VITAL FARMS, INC., 10-Q filed on 11/4/2025
Quarterly Report
v3.25.3
Document and Entity Information - shares
 9 Months Ended
Sep. 28, 2025
Oct. 31, 2025
Cover [Abstract]    
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Sep. 28, 2025  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q3  
Current Fiscal Year End Date --12-31  
Entity Registrant Name Vital Farms, Inc.  
Entity Central Index Key 0001579733  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Security 12b Title Common Stock, par value $0.0001 per share  
Trading Symbol VITL  
Security Exchange Name NASDAQ  
Document Quarterly Report true  
Document Transition Report false  
Entity File Number 001-39411  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 27-0496985  
Entity Address, Address Line One 3601 South Congress Avenue  
Entity Address, Address Line Two Suite C100  
Entity Address, City or Town Austin  
Entity Address, State or Province TX  
Entity Address, Postal Zip Code 78704  
City Area Code 877  
Local Phone Number 455-3063  
Entity Common Stock, Shares Outstanding   44,774,520
v3.25.3
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 28, 2025
Dec. 29, 2024
Current assets:    
Cash and cash equivalents $ 93,796 $ 150,601
Investment securities, available-for-sale 51,257 9,692
Accounts receivable, net of allowance for credit losses of $1,258 and $691 as of September 28, 2025 and December 29, 2024, respectively 58,252 54,342
Inventories 51,813 23,666
Prepaid expenses and other current assets, net of allowance for credit losses of $401 and $240 as of September 28, 2025 and December 29, 2024, respectively 12,055 7,740
Income taxes receivable 1,914 0
Assets held for sale 2,883 0
Total current assets 271,970 246,041
Property, plant and equipment, net 121,078 84,521
Operating lease right-of-use assets 75,166 19,617
Goodwill and other assets 13,290 9,153
Total assets 481,504 359,332
Current liabilities:    
Accounts payable 35,444 38,582
Accrued liabilities 54,971 31,328
Operating lease liabilities, current 7,028 3,849
Finance lease liabilities, current 5,151 3,932
Income taxes payable 0 838
Total current liabilities 102,594 78,529
Operating lease liabilities, non-current 38,027 2,918
Finance lease liabilities, non-current 6,075 8,011
Other liabilities 3,592 572
Total liabilities 150,288 90,030
Commitments and contingencies (Note 20)
Stockholders’ equity:    
Preferred stock, $0.0001 par value per share, 10,000,000 shares authorized as of September 28, 2025 and December 29, 2024; no shares issued and outstanding as of September 28, 2025 and December 29, 2024 0 0
Common stock, $0.0001 par value per share, 310,000,000 shares authorized as of September 28, 2025 and December 29, 2024; 44,772,876 and 44,042,355 shares issued and outstanding as of September 28, 2025 and December 29, 2024, respectively 4 4
Additional paid-in capital 198,104 186,182
Retained earnings 133,071 83,113
Accumulated other comprehensive income 37 3
Total stockholders’ equity 331,216 269,302
Total liabilities and stockholders' equity $ 481,504 $ 359,332
v3.25.3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands
Sep. 28, 2025
Dec. 29, 2024
Statement of Financial Position [Abstract]    
Accounts Receivable, net of allowance for credit losses $ 1,258 $ 691
Prepaid expenses and other current assets, net of allowance for credit losses $ 401 $ 240
Preferred stock, par value $ 0.0001 $ 0.0001
Preferred stock, shares authorized 10,000,000 10,000,000
Preferred stock, shares issued 0 0
Preferred stock, shares outstanding 0 0
Common stock, par value $ 0.0001 $ 0.0001
Common stock, shares authorized 310,000,000 310,000,000
Common stock, shares issued 44,772,876 44,042,355
Common stock, shares outstanding 44,772,876 44,042,355
v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 28, 2025
Sep. 29, 2024
Sep. 28, 2025
Sep. 29, 2024
Income Statement [Abstract]        
Net revenue $ 198,936 $ 145,002 $ 545,892 $ 440,318
Cost of goods sold 123,974 91,526 336,635 270,268
Gross profit 74,962 53,476 209,257 170,050
Operating expenses:        
Selling, general and administrative 44,394 36,102 115,290 96,569
Shipping and distribution 9,169 8,134 27,004 22,933
Total operating expenses 53,563 44,236 142,294 119,502
Income from operations 21,399 9,240 66,963 50,548
Other income (expense), net:        
Interest expense (213) (259) (666) (771)
Interest income 1,270 1,407 3,814 3,811
Other expense, net (487) (6) (1,268) (370)
Total other income (expense), net 570 1,142 1,880 2,670
Net income before income taxes 21,969 10,382 68,843 53,218
Income tax provision 5,550 2,936 18,885 10,410
Net income $ 16,419 $ 7,446 $ 49,958 $ 42,808
Net income per share:        
Basic: $ 0.37 $ 0.17 $ 1.12 $ 1.01
Diluted: $ 0.36 $ 0.16 $ 1.09 $ 0.95
Weighted average common shares outstanding:        
Basic: 44,721,206 43,249,234 44,521,146 42,517,088
Diluted: 46,205,737 45,463,862 45,965,987 44,923,684
v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 28, 2025
Sep. 29, 2024
Sep. 28, 2025
Sep. 29, 2024
Statement of Comprehensive Income [Abstract]        
Net income $ 16,419 $ 7,446 $ 49,958 $ 42,808
Other comprehensive income, before tax:        
Unrealized net holding gain 59 138 33 416
Amounts reclassified for realized gains (losses) to earnings 0 0 13 (1)
Available-for-sale securities, before tax 59 138 46 415
Other comprehensive income, before tax 59 138 46 415
Income tax expense related to items of other comprehensive income (25) (34) (12) (102)
Other comprehensive income, net of tax 34 104 34 313
Comprehensive income $ 16,453 $ 7,550 $ 49,992 $ 43,121
v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY(Unaudited) - USD ($)
$ in Thousands
Total
Common Stock
Additional Paid-In Capital
Retained Earnings
Accumulated other comprehensive (loss) income
Beginning Balance at Dec. 31, 2023 $ 192,677 $ 4 $ 163,325 $ 29,725 $ (377)
Beginning Balance, Shares at Dec. 31, 2023   41,684,649      
Exercise of stock options 824   824    
Exercise of stock options, Shares   180,086      
Vesting of restricted stock units, Shares   201,702      
Shares withheld for tax liability on vested restricted stock units (1,310)   (1,310)    
Shares withheld for tax liability on vested restricted stock units, Shares   (62,781)      
Stock-based compensation expense 1,982   1,982    
Other comprehensive loss income, net 108       108
Net Income (Loss) 19,023     19,023  
Ending Balance at Mar. 31, 2024 213,304 $ 4 164,821 48,748 (269)
Ending Balance, Shares at Mar. 31, 2024   42,003,656      
Beginning Balance at Dec. 31, 2023 192,677 $ 4 163,325 29,725 (377)
Beginning Balance, Shares at Dec. 31, 2023   41,684,649      
Other comprehensive loss income, net 313        
Ending Balance at Sep. 29, 2024 253,360 $ 4 180,887 72,533 (64)
Ending Balance, Shares at Sep. 29, 2024   43,705,476      
Beginning Balance at Mar. 31, 2024 213,304 $ 4 164,821 48,748 (269)
Beginning Balance, Shares at Mar. 31, 2024   42,003,656      
Exercise of stock options 5,624   5,624    
Exercise of stock options, Shares   911,605      
Vesting of restricted stock units, Shares   41,316      
Shares withheld for tax liability on vested restricted stock units (41)   (41)    
Shares withheld for tax liability on vested restricted stock units, Shares   (1,432)      
Shares issued under employee stock purchase plan 178   178    
Shares issued under employee stock purchase plan, Shares   16,843      
Stock-based compensation expense 2,916   2,916    
Other comprehensive loss income, net 101       101
Net Income (Loss) 16,339     16,339  
Ending Balance at Jun. 30, 2024 238,421 $ 4 173,498 65,087 (168)
Ending Balance, Shares at Jun. 30, 2024   42,971,988      
Exercise of stock options 4,857   4,857    
Exercise of stock options, Shares   726,310      
Vesting of restricted stock units, Shares   10,693      
Shares withheld for tax liability on vested restricted stock units (142)   (142)    
Shares withheld for tax liability on vested restricted stock units, Shares   (3,515)      
Stock-based compensation expense 2,674   2,674    
Other comprehensive loss income, net 104       104
Net Income (Loss) 7,446     7,446  
Ending Balance at Sep. 29, 2024 253,360 $ 4 180,887 72,533 (64)
Ending Balance, Shares at Sep. 29, 2024   43,705,476      
Beginning Balance at Dec. 29, 2024 $ 269,302 $ 4 186,182 83,113 3
Beginning Balance, Shares at Dec. 29, 2024 44,042,355 44,042,355      
Exercise of stock options $ 2,715   2,715    
Exercise of stock options, Shares   270,430      
Vesting of restricted stock units, Shares   278,510      
Shares withheld for tax liability on vested restricted stock units (2,882)   (2,882)    
Shares withheld for tax liability on vested restricted stock units, Shares   (94,283)      
Stock-based compensation expense 2,853   2,853    
Other comprehensive loss income, net 16       16
Net Income (Loss) 16,901     16,901  
Ending Balance at Mar. 30, 2025 288,905 $ 4 188,868 100,014 19
Ending Balance, Shares at Mar. 30, 2025   44,497,012      
Beginning Balance at Dec. 29, 2024 $ 269,302 $ 4 186,182 83,113 3
Beginning Balance, Shares at Dec. 29, 2024 44,042,355 44,042,355      
Exercise of stock options, Shares 504,717        
Other comprehensive loss income, net $ 34        
Ending Balance at Sep. 28, 2025 $ 331,216 $ 4 198,104 133,071 37
Ending Balance, Shares at Sep. 28, 2025 44,772,876 44,772,876      
Beginning Balance at Mar. 30, 2025 $ 288,905 $ 4 188,868 100,014 19
Beginning Balance, Shares at Mar. 30, 2025   44,497,012      
Exercise of stock options 934   934    
Exercise of stock options, Shares   126,743      
Vesting of restricted stock units, Shares   26,953      
Shares withheld for tax liability on vested restricted stock units (96)   (96)    
Shares withheld for tax liability on vested restricted stock units, Shares   (4,392)      
Shares issued under employee stock purchase plan 379   379    
Shares issued under employee stock purchase plan, Shares   15,292      
Stock-based compensation expense 3,034   3,034    
Other comprehensive loss income, net (16)       (16)
Net Income (Loss) 16,638     16,638  
Ending Balance at Jun. 29, 2025 309,778 $ 4 193,119 116,652 3
Ending Balance, Shares at Jun. 29, 2025   44,661,608      
Exercise of stock options 1,863   1,863    
Exercise of stock options, Shares   107,544      
Vesting of restricted stock units, Shares   5,312      
Shares withheld for tax liability on vested restricted stock units (117)   (117)    
Shares withheld for tax liability on vested restricted stock units, Shares   (1,588)      
Stock-based compensation expense 3,239   3,239    
Other comprehensive loss income, net 34       34
Net Income (Loss) 16,419     16,419  
Ending Balance at Sep. 28, 2025 $ 331,216 $ 4 $ 198,104 $ 133,071 $ 37
Ending Balance, Shares at Sep. 28, 2025 44,772,876 44,772,876      
v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 28, 2025
Sep. 29, 2024
Sep. 28, 2025
Sep. 29, 2024
Dec. 29, 2024
Cash flows from operating activities:          
Net income $ 16,419 $ 7,446 $ 49,958 $ 42,808  
Adjustments to reconcile net income to net cash provided by operating activities:          
Depreciation and amortization     9,963 9,829  
Reduction in the carrying amount of right-of-use assets     6,018 2,793  
Amortization and accretion of available-for-sale debt securities     (720) 96  
Amortization of debt issuance costs     64 39  
Stock-based compensation expense     9,126 7,572  
Deferred taxes     28 (267)  
Uncertain tax positions     1,580 0  
Net realized losses on derivative instruments     1,325 394  
Other     3,878 926  
Net change in operating assets and liabilities     (53,285) (14,147)  
Net cash provided by operating activities     27,935 50,043  
Cash flows from investing activities:          
Purchases of property, plant and equipment     (44,024) (10,482)  
Purchases and settlements of derivative instruments     (551) (669)  
Purchases of available-for-sale securities     (70,431) 0  
Maturities and call redemptions of available-for-sale debt securities     29,240 19,505  
Proceeds from the sale of available-for-sale debt securities 0 0 404 0 $ 0
Proceeds from the sale of property, plant and equipment     1,026 1  
Net cash (used in) provided by investing activities     (84,336) 8,355  
Cash flows from financing activities:          
Proceeds from exercise of stock options     5,512 11,305  
Proceeds from issuance of common stock under employee stock purchase plan     379 178  
Payment of tax withholding obligation on vested restricted stock unit shares     (3,095) (1,493)  
Principal payments under finance lease obligations     (3,200) (2,589)  
Payment of financing costs     0 (414)  
Net cash (used in) provided by financing activities     (404) 6,987  
Net (decrease) increase in cash and cash equivalents     (56,805) 65,385  
Cash and cash equivalents at beginning of the period     150,601 84,149 84,149
Cash and cash equivalents at end of the period $ 93,796 $ 149,534 93,796 149,534 $ 150,601
Supplemental disclosure of cash flow information:          
Cash paid for interest     601 732  
Cash paid for income taxes     17,230 12,873  
Supplemental disclosure of non-cash investing and financing activities:          
Purchases of property, plant and equipment included in accounts payable and accrued liabilities     $ 4,671 $ 433  
v3.25.3
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended
Sep. 28, 2025
Jun. 29, 2025
Mar. 30, 2025
Sep. 29, 2024
Jun. 30, 2024
Mar. 31, 2024
Pay vs Performance Disclosure            
Net Income (Loss) $ 16,419 $ 16,638 $ 16,901 $ 7,446 $ 16,339 $ 19,023
v3.25.3
Insider Trading Arrangements
 3 Months Ended
Sep. 28, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.3
Nature of the Business and Basis of Presentation
 9 Months Ended
Sep. 28, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Nature of the Business and Basis of Presentation

Note 1. Nature of the Business and Basis of Presentation

Vital Farms, Inc. (the “Company”) was incorporated in Delaware on June 6, 2013 and is headquartered in Austin, Texas. The Company packages, markets and distributes shell eggs, butter and other products. These products are principally sold under the name Vital Farms in addition to other trade names, primarily to retail and foodservice channels in the United States.

The accompanying unaudited condensed consolidated financial statements as of September 28, 2025 and for the 13-week and 39-week periods ended September 28, 2025 and September 29, 2024 have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP” or “GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial statements. Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto in the Company’s Annual Report on Form 10-K for the fiscal year ended December 29, 2024 (the “Annual Report”).

In the opinion of management, the included disclosures are adequate, and the accompanying unaudited condensed consolidated financial statements contain all adjustments necessary for a fair statement of the Company’s consolidated financial position as of September 28, 2025, consolidated results of operations for the 13-week and 39-week periods ended September 28, 2025 and September 29, 2024, and consolidated cash flows for the 39-week periods ended September 28, 2025 and September 29, 2024. Such adjustments are of a normal and recurring nature. The condensed consolidated balance sheet as of December 29, 2024 was derived from audited annual financial statements but does not contain all of the note disclosures from the audited annual financial statements. The condensed consolidated results of operations for the 13-week and 39-week periods ended September 28, 2025 are not necessarily indicative of the consolidated results of operations that may be expected for the fiscal year ending December 28, 2025.

Fiscal Year: The Company’s fiscal year ends on the last Sunday in December and contains either 52 or 53 weeks. In a 52-week fiscal year, each of the Company’s fiscal quarters consist of 13 weeks. The additional week in a 53-week fiscal year is added to the fourth quarter, making such quarter consist of 14 weeks. Therefore, the financial results of certain 53-week fiscal years, and the associated 14-week quarters, will not be exactly comparable to the prior and subsequent 52-week fiscal years and the associated 13-week quarters. The fiscal quarters ended September 28, 2025 and September 29, 2024 both contain operating results for 13 weeks.
v3.25.3
Summary of Significant Accounting Policies
 9 Months Ended
Sep. 28, 2025
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies

Note 2. Summary of Significant Accounting Policies

The significant accounting policies and estimates used in preparation of the unaudited condensed consolidated financial statements are described in the Company’s audited consolidated financial statements as of and for the fiscal year ended December 29, 2024, and the notes thereto, which are included in the Annual Report. Other than the adoption of the new accounting pronouncements and standards as further described below, there have been no material changes to the Company’s significant accounting policies during the 39-week period ended September 28, 2025.

Recently Adopted Accounting Pronouncements

The new accounting pronouncements recently adopted by the Company are described in the Company’s audited consolidated financial statements as of and for the fiscal year ended December 29, 2024, and the notes thereto, which are included in the Annual Report. There have been no new accounting pronouncements adopted by the Company during the 39-week period ended September 28, 2025.

Recently Issued Accounting Pronouncements Not Yet Adopted

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) — Improvements to Income Tax Disclosures (“ASU 2023-09”) to enhance the transparency and usefulness of income tax disclosures. The guidance is applicable to all entities subject to income tax and it will require disclosure of certain categories within the rate reconciliation to improve consistency as well as disclosure of reconciling items that meet a certain quantitative threshold. Additionally, entities must disclose the amount of taxes paid to federal, state and foreign municipalities. For public business entities, ASU 2023-09 is effective for annual periods beginning after December 15, 2024. The Company expects to adopt the standard for the fiscal year beginning December 30, 2024. The Company is currently evaluating the impact of its pending adoption of ASU 2023-09 on its consolidated financial statements and disclosures.

In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses (“ASU 2024-03”), which requires disclosures about specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosures about selling expenses. The new guidance is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. The requirements will be applied prospectively with the option for retrospective application. The Company is currently evaluating the impact of its pending adoption of ASU 2024-03 on its consolidated financial statements and disclosures.

In September 2025, the FASB issued ASU 2025-06, Intangibles — Goodwill and Other — Internal-Use Software (Subtopic 350-40) — Targeted Improvements to the Accounting for Internal-Use Software (“ASU 2025-06”), which modernizes the accounting for internal-use software under ASC 350-40 by aligning it with current development practices, especially agile and iterative methods. It clarifies when to begin capitalizing costs, improves operability across different development approaches, and enhances disclosure requirements. This update is effective for interim and annual periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of its pending adoption of ASU 2025-06 on its consolidated financial statements and disclosures.
v3.25.3
Investment Securities
 9 Months Ended
Sep. 28, 2025
Investments, Debt and Equity Securities [Abstract]  
Investment Securities

Note 3. Investment Securities

The following table summarizes the Company’s available-for-sale investment securities as of September 28, 2025:

 

 

Amortized Cost

 

 

Gross Unrealized Gains

 

 

Gross Unrealized Losses

 

 

Allowance for Credit Losses

 

 

Fair Value

 

U.S. Treasury Bills

 

$

51,222

 

 

$

35

 

 

$

—

 

 

$

—

 

 

$

51,257

 

Total

 

$

51,222

 

 

$

35

 

 

$

—

 

 

$

—

 

 

$

51,257

 

The following table summarizes the Company’s available-for-sale investment securities as of December 29, 2024:

 

 

Amortized Cost

 

 

Gross Unrealized Gains

 

 

Gross Unrealized Losses

 

 

Allowance for Credit Losses

 

 

Fair Value

 

U.S. corporate bonds and U.S. dollar
   denominated foreign bonds

 

$

9,702

 

 

$

15

 

 

$

(25

)

 

$

—

 

 

$

9,692

 

Total

 

$

9,702

 

 

$

15

 

 

$

(25

)

 

$

—

 

 

$

9,692

 

For the 13-week periods ended September 28, 2025 and September 29, 2024, there were no proceeds from the sale of available-for-sale securities. For the 39-week periods ended September 28, 2025 and September 29, 2024, proceeds from the sale of available-for-sale securities were $404 and $0, respectively.

Actual maturities may differ from contractual maturities because some borrowers have the right to call or prepay obligations with or without call or prepayment penalties. The amortized cost and fair value of the Company’s investments in available-for-sale securities as of September 28, 2025 by contractual maturity are as follows:

 

 

Amortized Cost

 

 

Fair Value

 

Due within one year

 

$

51,222

 

 

$

51,257

 

Due after one year through five years

 

 

—

 

 

 

—

 

Total available-for-sale

 

$

51,222

 

 

$

51,257

 

 

The following tables present the Company’s unrealized loss aging for available-for-sale securities by type and length of time the security was in a continuous unrealized loss position as of the periods presented:

 

 

September 28, 2025

 

 

 

Less than 12 months

 

 

12 months or longer

 

 

Total

 

 

 

Fair Value

 

 

Unrealized Losses

 

 

Fair Value

 

 

Unrealized Losses

 

 

Fair Value

 

 

Unrealized Losses

 

U.S. Treasury Bills

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Total

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

 

 

December 29, 2024

 

 

 

Less than 12 months

 

 

12 months or longer

 

 

Total

 

 

 

Fair Value

 

 

Unrealized Losses

 

 

Fair Value

 

 

Unrealized Losses

 

 

Fair Value

 

 

Unrealized Losses

 

U.S. corporate bonds and U.S. dollar
   denominated foreign bonds

 

$

—

 

 

$

—

 

 

$

8,014

 

 

$

(25

)

 

$

8,014

 

 

$

(25

)

Total

 

$

—

 

 

$

—

 

 

$

8,014

 

 

$

(25

)

 

$

8,014

 

 

$

(25

)

As of September 28, 2025, there were no diversified issuances in the Company’s securities portfolio in an unrealized loss position.

The Company does not believe there has been any significant decline in the creditworthiness of the issuers and the Company does not have liquidity needs that would necessitate a sale of any material investments prior to maturity. Therefore, the Company has not recorded an allowance for credit losses on investment securities as of September 28, 2025.

The fair value and location of all investment securities are included in “Fair Value Measurements” in Note 5 below.
v3.25.3
Derivative Financial Instruments
 9 Months Ended
Sep. 28, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments

Note 4. Derivative Financial Instruments

The Company enters into derivative instruments to mitigate the impact of commodity price volatility. Such instruments may include call options on commodity price contracts. Realized and unrealized gains and losses on the Company’s commodity derivatives not designated as hedging instruments are recorded in other expense, net. The Company recognizes all derivative instruments as either assets or liabilities.

The following table presents the aggregated outstanding notional amounts related to the Company’s derivative financial instruments for the periods presented:

 

 

Metric

 

September 28,
2025

 

 

December 29,
2024

 

Commodity:

 

 

 

 

 

 

 

 

Corn

 

Bushels (in thousands)

 

 

2,720

 

 

 

3,593

 

Soybean Meal

 

Tons

 

 

28

 

 

 

37

 

For the 13-week periods ended September 28, 2025 and September 29, 2024, the pre-tax amount of commodity contract derivative losses recognized in other expense, net was $503 and $6, respectively. For the 39-week periods ended September 28, 2025 and September 29, 2024, the pre-tax amount of commodity contract derivative losses recognized in other expense, net was $1,325 and $393, respectively.

The fair value and location of all outstanding derivative financial instruments are included in “Fair Value Measurements” in Note 5 below.
v3.25.3
Fair Value Measurements
 9 Months Ended
Sep. 28, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements

Note 5. Fair Value Measurements

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The three levels of inputs that may be used to measure fair value are defined below:

•
Level 1 – Quoted prices in active markets for identical assets or liabilities.
•
Level 2 – Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
•
Level 3 – Unobservable inputs that are supported by little or no market activity that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques.

Assets Measured at Fair Value on a Recurring Basis

The fair value hierarchy requires the use of observable market data when available. In instances where the inputs used to measure fair value fall into different levels of the fair value hierarchy, the fair value measurement has been determined based on the lowest level input significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular item to the fair value measurement in its entirety requires judgment, including the consideration of inputs specific to the asset or liability.

The following tables present information about the Company’s financial assets measured at fair value on a recurring basis for the periods presented:

 

 

Fair Value Measurements as of September 28, 2025, Using:

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market

 

$

22,305

 

 

$

—

 

 

$

—

 

 

$

22,305

 

U.S. Treasury Bills

 

 

—

 

 

 

9,957

 

 

 

—

 

 

 

9,957

 

Investment securities, available-for-sale:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury Bills

 

 

—

 

 

 

51,257

 

 

 

—

 

 

 

51,257

 

Prepaid expenses and other current assets:

 

 

 

 

 

 

 

 

 

 

 

 

Derivative financial instruments

 

 

—

 

 

 

380

 

 

 

—

 

 

 

380

 

Total assets measured at fair value

 

$

22,305

 

 

$

61,594

 

 

$

—

 

 

$

83,899

 

 

 

 

Fair Value Measurements as of December 29, 2024, Using:

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market

 

$

114,249

 

 

$

—

 

 

$

—

 

 

$

114,249

 

Investment securities, available-for-sale:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. corporate bonds and U.S. dollar
   denominated foreign bonds

 

 

—

 

 

 

9,692

 

 

 

—

 

 

 

9,692

 

Prepaid expenses and other current assets:

 

 

 

 

 

 

 

 

 

 

 

 

Derivative financial instruments

 

 

—

 

 

 

1,153

 

 

 

—

 

 

 

1,153

 

Total assets measured at fair value

 

$

114,249

 

 

$

10,845

 

 

$

—

 

 

$

125,094

 

During the 39-week period ended September 28, 2025, there were no transfers between fair value measurement levels. For additional information on concentrations of credit risk for the Company’s financial instruments, refer to “Investment Securities” in Note 3 above.

Fair Value of Other Financial Instruments

The carrying values of the Company’s short-term financial instruments not included above, including cash, trade receivables, other non-trade receivables included in prepaid expense and other current assets, accounts payable, accrued expenses and other current liabilities approximate their fair value due to their short-term nature.
v3.25.3
Revenue Recognition
 9 Months Ended
Sep. 28, 2025
Revenue from Contract with Customer [Abstract]  
Revenue Recognition

Note 6. Revenue Recognition

The following table summarizes the Company’s net revenue by primary product for the periods presented:

 

 

13-Weeks Ended

 

 

39-Weeks Ended

 

 

 

September 28,
2025

 

 

September 29,
2024

 

 

September 28,
2025

 

 

September 29,
2024

 

Net revenue:

 

 

 

 

 

 

 

 

 

 

 

 

Eggs and egg-related products

 

$

192,633

 

 

$

138,142

 

 

$

527,355

 

 

$

424,863

 

Butter and butter-related products

 

 

6,303

 

 

 

6,860

 

 

 

18,537

 

 

 

15,455

 

Net revenue

 

$

198,936

 

 

$

145,002

 

 

$

545,892

 

 

$

440,318

 

Net revenue is primarily generated from the sale of eggs and butter. The Company’s product offerings include shell eggs, hard-boiled eggs, liquid whole eggs and stick butter.

During the 13-week and 39-week periods ended September 28, 2025 and September 29, 2024, the Company had customers that individually accounted for 10% or more of the Company’s net revenue. The percentage of net revenue from significant customers during the 13-week and 39-week periods ended September 28, 2025 and September 29, 2024 is as follows:

 

 

Net Revenue
for the
13-Weeks Ended September 28, 2025

 

Net Revenue
for the
13-Weeks Ended September 29, 2024

 

Net Revenue
for the
39-Weeks Ended September 28, 2025

 

Net Revenue
for the
39-Weeks Ended September 29, 2024

Customer A

 

24%

 

24%

 

22%

 

24%

Customer B

 

11%

 

10%

 

*

 

10%

* Net revenue was less than 10%

 

 

 

 

 

 

 

 

As of September 28, 2025 and December 29, 2024, the Company had customers that individually accounted for 10% or more of the Company’s accounts receivable. The percentage of accounts receivable, net due from significant customers as of September 28, 2025 and December 29, 2024 is as follows:

 

 

Accounts Receivable, Net as of September 28, 2025

 

Accounts Receivable, Net as of December 29, 2024

Customer A

 

17%

 

16%

Customer B

 

13%

 

10%

Customer C

 

*

 

13%

Customer D

 

11%

 

10%

* Accounts receivable, net was less than 10%

 

 

 

 
v3.25.3
Allowance for Credit Losses
 9 Months Ended
Sep. 28, 2025
Allowance for Credit Loss [Abstract]  
Allowance for Credit Losses

Note 7. Allowance for Credit Losses

As of September 28, 2025 and December 29, 2024, the Company had allowances for credit losses of $1,659 and $931, respectively.

The Company recognizes current estimated credit losses (“CECL”) for accounts receivable and other receivables. The CECL for trade receivables is estimated based on the trade receivable aging category, credit risk of specific customers, past collection history, and management’s evaluation of accounts receivable. The Company also has other receivables which are classified within prepaid

expenses and other current assets. The CECL for other receivables is estimated based on the other receivables aging category and the probability of default. Provisions for CECL are classified within selling, general and administrative costs.

Changes in the allowance for credit losses for the 39-week period ended September 28, 2025 were as follows:

 

 

Accounts Receivable

 

 

Prepaid Expenses and other Current Assets

 

 

Total

 

As of December 29, 2024

 

$

(691

)

 

$

(240

)

 

$

(931

)

Reductions charged to operating results

 

 

8

 

 

 

68

 

 

 

76

 

Account write-offs

 

 

—

 

 

 

—

 

 

 

—

 

As of March 30, 2025

 

 

(683

)

 

 

(172

)

 

 

(855

)

Provisions charged to operating results

 

 

(191

)

 

 

(350

)

 

 

(541

)

Account write-offs

 

 

17

 

 

 

—

 

 

 

17

 

As of June 29, 2025

 

 

(857

)

 

 

(522

)

 

 

(1,379

)

(Provisions) reductions charged to operating results

 

 

(416

)

 

 

121

 

 

 

(295

)

Account write-offs

 

 

15

 

 

 

—

 

 

 

15

 

As of September 28, 2025

 

$

(1,258

)

 

$

(401

)

 

$

(1,659

)
v3.25.3
Inventories
 9 Months Ended
Sep. 28, 2025
Inventory Disclosure [Abstract]  
Inventories

Note 8. Inventories

Inventory consisted of the following as of the periods presented:

 

 

September 28,
2025

 

 

December 29,
2024

 

Eggs and egg-related products

 

$

18,028

 

 

$

7,384

 

Butter and butter-related products

 

 

20,499

 

 

 

8,691

 

Packaging

 

 

9,164

 

 

 

4,296

 

Pullets

 

 

4,249

 

 

 

1,657

 

Other

 

 

2,582

 

 

 

1,860

 

Reserve for inventory obsolescence

 

 

(2,709

)

 

 

(222

)

Inventories

 

$

51,813

 

 

$

23,666

 

On a periodic basis, the Company compares the amount of inventory on hand with its latest forecasted requirements to determine whether charges for excess or obsolete inventory reserves are required.
v3.25.3
Prepaid Expenses and Other Current Assets
 9 Months Ended
Sep. 28, 2025
Prepaid Expense and Other Assets, Current [Abstract]  
Prepaid Expenses and Other Current Assets

Note 9. Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following as of the periods presented:

 

 

September 28,
2025

 

 

December 29,
2024

 

Prepaid expenses

 

$

5,527

 

 

$

4,403

 

Other receivables, net

 

 

3,668

 

 

 

1,812

 

Cloud computing implementation costs

 

 

2,480

 

 

 

372

 

Derivative financial instruments

 

 

380

 

 

 

1,153

 

Prepaid expenses and other current assets, net

 

$

12,055

 

 

$

7,740

 
v3.25.3
Property, Plant and Equipment
 9 Months Ended
Sep. 28, 2025
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment

Note 10. Property, Plant and Equipment

Property, plant and equipment consisted of the following as of the periods presented:

 

 

September 28,
2025

 

 

December 29,
2024

 

Land

 

$

10,023

 

 

$

11,200

 

Land improvements

 

 

1,192

 

 

 

818

 

Buildings and improvements

 

 

31,781

 

 

 

30,607

 

Vehicles

 

 

1,697

 

 

 

1,468

 

Machinery and equipment

 

 

58,700

 

 

 

58,847

 

Leasehold improvements

 

 

491

 

 

 

491

 

Furniture and fixtures

 

 

520

 

 

 

531

 

Construction in progress

 

 

56,052

 

 

 

14,456

 

 

 

160,456

 

 

 

118,418

 

Less: Accumulated depreciation and amortization

 

 

(39,378

)

 

 

(33,897

)

Property, plant and equipment, net

 

$

121,078

 

 

$

84,521

 

During the 13-week periods ended September 28, 2025 and September 29, 2024, depreciation of property, plant and equipment was approximately $2,043 and $2,331, respectively. During the 39-week periods ended September 28, 2025 and September 29, 2024, depreciation of property, plant and equipment was approximately $6,663 and $6,978, respectively.

During the 39-week period ended September 28, 2025, the Company elected to sell certain parcels of land located in Indiana previously purchased for the development of “accelerator farms” that in the aggregate total approximately 516 acres. Such parcels of land met the criteria to be classified as assets held for sale. As of September 28, 2025, approximately 371 acres remain to be sold with a carrying amount of $2.9 million classified as assets held for sale in the condensed consolidated balance sheets and are expected to be disposed of within the next 12 months.
v3.25.3
Leases
 9 Months Ended
Sep. 28, 2025
Leases [Abstract]  
Leases

Note 11. Leases

Operating lease cost is recognized on a straight-line basis over the lease term and finance lease cost is recognized as amortization expense for the right-of-use (“ROU”) assets and interest expense associated with the finance lease liabilities.

The components of lease cost, classified within cost of goods sold, selling, general and administrative and interest expense for the 13-week and 39-week periods ended September 28, 2025 and September 29, 2024 are below:

 

 

13-Weeks Ended

 

 

39-Weeks Ended

 

 

 

September 28,
2025

 

 

September 29,
2024

 

 

September 28,
2025

 

 

September 29,
2024

 

Operating lease cost

 

$

2,541

 

 

$

1,271

 

 

$

6,431

 

 

$

3,255

 

Finance lease cost – amortization of ROU assets

 

 

1,193

 

 

 

999

 

 

 

3,300

 

 

 

2,851

 

Finance lease cost – interest on lease liabilities

 

 

191

 

 

 

238

 

 

 

601

 

 

 

723

 

Short-term lease cost

 

 

484

 

 

 

39

 

 

 

941

 

 

 

107

 

Variable lease cost

 

 

5,322

 

 

 

2,971

 

 

 

13,342

 

 

 

8,073

 

Variable lease cost – long-term supply contracts

 

 

65,376

 

 

 

54,496

 

 

 

181,620

 

 

 

164,928

 

Total lease cost

 

$

75,107

 

 

$

60,014

 

 

$

206,235

 

 

$

179,937

 

 

Future undiscounted cash flows are as follows:

 

 

As of September 28, 2025

 

 

 

Operating Leases

 

 

Finance Leases

 

2025

 

$

5,876

 

 

$

1,425

 

2026

 

 

4,011

 

 

 

5,743

 

2027

 

 

4,700

 

 

 

4,847

 

2028

 

 

4,700

 

 

 

—

 

2029

 

 

4,700

 

 

 

—

 

Thereafter

 

 

32,900

 

 

 

—

 

Total lease payments

 

 

56,887

 

 

 

12,015

 

Less imputed interest

 

 

(11,832

)

 

 

(789

)

Total present value of lease liabilities

 

$

45,055

 

 

$

11,226

 

During the 39-week periods ended September 28, 2025 and September 29, 2024, ROU assets obtained in exchange for new finance lease obligations were $2,637 and $1,753, respectively. During the 39-week periods ended September 28, 2025 and September 29, 2024, ROU assets obtained in exchange for new operating lease obligations were $65,448 and $11,203, respectively. During the 39-week periods ended September 28, 2025 and September 29, 2024, decreases in operating ROU assets related to lease terminations and modifications were $3,881 and $0, respectively.

v3.25.3
Goodwill and Other Assets
 9 Months Ended
Sep. 28, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Assets

Note 12. Goodwill and Other Assets

Goodwill and other assets consisted of the following as of the periods presented:

 

 

September 28,
2025

 

 

December 29,
2024

 

Goodwill

 

$

3,858

 

 

$

3,858

 

Cloud computing implementation costs

 

 

9,370

 

 

 

3,834

 

Deferred tax asset

 

 

—

 

 

 

1,399

 

Other non-current assets

 

 

62

 

 

 

62

 

Goodwill and other assets

 

$

13,290

 

 

$

9,153

 

As of September 28, 2025 and December 29, 2024, the Company capitalized costs of $11,850 and $4,206 relating to cloud computing arrangement implementation costs. Of this total, $9,370 and $3,834 are classified as non-current assets under the heading “goodwill and other current assets” and $2,480 and $372 are classified as current assets under the heading “prepaid expenses and other current assets” as of September 28, 2025 and December 29, 2024, respectively. This software was developed by a third-party in conjunction with the Company’s employees. It has passed the preliminary project stage prior to capitalization. Amortization of the cloud computing arrangement implementation costs began once the software was placed in service subsequent to the end of the 13-week period ended September 28, 2025.
v3.25.3
Accrued Liabilities
 9 Months Ended
Sep. 28, 2025
Payables and Accruals [Abstract]  
Accrued Liabilities

Note 13. Accrued Liabilities

Accrued liabilities consisted of the following as of the periods presented:

 

 

September 28,
2025

 

 

December 29,
2024

 

Employee-related costs

 

$

14,659

 

 

$

15,074

 

Trade promotions and chargebacks

 

 

10,670

 

 

 

8,204

 

Distribution fees and freight

 

 

5,279

 

 

 

3,193

 

Marketing and broker commissions

 

 

4,797

 

 

 

2,235

 

Purchases of inventory

 

 

8,835

 

 

 

641

 

Professional fees

 

 

3,008

 

 

 

958

 

Property, plant and equipment

 

 

3,841

 

 

 

380

 

Taxes

 

 

3,167

 

 

 

31

 

Other

 

 

715

 

 

 

612

 

Accrued liabilities

 

$

54,971

 

 

$

31,328

 
v3.25.3
Long-Term Debt
 9 Months Ended
Sep. 28, 2025
Debt Disclosure [Abstract]  
Long-Term Debt

Note 14. Long-Term Debt

JPMorgan Credit Facility

On April 9, 2024, the Company entered into a syndicated credit agreement with JPMorgan Chase Bank, N.A. and the other lenders party thereto (the “JPMorgan Credit Facility”), which provides for a five-year, $60.0 million revolving credit facility.

The JPMorgan Credit Facility includes a $5.0 million letter of credit sub-limit and an accordion option that would allow the Company to increase the aggregate revolving commitments or add incremental term loans in an aggregate amount not to exceed the greater of (i) $35.0 million and (ii) an amount equal to 100% of consolidated adjusted EBITDA.

Any borrowings under the JPMorgan Credit Facility bear interest, at the Company’s election, at either (i) an adjusted term Secured Overnight Financing Rate or adjusted daily Secured Overnight Financing Rate plus 0.10% plus a margin of either 0.75%, 1.00% or 1.25% depending on the Company’s net leverage ratio or (ii) an alternative base rate plus a margin of either 1.75%, 2.00% or 2.25%, depending on the Company’s net leverage ratio. The Company is required to pay a commitment fee on the undrawn portion of the aggregate commitments that accrue at either 0.20% or 0.375% per annum depending on the Company’s revolving credit exposure. Additionally, the Company is required to pay a participation fee on the account of each lender for each outstanding letter of credit at a rate equal to the applicable rate used to determine the interest rate applicable to term benchmark revolving loans.

The JPMorgan Credit Facility is secured by liens on substantially all of the Company’s assets, including certain intellectual property assets and investment securities. It requires the Company to maintain (i) a net leverage ratio of no greater than 3.25 to 1.00, subject to two increases up to 4.00 to 1.00 for a certain period following material acquisitions, and (ii) a fixed charge coverage ratio of no less than 1.35 to 1.00. As a result of the limitations contained in the JPMorgan Credit Facility, certain of the net assets on the Company’s consolidated balance sheet as of September 28, 2025 are restricted in use. The Company’s wholly owned subsidiaries are non-operating and have no restricted net assets within the meaning of Rule 4-08(e)(3) or Rule 12-04 of Regulation S-X. As of September 28, 2025, the Company was in compliance with all covenants under the JPMorgan Credit Facility.

As of September 28, 2025, there were no outstanding amounts under the JPMorgan Credit Facility. During the 13-week and 39-week periods ended September 28, 2025 and September 29, 2024, the Company did not recognize any interest expense related to draws on the revolving lines of credit.
v3.25.3
Common Stock
 9 Months Ended
Sep. 28, 2025
Equity [Abstract]  
Common Stock

Note 15. Common Stock

As of September 28, 2025, the Company’s amended and restated certificate of incorporation authorized the Company to issue up to 310,000,000 shares of common stock, par value $0.0001 per share, of which 44,772,876 shares were issued and outstanding.

The voting, dividend and liquidation rights of the holders of the Company’s common stock are subject to and qualified by the rights, powers and preferences of the holders of the preferred stock, if any. Each share of the Company’s common stock is entitled to one vote on all matters submitted to a vote of the Company’s stockholders. Holders of the Company’s common stock are entitled to receive dividends as may be declared by the Company’s Board of Directors (the “Board of Directors”), if any, subject to the preferential dividend rights of preferred stock, if any. No cash dividends were declared or paid during the periods presented.

As of each balance sheet date, the Company had reserved shares of common stock for issuance in connection with the following:

 

 

September 28,
2025

 

 

December 29,
2024

 

Options to purchase common stock

 

 

1,173,240

 

 

 

1,703,287

 

Restricted stock units (“RSUs”)

 

 

620,058

 

 

 

644,141

 

Performance stock units (“PSUs”)

 

 

362,733

 

 

 

238,764

 

Shares available for grant under the 2020 Equity Incentive
   Plan (“2020 Incentive Plan”) and 2020 Employee Stock
   Purchase Plan (“2020 ESPP”)

 

 

16,786,519

 

 

 

14,887,764

 

Total

 

 

18,942,550

 

 

 

17,473,956

 
v3.25.3
Stock-Based Compensation
 9 Months Ended
Sep. 28, 2025
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation

Note 16. Stock-Based Compensation

The Company measures compensation expense for all stock-based awards based on the estimated fair values on the date of the grant. Stock options generally vest ratably over three years from the date of grant, subject to the recipient’s continued service over such period, and expire 10 years from the date of grant. RSUs generally vest ratably over three years from the date of grant, subject to the recipient’s continued service over such period, and contain no other service or performance conditions. PSUs vest at the end of a three-year period based on the achievement of certain Company performance metrics and the recipient’s continued service over such period. The Company’s policy is to recognize stock-based compensation expense on a straight-line basis over the requisite service or vesting period. For awards that are contingent upon performance metrics, the probability of achievement is taken into account in the calculation of the expense to be recognized and modified as needed. Forfeitures for stock options and restricted stock awards, including RSUs and PSUs, are recognized as they occur.

The Company recognized stock-based compensation expense in the condensed consolidated statements of operations for the periods presented:

 

 

13-Weeks Ended

 

 

39-Weeks Ended

 

 

 

September 28,
2025

 

 

September 29,
2024

 

 

September 28,
2025

 

 

September 29,
2024

 

Cost of goods sold

 

$

155

 

 

$

72

 

 

$

435

 

 

$

226

 

Selling, general and administrative expense

 

 

3,084

 

 

 

2,602

 

 

 

8,691

 

 

 

7,346

 

Total

 

$

3,239

 

 

$

2,674

 

 

$

9,126

 

 

$

7,572

 

Stock Option Activity

The following table summarizes stock option activity since December 29, 2024:

 

 

Number of
Options

 

 

Weighted-
Average
Exercise
Price

 

 

Weighted-
Average
Remaining
Contractual
Term (Years)

 

 

Aggregate
Intrinsic
Value

 

Outstanding as of December 29, 2024

 

 

1,703,287

 

 

$

14.30

 

 

 

 

 

$

39,264

 

Granted

 

 

—

 

 

$

—

 

 

 

 

 

$

—

 

Exercised

 

 

(504,717

)

 

$

10.92

 

 

 

 

 

$

14,393

 

Cancelled/Forfeited

 

 

(25,330

)

 

$

15.68

 

 

 

 

 

$

532

 

Outstanding as of September 28, 2025

 

 

1,173,240

 

 

$

15.71

 

 

 

5.1

 

 

$

31,192

 

Options exercisable as of September 28, 2025

 

 

1,024,587

 

 

$

15.83

 

 

 

4.7

 

 

$

27,122

 

Options vested and expected to vest as of September 28, 2025

 

 

1,173,240

 

 

$

15.71

 

 

 

5.1

 

 

$

31,192

 

 

The fair value of stock options vested during the 13-week periods ended September 28, 2025 and September 29, 2024 was $12 and $1,065, respectively. The fair value of stock options vested during the 39-week periods ended September 28, 2025 and September 29, 2024 was $979 and $2,965, respectively. As of September 28, 2025, total unrecognized stock-based compensation expense related to unvested stock options was $349, which is expected to be recognized over a weighted-average period of 0.48 years.

Restricted Stock Unit Activity

The following table summarizes RSU activity since December 29, 2024:

 

 

Number of
RSUs

 

 

Weighted-
Average
Grant Date Fair Value

 

Unvested as of December 29, 2024

 

 

644,141

 

 

$

19.28

 

Granted

 

 

322,645

 

 

$

32.03

 

Vested(1)

 

 

(310,775

)

 

$

18.10

 

Forfeited

 

 

(35,953

)

 

$

25.80

 

Unvested as of September 28, 2025

 

 

620,058

 

 

$

26.13

 

 

(1) Includes 100,263 shares of common stock withheld to cover taxes on the release of vested RSUs and became available for future grants pursuant to the 2020 Incentive Plan.

The fair value of RSU shares vested during the 13-week periods ended September 28, 2025 and September 29, 2024 was $119 and $75, respectively. The fair value of RSU shares vested during the 39-week periods ended September 28, 2025 and September 29, 2024 was $5,624 and $3,655, respectively. As of September 28, 2025, total unrecognized stock-based compensation expense related to the Company’s unvested RSU activity was $12,254, which is expected to be recognized over a weighted-average period of 2.00 years.

Performance Stock Unit Activity

In fiscal 2024 and 2025, the Company granted PSUs to certain of its officers and employees. These PSUs vest at the end of a three-year period based upon the level of achievement of certain Company performance metrics and the recipient’s continued service over such period. The number of shares that can be earned will range from 0% to 200% of the granted PSUs, based upon the Company’s level of achievement of the stated performance metrics. The number of PSUs expected to vest and for which compensation cost has been recognized is based on the number of awards that the Company believes are probable to vest as of September 28, 2025.

The following table summarizes PSU activity since December 29, 2024:

 

 

Number of
PSUs

 

 

Weighted-
Average
Grant Date Fair Value

 

Unvested as of December 29, 2024

 

 

238,764

 

 

$

21.82

 

Granted

 

 

132,587

 

 

$

31.93

 

Forfeited

 

 

(8,618

)

 

$

25.57

 

Unvested as of September 28, 2025

 

 

362,733

 

 

$

25.43

 

The fair value of PSU shares vested during the 13-week and 39-week periods ended September 28, 2025 and September 29, 2024 was $0, as no shares have vested as of such periods. As of September 28, 2025, total unrecognized stock-based compensation expense related to the Company’s unvested PSU activity was $8,401, which is expected to be recognized over a weighted-average period of 1.87 years.

2020 Equity Incentive Plan: In July 2020, the Board of Directors adopted the 2020 Incentive Plan, which was subsequently approved by the Company’s stockholders and became effective on July 30, 2020. Initially, the maximum number of the Company’s common stock that may be issued under the 2020 Incentive Plan was 8,595,871 shares. The 2020 Incentive Plan provides that the

number of shares reserved and available for issuance under the 2020 Incentive Plan will automatically increase each January 1, beginning on January 1, 2021 and ending on (and including) January 1, 2030, by an amount equal to 4% of the outstanding number of shares of common stock on the immediately preceding December 31 or such lesser number of shares as determined by the Board of Directors. As of September 28, 2025, 13,910,791 shares were available for future grants of the Company’s common stock, which includes 1,761,694 shares of common stock that were automatically added to the available reserve on January 1, 2025.

Employee Stock Purchase Plan: In July 2020, the Board of Directors adopted the 2020 ESPP, which was subsequently approved by the Company’s stockholders and became effective on July 30, 2020. The 2020 ESPP authorizes the initial issuance of up to 900,000 shares of the Company’s common stock to certain eligible employees or, as designated by the Board of Directors, employees of a related company. The 2020 ESPP provides that the number of shares reserved and available for issuance under the 2020 ESPP will automatically increase each January 1, beginning on January 1, 2021 and ending on (and including) January 1, 2030, by an amount equal to the lesser of (i) 1% of the outstanding number of shares of common stock on the immediately preceding December 31 and (ii) 900,000, or such lesser number of shares as determined by the Board of Directors. As of September 28, 2025, 2,875,728 shares of the Company’s common stock were available for future issuance under the 2020 ESPP, which includes 440,423 shares of common stock that were automatically added to the available reserve on January 1, 2025. The Board of Directors authorizes six-month offering periods, with the most recent beginning on May 16, 2025.
v3.25.3
Income Taxes
 9 Months Ended
Sep. 28, 2025
Income Tax Disclosure [Abstract]  
Income Taxes

Note 17. Income Taxes

The Company’s effective tax rate for the 13-week periods ended September 28, 2025 and September 29, 2024 was approximately 25% and 28%, respectively. The Company’s effective tax rate for the 39-week periods ended September 28, 2025 and September 29, 2024 was approximately 27% and 20%, respectively. The Company’s effective tax rates for the 13-week and 39-week periods ended September 28, 2025 and September 29, 2024 differ from the statutory rate due primarily to discrete tax benefits related to the exercise of non-qualified stock options and the vesting of RSUs. In addition, the effective tax rates for the 13-week and 39-week periods ended September 28, 2025 were impacted by a discrete tax item primarily associated with an uncertain tax position related to state income taxes. As of September 28, 2025 and December 29, 2024, the Company had uncertain tax positions of $2.2 million and $0.6 million and deferred tax liabilities of $1.4 million and $0, respectively, under the heading “other liabilities” in the condensed consolidated balance sheets.

For interim periods, the Company’s income tax expense and resulting effective tax rate are based upon an estimated annual effective tax rate adjusted for the effects of items required to be treated as discrete to the period, including changes in tax laws, changes in estimated exposures for uncertain tax positions, and other items. The Company’s estimated annual effective tax rate differs from the federal statutory rate of 21% due to state income taxes, permanent differences related to the exercise of stock options and the impact of compensation deduction limitations under Internal Revenue Code Section 162(m).

On July 4, 2025, President Donald Trump signed the One Big Beautiful Bill Act (“OBBBA”) into law, which is considered the enactment date under GAAP. Key corporate tax provisions of OBBBA include the restoration of 100% bonus depreciation, immediate expensing for domestic research and experimental expenditures, changes to Section 163(j) interest limitations, amendments to energy credits, and expanded Section 162(m) aggregation requirements.

In accordance with ASC 740, the Company has recognized the effects of the new tax law in the period of enactment. The impact of OBBBA for the 13-week period ended September 28, 2025 resulted in a reduction to current income tax expense, primarily due to the restoration of 100% bonus depreciation. This reduction was substantially offset by a corresponding increase in deferred income tax expense.

The net effect of OBBBA did not have a material impact on the Company’s effective tax rate for the period. The Company continues to evaluate the impact of OBBBA on its consolidated financial statements and will update its estimates as additional guidance becomes available.
v3.25.3
Net Income Per Share
 9 Months Ended
Sep. 28, 2025
Earnings Per Share [Abstract]  
Net Income Per Share

Note 18. Net Income Per Share

Basic and diluted net income per share attributable to Vital Farms, Inc. common stockholders were calculated as follows:

 

 

 

13-Weeks Ended

 

 

39-Weeks Ended

 

 

 

September 28,
2025

 

 

September 29,
2024

 

 

September 28,
2025

 

 

September 29,
2024

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

16,419

 

 

$

7,446

 

 

$

49,958

 

 

$

42,808

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding — basic

 

 

44,721,206

 

 

 

43,249,234

 

 

 

44,521,146

 

 

 

42,517,088

 

Weighted average effect of potentially dilutive securities:

 

 

 

 

 

 

 

 

 

 

 

 

Effect of potentially dilutive stock options

 

 

768,663

 

 

 

1,600,181

 

 

 

788,169

 

 

 

1,932,870

 

Effect of potentially dilutive RSUs

 

 

322,608

 

 

 

380,166

 

 

 

315,374

 

 

 

342,086

 

Effect of potentially dilutive PSUs

 

 

389,358

 

 

 

234,211

 

 

 

331,943

 

 

 

127,606

 

Effect of potentially dilutive common stock issuable pursuant to the 2020 ESPP

 

 

3,902

 

 

 

70

 

 

 

9,355

 

 

 

4,034

 

Weighted average common shares outstanding — diluted

 

 

46,205,737

 

 

 

45,463,862

 

 

 

45,965,987

 

 

 

44,923,684

 

Net income per share

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.37

 

 

$

0.17

 

 

$

1.12

 

 

$

1.01

 

Diluted

 

$

0.36

 

 

$

0.16

 

 

$

1.09

 

 

$

0.95

 

The Company excluded the following shares of common stock, outstanding at each period end, from the computation of diluted net income per share attributable to Vital Farms, Inc. common stockholders for the periods indicated because including them would have had an anti-dilutive effect:

 

 

 

13-Weeks Ended

 

 

39-Weeks Ended

 

 

 

September 28,
2025

 

 

September 29,
2024

 

 

September 28,
2025

 

 

September 29,
2024

 

Options to purchase common stock

 

 

—

 

 

 

—

 

 

 

—

 

 

 

499

 

Unvested RSUs

 

 

118

 

 

 

1,668

 

 

 

123

 

 

 

4,972

 

Unvested PSUs

 

 

51

 

 

 

540

 

 

 

52

 

 

 

2,115

 

 

 

169

 

 

 

2,208

 

 

 

175

 

 

 

7,586

 
v3.25.3
Accumulated Other Comprehensive Income
 9 Months Ended
Sep. 28, 2025
Equity [Abstract]  
Accumulated Other Comprehensive Income

Note 19. Accumulated Other Comprehensive Income

There were no amounts reclassified from accumulated other comprehensive income (“AOCI”) to the unaudited condensed consolidated statements of income for the 13-week periods ended September 28, 2025 and September 29, 2024, respectively. The amounts reclassified from AOCI for the periods presented below were as follows (in thousands):

 

 

 

 

 

Amounts Reclassified from AOCI

 

 

 

 

 

39-Week Period Ended

 

AOCI Component

 

Statement of Income Classification

 

September 28,
2025

 

 

September 29,
2024

 

Gains (losses) on available-for-sale securities

 

Other expense, net

 

$

13

 

 

$

(1

)

 

Total before tax

 

 

13

 

 

 

(1

)

 

Tax benefit

 

 

—

 

 

 

—

 

 

Net of tax

 

$

13

 

 

$

(1

)

 

The gross amount and related tax expense recorded in, and associated with, each component of other comprehensive income were as follows (in thousands):

 

 

 

13-Weeks Ended

 

 

 

September 28, 2025

 

 

September 29, 2024

 

 

 

Before Tax

 

Tax

 

After Tax

 

 

Before Tax

 

Tax

 

After Tax

 

Available-for-sale securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized net holding gain

 

 

59

 

$

(25

)

$

34

 

 

$

138

 

$

(34

)

$

104

 

Amounts reclassified for realized losses to earnings

 

 

—

 

 

—

 

 

—

 

 

 

—

 

 

—

 

 

—

 

Total other comprehensive income

 

$

59

 

$

(25

)

$

34

 

 

$

138

 

$

(34

)

$

104

 

 

 

 

39-Weeks Ended

 

 

 

September 28, 2025

 

 

September 29, 2024

 

 

 

Before Tax

 

Tax

 

After Tax

 

 

Before Tax

 

Tax

 

After Tax

 

Available-for-sale securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized net holding gain

 

$

33

 

$

(12

)

$

21

 

 

$

416

 

$

(102

)

$

314

 

Amounts reclassified for realized gains (losses) to earnings

 

 

13

 

 

—

 

 

13

 

 

 

(1

)

 

—

 

 

(1

)

Total other comprehensive income

 

$

46

 

$

(12

)

$

34

 

 

$

415

 

$

(102

)

$

313

 
v3.25.3
Commitments and Contingencies
 9 Months Ended
Sep. 28, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

Note 20. Commitments and Contingencies

Indemnification Agreements: In the ordinary course of business, the Company may provide indemnification of varying scope and terms to vendors, lessors, business partners and other parties with respect to certain matters including, but not limited to, losses arising out of breach of such agreements or from intellectual property infringement claims made by third parties. In addition, the Company has entered into indemnification agreements with members of its Board of Directors and its executive officers that require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is, in many cases, unlimited. As of September 28, 2025, the Company has not incurred any material costs as a result of such indemnification agreements.

Litigation: The Company is subject to various claims and contingencies that are in the scope of ordinary and routine litigation incidental to its business, including those related to regulation, litigation, business transactions, employee-related matters and taxes, among others. When the Company becomes aware of a claim or potential claim, the likelihood of any loss or exposure is assessed. Based on these assessments and estimates, the Company may establish reserves, as appropriate. These assessments and estimates are

based on the information available to management at the time and involve a significant amount of management judgment. Actual outcomes or losses may differ materially from the Company’s assessments and estimates.

Although the Company maintains insurance for certain potential liabilities, such insurance does not cover all types and amounts of potential liabilities and is subject to various exclusions and caps on amounts recoverable. Even if the Company believes a claim is covered by insurance, insurers may dispute its entitlement to recovery for a variety of potential reasons, which may affect the timing and, if the insurers prevail, the amount of the Company’s recovery. If it is probable that a loss will result and the amount of the loss can be reasonably estimated, the Company records a liability for the loss. If the loss is not probable or the amount of the loss cannot be reasonably estimated, the Company discloses the claim if the likelihood of a potential loss is reasonably possible.
v3.25.3
Related Party Transactions
 9 Months Ended
Sep. 28, 2025
Related Party Transactions [Abstract]  
Related Party Transactions

Note 21. Related Party Transactions

Sandpebble Builders Preconstruction, Inc.: The Company utilizes Sandpebble Builders Preconstruction, Inc. and Sandpebble South, Inc. (collectively “Sandpebble”) for certain project management and related services associated with the construction and expansion of the Company’s egg processing facilities, including certain limited project management and related services for the Company’s planned future egg packing facility in Seymour, Indiana. Victor Canseco, the owner and principal of Sandpebble, is the father of Russell Diez-Canseco, the Company’s President and Chief Executive Officer and a member of the Board of Directors. In connection with the services described above, the Company paid Sandpebble $604 and $213 during the 13-week periods ended September 28, 2025 and September 29, 2024, respectively, and $1,887 and $753 during the 39-week periods ended September 28, 2025 and September 29, 2024, respectively. Amounts paid to Sandpebble are included in property, plant and equipment, net and selling, general and administrative costs. As of September 28, 2025 and December 29, 2024, amounts owed to Sandpebble were $185 and $303, respectively, and are included in accounts payable and accrued liabilities.
v3.25.3
Segment Reporting
 9 Months Ended
Sep. 28, 2025
Segment Reporting [Abstract]  
Segment Reporting

Note 22. Segment Reporting

The Company has only one reportable segment for which discrete financial information is available: Eggs and Butter. The Company derives revenue in the United States and manages and organizes its business activities on a consolidated basis. The Eggs and Butter segment derives revenues primarily from sales of its products, including eggs and butter, to customers, which include natural retailers, mainstream retailers, distributors and foodservice customers. The measure of segment assets is reported on the consolidated balance sheets as total consolidated assets.

The following tables present the significant segment expenses and other segment items regularly reviewed by the Company’s chief operating decision maker, currently the Company’s President and Chief Executive Officer:

 

 

Eggs and Butter Segment

 

 

13-Weeks Ended

 

 

September 28, 2025

 

 

September 29, 2024

 

Net revenue

$

198,936

 

 

$

145,002

 

Less:

 

 

 

 

 

Cost of goods sold(1)

 

120,926

 

 

 

88,372

 

Shipping and distribution

 

9,169

 

 

 

8,134

 

Other selling expenses

 

1,750

 

 

 

2,070

 

Marketing

 

13,359

 

 

 

10,723

 

Other selling, general & administrative(1)

 

29,097

 

 

 

23,133

 

Interest income

 

(1,270

)

 

 

(1,407

)

Interest expense

 

213

 

 

 

259

 

Depreciation and amortization

 

3,236

 

 

 

3,330

 

Income tax provision

 

5,550

 

 

 

2,936

 

Other segment expenses(2)

 

487

 

 

 

6

 

Segment net income

$

16,419

 

 

$

7,446

 

 

 

 

 

 

 

Reconciliation of profit or loss

 

 

 

 

 

Adjustments and reconciling items

 

—

 

 

 

—

 

Consolidated net income

$

16,419

 

 

$

7,446

 

(1) Excludes depreciation and amortization.

(2) Other segment expenses included in segment net income includes the change in fair value of derivative instruments and other miscellaneous gains and losses.

 

 

Eggs and Butter Segment

 

 

39-Weeks Ended

 

 

September 28, 2025

 

 

September 29, 2024

 

Net revenue

$

545,892

 

 

$

440,318

 

Less:

 

 

 

 

 

Cost of goods sold(1)

 

327,238

 

 

 

261,057

 

Shipping and distribution

 

27,004

 

 

 

22,933

 

Other selling expenses

 

5,087

 

 

 

6,198

 

Marketing

 

27,792

 

 

 

23,101

 

Other selling, general & administrative(1)

 

81,845

 

 

 

66,652

 

Interest income

 

(3,814

)

 

 

(3,811

)

Interest expense

 

666

 

 

 

771

 

Depreciation and amortization

 

9,963

 

 

 

9,829

 

Income tax provision

 

18,885

 

 

 

10,410

 

Other segment expenses(2)

 

1,268

 

 

 

370

 

Segment net income

$

49,958

 

 

$

42,808

 

 

 

 

 

 

 

Reconciliation of profit or loss

 

 

 

 

 

Adjustments and reconciling items

 

—

 

 

 

—

 

Consolidated net income

$

49,958

 

 

$

42,808

 

(1) Excludes depreciation and amortization.

(2) Other segment expenses included in segment net income includes the change in fair value of derivative instruments and other miscellaneous gains and losses.
v3.25.3
Summary of Significant Accounting Policies (Policies)
 9 Months Ended
Sep. 28, 2025
Accounting Policies [Abstract]  
Recently Adopted Accounting Pronouncements

Recently Adopted Accounting Pronouncements

The new accounting pronouncements recently adopted by the Company are described in the Company’s audited consolidated financial statements as of and for the fiscal year ended December 29, 2024, and the notes thereto, which are included in the Annual Report. There have been no new accounting pronouncements adopted by the Company during the 39-week period ended September 28, 2025.
Recently Issued Accounting Pronouncements Not Yet Adopted

Recently Issued Accounting Pronouncements Not Yet Adopted

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) — Improvements to Income Tax Disclosures (“ASU 2023-09”) to enhance the transparency and usefulness of income tax disclosures. The guidance is applicable to all entities subject to income tax and it will require disclosure of certain categories within the rate reconciliation to improve consistency as well as disclosure of reconciling items that meet a certain quantitative threshold. Additionally, entities must disclose the amount of taxes paid to federal, state and foreign municipalities. For public business entities, ASU 2023-09 is effective for annual periods beginning after December 15, 2024. The Company expects to adopt the standard for the fiscal year beginning December 30, 2024. The Company is currently evaluating the impact of its pending adoption of ASU 2023-09 on its consolidated financial statements and disclosures.

In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses (“ASU 2024-03”), which requires disclosures about specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosures about selling expenses. The new guidance is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. The requirements will be applied prospectively with the option for retrospective application. The Company is currently evaluating the impact of its pending adoption of ASU 2024-03 on its consolidated financial statements and disclosures.

In September 2025, the FASB issued ASU 2025-06, Intangibles — Goodwill and Other — Internal-Use Software (Subtopic 350-40) — Targeted Improvements to the Accounting for Internal-Use Software (“ASU 2025-06”), which modernizes the accounting for internal-use software under ASC 350-40 by aligning it with current development practices, especially agile and iterative methods. It clarifies when to begin capitalizing costs, improves operability across different development approaches, and enhances disclosure requirements. This update is effective for interim and annual periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of its pending adoption of ASU 2025-06 on its consolidated financial statements and disclosures.
v3.25.3
Investment Securities (Tables)
 9 Months Ended
Sep. 28, 2025
Investments, Debt and Equity Securities [Abstract]  
Summary of Available-for-sale Investment Securities

The following table summarizes the Company’s available-for-sale investment securities as of September 28, 2025:

 

 

Amortized Cost

 

 

Gross Unrealized Gains

 

 

Gross Unrealized Losses

 

 

Allowance for Credit Losses

 

 

Fair Value

 

U.S. Treasury Bills

 

$

51,222

 

 

$

35

 

 

$

—

 

 

$

—

 

 

$

51,257

 

Total

 

$

51,222

 

 

$

35

 

 

$

—

 

 

$

—

 

 

$

51,257

 

The following table summarizes the Company’s available-for-sale investment securities as of December 29, 2024:

 

 

Amortized Cost

 

 

Gross Unrealized Gains

 

 

Gross Unrealized Losses

 

 

Allowance for Credit Losses

 

 

Fair Value

 

U.S. corporate bonds and U.S. dollar
   denominated foreign bonds

 

$

9,702

 

 

$

15

 

 

$

(25

)

 

$

—

 

 

$

9,692

 

Total

 

$

9,702

 

 

$

15

 

 

$

(25

)

 

$

—

 

 

$

9,692

 
Summary of Contractual Maturities of Investment Securities The amortized cost and fair value of the Company’s investments in available-for-sale securities as of September 28, 2025 by contractual maturity are as follows:

 

 

Amortized Cost

 

 

Fair Value

 

Due within one year

 

$

51,222

 

 

$

51,257

 

Due after one year through five years

 

 

—

 

 

 

—

 

Total available-for-sale

 

$

51,222

 

 

$

51,257

 

 
Schedule of Unrealized Loss Aging for Available-for-sale Securities

The following tables present the Company’s unrealized loss aging for available-for-sale securities by type and length of time the security was in a continuous unrealized loss position as of the periods presented:

 

 

September 28, 2025

 

 

 

Less than 12 months

 

 

12 months or longer

 

 

Total

 

 

 

Fair Value

 

 

Unrealized Losses

 

 

Fair Value

 

 

Unrealized Losses

 

 

Fair Value

 

 

Unrealized Losses

 

U.S. Treasury Bills

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Total

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

 

 

December 29, 2024

 

 

 

Less than 12 months

 

 

12 months or longer

 

 

Total

 

 

 

Fair Value

 

 

Unrealized Losses

 

 

Fair Value

 

 

Unrealized Losses

 

 

Fair Value

 

 

Unrealized Losses

 

U.S. corporate bonds and U.S. dollar
   denominated foreign bonds

 

$

—

 

 

$

—

 

 

$

8,014

 

 

$

(25

)

 

$

8,014

 

 

$

(25

)

Total

 

$

—

 

 

$

—

 

 

$

8,014

 

 

$

(25

)

 

$

8,014

 

 

$

(25

)
v3.25.3
Derivative Financial Instruments (Tables)
 9 Months Ended
Sep. 28, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule Of Notional Amounts of Outstanding Derivative Instruments

The following table presents the aggregated outstanding notional amounts related to the Company’s derivative financial instruments for the periods presented:

 

 

Metric

 

September 28,
2025

 

 

December 29,
2024

 

Commodity:

 

 

 

 

 

 

 

 

Corn

 

Bushels (in thousands)

 

 

2,720

 

 

 

3,593

 

Soybean Meal

 

Tons

 

 

28

 

 

 

37

 
v3.25.3
Fair Value Measurements (Tables)
 9 Months Ended
Sep. 28, 2025
Fair Value Disclosures [Abstract]  
Schedule of Financial Assets Measured at Fair Value

The following tables present information about the Company’s financial assets measured at fair value on a recurring basis for the periods presented:

 

 

Fair Value Measurements as of September 28, 2025, Using:

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market

 

$

22,305

 

 

$

—

 

 

$

—

 

 

$

22,305

 

U.S. Treasury Bills

 

 

—

 

 

 

9,957

 

 

 

—

 

 

 

9,957

 

Investment securities, available-for-sale:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury Bills

 

 

—

 

 

 

51,257

 

 

 

—

 

 

 

51,257

 

Prepaid expenses and other current assets:

 

 

 

 

 

 

 

 

 

 

 

 

Derivative financial instruments

 

 

—

 

 

 

380

 

 

 

—

 

 

 

380

 

Total assets measured at fair value

 

$

22,305

 

 

$

61,594

 

 

$

—

 

 

$

83,899

 

 

 

 

Fair Value Measurements as of December 29, 2024, Using:

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market

 

$

114,249

 

 

$

—

 

 

$

—

 

 

$

114,249

 

Investment securities, available-for-sale:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. corporate bonds and U.S. dollar
   denominated foreign bonds

 

 

—

 

 

 

9,692

 

 

 

—

 

 

 

9,692

 

Prepaid expenses and other current assets:

 

 

 

 

 

 

 

 

 

 

 

 

Derivative financial instruments

 

 

—

 

 

 

1,153

 

 

 

—

 

 

 

1,153

 

Total assets measured at fair value

 

$

114,249

 

 

$

10,845

 

 

$

—

 

 

$

125,094

 
v3.25.3
Revenue Recognition (Tables)
 9 Months Ended
Sep. 28, 2025
Revenue from Contract with Customer [Abstract]  
Summary of Net Revenue by Primary Product

The following table summarizes the Company’s net revenue by primary product for the periods presented:

 

 

13-Weeks Ended

 

 

39-Weeks Ended

 

 

 

September 28,
2025

 

 

September 29,
2024

 

 

September 28,
2025

 

 

September 29,
2024

 

Net revenue:

 

 

 

 

 

 

 

 

 

 

 

 

Eggs and egg-related products

 

$

192,633

 

 

$

138,142

 

 

$

527,355

 

 

$

424,863

 

Butter and butter-related products

 

 

6,303

 

 

 

6,860

 

 

 

18,537

 

 

 

15,455

 

Net revenue

 

$

198,936

 

 

$

145,002

 

 

$

545,892

 

 

$

440,318

 
Summary of Percentage of Net Revenue and Accounts Receivable, Net Due from Significant Customers The percentage of net revenue from significant customers during the 13-week and 39-week periods ended September 28, 2025 and September 29, 2024 is as follows:

 

 

Net Revenue
for the
13-Weeks Ended September 28, 2025

 

Net Revenue
for the
13-Weeks Ended September 29, 2024

 

Net Revenue
for the
39-Weeks Ended September 28, 2025

 

Net Revenue
for the
39-Weeks Ended September 29, 2024

Customer A

 

24%

 

24%

 

22%

 

24%

Customer B

 

11%

 

10%

 

*

 

10%

* Net revenue was less than 10%

 

 

 

 

 

 

 

 
As of September 28, 2025 and December 29, 2024, the Company had customers that individually accounted for 10% or more of the Company’s accounts receivable. The percentage of accounts receivable, net due from significant customers as of September 28, 2025 and December 29, 2024 is as follows:

 

 

Accounts Receivable, Net as of September 28, 2025

 

Accounts Receivable, Net as of December 29, 2024

Customer A

 

17%

 

16%

Customer B

 

13%

 

10%

Customer C

 

*

 

13%

Customer D

 

11%

 

10%

* Accounts receivable, net was less than 10%

 

 

 

 
v3.25.3
Allowance for Credit Losses (Tables)
 9 Months Ended
Sep. 28, 2025
Allowance for Credit Loss [Abstract]  
Schedule of Changes in Allowance for Credit Losses

Changes in the allowance for credit losses for the 39-week period ended September 28, 2025 were as follows:

 

 

Accounts Receivable

 

 

Prepaid Expenses and other Current Assets

 

 

Total

 

As of December 29, 2024

 

$

(691

)

 

$

(240

)

 

$

(931

)

Reductions charged to operating results

 

 

8

 

 

 

68

 

 

 

76

 

Account write-offs

 

 

—

 

 

 

—

 

 

 

—

 

As of March 30, 2025

 

 

(683

)

 

 

(172

)

 

 

(855

)

Provisions charged to operating results

 

 

(191

)

 

 

(350

)

 

 

(541

)

Account write-offs

 

 

17

 

 

 

—

 

 

 

17

 

As of June 29, 2025

 

 

(857

)

 

 

(522

)

 

 

(1,379

)

(Provisions) reductions charged to operating results

 

 

(416

)

 

 

121

 

 

 

(295

)

Account write-offs

 

 

15

 

 

 

—

 

 

 

15

 

As of September 28, 2025

 

$

(1,258

)

 

$

(401

)

 

$

(1,659

)
v3.25.3
Inventories (Tables)
 9 Months Ended
Sep. 28, 2025
Inventory Disclosure [Abstract]  
Schedule of Inventory

Inventory consisted of the following as of the periods presented:

 

 

September 28,
2025

 

 

December 29,
2024

 

Eggs and egg-related products

 

$

18,028

 

 

$

7,384

 

Butter and butter-related products

 

 

20,499

 

 

 

8,691

 

Packaging

 

 

9,164

 

 

 

4,296

 

Pullets

 

 

4,249

 

 

 

1,657

 

Other

 

 

2,582

 

 

 

1,860

 

Reserve for inventory obsolescence

 

 

(2,709

)

 

 

(222

)

Inventories

 

$

51,813

 

 

$

23,666

 
v3.25.3
Prepaid Expenses and Other Current Assets (Tables)
 9 Months Ended
Sep. 28, 2025
Prepaid Expense and Other Assets, Current [Abstract]  
Schedule of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following as of the periods presented:

 

 

September 28,
2025

 

 

December 29,
2024

 

Prepaid expenses

 

$

5,527

 

 

$

4,403

 

Other receivables, net

 

 

3,668

 

 

 

1,812

 

Cloud computing implementation costs

 

 

2,480

 

 

 

372

 

Derivative financial instruments

 

 

380

 

 

 

1,153

 

Prepaid expenses and other current assets, net

 

$

12,055

 

 

$

7,740

 
v3.25.3
Property, Plant and Equipment (Tables)
 9 Months Ended
Sep. 28, 2025
Property, Plant and Equipment [Abstract]  
Schedule of Property, Plant and Equipment

Property, plant and equipment consisted of the following as of the periods presented:

 

 

September 28,
2025

 

 

December 29,
2024

 

Land

 

$

10,023

 

 

$

11,200

 

Land improvements

 

 

1,192

 

 

 

818

 

Buildings and improvements

 

 

31,781

 

 

 

30,607

 

Vehicles

 

 

1,697

 

 

 

1,468

 

Machinery and equipment

 

 

58,700

 

 

 

58,847

 

Leasehold improvements

 

 

491

 

 

 

491

 

Furniture and fixtures

 

 

520

 

 

 

531

 

Construction in progress

 

 

56,052

 

 

 

14,456

 

 

 

160,456

 

 

 

118,418

 

Less: Accumulated depreciation and amortization

 

 

(39,378

)

 

 

(33,897

)

Property, plant and equipment, net

 

$

121,078

 

 

$

84,521

 
v3.25.3
Leases (Tables)
 9 Months Ended
Sep. 28, 2025
Leases [Abstract]  
Schedule of Components of Lease Cost

The components of lease cost, classified within cost of goods sold, selling, general and administrative and interest expense for the 13-week and 39-week periods ended September 28, 2025 and September 29, 2024 are below:

 

 

13-Weeks Ended

 

 

39-Weeks Ended

 

 

 

September 28,
2025

 

 

September 29,
2024

 

 

September 28,
2025

 

 

September 29,
2024

 

Operating lease cost

 

$

2,541

 

 

$

1,271

 

 

$

6,431

 

 

$

3,255

 

Finance lease cost – amortization of ROU assets

 

 

1,193

 

 

 

999

 

 

 

3,300

 

 

 

2,851

 

Finance lease cost – interest on lease liabilities

 

 

191

 

 

 

238

 

 

 

601

 

 

 

723

 

Short-term lease cost

 

 

484

 

 

 

39

 

 

 

941

 

 

 

107

 

Variable lease cost

 

 

5,322

 

 

 

2,971

 

 

 

13,342

 

 

 

8,073

 

Variable lease cost – long-term supply contracts

 

 

65,376

 

 

 

54,496

 

 

 

181,620

 

 

 

164,928

 

Total lease cost

 

$

75,107

 

 

$

60,014

 

 

$

206,235

 

 

$

179,937

 

 
Summary of Operating and Finance Leases Future Undiscounted Cash Flows

Future undiscounted cash flows are as follows:

 

 

As of September 28, 2025

 

 

 

Operating Leases

 

 

Finance Leases

 

2025

 

$

5,876

 

 

$

1,425

 

2026

 

 

4,011

 

 

 

5,743

 

2027

 

 

4,700

 

 

 

4,847

 

2028

 

 

4,700

 

 

 

—

 

2029

 

 

4,700

 

 

 

—

 

Thereafter

 

 

32,900

 

 

 

—

 

Total lease payments

 

 

56,887

 

 

 

12,015

 

Less imputed interest

 

 

(11,832

)

 

 

(789

)

Total present value of lease liabilities

 

$

45,055

 

 

$

11,226

 
v3.25.3
Goodwill and Other Assets (Tables)
 9 Months Ended
Sep. 28, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill and Other Assets

Goodwill and other assets consisted of the following as of the periods presented:

 

 

September 28,
2025

 

 

December 29,
2024

 

Goodwill

 

$

3,858

 

 

$

3,858

 

Cloud computing implementation costs

 

 

9,370

 

 

 

3,834

 

Deferred tax asset

 

 

—

 

 

 

1,399

 

Other non-current assets

 

 

62

 

 

 

62

 

Goodwill and other assets

 

$

13,290

 

 

$

9,153

 
v3.25.3
Accrued Liabilities (Tables)
 9 Months Ended
Sep. 28, 2025
Payables and Accruals [Abstract]  
Schedule of Accrued Liabilities

Accrued liabilities consisted of the following as of the periods presented:

 

 

September 28,
2025

 

 

December 29,
2024

 

Employee-related costs

 

$

14,659

 

 

$

15,074

 

Trade promotions and chargebacks

 

 

10,670

 

 

 

8,204

 

Distribution fees and freight

 

 

5,279

 

 

 

3,193

 

Marketing and broker commissions

 

 

4,797

 

 

 

2,235

 

Purchases of inventory

 

 

8,835

 

 

 

641

 

Professional fees

 

 

3,008

 

 

 

958

 

Property, plant and equipment

 

 

3,841

 

 

 

380

 

Taxes

 

 

3,167

 

 

 

31

 

Other

 

 

715

 

 

 

612

 

Accrued liabilities

 

$

54,971

 

 

$

31,328

 
v3.25.3
Common Stock (Tables)
 9 Months Ended
Sep. 28, 2025
Equity [Abstract]  
Schedule of Reserved Shares of Common Stock for Issuance

As of each balance sheet date, the Company had reserved shares of common stock for issuance in connection with the following:

 

 

September 28,
2025

 

 

December 29,
2024

 

Options to purchase common stock

 

 

1,173,240

 

 

 

1,703,287

 

Restricted stock units (“RSUs”)

 

 

620,058

 

 

 

644,141

 

Performance stock units (“PSUs”)

 

 

362,733

 

 

 

238,764

 

Shares available for grant under the 2020 Equity Incentive
   Plan (“2020 Incentive Plan”) and 2020 Employee Stock
   Purchase Plan (“2020 ESPP”)

 

 

16,786,519

 

 

 

14,887,764

 

Total

 

 

18,942,550

 

 

 

17,473,956

 
v3.25.3
Stock-Based Compensation (Tables)
 9 Months Ended
Sep. 28, 2025
Share-Based Payment Arrangement [Abstract]  
Summary of Recognized Stock - Based Compensation Expense

The Company recognized stock-based compensation expense in the condensed consolidated statements of operations for the periods presented:

 

 

13-Weeks Ended

 

 

39-Weeks Ended

 

 

 

September 28,
2025

 

 

September 29,
2024

 

 

September 28,
2025

 

 

September 29,
2024

 

Cost of goods sold

 

$

155

 

 

$

72

 

 

$

435

 

 

$

226

 

Selling, general and administrative expense

 

 

3,084

 

 

 

2,602

 

 

 

8,691

 

 

 

7,346

 

Total

 

$

3,239

 

 

$

2,674

 

 

$

9,126

 

 

$

7,572

 
Summary of Stock Option Activity

The following table summarizes stock option activity since December 29, 2024:

 

 

Number of
Options

 

 

Weighted-
Average
Exercise
Price

 

 

Weighted-
Average
Remaining
Contractual
Term (Years)

 

 

Aggregate
Intrinsic
Value

 

Outstanding as of December 29, 2024

 

 

1,703,287

 

 

$

14.30

 

 

 

 

 

$

39,264

 

Granted

 

 

—

 

 

$

—

 

 

 

 

 

$

—

 

Exercised

 

 

(504,717

)

 

$

10.92

 

 

 

 

 

$

14,393

 

Cancelled/Forfeited

 

 

(25,330

)

 

$

15.68

 

 

 

 

 

$

532

 

Outstanding as of September 28, 2025

 

 

1,173,240

 

 

$

15.71

 

 

 

5.1

 

 

$

31,192

 

Options exercisable as of September 28, 2025

 

 

1,024,587

 

 

$

15.83

 

 

 

4.7

 

 

$

27,122

 

Options vested and expected to vest as of September 28, 2025

 

 

1,173,240

 

 

$

15.71

 

 

 

5.1

 

 

$

31,192

 

 
Summary of RSU Activity

The following table summarizes RSU activity since December 29, 2024:

 

 

Number of
RSUs

 

 

Weighted-
Average
Grant Date Fair Value

 

Unvested as of December 29, 2024

 

 

644,141

 

 

$

19.28

 

Granted

 

 

322,645

 

 

$

32.03

 

Vested(1)

 

 

(310,775

)

 

$

18.10

 

Forfeited

 

 

(35,953

)

 

$

25.80

 

Unvested as of September 28, 2025

 

 

620,058

 

 

$

26.13

 

 

(1) Includes 100,263 shares of common stock withheld to cover taxes on the release of vested RSUs and became available for future grants pursuant to the 2020 Incentive Plan.
Summary of PSU activity

The following table summarizes PSU activity since December 29, 2024:

 

 

Number of
PSUs

 

 

Weighted-
Average
Grant Date Fair Value

 

Unvested as of December 29, 2024

 

 

238,764

 

 

$

21.82

 

Granted

 

 

132,587

 

 

$

31.93

 

Forfeited

 

 

(8,618

)

 

$

25.57

 

Unvested as of September 28, 2025

 

 

362,733

 

 

$

25.43

 
v3.25.3
Net Income Per Share (Tables)
 9 Months Ended
Sep. 28, 2025
Earnings Per Share [Abstract]  
Schedule of Basic and Diluted Net Income Per Share

Basic and diluted net income per share attributable to Vital Farms, Inc. common stockholders were calculated as follows:

 

 

 

13-Weeks Ended

 

 

39-Weeks Ended

 

 

 

September 28,
2025

 

 

September 29,
2024

 

 

September 28,
2025

 

 

September 29,
2024

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

16,419

 

 

$

7,446

 

 

$

49,958

 

 

$

42,808

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding — basic

 

 

44,721,206

 

 

 

43,249,234

 

 

 

44,521,146

 

 

 

42,517,088

 

Weighted average effect of potentially dilutive securities:

 

 

 

 

 

 

 

 

 

 

 

 

Effect of potentially dilutive stock options

 

 

768,663

 

 

 

1,600,181

 

 

 

788,169

 

 

 

1,932,870

 

Effect of potentially dilutive RSUs

 

 

322,608

 

 

 

380,166

 

 

 

315,374

 

 

 

342,086

 

Effect of potentially dilutive PSUs

 

 

389,358

 

 

 

234,211

 

 

 

331,943

 

 

 

127,606

 

Effect of potentially dilutive common stock issuable pursuant to the 2020 ESPP

 

 

3,902

 

 

 

70

 

 

 

9,355

 

 

 

4,034

 

Weighted average common shares outstanding — diluted

 

 

46,205,737

 

 

 

45,463,862

 

 

 

45,965,987

 

 

 

44,923,684

 

Net income per share

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.37

 

 

$

0.17

 

 

$

1.12

 

 

$

1.01

 

Diluted

 

$

0.36

 

 

$

0.16

 

 

$

1.09

 

 

$

0.95

 
Schedule of Common Shares Excluded from Computation of Diluted Earnings Per Share

The Company excluded the following shares of common stock, outstanding at each period end, from the computation of diluted net income per share attributable to Vital Farms, Inc. common stockholders for the periods indicated because including them would have had an anti-dilutive effect:

 

 

 

13-Weeks Ended

 

 

39-Weeks Ended

 

 

 

September 28,
2025

 

 

September 29,
2024

 

 

September 28,
2025

 

 

September 29,
2024

 

Options to purchase common stock

 

 

—

 

 

 

—

 

 

 

—

 

 

 

499

 

Unvested RSUs

 

 

118

 

 

 

1,668

 

 

 

123

 

 

 

4,972

 

Unvested PSUs

 

 

51

 

 

 

540

 

 

 

52

 

 

 

2,115

 

 

 

169

 

 

 

2,208

 

 

 

175

 

 

 

7,586

 
v3.25.3
Accumulated Other Comprehensive Income (Tables)
 9 Months Ended
Sep. 28, 2025
Equity [Abstract]  
Schedule of Accumulated Other Comprehensive Income

There were no amounts reclassified from accumulated other comprehensive income (“AOCI”) to the unaudited condensed consolidated statements of income for the 13-week periods ended September 28, 2025 and September 29, 2024, respectively. The amounts reclassified from AOCI for the periods presented below were as follows (in thousands):

 

 

 

 

 

Amounts Reclassified from AOCI

 

 

 

 

 

39-Week Period Ended

 

AOCI Component

 

Statement of Income Classification

 

September 28,
2025

 

 

September 29,
2024

 

Gains (losses) on available-for-sale securities

 

Other expense, net

 

$

13

 

 

$

(1

)

 

Total before tax

 

 

13

 

 

 

(1

)

 

Tax benefit

 

 

—

 

 

 

—

 

 

Net of tax

 

$

13

 

 

$

(1

)

 
Schedule of Component of Other Comprehensive Income

The gross amount and related tax expense recorded in, and associated with, each component of other comprehensive income were as follows (in thousands):

 

 

 

13-Weeks Ended

 

 

 

September 28, 2025

 

 

September 29, 2024

 

 

 

Before Tax

 

Tax

 

After Tax

 

 

Before Tax

 

Tax

 

After Tax

 

Available-for-sale securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized net holding gain

 

 

59

 

$

(25

)

$

34

 

 

$

138

 

$

(34

)

$

104

 

Amounts reclassified for realized losses to earnings

 

 

—

 

 

—

 

 

—

 

 

 

—

 

 

—

 

 

—

 

Total other comprehensive income

 

$

59

 

$

(25

)

$

34

 

 

$

138

 

$

(34

)

$

104

 

 

 

 

39-Weeks Ended

 

 

 

September 28, 2025

 

 

September 29, 2024

 

 

 

Before Tax

 

Tax

 

After Tax

 

 

Before Tax

 

Tax

 

After Tax

 

Available-for-sale securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized net holding gain

 

$

33

 

$

(12

)

$

21

 

 

$

416

 

$

(102

)

$

314

 

Amounts reclassified for realized gains (losses) to earnings

 

 

13

 

 

—

 

 

13

 

 

 

(1

)

 

—

 

 

(1

)

Total other comprehensive income

 

$

46

 

$

(12

)

$

34

 

 

$

415

 

$

(102

)

$

313

 
v3.25.3
Segment Reporting (Tables)
 9 Months Ended
Sep. 28, 2025
Segment Reporting [Abstract]  
Summary of Significant Segment Expenses and Other Segment Items

The following tables present the significant segment expenses and other segment items regularly reviewed by the Company’s chief operating decision maker, currently the Company’s President and Chief Executive Officer:

 

 

Eggs and Butter Segment

 

 

13-Weeks Ended

 

 

September 28, 2025

 

 

September 29, 2024

 

Net revenue

$

198,936

 

 

$

145,002

 

Less:

 

 

 

 

 

Cost of goods sold(1)

 

120,926

 

 

 

88,372

 

Shipping and distribution

 

9,169

 

 

 

8,134

 

Other selling expenses

 

1,750

 

 

 

2,070

 

Marketing

 

13,359

 

 

 

10,723

 

Other selling, general & administrative(1)

 

29,097

 

 

 

23,133

 

Interest income

 

(1,270

)

 

 

(1,407

)

Interest expense

 

213

 

 

 

259

 

Depreciation and amortization

 

3,236

 

 

 

3,330

 

Income tax provision

 

5,550

 

 

 

2,936

 

Other segment expenses(2)

 

487

 

 

 

6

 

Segment net income

$

16,419

 

 

$

7,446

 

 

 

 

 

 

 

Reconciliation of profit or loss

 

 

 

 

 

Adjustments and reconciling items

 

—

 

 

 

—

 

Consolidated net income

$

16,419

 

 

$

7,446

 

(1) Excludes depreciation and amortization.

(2) Other segment expenses included in segment net income includes the change in fair value of derivative instruments and other miscellaneous gains and losses.

 

 

Eggs and Butter Segment

 

 

39-Weeks Ended

 

 

September 28, 2025

 

 

September 29, 2024

 

Net revenue

$

545,892

 

 

$

440,318

 

Less:

 

 

 

 

 

Cost of goods sold(1)

 

327,238

 

 

 

261,057

 

Shipping and distribution

 

27,004

 

 

 

22,933

 

Other selling expenses

 

5,087

 

 

 

6,198

 

Marketing

 

27,792

 

 

 

23,101

 

Other selling, general & administrative(1)

 

81,845

 

 

 

66,652

 

Interest income

 

(3,814

)

 

 

(3,811

)

Interest expense

 

666

 

 

 

771

 

Depreciation and amortization

 

9,963

 

 

 

9,829

 

Income tax provision

 

18,885

 

 

 

10,410

 

Other segment expenses(2)

 

1,268

 

 

 

370

 

Segment net income

$

49,958

 

 

$

42,808

 

 

 

 

 

 

 

Reconciliation of profit or loss

 

 

 

 

 

Adjustments and reconciling items

 

—

 

 

 

—

 

Consolidated net income

$

49,958

 

 

$

42,808

 

(1) Excludes depreciation and amortization.

(2) Other segment expenses included in segment net income includes the change in fair value of derivative instruments and other miscellaneous gains and losses.
v3.25.3
Nature of the Business and Basis of Presentation - Additional Information (Details)
 9 Months Ended
Sep. 28, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Date of incorporation Jun. 06, 2013
v3.25.3
Investment Securities - Summary of Available-for-sale Investment Securities (Details) - USD ($)
Sep. 28, 2025
Dec. 29, 2024
Schedule Of Available For Sale Securities [Line Items]    
Amortized Cost $ 51,222,000 $ 9,702,000
Unrealized Gains 35,000 15,000
Unrealized Losses 0 (25,000)
Allowance for Credit Losses 0 0
Fair Value 51,257,000 9,692,000
US Corporate Bonds and US Denominated Foreign Bonds    
Schedule Of Available For Sale Securities [Line Items]    
Amortized Cost   9,702,000
Unrealized Gains   15,000
Unrealized Losses   (25,000)
Allowance for Credit Losses   0
Fair Value   $ 9,692,000
U.S. Treasury Bills    
Schedule Of Available For Sale Securities [Line Items]    
Amortized Cost 51,222,000  
Unrealized Gains 35,000  
Unrealized Losses 0  
Allowance for Credit Losses 0  
Fair Value $ 51,257,000  
v3.25.3
Investment Securities - Additional Information (Details)
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 28, 2025
USD ($)
Security
Sep. 29, 2024
USD ($)
Sep. 28, 2025
USD ($)
Security
Sep. 29, 2024
USD ($)
Dec. 29, 2024
USD ($)
Schedule Of Available For Sale Securities [Line Items]          
Proceeds from the sale of available-for-sale securities $ 0 $ 0 $ 404,000 $ 0 $ 0
Unrealized Losses 0   0   25,000
Allowance for Credit Losses $ 0   $ 0   $ 0
AFS Securities          
Schedule Of Available For Sale Securities [Line Items]          
Number of Securities Issuances for unrealized losses | Security 0   0    
v3.25.3
Investment Securities - Summary of Contractual Maturities of Investment Securities (Details) - USD ($)
$ in Thousands
Sep. 28, 2025
Dec. 29, 2024
Investments, Debt and Equity Securities [Abstract]    
Due within one year Amortized Cost $ 51,222  
Due after one year through five years Amortized Cost 0  
Amortized Cost 51,222 $ 9,702
Due within one year Fair Value 51,257  
Due after one year through five years Fair Value 0  
Total available-for-sale Fair Value $ 51,257 $ 9,692
v3.25.3
Investment Securities - Schedule of Unrealized Loss Aging for Available-for-sale Securities (Details) - USD ($)
$ in Thousands
Sep. 28, 2025
Dec. 29, 2024
Schedule Of Available For Sale Securities [Line Items]    
Fair value, less than 12 months $ 0 $ 0
Unrealized losses, less than 12 months 0 0
Fair value, 12 months or longer 0 8,014
Unrealized losses, 12 months or longer 0 (25)
Fair value, Total 0 8,014
Unrealized losses, Total 0 (25)
US Corporate Bonds and US Denominated Foreign Bonds    
Schedule Of Available For Sale Securities [Line Items]    
Fair value, less than 12 months   0
Unrealized losses, less than 12 months   0
Fair value, 12 months or longer   8,014
Unrealized losses, 12 months or longer   (25)
Fair value, Total   8,014
Unrealized losses, Total   $ (25)
U.S. Treasury Bills    
Schedule Of Available For Sale Securities [Line Items]    
Fair value, less than 12 months 0  
Unrealized losses, less than 12 months 0  
Fair value, 12 months or longer 0  
Unrealized losses, 12 months or longer 0  
Fair value, Total 0  
Unrealized losses, Total $ 0  
v3.25.3
Derivative Financial Instruments - Schedule Of Notional Amounts of Outstanding Derivative Instruments (Details)
bu in Thousands, Bushels in Thousands
Sep. 28, 2025
T
bu
Dec. 29, 2024
T
Bushels
Corn    
Derivative [Line Items]    
Notional amounts of derivative financial instruments 2,720 3,593
Soybean Meal    
Derivative [Line Items]    
Notional amounts of derivative financial instruments 28 37
v3.25.3
Derivative Financial Instruments - Additional Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 28, 2025
Sep. 29, 2024
Sep. 28, 2025
Sep. 29, 2024
Derivative Instruments, Gain (Loss) [Line Items]        
Pre-tax amount of derivative losses     $ (1,325) $ (394)
Commodity Contract [Member] | Non designated [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Pre-tax amount of derivative losses $ 503 $ 6 $ 1,325 $ 393
v3.25.3
Fair Value Measurements - Schedule of Financial Assets Measured at Fair Value (Details) - USD ($)
$ in Thousands
Sep. 28, 2025
Dec. 29, 2024
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]    
Investment securities, available-for-sale $ 51,257 $ 9,692
Recurring    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]    
Assets, Fair Value Disclosure, Total 83,899 125,094
Recurring | Level 1    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]    
Assets, Fair Value Disclosure, Total 22,305 114,249
Recurring | Level 2    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]    
Assets, Fair Value Disclosure, Total 61,594 10,845
Money market | Recurring    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]    
Cash and cash equivalents: 22,305 114,249
Money market | Recurring | Level 1    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]    
Cash and cash equivalents: 22,305 114,249
U.S. Treasury Bills | Recurring    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]    
Cash and cash equivalents: 9,957  
Investment securities, available-for-sale 51,257  
U.S. Treasury Bills | Recurring | Level 2    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]    
Cash and cash equivalents: 9,957  
Investment securities, available-for-sale 51,257  
US Corporate Bonds and US Denominated Foreign Bonds | Recurring    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]    
Investment securities, available-for-sale   9,692
US Corporate Bonds and US Denominated Foreign Bonds | Recurring | Level 2    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]    
Investment securities, available-for-sale   9,692
Derivative financial instruments | Recurring    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]    
Prepaid expenses and other current assets: 380 1,153
Derivative financial instruments | Recurring | Level 2    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]    
Prepaid expenses and other current assets: $ 380 $ 1,153
v3.25.3
Fair Value Measurements - Additional Information (Details)
Sep. 28, 2025
USD ($)
Fair Value Disclosures [Abstract]  
Fair value liabilities transfers, Level 2 to Level 1 $ 0
v3.25.3
Revenue Recognition - Summary of Net Revenue by Primary Product (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 28, 2025
Sep. 29, 2024
Sep. 28, 2025
Sep. 29, 2024
Disaggregation Of Revenue [Line Items]        
Net revenue $ 198,936 $ 145,002 $ 545,892 $ 440,318
Eggs and Egg Related Products        
Disaggregation Of Revenue [Line Items]        
Net revenue 192,633 138,142 527,355 424,863
Butter and Butter Related Products        
Disaggregation Of Revenue [Line Items]        
Net revenue $ 6,303 $ 6,860 $ 18,537 $ 15,455
v3.25.3
Revenue Recognition - Summary of Percentage of Net Revenue from Significant Customers (Details) - Customer Concentration Risk - Net Revenue
 3 Months Ended 9 Months Ended
Sep. 28, 2025
Sep. 29, 2024
Sep. 28, 2025
Sep. 29, 2024
Customer A        
Disaggregation Of Revenue [Line Items]        
Concentration risk percentage 24.00% 24.00% 22.00% 24.00%
Customer B        
Disaggregation Of Revenue [Line Items]        
Concentration risk percentage 11.00% 10.00%   10.00%
v3.25.3
Revenue Recognition - Summary of Percentage of Accounts Receivable, Net Due from Significant Customers (Details) - Customer Concentration Risk - Accounts Receivable
 9 Months Ended 12 Months Ended
Sep. 28, 2025
Dec. 29, 2024
Customer A    
Disaggregation Of Revenue [Line Items]    
Concentration risk percentage 17.00% 16.00%
Customer B    
Disaggregation Of Revenue [Line Items]    
Concentration risk percentage 13.00% 10.00%
Customer C    
Disaggregation Of Revenue [Line Items]    
Concentration risk percentage   13.00%
Customer D    
Disaggregation Of Revenue [Line Items]    
Concentration risk percentage 11.00% 10.00%
v3.25.3
Allowance for Credit Losses - Additional Information (Details) - USD ($)
$ in Thousands
Sep. 28, 2025
Jun. 29, 2025
Mar. 30, 2025
Dec. 29, 2024
Allowance for Credit Loss [Abstract]        
Allowance for credit losses $ 1,659 $ 1,379 $ 855 $ 931
v3.25.3
Allowance for Credit Losses - Schedule of Changes in Allowance for Credit Losses (Details) - USD ($)
$ in Thousands
 3 Months Ended
Sep. 28, 2025
Jun. 29, 2025
Mar. 30, 2025
Financing Receivable, Allowance for Credit Loss [Line Items]      
Allowance for credit losses, Beginning balance $ (1,379) $ (855) $ (931)
Provisions (reductions) charged to operating results (295) (541) 76
Account write-offs 15 17 0
Allowance for credit losses,Ending balance (1,659) (1,379) (855)
Accounts Receivable [Member]      
Financing Receivable, Allowance for Credit Loss [Line Items]      
Allowance for credit losses, Beginning balance (857) (683) (691)
Provisions (reductions) charged to operating results (416) (191) 8
Account write-offs 15 17 0
Allowance for credit losses,Ending balance (1,258) (857) (683)
Prepaid Expenses and other Current Assets [Member]      
Financing Receivable, Allowance for Credit Loss [Line Items]      
Allowance for credit losses, Beginning balance (522) (172) (240)
Provisions (reductions) charged to operating results 121 (350) 68
Account write-offs 0 0 0
Allowance for credit losses,Ending balance $ (401) $ (522) $ (172)
v3.25.3
Inventories - Schedule of Inventory (Details) - USD ($)
$ in Thousands
Sep. 28, 2025
Dec. 29, 2024
Inventory [Line Items]    
Reserve for inventory obsolescence $ (2,709) $ (222)
Inventories 51,813 23,666
Eggs and Egg Related Products    
Inventory [Line Items]    
Inventory gross 18,028 7,384
Butter and Butter Related Products    
Inventory [Line Items]    
Inventory gross 20,499 8,691
Packaging    
Inventory [Line Items]    
Inventory gross 9,164 4,296
Pullets    
Inventory [Line Items]    
Inventory gross 4,249 1,657
Other    
Inventory [Line Items]    
Inventory gross $ 2,582 $ 1,860
v3.25.3
Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($)
$ in Thousands
Sep. 28, 2025
Dec. 29, 2024
Prepaid Expense and Other Assets, Current [Abstract]    
Prepaid expenses $ 5,527 $ 4,403
Other receivables, net 3,668 1,812
Cloud computing implementation costs 2,480 372
Derivative financial instruments 380 1,153
Prepaid expenses and other current assets, net $ 12,055 $ 7,740
v3.25.3
Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($)
$ in Thousands
Sep. 28, 2025
Dec. 29, 2024
Property Plant And Equipment [Line Items]    
Property, plant and equipment, gross $ 160,456 $ 118,418
Less: Accumulated depreciation and amortization (39,378) (33,897)
Property, plant and equipment, net 121,078 84,521
Land    
Property Plant And Equipment [Line Items]    
Property, plant and equipment, gross 10,023 11,200
Land improvements    
Property Plant And Equipment [Line Items]    
Property, plant and equipment, gross 1,192 818
Buildings and Improvements    
Property Plant And Equipment [Line Items]    
Property, plant and equipment, gross 31,781 30,607
Vehicles    
Property Plant And Equipment [Line Items]    
Property, plant and equipment, gross 1,697 1,468
Machinery and Equipment    
Property Plant And Equipment [Line Items]    
Property, plant and equipment, gross 58,700 58,847
Leasehold Improvements    
Property Plant And Equipment [Line Items]    
Property, plant and equipment, gross 491 491
Furniture and Fixtures    
Property Plant And Equipment [Line Items]    
Property, plant and equipment, gross 520 531
Construction in Progress    
Property Plant And Equipment [Line Items]    
Property, plant and equipment, gross $ 56,052 $ 14,456
v3.25.3
Property, Plant and Equipment - Additional Information (Details)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 28, 2025
USD ($)
a
Sep. 29, 2024
USD ($)
Sep. 28, 2025
USD ($)
a
Sep. 29, 2024
USD ($)
Dec. 29, 2024
USD ($)
Property, Plant and Equipment [Line Items]          
Depreciation and amortization of property, plant and equipment | $ $ 2,043 $ 2,331 $ 6,663 $ 6,978  
Assets held for sale | $ $ 2,883   $ 2,883   $ 0
Area of land | a 516   516    
Remain Area of Land | a 371   371    
v3.25.3
Leases - Schedule of Components of Lease Cost (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 28, 2025
Sep. 29, 2024
Sep. 28, 2025
Sep. 29, 2024
Leases [Abstract]        
Operating lease cost $ 2,541 $ 1,271 $ 6,431 $ 3,255
Finance lease cost - amortization of ROU assets 1,193 999 3,300 2,851
Finance lease cost - interest on lease liabilities 191 238 601 723
Short-term lease cost 484 39 941 107
Variable lease cost 5,322 2,971 13,342 8,073
Variable lease cost - long-term supply contracts 65,376 54,496 181,620 164,928
Total lease cost $ 75,107 $ 60,014 $ 206,235 $ 179,937
v3.25.3
Leases - Summary of Operating and Finance Leases Future Undiscounted Cash Flows (Details)
$ in Thousands
Sep. 28, 2025
USD ($)
Leases [Abstract]  
Operating leases 2025 $ 5,876
Operating leases 2026 4,011
Operating leases 2027 4,700
Operating leases 2028 4,700
Operating leases 2029 4,700
Operating leases Thereafter 32,900
Total lease payments 56,887
Less imputed interest (11,832)
Total present value of lease liabilities 45,055
Finance leases 2025 1,425
Finance leases 2026 5,743
Finance leases 2027 4,847
Finance leases 2028 0
Finance leases 2029 0
Finance leases Thereafter 0
Total lease payments 12,015
Less imputed interest (789)
Total present value of lease liabilities $ 11,226
v3.25.3
Leases - Additional Information (Details) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 28, 2025
Sep. 29, 2024
Leases [Abstract]    
ROU assets obtained in exchange for new finance lease obligations $ 2,637 $ 1,753
ROU assets obtained in exchange for new operating lease obligations 65,448 11,203
Decreases in operating ROU assets related to lease terminations and modifications $ 3,881 $ 0
v3.25.3
Goodwill and Other Assets - Schedule of Goodwill and Other Assets (Details) - USD ($)
Sep. 28, 2025
Dec. 29, 2024
Indefinite-Lived Intangible Assets [Line Items]    
Goodwill $ 3,858,000 $ 3,858,000
Cloud computing implementation costs 11,850,000 4,206,000
Deferred tax asset 0 1,399,000
Other non-current assets 62,000 62,000
Goodwill and other assets 13,290,000 9,153,000
Goodwill and other current assets [Member]    
Indefinite-Lived Intangible Assets [Line Items]    
Cloud computing implementation costs $ 9,370,000 $ 3,834,000
v3.25.3
Goodwill and Other Assets - Additional Information (Details) - USD ($)
$ in Thousands
Sep. 28, 2025
Dec. 29, 2024
Indefinite-Lived Intangible Assets [Line Items]    
Cloud computing implementation costs $ 11,850 $ 4,206
Prepaid Expenses and other Current Assets [Member]    
Indefinite-Lived Intangible Assets [Line Items]    
Cloud computing implementation costs 2,480 372
Goodwill and other current assets [Member]    
Indefinite-Lived Intangible Assets [Line Items]    
Cloud computing implementation costs $ 9,370 $ 3,834
v3.25.3
Accrued Liabilities - Schedule of Accrued Liabilities (Details) - USD ($)
$ in Thousands
Sep. 28, 2025
Dec. 29, 2024
Payables and Accruals [Abstract]    
Employee-related costs $ 14,659 $ 15,074
Trade promotions and chargebacks 10,670 8,204
Distribution fees and freight 5,279 3,193
Marketing and broker commissions 4,797 2,235
Purchases of inventory 8,835 641
Professional fees 3,008 958
Property, plant and equipment 3,841 380
Taxes 3,167 31
Other 715 612
Accrued liabilities $ 54,971 $ 31,328
v3.25.3
Long-Term Debt - Additional Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Apr. 09, 2024
Sep. 28, 2025
Sep. 29, 2024
Sep. 28, 2025
Sep. 29, 2024
Revolving Line of Credit          
Debt Instrument [Line Items]          
Interest expense   $ 0 $ 0 $ 0 $ 0
JPMorgan Chase Bank, N.A | Revolving Line of Credit          
Debt Instrument [Line Items]          
Line of credit facility maximum borrowing capacity $ 60,000        
JPMorgan Credit Facility          
Debt Instrument [Line Items]          
Debt instrument face amount $ 35,000        
Percentage of debt instrument face amount 100.00%        
Letter of credit sub-limit $ 5,000        
Revolving credit facility interest rate description Any borrowings under the JPMorgan Credit Facility bear interest, at the Company’s election, at either (i) an adjusted term Secured Overnight Financing Rate or adjusted daily Secured Overnight Financing Rate plus 0.10% plus a margin of either 0.75%, 1.00% or 1.25% depending on the Company’s net leverage ratio or (ii) an alternative base rate plus a margin of either 1.75%, 2.00% or 2.25%, depending on the Company’s net leverage ratio. The Company is required to pay a commitment fee on the undrawn portion of the aggregate commitments that accrue at either 0.20% or 0.375% per annum depending on the Company’s revolving credit exposure.        
Leverage ratio 3.25%        
Increase in leverage ratio 4.00%        
Minimum fixed charge coverage ratio 1.35%        
Outstanding Debt   $ 0   $ 0  
JPMorgan Credit Facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]          
Debt Instrument [Line Items]          
Debt instrument basis spread on variable rate 0.10%        
v3.25.3
Common Stock - Additional Information (Details) - USD ($)
 9 Months Ended
Sep. 28, 2025
Dec. 29, 2024
Class Of Stock [Line Items]    
Common stock, shares authorized 310,000,000 310,000,000
Common stock, par value $ 0.0001 $ 0.0001
Common stock, shares issued 44,772,876 44,042,355
Common stock, shares outstanding 44,772,876 44,042,355
Common stock voting rights Each share of the Company’s common stock is entitled to one vote on all matters submitted to a vote of the Company’s stockholders.  
Common stock dividend declared or paid $ 0  
Maximum    
Class Of Stock [Line Items]    
Common stock, shares authorized 310,000,000  
v3.25.3
Common Stock - Schedule of Reserved Shares of Common Stock for Issuance (Details) - shares
Sep. 28, 2025
Dec. 29, 2024
Class Of Stock [Line Items]    
Common stock for issuance 18,942,550 17,473,956
Employee Stock Option    
Class Of Stock [Line Items]    
Common stock for issuance 1,173,240 1,703,287
RSUs    
Class Of Stock [Line Items]    
Common stock for issuance 620,058 644,141
PSUs    
Class Of Stock [Line Items]    
Common stock for issuance 362,733 238,764
Shares Available for Grant | 2020 Equity Incentive Plan and 2020 Employee Stock Purchase Plan    
Class Of Stock [Line Items]    
Common stock for issuance 16,786,519 14,887,764
v3.25.3
Stock-Based Compensation - Additional Information (Details) - USD ($)
$ in Thousands
 1 Months Ended 3 Months Ended 9 Months Ended
Jan. 01, 2025
Jul. 31, 2020
Sep. 28, 2025
Sep. 29, 2024
Sep. 28, 2025
Sep. 29, 2024
Dec. 29, 2024
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]              
Common stock for issuance     18,942,550   18,942,550   17,473,956
Employee Stock Option              
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]              
Unrecognized stock-based compensation expense     $ 349   $ 349    
Fair value of shares vested     $ 12 $ 1,065 $ 979 $ 2,965  
Expected weighted-average period of recognition         5 months 23 days    
Stock options - vest year         3 years    
Stock options - date of grant and expire         10 years    
Common stock for issuance     1,173,240   1,173,240   1,703,287
RSUs              
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]              
Unrecognized stock-based compensation expense     $ 12,254   $ 12,254    
Fair value of shares vested     $ 119 75 $ 5,624 3,655  
Vested [1]         (310,775)    
Expected weighted-average period of recognition         2 years    
Stock options - vest year         3 years    
Common stock for issuance     620,058   620,058   644,141
PSUs              
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]              
Unrecognized stock-based compensation expense     $ 8,401   $ 8,401    
Fair value of shares vested     $ 0 $ 0 $ 0 $ 0  
Vested     0 0 0 0  
Expected weighted-average period of recognition         1 year 10 months 13 days    
Stock options - vest year         3 years    
Common stock for issuance     362,733   362,733   238,764
PSUs | Maximum              
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]              
Percentage of number of shares earned         200.00%    
PSUs | Minimum              
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]              
Percentage of number of shares earned         0.00%    
2020 Equity Incentive Plan | Common Stock              
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]              
Maximum number of shares issuable   8,595,871          
Percentage of outstanding common stock   4.00%          
Share-based compensation award, description         Initially, the maximum number of the Company’s common stock that may be issued under the 2020 Incentive Plan was 8,595,871 shares. The 2020 Incentive Plan provides that the number of shares reserved and available for issuance under the 2020 Incentive Plan will automatically increase each January 1, beginning on January 1, 2021 and ending on (and including) January 1, 2030, by an amount equal to 4% of the outstanding number of shares of common stock on the immediately preceding December 31 or such lesser number of shares as determined by the Board of Directors.    
Number of shares available for future grants     13,910,791   13,910,791    
Number of new shares issued 1,761,694            
2020 Employee Stock Purchase Plan | Common Stock              
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]              
Maximum number of shares issuable   900,000          
Percentage of outstanding common stock   1.00%          
Share-based compensation award, description         The 2020 ESPP authorizes the initial issuance of up to 900,000 shares of the Company’s common stock to certain eligible employees or, as designated by the Board of Directors, employees of a related company. The 2020 ESPP provides that the number of shares reserved and available for issuance under the 2020 ESPP will automatically increase each January 1, beginning on January 1, 2021 and ending on (and including) January 1, 2030, by an amount equal to the lesser of (i) 1% of the outstanding number of shares of common stock on the immediately preceding December 31 and (ii) 900,000, or such lesser number of shares as determined by the Board of Directors.    
Number of new shares issued 440,423            
Common stock for issuance     2,875,728   2,875,728    
[1] Includes 100,263 shares of common stock withheld to cover taxes on the release of vested RSUs and became available for future grants pursuant to the 2020 Incentive Plan.
v3.25.3
Stock-Based Compensation -Summary of Recognized Stock-Based Compensation Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 28, 2025
Sep. 29, 2024
Sep. 28, 2025
Sep. 29, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]        
Stock-based compensation expense $ 3,239 $ 2,674 $ 9,126 $ 7,572
Cost of Goods Sold        
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]        
Stock-based compensation expense 155 72 435 226
Selling, General and Administrative        
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]        
Stock-based compensation expense $ 3,084 $ 2,602 $ 8,691 $ 7,346
v3.25.3
Stock-Based Compensation - Summary of Stock Option Activity (Details) - USD ($)
$ / shares in Units, $ in Thousands
 9 Months Ended
Sep. 28, 2025
Share-Based Payment Arrangement [Abstract]  
Number of Options, Beginning balance 1,703,287
Number of Options, Granted 0
Number of Options, Exercised (504,717)
Number of Options, Cancelled/Forfeited (25,330)
Number of Options, Ending balance 1,173,240
Number of Options, Options exercisable as of September 28, 2025 1,024,587
Number of Options, Options vested and expected to vest as of September 28, 2025 1,173,240
Weighted-Average Exercise Price, Beginning balance $ 14.3
Weighted-Average Exercise Price, Options Granted 0
Weighted-Average Exercise Price, Options Exercised 10.92
Weighted-Average Exercise Price, Options Cancelled/Forfeited 15.68
Weighted-Average Exercise Price, Ending balance 15.71
Weighted-Average Exercise Price, Options exercisable as of September 28, 2025 15.83
Weighted-Average Exercise Price, Options vested and expected to vest as of September 28, 2025 $ 15.71
Weighted Average Remaining Contractual Life (Years), Balance 5 years 1 month 6 days
Weighted Average Remaining Contractual Life (Years), Options exercisable as of September 28, 2025 4 years 8 months 12 days
Weighted Average Remaining Contractual Life (Years), Options vested and expected to vest as of September 28, 2025 5 years 1 month 6 days
Aggregate Intrinsic Value, Beginning balance $ 39,264
Aggregate Intrinsic Value, Exercised 14,393
Aggregate Intrinsic Value, Cancelled/Forfeited 532
Aggregate Intrinsic Value, Ending balance 31,192
Aggregate Intrinsic Value, Options exercisable as of September 28, 2025 27,122
Aggregate Intrinsic Value, Options vested and expected to vest as of September 28, 2025 $ 31,192
v3.25.3
Stock-Based Compensation - Summary of RSU Activity (Details) - RSUs
 9 Months Ended
Sep. 28, 2025
$ / shares
shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Unvested as of December 29, 2024 | shares 644,141
Granted | shares 322,645
Vested | shares (310,775) [1]
Forfeited | shares (35,953)
Unvested as of June 29, 2025 | shares 620,058
Weighted-Average Grant Date Fair Value, Beginning balance | $ / shares $ 19.28
Weighted-Average Grant Date Fair Value, Granted | $ / shares 32.03
Weighted-Average Grant Date Fair Value, Vested | $ / shares 18.1 [1]
Weighted-Average Grant Date Fair Value, Forfeited | $ / shares 25.8
Weighted-Average Grant Date Fair Value, Ending balance | $ / shares $ 26.13
[1] Includes 100,263 shares of common stock withheld to cover taxes on the release of vested RSUs and became available for future grants pursuant to the 2020 Incentive Plan.
v3.25.3
Stock-Based Compensation - Summary of RSU Activity (Parenthetical) (Details)
 9 Months Ended
Sep. 28, 2025
shares
RSUs  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Shares withheld for tax liability on vested restricted stock units, Shares 100,263
v3.25.3
Stock-Based Compensation - Summary of PSU Activity (Details) - PSUs
 9 Months Ended
Sep. 28, 2025
$ / shares
shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Unvested as of December 29, 2024 | shares 238,764
Granted | shares 132,587
Forfeited | shares (8,618)
Unvested as of June 29, 2025 | shares 362,733
Weighted-Average Grant Date Fair Value, Beginning balance | $ / shares $ 21.82
Weighted-Average Grant Date Fair Value, Granted | $ / shares 31.93
Weighted-Average Grant Date Fair Value, Forfeited | $ / shares 25.57
Weighted-Average Grant Date Fair Value, Ending balance | $ / shares $ 25.43
v3.25.3
Income Taxes - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jul. 04, 2025
Sep. 28, 2025
Sep. 29, 2024
Sep. 28, 2025
Sep. 29, 2024
Dec. 29, 2024
Income Tax Disclosure [Abstract]            
Effective tax rate   25.00% 28.00% 27.00% 20.00%  
Uncertain tax positions   $ 2.2   $ 2.2   $ 0.6
Deferred tax liabilities   $ 1.4   $ 1.4   $ 0.0
Federal statutory rate       21.00%    
Restoration of bonus depreciation percentage 100.00% 100.00%        
v3.25.3
Net Income Per Share - Schedule of Basic and Diluted Net Income Per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 28, 2025
Sep. 29, 2024
Sep. 28, 2025
Sep. 29, 2024
Numerator:        
Net income $ 16,419 $ 7,446 $ 49,958 $ 42,808
Denominator:        
Weighted average common shares outstanding — basic 44,721,206 43,249,234 44,521,146 42,517,088
Weighted average effect of potentially dilutive securities:        
Weighted average common shares outstanding — diluted 46,205,737 45,463,862 45,965,987 44,923,684
Net income per share        
Basic $ 0.37 $ 0.17 $ 1.12 $ 1.01
Diluted $ 0.36 $ 0.16 $ 1.09 $ 0.95
Employee Stock Option        
Weighted average effect of potentially dilutive securities:        
Effect of potentially dilutive stock options 768,663 1,600,181 788,169 1,932,870
RSUs        
Weighted average effect of potentially dilutive securities:        
Effect of potentially dilutive stock options 322,608 380,166 315,374 342,086
PSUs        
Weighted average effect of potentially dilutive securities:        
Effect of potentially dilutive stock options 389,358 234,211 331,943 127,606
2020 Employee Stock Purchase Plan        
Weighted average effect of potentially dilutive securities:        
Effect of potentially dilutive stock options 3,902 70 9,355 4,034
v3.25.3
Net Income Per Share - Schedule of Excluded Common Shares Including at Anti-dilutive Effect (Details) - shares
 3 Months Ended 9 Months Ended
Sep. 28, 2025
Sep. 29, 2024
Sep. 28, 2025
Sep. 29, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive securities excluded from computation of earnings per share, amount 169 2,208 175 7,586
Employee Stock Option        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive securities excluded from computation of earnings per share, amount       499
Unvested RSUs        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive securities excluded from computation of earnings per share, amount 118 1,668 123 4,972
Unvested PSUs        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive securities excluded from computation of earnings per share, amount 51 540 52 2,115
v3.25.3
Accumulated Other Comprehensive Income - Schedule of Accumulated Other Comprehensive Income (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 28, 2025
Sep. 29, 2024
Sep. 28, 2025
Sep. 29, 2024
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Amounts reclassified from accumulated other comprehensive loss to earnings     $ 13 $ (1)
Tax benefit $ 0 $ 0 0 0
Net of tax 0 0 13 (1)
Gains (losses) on available-for-sale securities        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Amounts reclassified from accumulated other comprehensive loss to earnings $ 0 $ 0 $ 13 $ (1)
v3.25.3
Accumulated Other Comprehensive Income - Schedule of Component of Other Comprehensive Income (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 28, 2025
Jun. 29, 2025
Mar. 30, 2025
Sep. 29, 2024
Jun. 30, 2024
Mar. 31, 2024
Sep. 28, 2025
Sep. 29, 2024
Accumulated Other Comprehensive Income (Loss) [Line Items]                
Unrealized net holding gain, Before Tax $ 59     $ 138     $ 33 $ 416
Unrealized net holding gain, Tax (25)     (34)     (12) (102)
Unrealized net holding gain, After Tax 34     104     21 314
Amounts reclassified for realized gains (losses) to earnings             13 (1)
Amounts reclassified for realized losses to earnings 0     0     0 0
Net of tax 0     0     13 (1)
Other Comprehensive (Loss)Income, Tax, Total (25)     (34)     (12) (102)
Other comprehensive income, net of tax 34 $ (16) $ 16 104 $ 101 $ 108 34 313
Other comprehensive income, before tax 59     138     46 415
Available-for-Sale Debt Securities                
Accumulated Other Comprehensive Income (Loss) [Line Items]                
Amounts reclassified for realized gains (losses) to earnings $ 0     $ 0     $ 13 $ (1)
v3.25.3
Related Party Transactions - Additional Information (Details) - Sandpebble Builders Preconstruction, Inc - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 28, 2025
Sep. 29, 2024
Sep. 28, 2025
Sep. 29, 2024
Dec. 29, 2024
Related Party Transaction [Line Items]          
Expense paid to related party $ 604 $ 213 $ 1,887 $ 753  
Amounts owed to related party $ 185   $ 185   $ 303
v3.25.3
Segment Reporting - Additional Information (Details)
 9 Months Ended
Sep. 28, 2025
Segment
Segment Reporting [Abstract]  
Number of reportable segment 1
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration] President and Chief Executive Officer [Member]
v3.25.3
Segment Reporting - Summary of Significant Segment Expenses and Other Segment Items (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 28, 2025
Sep. 29, 2024
Sep. 28, 2025
Sep. 29, 2024
Segment Reporting Information [Line Items]        
Net revenue $ 198,936 $ 145,002 $ 545,892 $ 440,318
Less:        
Cost of goods sold 123,974 91,526 336,635 270,268
Shipping and distribution 9,169 8,134 27,004 22,933
Interest income (1,270) (1,407) (3,814) (3,811)
Depreciation and amortization     9,963 9,829
Income tax provision 5,550 2,936 18,885 10,410
Net income 16,419 7,446 49,958 42,808
Operating Segments | Eggs and Butter Segment        
Segment Reporting Information [Line Items]        
Net revenue 198,936 145,002 545,892 440,318
Less:        
Cost of goods sold [1] 120,926 88,372 327,238 261,057
Shipping and distribution 9,169 8,134 27,004 22,933
Other selling expenses 1,750 2,070 5,087 6,198
Marketing 13,359 10,723 27,792 23,101
Other selling, general & administrative [1] 29,097 23,133 81,845 66,652
Interest income (1,270) (1,407) (3,814) (3,811)
Interest expense 213 259 666 771
Depreciation and amortization 3,236 3,330 9,963 9,829
Income tax provision 5,550 2,936 18,885 10,410
Other segment expenses [2] 487 6 1,268 370
Net income 16,419 7,446 49,958 42,808
Reconciliation of Profit or Loss        
Less:        
Adjustments and reconciling items 0 0 0 0
Net income $ 16,419 $ 7,446 $ 49,958 $ 42,808
[1] Excludes depreciation and amortization.
[2] Other segment expenses included in segment net income includes the change in fair value of derivative instruments and other miscellaneous gains and losses.