Vital Farms, Inc. · NASDAQ:VITL
Vital Farms — Q3 2026 Earnings Presentation
30 slides from Vital Farms's earnings presentation, Nov 3, 2026
Slide 1: Q3 2026 Earnings Presentation
Q3 2026 Earnings Presentation November 2026
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: Agenda
1. What drove our performance this year 2. Q3 2026 progress 3. Our outlook for Q4 2026 has changed 4. Why we believe in our long-term potential 5. Q3 2026 financial results and updated outlook Agenda
Slide 4: What Drove Our Performance This Year
What Drove Our Performance This Year
Slide 5: For three years, avian influenza narrowed our price gap; in 2026 it went back
For three years, avian influenza narrowed our price gap; in 2026 it went back to where it was in 2023 Shell eggs, average retail price per EQ, Total MULO+ $10 Vital Farms price as a multiple of private label, by fiscal quarter $8.78 $9 $8 $7.44 $8.00 Q3 2023 last fully supplied market 3.7x $7 $6 $5.
Slide 6: We believe many of the light buyers that we gained during the shortage have left
We believe many of the light buyers that we gained during the shortage have left Vital Farms household penetration, 52 weeks to Vital Farms buying households (millions), October (% of US HH) 52 weeks ending each date 16 11.0% 14.6 14 13.1 9.6% 9.2% Total Vital Farms HH (52-week panel) 12 8.1% 7.2% 1
Slide 7: Light buyers went back to private label, not to other outdoor-access brands
Light buyers went back to private label, not to other outdoor-access brands; excluding one highly promotional retailer, our premium is where it was in Q3 2023 Vital Farms price premium over private label, MULO+ excl. Retailer A 4.5x 3.7x 3.8x 4.0x 3.5x 3.0x 2.5x 2.0x 1.7x Price multiple, MULO+ excl.
Slide 8: Q3 2026 Progress
Q3 2026 Progress
Slide 9: We executed our Q3 plan
We executed our Q3 plan What we said What happened Q3 net revenue $182.2M, up 10% vs Q2; Adjusted EBITDA $1.5M vs a loss of $26.6M in Q2; The second quarter would be the trough gross margin 23.1%, up more than 16 points Farmer contract amendments would bring Amendments in place; volume sent to break
Slide 10: The distribution we expected is now on the shelf, and we posted a record share
The distribution we expected is now on the shelf, and we posted a record share in shell eggs Vital Farms shell egg TDPs, Total MULO+ Vital Farms share of shell eggs, Total MULO+ 8% 7.2% Q4 2026 expectation set in August: 170 to 175 7% 176 6% 162 146 147 5% 4.7% 142 132 4% 3% 2.3% 2% 1.5% 1% 0% Q1 Q2
Slide 11: Our Outlook for Q4 2026 has Changed
Our Outlook for Q4 2026 has Changed
Slide 12: Three things changed how we look at the fourth quarter; reducing 2026 guidance
Three things changed how we look at the fourth quarter; we are reducing 2026 net revenue guidance to around $730 million In August we assumed What we see now What we assume for Q4 The fourth quarter would build into the Our orders are not rising the way they usually do by this point in the year, and
Slide 13: In full supply years, Q4 volume rose almost 20% over Q3; outlook assumes no lift
In years with a full egg supply, our fourth-quarter volume rose almost 20% over the third quarter; this year’s outlook assumes no seasonal lift Vital Farms Q4 volume vs Q3 Why we are not assuming a lift +19% 1. Our orders are not rising the way they usually +18% do at this point in the year. 2. Indu
Slide 14: Why We Believe in Our Long-Term Potential
Why We Believe in Our Long-Term Potential
Slide 15: Against Q3 2023, we are a much larger brand at the same premium
Against Q3 2023, the last normally supplied third quarter, we are a much larger brand at the same premium, with velocity holding on expanded distribution Net revenue ($M) Q3 2023 Q3 2026 Change $182.2 Net revenue $110.4M $182.2M +65% Total points of distribution (shell egg, quarter average) 112 162
Slide 16: Q3 2026 financial results and updated outlook
Q3 2026 financial results and updated outlook
Slide 17: Q3 2026 Key Financial Metrics
Q3 2026 KEY FINANCIAL METRICS Net Revenue Gross Margin Adj. EBITDA** Diluted EPS $182M 23.1% $1.5M -$0.15 -8%* -1455bps* -95% NA * Compared to prior fiscal year quarter. ** Refer to Appendix for reconciliation of non-GAAP financial metrics 17
Slide 18: Financial Summary Highlights: Q3 2026 Update
Financial Summary Highlights: Q3 2026 Update Highlights Financial Performance • Net revenue decreased 8.4% to $182.2 million in Q3 2026 versus Q3 2025. The decrease in net revenue was ($ thousands) Q3'26 Q3'25 % Change $ Change primarily driven by a price/mix decline of $14.3 million, and a volume-d
Slide 19: Financial Summary Highlights: Net Revenue Comparison
Financial Summary Highlights: Net Revenue Comparison Q3 ’26 Net Revenue Comparison Highlights Net Revenue by Product Segment ($ Millions) Growth Rates • Net revenue for Q3 2026 was Q3'25 Q3'26 $182.2 million, compared to $198.9 Eggs 39% -8% million for Q3 2025. Butter -8% -22% Consolidated 37% -8% •
Slide 20: Financial Summary Highlights: Margin Performance
Financial Summary Highlights: Margin Performance Highlights Gross profit and margin Operating Expenses • Gross profit decreased $32.8 million in Q3 2026 Gross Margin SG&A as a % of Net Revenue versus Q3 2025 and gross margin decreased to 23.1% in Q3 2026 versus 37.7% in Q3 2025, 37.7% 23.1% 22.3% 20
Slide 21: Our Revised 2026 Guidance
Our Revised 2026 Guidance NET REVENUE Around $730 Million ADJUSTED EBITDA Around $(15) Million CAPITAL $70 Million to $75 Million EXPENDITURES Unchanged from previous guidance Note: These metrics are management goals only and are subject to a number of risks and uncertainties, including risks descri
Slide 22: Our values are rooted in Conscious Capitalism
Our values are rooted in Conscious Capitalism CKHOLDER TO We operate a S S STAKEHOLDER MODEL that prioritizes the long-term benefits of each Y & ENVIRO RS & CONS NIT ME of our stakeholders UM COMMU TO NM ERS CUS ENT Our approach has been validated by our designation as a CERTIFIED B CORPORATION, FA
Slide 23: We have developed an alternative to factory farming practices
We have developed an alternative to factory farming practices Year-Round Production Our Framework OPEN AIR, 108 SQUARE FEET LIVING CONDITIONS PER HEN OMNIVOROUS, INCLUDING FEED GRAIN, PLANTS, INSECTS LAND MANAGEMENT SUSTAINABLE PRACTICES DIRECT RELATIONSHIPS WITH NETWORK FAMILY FARMS & ACCELERATOR F
Slide 24: Our model is designed to deliver quality at scale
Our model is designed to deliver quality at scale National Distribution Network of over 600 small (Products in more than farms 24,500 Retail Stores) WE EGG CENTRAL WE DELIVER AGGREGATE DIRECTLY TO PRODUCTS STATION CUSTOMERS FROM FARM Springfield, MO AND THROUGH RETAIL NETWORK WASH, GRADE, PACK, DIST
Slide 25: Appendix
APPENDIX
Slide 26: Non-GAAP Financial Measures
Non-GAAP Financial Measures We report our financial results in accordance with U.S. Generally Accepted Accounting Principles (GAAP). However, management believes that non-GAAP financial measures, including Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net (Loss) Income and Adjusted Net (Loss) In
Slide 27: Adjusted EBITDA and Adjusted EBITDA Margin Reconciliation
Adjusted EBITDA and Adjusted EBITDA Margin Reconciliation 13-Weeks 13-Weeks 39-Weeks 39-Weeks Ended Ended Ended Ended ($ thousands) 27-Sep-26 28-Sep-25 27-Sep-26 28-Sep-25 Net (loss) income $ (6,460) $ 16,419 $ (39,047) $ 49,958 Depreciation and amortization 4,317 3,236 11,914 9,963 Stock-based comp
Slide 28: Adjusted Net (Loss) Income and Per Share Reconciliation
Adjusted Net (Loss) Income and Adjusted Net (Loss) Income Per Share Reconciliation 13-Weeks 13-Weeks 39-Weeks 39-Weeks Ended Ended Ended Ended ($ thousands) 27-Sep-26 28-Sep-25 27-Sep-26 28-Sep-25 Net (loss) income $ (6,460) $ 16,419 $ (39,047) $ 49,958 Restructuring and severance costs 0 0 3,312 0
Slide 29: Certain Q3 2026 Expenses
Certain Q3 2026 Expenses 13-Weeks Ended September 27, Farmer Contract 2026 Excess Breaker Amendments Net revenue $ 182,164 $ 695 Cost of goods sold 140,024 8,571 2,257 Gross profit 42,140 (7,876) Operating expenses: Selling, general and administrative 38,136 Shipping and distribution 11,685 409 Tota
Slide 30: EST. 2007
EST. 2007