Freshpet makes fresh, refrigerated pet food — primarily for dogs — and sells it through a proprietary network of branded in-store refrigerators (the "Freshpet Fridge") placed in roughly 30,000 retail stores across the U.S. and Canada. Products include refrigerated rolls, bags, and treats made with real meat, vegetables, and fruits, with no preservatives, positioned as a healthier alternative to dry kibble and canned food. Walmart accounts for roughly 25% of net sales and Costco roughly 10%, with the remainder spread across grocery, pet specialty, club, and digital channels. Freshpet also operates a small but growing DTC subscription business called Freshpet Custom Meals. Freshpet's revenue is driven by two factors: household penetration (roughly 15.2M U.S. households as of year-end 2025) and buy rate (roughly $115/household/year). A key dynamic is the "MVP" cohort — roughly 2.4M super-heavy users who spend roughly $560/year and account for roughly 71% of net sales. Freshpet drives household acquisition almost entirely through media advertising (primarily TV, streaming, and digital), rather than trade promotions or discounting. The Freshpet Fridge is a company-owned asset placed in stores at no charge to the retailer, serving as both a cold distribution mechanism and an in-store marketing platform. Freshpet manufactures all U.S. products in-house across three facilities, and gross margins improve as production volume scales over a largely fixed cost base.