTAINABLE PRACTICES DIRECT RELATIONSHIPS WITH NETWORK FAMILY FARMS & ACCELERATOR F
Slide 21: National Distribution
Our model is designed to deliver quality at scale National Distribution Network of over 625 family (Products in more than farms 24,000 Retail Stores) WE EGG CENTRAL WE DELIVER AGGREGATE DIRECTLY TO PRODUCTS STATION CUSTOMERS FROM FARM Springfield, MO AND THROUGH RETAIL NETWORK WASH, GRADE, PACK, DIS
Slide 22: Appendix
APPENDIX
Slide 23: Non-GAAP Financial Measures
Non-GAAP Financial Measures We report our financial results in accordance with U.S. Generally Accepted Account Principles (GAAP). However, management believes that non-GAAP financial measures, including Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net (Loss) Income and Adjusted Net (Loss) Incom
Slide 24: Adjusted EBITDA and Adjusted EBITDA Margin Reconciliation
Adjusted EBITDA and Adjusted EBITDA Margin Reconciliation 13-Weeks 13-Weeks Ended Ended ($ thousands) 28-Jun-26 29-Jun-25 Net (loss) income $ (31,065) $ 16,638 Depreciation and amortization 3,638 3,468 Stock-based compensation expense (1,378) 3,034 Income tax (benefit) provision (9,725) 7,893 Intere
Slide 25: Adjusted Net (Loss) Income and Per Share Reconciliation
Adjusted Net (Loss) Income and Adjusted Net (Loss) Income Per Share Reconciliation 13-Weeks 13-Weeks Ended Ended ($ thousands) 28-Jun-26 29-Jun-25 Net (loss) income $ (31,065) $ 16,638 Restructuring and severance costs 3,312 0 Costs related to our exit of butter products 7,764 0 Adjusted Net (Loss)
Slide 26: Certain Q2 2026 Expenses
Certain Q2 2026 Expenses Consulting Fees 13-Weeks Ended Restructuring & 13-Weeks Ended Farmer Contract Associated w/ Feed As Reported Butter Exit Costs* Severance* Adjusted Results Excess Breaker Amendments Cost Reduction June 28, June 28, 2026 2026 Net revenue $ 166,029 $ 166,029 $ 1,682 Cost of go
Slide 27: EST. 2007
EST. 2007