Vital Farms, Inc.

For the period ended Dec 28, 2025. Filed Feb 26, 2026.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Feb 26, 2026

VITL$10.01-0.4%Stored close · as of Nov 10, 2026

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Contents

Item 8. Consolidated Statements of Cash Flows

CONSOLIDATED STATEMENTS OF CASH FLOWS

	Fiscal Year Ended
	December 28,2025	December 29,2024	December 31,2023
Cash flows from operating activities:
Net income	$66,282	$53,388	$25,566
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	13,844	13,093	7,925
Reduction in the carrying amount of right-of-use assets	8,931	4,191	4,129
Amortization and accretion of available-for-sale securities	(1,265)	110	348
Amortization of cloud computing arrangements	668	—	—
Amortization of debt issuance costs	85	60	—
Stock-based compensation expense	12,389	10,268	7,417
Uncertain tax positions	1,100	(82)	58
Deferred taxes	689	(1,864)	(179)
Net realized losses on derivative instruments	1,306	272	2,711
Increase in inventory provision	4,701	299	397
Other	1,296	1,306	41
Changes in operating assets and liabilities:
Accounts receivable	(13,500)	(14,785)	(862)
Inventories	(47,794)	8,930	(6,443)
Prepaid expenses and other current assets	(2,558)	(1,244)	(1,151)
Income taxes receivable	(1,410)	—	—
Other assets	(8,037)	(3,755)	98
Income taxes payable	430	(368)	782
Accounts payable	16,931	5,810	6,671
Accrued liabilities	14,331	6,749	5,157
Operating lease liabilities	(34,704)	(17,554)	(1,759)
Net cash provided by operating activities	$33,715	$64,824	$50,906
Cash flows from investing activities:
Purchases of property, plant and equipment	(81,950)	(28,646)	(11,538)
Purchases of available-for-sale securities	(95,139)	—	(982)
Purchases of derivative instruments	(823)	(1,701)	(1,971)
Sales of available-for-sale securities	404	—	2,895
Settlements of derivative instruments	272	—	106
Maturities and call redemptions of available-for-sale securities	41,240	23,320	32,265
Proceeds from the sale of property, plant and equipment	1,744	1	1,056
Return of investment in variable interest entity	—	—	552
Net cash (used in) provided by investing activities	$(134,252)	$(7,026)	$22,383

See accompanying notes to the consolidated financial statements

CONSOLIDATED STATEMENTS OF CASH FLOWS

	Fiscal Year Ended
	December 28,2025	December 29,2024	December 31,2023
Cash flows from financing activities:
Proceeds from borrowing under revolving line of credit	—	—	7,500
Proceeds from exercise of stock options	5,577	13,680	692
Proceeds from issuance of common stock under employee stock purchase plan	835	419	296
Repayment of revolving line of credit	—	—	(7,500)
Payment of tax withholding obligation on vested RSU shares	(3,163)	(1,510)	(796)
Principal payments under finance lease obligations	(4,482)	(3,521)	(2,246)
Payment of financing costs	—	(414)	—
Net cash (used in) provided by financing activities	$(1,233)	$8,654	$(2,054)
Net (decrease) increase in cash and cash equivalents	(101,770)	66,452	71,235
Cash and cash equivalents at beginning of the period	150,601	84,149	12,914
Cash and cash equivalents at end of the period	$48,831	$150,601	$84,149
Supplemental disclosure of cash flow information:
Cash paid for interest	$782	$950	$775
Cash paid for income taxes, net of amounts refunded	$24,173	$16,465	$5,975
Supplemental disclosure of non-cash investing and financing activities:
Purchases of property, plant and equipment included in accounts payable and accrued liabilities	$9,256	$884	$187

See accompanying notes to the consolidated financial statements

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.