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Press release February 26, 2026

Vital Farms Reports Fourth Quarter and Fiscal Year 2025 Financial Results

Vital Farms, Inc. (VITL)

Fiscal Year 2025 Net Revenue of $759.4 million, up 25.3% versus Fiscal Year 2024 Fiscal Year 2026 Guidance of $900 to $920 million for Net Revenue, representing up to 21% Growth from 2025; Guidance of $105 to $115 million for Adjusted EBITDA and $140 to $150 million for Capital Expenditures; Remains on Track to Reach $2 Billion Net Revenue Target by 2030 $100 Million 2-year Stock Repurchase Program Authorization Successful Remediation of Previously Disclosed Material Weakness Vital Farms (Nasdaq: VITL), a Certified B Corporation that offers a range of ethically produced foods nationwide, today reported financial results for its fourth quarter and fiscal year ended December 28, 2025. Financial highlights for the fourth quarter ended December 28, 2025, compared to the fourth quarter ended December 29, 2024, include: Net Revenue increased 28.7% to $213.6 million, compared to $166.0 millionGross Margin of 35.8%, compared to 36.1%Net Income of $16.3 million, compared to $10.6 millionNet Income per Diluted Share of $0.35, compared to $0.23Adjusted EBITDA of $29.2 million, compared to $19.1 million 1 Financial highlights for the fiscal year ended December 28, 2025, compared to the fiscal year ended December 29, 2024, include: Net Revenue increased 25.3% to $759.4 million, compared to $606.3 millionGross Margin of 37.6%, compared to 37.9%Net Income of $66.3 million, compared to $53.4 millionNet Income per Diluted Share of $1.44, compared to $1.18Adjusted EBITDA of $114.0 million, compared to $86.7 million 1 "2025 was the year we scaled our supply chain to meet demand. By expanding Egg Central Station and growing our farmer network to over 600 small farms, we’ve meaningfully reduced the supply constraints that previously capped our growth,” said Russell Diez-Canseco, Vital Farms’ President and CEO. “As we enter 2026, we’re transitioning from capacity building to market expansion – capitalizing on our strengthened operations to grow our customer base and increase household penetration and buy rate as we progress toward our $2 billion revenue target by 2030. We remain committed to a disciplined capital allocation strategy that reinvests in our future while returning value to our shareholders, all while staying true to our purpose of improving the lives of people, animals, and the planet through food.” 1Adjusted EBITDA is a non-GAAP financial measure defined in the section titled “Non-GAAP Financial Measures” below and is reconciled to net income, its closest comparable GAAP measure, at the end of this release. For the 13 Weeks Ended December 28, 2025 Net revenue increased 28.7% to $213.6 million in the fourth quarter of 2025, compared to $166.0 million in the fourth quarter of 2024. Net revenue growth in the fourth quarter of 2025 was driven by volume-related revenue growth of $27.2 million and price/mix benefits of $20.4 million. Volume growth was driven by accelerated demand for existing products and expanded item offerings at existing customers. Gross profit was $76.4 million, or 35.8% of net revenue, in the fourth quarter of 2025, up from $59.9 million, or 36.1% of net revenue, in the fourth quarter of 2024. Gross profit growth was driven by higher net revenue from volume growth and favorable price/mix. Gross profit margin decreased slightly compared to the fourth quarter of 2024 as investments were made to continue to scale and grow the business driven by increased operational costs, partially offset by favorable price/mix benefits. Income from operations was $21.4 million in the fourth quarter of 2025, compared to income from operations of $13.0 million in the fourth quarter of 2024. The increase was driven by higher revenue and gross profit, partially offset by increases in employee-related, marketing, shipping and distribution costs and technology and software related costs. Net income was $16.3 million in the fourth quarter of 2025, compared to net income of $10.6 million in the fourth quarter of 2024. The increase was driven by higher revenue and income from operations, partially offset by higher taxes due to a decrease in the tax benefit of non-qualified stock option exercises and restricted stock units. Net income per diluted share was $0.35 for the fourth quarter of 2025, compared to net income per diluted share of $0.23 in the fourth quarter of 2024. Adjusted EBITDA was $29.2 million, or 13.7% of net revenue, in the fourth quarter of 2025, compared to $19.1 million, or 11.5% of net revenue, in the fourth quarter of 2024. The increase in Adjusted EBITDA was primarily driven by higher sales, partially offset by higher crew member investments.1 For the 52 Weeks Ended December 28, 2025 Net revenue increased 25.3% to $759.4 million in fiscal year 2025, compared to $606.3 million in fiscal year 2024. Net revenue growth in fiscal year 2025 was driven by volume-related revenue growth of $78.3 million and price/mix benefits of $74.9 million. Volume growth was driven by accelerated demand for existing products and expanded item offerings with existing customers. Gross profit was $285.7 million, or 37.6% of net revenue, in fiscal year 2025, up from $229.9 million, or 37.9% of net revenue, in fiscal year 2024. Gross profit growth was driven by higher net revenue from volume growth and favorable price/mix. Gross profit margin decreased slightly compared to fiscal year 2024 as investments were made to continue to scale and grow the business driven by increases in labor and overhead costs, partially offset by favorable price/mix benefits. Income from operations was $88.4 million in fiscal year 2025, compared to income from operations of $63.6 million in fiscal year 2024. The increase was driven by higher revenue and gross profit, partially offset by increases in employee-related, marketing, shipping and distribution, and technology and software related costs. Net income was $66.3 million in fiscal year 2025, compared to net income of $53.4 million in fiscal year 2024. The increase was driven by higher revenue and income from operations, partially offset by higher taxes due to a decrease in the tax benefit of non-qualified stock option exercises and restricted stock units. Net income per diluted share was $1.44 for fiscal year 2025, compared to net income per diluted share of $1.18 in fiscal year 2024. Adjusted EBITDA was $114.0 million, or 15.0% of net revenue, in fiscal year 2025, compared to $86.7 million, or 14.3% of net revenue, in fiscal year 2024. The increase in Adjusted EBITDA was primarily driven by higher sales, partially offset by higher crew member investments.1 Successful Remediation of Previously Announced Material Weakness of Financial Controls Vital Farms also announced today the successful remediation of the previously disclosed material weakness in its internal control over financial reporting. The remediation plan involved strengthening Vital Farms’ control environment through the implementation of a new ERP system and enhanced oversight procedures, among other actions. As previously highlighted, no restatements of financial results were necessary. Balance Sheet and Cash Flow Highlights Cash, cash equivalents and marketable securities were $113.4 million as of December 28, 2025, and we had no outstanding debt. Net cash provided by operating activities was $33.7 million for the 52-week period ended December 28, 2025, compared to net cash provided by operating activities of $64.8 million for the 52-week period ended December 29, 2024. Capital expenditures totaled $82.0 million in the 52-week period ended December 28, 2025, compared to $28.6 million in the 52-week period ended December 29, 2024. Vital Farms Announces $100 Million Stock Repurchase Program Vital Farms announced today that its Board of Directors has authorized a two-year stock repurchase program for up to $100 million of the company's common stock. This authorization reflects the Board’s confidence in the company's long-term growth trajectory and the underlying value of its shares. Under the program, Vital Farms intends to opportunistically repurchase shares of common stock, particularly during periods where management believes the public market price does not fully reflect the company's intrinsic value. This initiative will be funded with existing cash, future cash flow from operations, and utilization of existing debt capacity, allowing the company to return capital to shareholders while maintaining the financial flexibility required to fully execute its 2030 strategic growth plan and foundational capacity investments. Fiscal 2026 Outlook For fiscal year 2026, we expect: Net revenue of $900 million to $920 million, which represents 19% to 22% growth versus fiscal year 2025. This net revenue guidance is lower than the initial outlook at the Investor Day in December due to the current macroeconomic environment and volatility in order patterns so far in January and February. The company believes these fluctuations are more reflective of short-term market disruptions and sees continued healthy consumer demand, which is supported by consumer panel data.Adjusted EBITDA of $105 million to $115 million, reflecting normal promotional spending to convert growing consumer awareness into increased household penetration.Capital expenditures in the range of $140 million to $150 million, mainly driven by the construction of Vital Crossroads, the company’s planned facility in Seymour, Indiana, which will provide ample long-term capacity to reach its $2 billion net revenue target by 2030. Thilo Wrede, Vital Farms’ CFO, commented: "We delivered record financial performance in 2025, highlighted by surpassing $100 million in Adjusted EBITDA for the first time. As we look to 2026, our outlook reflects a transition from building infrastructure to capturing the latent demand for our brand. We remain focused on a disciplined capital allocation strategy that prioritizes high-return growth projects while maintaining the financial flexibility provided by our strong balance sheet.” Vital Farms’ guidance assumes that there are no significant disruptions to the supply chain or its customers or consumers, including any issues from adverse macroeconomic factors. Vital Farms cannot provide a reconciliation between its forecasted Adjusted EBITDA and net income and Adjusted EBITDA Margin and net income margin, their most directly comparable GAAP measures, without unreasonable effort due to the unavailability of reliable estimates for income taxes and stock-based compensation, among other items. These items are not within our control and may vary greatly between periods and could significantly impact future financial results. Conference Call and Webcast Details Vital Farms will host a conference call and webcast at 8:30 a.m. ET today to discuss the results. To participate on the live call, listeners in North America may dial +1-800-715-9871 and international listeners may dial +1-646-307-1963 with the Conference ID: 8674985. Alternatively, participants may access the live webcast on the Vital Farms Investor Relations website at https://investors.vitalfarms.com under “Events & Presentations.” The webcast will be archived for 30 days. In addition, Vital Farms will publish its February 2026 Corporate Presentation as supporting materials to the webcast on the Vital Farms Investor Relations website at https://investors.vitalfarms.com under “Events & Presentations.” About Vital Farms Vital Farms (Nasdaq: VITL) is a Certified B Corporation that offers a range of ethically produced foods nationwide. Started on a single farm in Austin, Texas, in 2007, Vital Farms is now a national consumer brand that works with 600 small farms and is the leading U.S. brand of pasture-raised eggs by retail dollar sales. Vital Farms’ ethics are exemplified by its focus on the humane treatment of farm animals and sustainable farming practices. In addition, as a Delaware public benefit corporation, Vital Farms prioritizes the long-term benefits of each of its stakeholders, including farmers and suppliers, customers and consumers, communities and the environment, and crew members and stockholders. Vital Farms’ products, including shell eggs, butter, hard-boiled eggs, and liquid whole eggs, are sold in more than 24,000 stores nationwide. Vital Farms pasture-raised eggs can also be found on menus at hundreds of foodservice operators across the country. For more information, visit https://vitalfarms.com/. Forward-Looking Statements This press release and the earnings call referencing this press release contain “forward-looking” statements, as that term is defined under the federal securities laws, including but not limited to statements regarding Vital Farms’ market opportunity, corporate strategies, anticipated growth, expectations regarding tailwinds and headwinds facing Vital Farms’ industry, the effect of prior or future expansions of Vital Farms’ processing facilities on its future revenue, Vital Farms’ future financial performance, including management’s outlook for fiscal year 2026, and management’s long-term outlook, including Vital Farms’ ability to achieve its $2 billion net revenue target by 2030. These forward-looking statements are based on Vital Farms’ current assumptions, expectations, and beliefs and are subject to substantial risks, uncertainties, assumptions, and changes in circumstances that may cause Vital Farms’ actual results, performance, or achievements to differ materially from those expressed or implied in any forward-looking statement. The risks and uncertainties referred to above include, but are not limited to: Vital Farms’ expectations regarding its revenue, expenses, and other operating results; Vital Farms’ ability to attract new consumers and customers, to successfully retain existing consumers and customers, to attract and retain its suppliers, distributors, and co-manufacturers, and to maintain its relationships with members of its existing farm network and further expand its farm network, and plans for development of accelerator farms; Vital Farms’ ability to sustain or increase its profitability; Vital Farms’ expectations regarding its future growth in the foodservice channel; Vital Farms’ ability to procure sufficient high-quality eggs, cream for its butter, and other raw materials; real or perceived quality or food safety issues with Vital Farms’ products or other issues that adversely affect Vital Farms’ brand and reputation; Vital Farms ability to manage changes in the tastes and preferences of consumers; the financial condition of, and Vital Farms’ relationships with, its farmers, suppliers, co-manufacturers, distributors, retailers, and foodservice customers, as well as the health of the foodservice industry generally; the effects of outbreaks of agricultural diseases, including avian influenza and egg drop syndrome, the perception that outbreaks may occur or regulatory or market responses to such outbreaks generally; the ability of Vital Farms, its farmers, suppliers, and its co-manufacturers to comply with food safety, environmental or other laws or regulations; specifications and timing regarding Vital Farms’ planned Vital Crossroads egg washing and packing facility with onsite cold storage in Seymour, Indiana, and the impacts of prior or future expansions of such facilities on Vital Farms’ future revenue and farm network; future investments in its business, anticipated capital expenditures and estimates regarding capital requirements; anticipated changes in Vital Farms’ product offerings and Vital Farms’ ability to innovate to offer new products or enter into new product categories; anticipated changes in product offerings and Vital Farms’ ability to innovate to offer new products; the costs and success of marketing efforts and ability to promote its brand; Vital Farms’ reliance on key personnel and its ability to identify, recruit and retain personnel; Vital Farms’ ability to effectively manage its growth; the potential influence of Vital Farms’ focus on a specific public benefit purpose and producing a positive effect for society; Vital Farms’ stated impact goals, opportunities and initiatives, as well as the standards and expectations of third parties regarding these matters; Vital Farms’ ability to maintain effective internal controls over financial reporting and to remediate and prevent material weaknesses in its internal controls; Vital Farms’ ability to compete effectively with existing competitors and new market entrants; the impact of adverse economic conditions, including as a result of unfavorable global economic and political conditions, elevated interest rates and inflation; the impact of previous or future shutdowns of the U.S. federal government on Vital Farms’ and Vital Farms’ contracted family farmers’ businesses; Vital Farms’ estimates of future capital expenditures and the sufficiency of Vital Farms’ cash, cash equivalents, marketable securities and availability of credit under its credit facility to meet liquidity needs; seasonality; and the growth rates of the markets in which Vital Farms competes. These risks and uncertainties are more fully described in Vital Farms’ filings with the Securities and Exchange Commission (SEC), including in the sections entitled “Risk Factors” in its Annual Report on Form 10-K for the fiscal year ended December 28, 2025, which Vital Farms anticipates filing on February 26, 2026, and other filings and reports that Vital Farms may file from time to time with the SEC. Moreover, Vital Farms operates in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for management to predict all risks, nor can Vital Farms assess the impact of all factors on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements Vital Farms may make. In light of these risks, uncertainties, and assumptions, Vital Farms cannot guarantee future results, levels of activity, performance, achievements, or events and circumstances reflected in the forward-looking statements will occur. Forward-looking statements represent management’s beliefs and assumptions only as of the date of this press release. Vital Farms disclaims any obligation to update forward-looking statements except as required by law. VITAL FARMS, INC. CONSOLIDATED STATEMENTS OF INCOME (Amounts in thousands, except share amounts) (Audited) 13-Weeks Ended 52-Weeks Ended December 28, 2025 December 29, 2024 December 28, 2025 December 29, 2024 Net revenue $ 213,552 $ 165,989 $ 759,444 $ 606,307 Cost of goods sold 137,127 106,113 473,762 376,381 Gross profit 76,425 59,876 285,682 229,926 Operating expenses: Selling, general and administrative 44,136 37,369 159,426 133,939 Shipping and distribution 10,879 9,502 37,883 32,435 Total operating expenses 55,015 46,871 197,309 166,374 Income from operations 21,410 13,005 88,373 63,552 Other income (expense), net: Interest expense (208 ) (239 ) (874 ) (1,010 ) Interest income 1,199 1,435 5,013 5,246 Other income (expense), net 20 121 (1,248 ) (250 ) Total other income (expense), net 1,011 1,317 2,891 3,986 Net income before income taxes 22,421 14,322 91,264 67,538 Income tax provision 6,097 3,740 24,982 14,150 Net income $ 16,324 $ 10,582 $ 66,282 $ 53,388 Net income per share: Basic: $ 0.36 $ 0.24 $ 1.49 $ 1.25 Diluted: $ 0.35 $ 0.23 $ 1.44 $ 1.18 Weighted average common shares outstanding: Basic: 44,784,680 43,843,723 44,587,030 42,849,660 Diluted: 46,121,462 45,653,333 46,019,607 45,127,128 VITAL FARMS, INC. CONSOLIDATED BALANCE SHEETS (Amounts in thousands, except share amounts) (Audited) December 28, 2025 December 29, 2024 Assets Current assets: Cash and cash equivalents $ 48,831 $ 150,601 Investment securities, available-for-sale 64,520 9,692 Accounts receivable, net of allowance for credit losses of $685 and $691 as of December 28, 2025 and December 29, 2024, respectively 67,849 54,342 Inventories 66,495 23,666 Prepaid expenses and other current assets, net of allowance for credit losses of $34 and $240 as of December 28, 2025 and December 29, 2024, respectively 11,304 7,740 Income taxes receivable 1,410 — Assets held for sale 2,141 — Total current assets 262,550 246,041 Property, plant and equipment, net 160,601 84,521 Operating lease right-of-use assets 80,390 19,617 Goodwill and other assets 15,197 9,153 Total assets $ 518,738 $ 359,332 Liabilities and Stockholders’ Equity Current liabilities: Accounts payable $ 55,141 $ 38,582 Accrued liabilities 54,826 31,328 Operating lease liabilities, current 4,673 3,849 Finance lease liabilities, current 5,670 3,932 Income taxes payable 1,268 838 Total current liabilities 121,578 78,529 Operating lease liabilities, non-current 38,050 2,918 Finance lease liabilities, non-current 5,098 8,011 Other liabilities 2,752 572 Total liabilities $ 167,478 $ 90,030 Commitments and contingencies Stockholders’ equity: Preferred stock, $0.0001 par value per share, 10,000,000 shares authorized as of December 28, 2025 and December 29, 2024; no shares issued and outstanding as of December 28, 2025 and December 29, 2024 — — Common stock, $0.0001 par value per share, 310,000,000 shares authorized as of December 28, 2025 and December 29, 2024; 44,797,125 and 44,042,355 shares issued and outstanding as of December 28, 2025 and December 29, 2024, respectively 4 4 Additional paid-in capital 201,820 186,182 Retained earnings 149,395 83,113 Accumulated other comprehensive income 41 3 Total stockholders’ equity $ 351,260 $ 269,302 Total liabilities and stockholders’ equity $ 518,738 $ 359,332 VITAL FARMS, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (Amounts in thousands) (Audited) 52-Weeks Ended December 28, 2025 December 29, 2024 Cash flows from operating activities: Net income $ 66,282 $ 53,388 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 13,844 13,093 Reduction in the carrying amount of right-of-use assets 8,931 4,191 Amortization and accretion of available-for-sale securities (1,265 ) 110 Amortization of cloud computing arrangements 668 — Amortization of debt issuance costs 85 60 Stock-based compensation expense 12,389 10,268 Uncertain tax positions 1,100 (82 ) Deferred taxes 689 (1,864 ) Net realized losses on derivative instruments 1,306 272 Increase in inventory provision 4,701 299 Other 1,296 1,306 Changes in operating assets and liabilities: Accounts receivable (13,500 ) (14,785 ) Inventories (47,794 ) 8,930 Prepaid expenses and other current assets (2,558 ) (1,244 ) Income taxes receivable (1,410 ) — Other assets (8,037 ) (3,755 ) Income taxes payable 430 (368 ) Accounts payable 16,931 5,810 Accrued liabilities 14,331 6,749 Operating lease liabilities (34,704 ) (17,554 ) Net cash provided by operating activities $ 33,715 $ 64,824 Cash flows from investing activities: Purchases of property, plant and equipment (81,950 ) (28,646 ) Purchases of available-for-sale securities (95,139 ) — Purchases of derivative instruments (823 ) (1,701 ) Sales of available-for-sale securities 404 — Settlements of derivative instruments 272 — Maturities and call redemptions of available-for-sale securities 41,240 23,320 Proceeds from the sale of property, plant and equipment 1,744 1 Net cash used in investing activities $ (134,252 ) $ (7,026 ) Cash flows from financing activities: Proceeds from exercise of stock options 5,577 13,680 Proceeds from issuance of common stock under employee stock purchase plan 835 419 Payment of tax withholding obligation on vested RSU shares (3,163 ) (1,510 ) Principal payments under finance lease obligations (4,482 ) (3,521 ) Payment of financing costs — (414 ) Net cash (used in) provided by financing activities $ (1,233 ) $ 8,654 Net (decrease) increase in cash and cash equivalents (101,770 ) 66,452 Cash and cash equivalents at beginning of the period 150,601 84,149 Cash and cash equivalents at end of the period $ 48,831 $ 150,601 Supplemental disclosure of cash flow information: Cash paid for interest $ 782 $ 950 Cash paid for income taxes, net of amounts refunded $ 24,173 $ 16,465 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 Non-GAAP Financial Measures We report our financial results in accordance with GAAP. However, management believes that Adjusted EBITDA and Adjusted EBITDA Margin, non-GAAP financial measures, provide investors with additional useful information in evaluating our performance. Adjusted EBITDA and Adjusted EBITDA Margin are financial measures that are not required by or presented in accordance with GAAP. We believe that Adjusted EBITDA and Adjusted EBITDA Margin, when taken together with our financial results presented in accordance with GAAP, provide meaningful supplemental information regarding our operating performance and facilitate internal comparisons of our historical operating performance on a more consistent basis by excluding certain items that may not be indicative of our business, results of operations or outlook. In particular, we believe that the use of Adjusted EBITDA and Adjusted EBITDA Margin are helpful to our investors as they are measures used by management in assessing the health of our business, determining incentive compensation and evaluating our operating performance, as well as for internal planning and forecasting purposes. We calculate Adjusted EBITDA as net income, adjusted to exclude: (1) depreciation and amortization; (2) stock-based compensation expense; (3) (benefit) or provision for income taxes as applicable; (4) interest expense; (5) interest income; and (6) amortization of cloud computing arrangements. We calculate Adjusted EBITDA Margin as Adjusted EBITDA divided by Net Revenue. Adjusted EBITDA and Adjusted EBITDA Margin are presented for supplemental informational purposes only, have limitations as analytical tools and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP. Some of the limitations of Adjusted EBITDA and Adjusted EBITDA Margin include that (1) they do not properly reflect capital commitments to be paid in the future, (2) although depreciation and amortization are non-cash charges, the underlying assets may need to be replaced and Adjusted EBITDA and Adjusted EBITDA Margin do not reflect these capital expenditures, (3) they do not consider the impact of stock-based compensation expense, (4) they do not reflect other non-operating expenses, including interest expense; and (5) they do not reflect tax payments that may represent a reduction in cash available to us. In addition, our use of Adjusted EBITDA and Adjusted EBITDA Margin may not be comparable to similarly titled measures of other companies because they may not calculate Adjusted EBITDA and Adjusted EBITDA Margin in the same manner, limiting the usefulness as comparative measures. Because of these limitations, when evaluating our performance, you should consider Adjusted EBITDA and Adjusted EBITDA Margin alongside other financial measures, including our net income and other results stated in accordance with GAAP. VITAL FARMS, INC. ADJUSTED EBITDA RECONCILIATION (Amounts in thousands) (Audited) 13-Weeks Ended 52-Weeks Ended December 28, 2025 December 29, 2024 December 28, 2025 December 29, 2024 (in thousands) (in thousands) Net income $ 16,324 $ 10,582 $ 66,282 $ 53,388 Depreciation and amortization1 3,881 3,264 13,844 13,093 Stock-based compensation expense 3,263 2,696 12,389 10,268 Income tax provision 6,097 3,740 24,982 14,150 Interest expense 208 239 874 1,010 Interest income (1,199 ) (1,435 ) (5,013 ) (5,246 ) Amortization of cloud computing arrangements 668 — 668 — Adjusted EBITDA $ 29,242 $ 19,086 $ 114,026 $ 86,663 Net revenue $ 213,552 $ 165,989 $ 759,444 $ 606,307 Net income margin2 7.6 % 6.4 % 8.7 % 8.8 % Adjusted EBITDA margin3 13.7 % 11.5 % 15.0 % 14.3 % (1) Amount also includes finance lease amortization. (2) Net income margin is calculated by dividing net income by net revenue. (3) Adjusted EBITDA Margin is calculated by dividing Adjusted EBITDA by net revenue. Source: Vital Farms
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