Vital Farms, Inc. · NASDAQ:VITL
Vital Farms — Q4 2025 Earnings Presentation
22 slides from Vital Farms's earnings presentation, Feb 26, 2026
Slide 1: Vital Farms, Inc. February 2026 Corporate Presentation
Vital Farms, Inc. (Nasdaq: VITL) • February 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 Graceful Guinevere bobs her head softly while journeying through the wooded pasture.
Slide 4: 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 TY & ENVIR ERS & CON SU NI M each of our stakeholders ON COMMU ME O CUST MENT RS Our approach has been validated by our designation as a CERTIFIED B CORPORATION, FA
Slide 5: 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 SUSTAINABLE PRACTICES MANAGEMENT DIRECT RELATIONSHIPS WITH NETWORK FAMILY FARMS & ACCELERATOR F
Slide 6: Our model is designed to deliver quality at scale
Our model is designed to deliver quality at scale National Distribution Network of over 600 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 7: Performance Charts
An SS FA EST.2007 re ! { | FARMS” y
Slide 8: We established new 2030 targets at our December '25 Investor Day
We established new 2030 targets at our December ‘25 Investor Day NET REVENUE $2 Billion GROSS MARGIN ~35+% ADJUSTED 15% to 17% of Net Revenue EBITDA MARGIN Note: These metrics are management goals only and are subject to a number of risks and uncertainties, including risks described in the “Risk Fac
Slide 9: The Q4 and FY 2025 results position us to deliver our long-term targets
The Q4 and FY 2025 results and initiatives position us to deliver our long- term targets • Growth is volume-led and sustainable – reflecting continued Vital Farms’ brand strength • Supply expansion remains on track – farm recruiting pipeline and onboarding remains robust, ensuring egg supply is not
Slide 10: Consumer metrics continue to improve
Consumer metrics continue to improve; Household penetration is growing, buy rate on an upward trend Shell Egg Household Penetration Shell Egg Brand Aided Awareness (Millions of Households) Shell Egg Buy Rate $43.50 $39.85 Comp A not to scale $35.01 34% Comp A not to scale $27.23 $24.88 26% $23.14 14
Slide 11: To meet the growing consumer demand, we are expanding our distribution
To meet the growing consumer demand, we are expanding our distribution Vital Farms Eggs Average Items Selling (AIS) MULO+ Channel 2.8 TDPs: 155 2.4 2.2 1.9 1.8 1.5 TDPs: 59 Q1'21 Q1'20 Q2'20 Q3'20 Q4'20 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q
Slide 12: Distribution and velocity have increased over time
Distribution and velocity have increased over time, which we believe reflects the strength of our brand Vital Farms Eggs $ per Average Items Selling (AIS) MULO+ Channel AIS: +91% 2.8 $/AIS: +62% $239 $/AIS: $147 AIS: 1.4 Q2'20 Q3'22 Q4'24 Q1'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q4'22 Q
Slide 13: Our growth has primarily been volume-driven
Our growth has primarily been volume-driven Vital Farms: 22 quarters of volume and revenue growth since IPO 70% 60% 50% 40% 30% 20% 10% 0% -10% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2020 2020 2020 2020 2021 2021 2021 2021 2022 2022 2022 2022 2023 2023 2023 2023 2024
Slide 14: Financial Update
Financial Update
Slide 15: 2025 Key Financial Metrics
2025 KEY FINANCIAL METRICS Net Revenue Gross Margin Adj. EBITDA Diluted EPS $759M 37.6% $114M $1.44 +25%* -30bps* +32%* +22%* * Compared to prior fiscal year. 15
Slide 16: Financial Summary Highlights: Q4 2025 Update
Financial Summary Highlights: Q4 2025 Update Highlights Financial Performance • Net Revenue increased 28.7% to $213.6 million in Q4 2025 versus Q4 2024. The increase in net ($ thousands) Q4'25 Q4'24 % Change $ Change revenue was driven by volume-related revenue growth and price/mix benefits. Net Rev
Slide 17: Financial Summary Highlights: FY 2025 Update
Financial Summary Highlights: FY 2025 Update Highlights Financial Performance • Net Revenue increased 25.3% to $759.4 million in ($ thousands) 2025 FY 2024 FY % Change $ Change fiscal year 2025 versus fiscal year 2024. The increase in net revenue was driven by price/mix benefits and volume-related r
Slide 18: Financial Summary Highlights: Net Revenue Growth
Financial Summary Highlights: Net Revenue Growth Net Revenue Summary Highlights Net Revenue by Product Segment ($ Millions) Growth Rates • Net revenue for Q4 2025 was 2024 2025 Q4'24 Q4'25 $213.6 million, compared to $166.0 Eggs 29% 26% 20% 32% million for Q4 2024, representing growth +25.3% +28.7%
Slide 19: Financial Summary Highlights: Margin Performance
Financial Summary Highlights: Margin Performance Highlights Gross profit and margin Operating Expenses • Gross profit increased $16.5 million in Gross Margin SG&A as a % of Net Revenue Q4 2025 versus Q4 2024, driven by higher revenue from volume growth and favorable 37.9% 37.6% 36.1% 35.8% 22.1% 21.
Slide 20: Our new 2026 guidance keeps us on the path to our 2030 targets
Our new 2026 guidance keeps us on the path to our 2030 targets NET REVENUE $900 Million to $920 Million ADJUSTED EBITDA $105 Million to $115 Million CAPITAL $140 Million to $150 Million EXPENDITURES Note: These metrics are management goals only and are subject to a number of risks and uncertainties,
Slide 21: Appendix
APPENDIX
Slide 22: Adjusted EBITDA and Adjusted EBITDA Margin reconciliation
Adjusted EBITDA and Adjusted EBITDA Margin reconciliation 13-Weeks 13-Weeks 52-Weeks 52-Weeks 53-Weeks Ended Ended Ended Ended Ended ($ thousands) 28-Dec-25 29-Dec-24 28-Dec-25 29-Dec-24 31-Dec-23 Net income $ 16,324 $ 10,582 $ 66,282 $ 53,388 $ 25,566 Depreciation and amortization 3,881 3,264 13,84