Vital Farms Inc 2025年度报告

MESSAGE FROM THE EXECUTIVE CHAIRPERSON,PRESIDENT AND CHIEF EXECUTIVE OFFICER DEAR FELLOW STOCKHOLDERS AND SHAREHOLDERS, 2025 HIGHLIGHTS We are pleased to share the 2025 Annual Report ofVital Farms, Inc. Financial Results:We delivered record annual netrevenue of $759.4 million in fiscal 2025, an increaseof 25.3% over the prior year. Gross profit for the yearwas $285.7 million, or 37.6% of net revenue. AdjustedEBITDA surpassed $100 million for the first time inour history, reaching $114.0 million for the full year.1 Vital Farms’ aspiration is to become America’s mosttrusted food company, and our mission is to bringethical food to the table. We pursue that mission byraising standards across the food industry and bydisrupting industrial, factory-food norms. We do so witha long-term orientation, recognizing that the categoriesand relationships we are building take years to compoundin value. The operating environment in our category isdynamic, and the market’s assessment of our business willmove from period to period; our job as stewards of thiscompany is to stay focused on the decisions thatwe believe will create durable value for our stakeholdersover time. Operations:We successfully rebuilt our egg inventorythroughout 2025 and, in October, brought our thirdproduction line online at our Egg Central Station(ECS) facility in Springfield, Missouri. With threelines operating, we can dedicate the first two lines atECS to longer production runs of our top four productlines, while using the third line for specialty productswith lower volumes. We also advanced construction atVital Crossroads, our next facility in Seymour, Indiana.These investments reflect our long-term confidencein our brand and our commitment to staying ahead ofopportunity rather than chasing it. Fiscal year 2025 was an operationally defining year forVital Farms. We scaled the business meaningfully whilestaying true to our purpose of improving the lives ofpeople, animals and the planet through food. We madeprogress against our long-term financial objectives andachieved important milestones across our supply chain.None of this would have been possible without the crewmembers and farmer partners who continue to bring ourmission to life every day. Farm Network:Our farm network expanded to morethan 600 small farms committed to our pasture-raisedstandards, where hens have year-round access to openpastures. Adding approximately 175 farms in a singleyear is, to us, a meaningful expression of the trust wehave built within the agricultural community aroundour commitment to humane animal care. Farmers wantto be part of what we are building because we offer apath to a sustainable livelihood alongside stewardship ofthe land and the welfare of the animals in their care. Before highlighting our 2025 results, I want to recognizeour founder, Matt O’Hayer, who retired in February 2026as our Executive Chairperson and as a member of ourBoard of Directors. Starting with just 20 hens in 2007,Matt pioneered an entirely new category in the groceryaisle, rooted in a belief in scaling the humane treatment ofanimals. Matt remains one of our strongest advocates, andthe Board and I are grateful that he continues to share hisperspective and passion in his advisory role. Brand Awareness:Our marketing investments droveaided brand awareness to 34% by year-end, an increaseof 8 percentage points from the beginning of 2025,widening the gap between Vital Farms and our closestcompetitors. We are working closely with our retailpartners to convert that brand interest into householdacquisition through an expanded shelf footprint and athoughtfully calibrated promotional cadence. Building a consumer brand of enduring value is rarely a straight line. Periods of rapid progress are followed by periodsin which we must absorb what we have built, sharpen our execution and re-earn the trust of every stakeholder in ourbusiness. Our crew approaches each of those periods with the same discipline and the same humility, and I am gratefulevery day for the way they show up for this company and for one another. The foundation we built in 2025—a stronger supply chain, a broader farm network, a more widely recognized brand and acrew that lives our values—is the foundation on which we intend to keep building. On behalf of the Vital Farms crew, thankyou for your continued support. I look forward to your attendance at our Annual Meeting. Sincerely, Russell Diez-CansecoExecutive Chairperson, President &Chief Executive OfficerApril 27, 2026 UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWASHINGTON,D.C.20549FORM 10-K (Mark One)☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the fiscal year ended December 28, 2025OR☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period from ______________ to ______________Commission File Number: 001-39411Vital Farms, Inc.(Exact name of registrant as specified in its ch