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Medifast (MED) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Oct 26, 2026 · Medifast (MED) Q3 2026 earnings results →
Q3 2026 Revenue down 19% year over year to $72.0M · 24¢ of every $1 of revenue lost · operating margin -26.9%
Medifast made $72.0M in Q3 2026 (-19% Y/Y). Operating margin -26.9%, net loss $17.5M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 26, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $72.0M in Q3 2026, down 19% year over year and down 6% from the previous quarter.
Gross margin was 69.5%, down 0.1 points from Q3 2025. Operating costs exceeded revenue by $19.4M, an operating margin of -26.9%. Operating expenses grew 5% against a revenue fall of 19%. The quarter ended with a net loss of $17.5M, wider than the previous quarter's $3.1M loss.
Operating cash flow was $3.3M (down 73% year over year). Non-cash charges added back $2.4M of depreciation and amortization and $1.9M of share-based compensation. Working capital and other items added $16.6M. Capital expenditures of $427K left free cash flow of $2.9M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Oct 26, 2026 | $72.0M | -19% | -26.9% | −$17.5M | $3.3M |
| Q2 2026 | 10-Q | Aug 3, 2026 | $76.4M | -28% | -5.7% | −$3.1M | $1.7M |
| Q1 2026 | 10-Q | May 4, 2026 | $76.0M | -34% | -4.3% | −$2.1M | $260K |
| Q4 2025 | 10-K | Feb 17, 2026 | $75.1M | -37% | -10.4% | −$18.1M | −$5.3M |
| Q3 2025 | 10-Q | Nov 3, 2025 | $89.4M | -36% | -4.6% | −$2.3M | $12.1M |
| Q2 2025 | 10-Q | Aug 4, 2025 | $106M | -37% | -1.0% | $2.5M | −$3.4M |
| Q1 2025 | 10-Q | Apr 28, 2025 | $116M | -34% | -1.1% | −$772K | $3.4M |
Charts
Interactive views
The same charts as the app — open one to draw it.
💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About Medifast
Medifast, Inc. (“Medifast,” the “Company,” “we” or “us”) is the 40+ year old health and wellness company known for its science-backed, coach-guided lifestyle system. As we enter 2026, the Company is moving from transformation to execution, leveraging its extensive experience in structured weight loss coupled with recent scientific research and enhanced product offerings to address the needs of a broader metabolic health market. Medifast’s approach focuses on addressing the root cause of metabolic dysfunction. This strategic shift targets a larger and more sustainable market, focusing on a long-term growth strategy designed to guide the Company over the next decade by aligning science, products, and coaching with increasing demand for new solutions as awareness of metabolic dysfunction grows.
In its own words, from its 10-K, filed Feb 17, 2026.
Medifast against its Miscellaneous Food Preparations & Kindred Products peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -19% against the peers' median -2%. Operating margin: -26.9% against the peers' median 10.7%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| MED Medifast | Q3 2026 | $72.0M | -19% | -26.9% |
| MKC McCormick | Q3 FY26 | $2.0B | +17% | 10.7% |
| UTZ Utz Brands | Q3 2026 | $369M | -2% | -5.9% |
| JVA Coffee Holding | Q3 FY26 | $21.7M | -9% | 10.7% |
Source: Medifast 10-Q on SEC EDGAR · CIK 910329 · Miscellaneous Food Preparations & Kindred Products
Guidance and outlook
13F: who owns MED and who is buying
More on MED
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results