On this page of StockholderLetter.com we present the latest annual shareholder letter from Sprouts Farmers Market, Inc. — ticker symbol SFM. Reading current and past SFM letters to shareholders can bring important insights into the investment thesis.
2025 ANNUAL REPORT SPROUTS+FARMERS+MARKET,+INC._10K_2026_V1_Covers.indd 1 4/7/26 1:03 PM
TO OUR SHAREHOLDERS, 2025 was another outstanding year for Sprouts Farmers Market one that reflects the strength of our strategy and the dedication of our team. We delivered robust financial performance across all key metrics during the year. Comparable sales rose by more than 7%, total sales grew over 14%, and earnings per share increased more than 40% year over year. These results were driven by solid execution across our organization, even as the consumer environment became more challenging. Our growth was broad-based across geographies and categories. New stores once again exceeded our expectations, validating our expansion strategy and reinforcing our confidence in the locations we re selecting. At the same time, our differentiated, attribute-driven products that define who we are continued to resonate with our core customers, reinforcing the durability of our model. EXPLORE FRESH FINDOASST OC FROM COAST T 3 WY 1 NV 17 UT 7 CA 156 477 STORES AZ 48 IN Innovation remains a real strength, and we know this is an area where we must keep raising the bar. Our foraging and innovation efforts led to the introduction of more than 7,000 new items in 2025. Our rollout of meat selfdistribution was successful, improving quality, efficiency, and control across the supply chain. 24 STATES 8 CO KS 34 4 MO Thank you for being part of our journey. OK NM TN 11 10 60 Achieved annual sales of $8.8 billion, a 14% increase from 2024, bolstered by 7.3% comparable store sales growth Opened 37 new stores from sea to shining sea, resulting in 477 stores in 24 states as of 2025 year-end Created approximately 3,700 new jobs through our new store openings and promoted 6,000 our team members Grew our Sprouts Brand to over 25% of our total sales, demonstrating the popularity of these differentiated products Donated the equivalent of 30 million meals to those in need through our Food Rescue program Returned $472 million to shareholders through our ongoing share buyback program, contributing to our diluted earnings per share of $5.31, an increase of 42% from 2024 NJ DE MD 7 2 GA 17 1 FL 58 Net Sales ($ in mm) $7,719 $6,404 Diluted Earnings Per Share $5.31 $3.75 $8,806 Net Cash Provided By Operations $645 ($ in mm) $716 $2.84 $6,837 $465 $2.39 $371 2022 2023 2024 2025 2022 2023 2024 2025 2022 2023 2024 2025 ABOUT SPROUTS OUR EXECUTIVE TEAM Curtis Valentine - Chief Financial Officer TS 2025 HIGHLIGH 3 LA SC 5 2 VA NC 10 AL TX Jack Sinclair - Chief Executive Officer Elevated e-commerce sales to over 15% of sales and our ability to seamlessly integrate our digital and in-store experience 3 3 None of this would be possible without our incredible team. I want to sincerely thank our 36,000 team members for their hard work, commitment, and passion they are the driving force behind our success. Their willingness to push forward, even when challenges arise, makes progress possible. I also want to thank our shareholders for your continued confidence and support. We do not take that trust for granted. We remain focused on executing our strategy, serving our customers, and creating long-term value as we continue to fulfill our purpose of helping people live and eat better. We are energized about the opportunities ahead and confident in our ability to deliver. 7 PA (as of December 28, 2025) Customer engagement moved forward. In 2025, we successfully launched our loyalty program, which saw rapid adoption. We will continue to invest in our personalization capabilities to increase the effectiveness of the program and support our customers healthy living journeys. As customer interest in health and wellness accelerates across the industry, we will reinforce our leadership position in this important and growing category by deepening engagement, broadening customer insights, sharpening our offerings, and consistently delivering the experience our customers expect. While we re proud of what we accomplished in 2025, we remain clear-sighted about the work ahead. The long-term tailwinds from health and wellness continue to build, however consumers are prioritizing value and making more deliberate choices in the current environment. We have built a solid foundation that positions us well to address near-term realities and capitalize on long-term opportunities. As I said on our year-end earnings call, we ll double down on our unique strengths that make customers say, I love Sprouts! and continue to invest in the systems, infrastructure, people, and capabilities that will enable us to sustain growth for many years to come. WA Nick Konat - President and Chief Operating Officer Don Clark - Chief Merchandising Officer Mandy Rassi - Chief Customer Officer Dustin Hamilton - Chief Stores Officer OUR BOARD VIRTUAL ANNUAL MEETING Joseph Fortunato, Chairman of the Board; Operating Partner, Prospect Hills Growth Partners, L.P.; Former Chairman and Chief Executive Officer, GNC Holdings, Inc. May 20, 2026- 8 a.m. PDT Via webcast at www.virtualshareholdermeeting.com/ SFM2026 Joel Anderson, Chief Executive Officer and Director of Petco Health and Wellness Company, Inc. Hari Avula, Former Executive Vice President and Chief Financial & Strategy Officer, Clif Bar & Company STOCK LISTING NASDAQ Global Select Market: SFM TRANSFER AGENT Equiniti Trust Company LLC Shareholder Services: 800-937-5449 Equiniti.com Dave McGlinchey - Chief Development Officer Kristen Blum, Former Senior Vice President and Chief Information Officer, PepsiCo, Inc.-Latin America Brandon Lombardi - Chief Legal Officer and Chief Sustainability Officer Terri Funk Graham, Branding Strategy Consultant; Former Senior Vice President and Chief Marketing Officer, Jack in the Box, Inc. INDEPENDENT AUDITOR Jim Bahrenburg - Chief Technology Officer Joseph O Leary, Former President and Chief Operating Officer, PetSmart, Inc. INVESTOR RELATIONS Joe Hurley - Chief Supply Chain Officer Doug Rauch, President, Daily Table; Former President, Trader Joe s Company SUPPORT OFFICE Timmi Zalatoris - Chief Human Resources Officer Jack Sinclair, Chief Executive Officer, Sprouts Farmers Market, Inc. Kim Coffin - Chief Forager PricewaterhouseCoopers LLP investorrelations@sprouts.com 5455 E. High Street, Suite 111 Phoenix, AZ 85054 480-814-8016 This Annual Report contains forward-looking statements that reflect our current views about future events and involve known risks, uncertainties, and other factors that may cause our actual results, levels of activity, performance, or achievement to be materially different from those expressed or implied by the forward-looking statements. For more information, see the section titled Special Note Regarding Forward-Looking Statements included in the Annual Report on Form 10-K included herewith. SPROUTS+FARMERS+MARKET,+INC._10K_2026_V1_Covers.indd 2 4/7/26 1:03 PM
 • shareholder letter icon 4/7/2026 Letter Continued (Full PDF)
 • stockholder letter icon 4/10/2023 SFM Stockholder Letter
 • stockholder letter icon 4/5/2024 SFM Stockholder Letter
 • stockholder letter icon 4/8/2025 SFM Stockholder Letter
 • stockholder letter icon More "Grocery & Drug Stores" Category Stockholder Letters
 • Benford's Law Stocks icon SFM Benford's Law Stock Score = 97


SFM Shareholder/Stockholder Letter Transcript:

2025
ANNUAL REPORT
SPROUTS+FARMERS+MARKET,+INC._10K_2026_V1_Covers.indd 1
4/7/26 1:03 PM

TO OUR SHAREHOLDERS,
2025 was another outstanding year for Sprouts Farmers Market   one that reflects the strength of our strategy and
the dedication of our team.
We delivered robust financial performance across all key metrics during the year. Comparable sales rose by
more than 7%, total sales grew over 14%, and earnings per share increased more than 40% year over year. These
results were driven by solid execution across our organization, even as the consumer environment became more
challenging.
Our growth was broad-based across geographies and categories. New stores once again exceeded our
expectations, validating our expansion strategy and reinforcing our confidence in the locations we   re selecting. At
the same time, our differentiated, attribute-driven products that define who we are continued to resonate with our
core customers, reinforcing the durability of our model.
EXPLORE
FRESH FINDOASST
OC
FROM COAST T
3
WY
1
NV
17
UT
7
CA
156
477 STORES
AZ
48
IN
Innovation remains a real strength, and we know this is an area where we must keep raising the bar. Our foraging
and innovation efforts led to the introduction of more than 7,000 new items in 2025. Our rollout of meat selfdistribution was successful, improving quality, efficiency, and control across the supply chain.
24 STATES
8
CO
KS
34
4
MO
Thank you for being part of our journey.
OK
NM
TN
11
10
60
    Achieved annual sales of $8.8 billion, a
14% increase from 2024, bolstered by 7.3%
comparable store sales growth
    Opened 37 new stores from sea to shining sea,
resulting in 477 stores in 24 states as of 2025
year-end
    Created approximately 3,700 new jobs
through our new store openings and promoted
6,000 our team members
    Grew our Sprouts Brand to over 25% of our
total sales, demonstrating the popularity of
these differentiated products
    Donated the equivalent of 30 million meals
to those in need through our Food Rescue
program
    Returned $472 million to shareholders
through our ongoing share buyback program,
contributing to our diluted earnings per share
of $5.31, an increase of 42% from 2024
NJ
DE
MD
7
2
GA
17
1
FL
58
Net
Sales
($ in mm)
$7,719
$6,404
Diluted Earnings
Per Share
$5.31
$3.75
$8,806
Net Cash Provided
By Operations
$645
($ in mm)
$716
$2.84
$6,837
$465
$2.39
$371
2022
2023
2024
2025
2022
2023
2024
2025
2022
2023
2024
2025
ABOUT SPROUTS
OUR EXECUTIVE TEAM
Curtis Valentine - Chief Financial Officer
TS
2025 HIGHLIGH
3
LA
SC
5
2
VA
NC
10
AL
TX
Jack Sinclair - Chief Executive Officer
    Elevated e-commerce sales to over 15% of
sales and our ability to seamlessly integrate
our digital and in-store experience
3
3
None of this would be possible without our incredible team. I want to sincerely thank our 36,000 team members
for their hard work, commitment, and passion   they are the driving force behind our success. Their willingness to
push forward, even when challenges arise, makes progress possible. I also want to thank our shareholders for your
continued confidence and support. We do not take
that trust for granted.
We remain focused on executing our strategy,
serving our customers, and creating long-term
value as we continue to fulfill our purpose of
helping people live and eat better. We are
energized about the opportunities ahead and
confident in our ability to deliver.
7
PA
(as of December 28, 2025)
Customer engagement moved forward. In 2025, we successfully launched our loyalty program, which saw rapid
adoption. We will continue to invest in our personalization capabilities to increase the effectiveness of the program
and support our customers    healthy living journeys. As customer interest in health and wellness accelerates across
the industry, we will reinforce our leadership position in this important and growing category by deepening
engagement, broadening customer insights, sharpening our offerings, and consistently delivering the experience
our customers expect.
While we   re proud of what we accomplished in 2025, we remain clear-sighted about the work ahead. The long-term
tailwinds from health and wellness continue to build, however consumers are prioritizing value and making more
deliberate choices in the current environment. We have built a solid foundation that positions us well to address
near-term realities and capitalize on long-term opportunities. As I said on our year-end earnings call, we   ll double
down on our unique strengths that make customers say,    I love Sprouts!    and continue to invest in the systems,
infrastructure, people, and capabilities that will enable us to sustain growth for many years to come.
WA
Nick Konat - President and Chief Operating Officer
Don Clark - Chief Merchandising Officer
Mandy Rassi - Chief Customer Officer
Dustin Hamilton - Chief Stores Officer
OUR BOARD
VIRTUAL ANNUAL MEETING
Joseph Fortunato, Chairman of the Board; Operating Partner,
Prospect Hills Growth Partners, L.P.; Former Chairman and
Chief Executive Officer, GNC Holdings, Inc.
May 20, 2026- 8 a.m. PDT
Via webcast at
www.virtualshareholdermeeting.com/
SFM2026
Joel Anderson, Chief Executive Officer and Director of Petco Health
and Wellness Company, Inc.
Hari Avula, Former Executive Vice President and
Chief Financial & Strategy Officer, Clif Bar & Company
STOCK LISTING
NASDAQ Global Select Market: SFM
TRANSFER AGENT
Equiniti Trust Company LLC
Shareholder Services: 800-937-5449
Equiniti.com
Dave McGlinchey - Chief Development Officer
Kristen Blum, Former Senior Vice President and
Chief Information Officer, PepsiCo, Inc.-Latin America
Brandon Lombardi - Chief Legal Officer and
Chief Sustainability Officer
Terri Funk Graham, Branding Strategy Consultant; Former Senior
Vice President and Chief Marketing Officer, Jack in the Box, Inc.
INDEPENDENT AUDITOR
Jim Bahrenburg - Chief Technology Officer
Joseph O   Leary, Former President and
Chief Operating Officer, PetSmart, Inc.
INVESTOR RELATIONS
Joe Hurley - Chief Supply Chain Officer
Doug Rauch, President, Daily Table; Former President,
Trader Joe   s Company
SUPPORT OFFICE
Timmi Zalatoris - Chief Human Resources Officer
Jack Sinclair, Chief Executive Officer, Sprouts Farmers Market, Inc.
Kim Coffin - Chief Forager
PricewaterhouseCoopers LLP
investorrelations@sprouts.com
5455 E. High Street, Suite 111
Phoenix, AZ 85054
480-814-8016
This Annual Report contains    forward-looking statements    that reflect our current views about future events and involve known risks, uncertainties, and other factors that may cause
our actual results, levels of activity, performance, or achievement to be materially different from those expressed or implied by the forward-looking statements. For more information,
see the section titled    Special Note Regarding Forward-Looking Statements    included in the Annual Report on Form 10-K included herewith.
SPROUTS+FARMERS+MARKET,+INC._10K_2026_V1_Covers.indd 2
4/7/26 1:03 PM


shareholder letter icon 4/7/2026 Letter Continued (Full PDF)
 

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