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Medifast cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$2.9M in Q3 2026 · −$3.9M over twelve months

Operating cash flow$3.3M
Capital spending−$427K
Free cash flow+$2.9M

Analysis

In Q3 2026, Medifast generated $3.3M of operating cash flow and spent $427K on capital projects, leaving free cash flow of $2.9M. That is $7.9M less than in Q3 2025 ($10.8M).

Over the twelve months to Sep 30, 2026, operating cash flow was −$26K; the largest uses were other investing ($36.3M), capital spending ($3.8M), other financing ($824K); the cash balance fell by $41.2M.

Operating cash flow was $3.3M against net income of −$17.5M. The largest differences: depreciation & amortization +$2.4M, stock-based pay +$1.9M, prepaid and other assets +$1.7M.

Free cash flow

Medifast: free cash flow by quarterMedifast: free cash flow by quarter−$7.2MQ4 2024$1.9MQ1 2025−$4.8MQ2 2025$10.8MQ3 2025−$6.6MQ4 2025−$836KQ1 2026$728KQ2 2026$2.9MQ3 2026
Operating cash flow less capital spending.
Medifast: operating cash flow against capital spendingMedifast: operating cash flow against capital spendingOperating cash flowCapital spending−$4.9M$2.3MQ4 2024$3.4M$1.5MQ1 2025−$3.4M$1.4MQ2 2025$12.1M$1.4MQ3 2025−$5.3M$1.4MQ4 2025$260K$1.1MQ1 2026$1.7M$969KQ2 2026$3.3M$427KQ3 2026
Latest (Q3 2026): Operating cash flow $3.3M, Capital spending $427K.

Capital allocation, year by year

Medifast: where the cash came from (up) and went (down), by fiscal yearMedifast: where the cash came from (up) and went (down), by fiscal yearOperating cash flowShares issuedCapital spendingBuybacksDividendsFY2021: Operating cash flow $94.5MFY2021: Shares issued $811KFY2021: Capital spending −$34.2MFY2021: Buybacks −$56.0MFY2021: Dividends −$63.9M$95.4MFY2021FY2022: Operating cash flow $195MFY2022: Capital spending −$16.7MFY2022: Buybacks −$126MFY2022: Dividends −$71.6M$195MFY2022FY2023: Operating cash flow $148MFY2023: Shares issued $188KFY2023: Capital spending −$6.5MFY2023: Buybacks −$3.6MFY2023: Dividends −$73.0M$148MFY2023FY2024: Operating cash flow $24.5MFY2024: Shares issued $36KFY2024: Capital spending −$7.5MFY2024: Dividends −$715K$24.5MFY2024FY2025: Operating cash flow $6.9MFY2025: Capital spending −$5.6MFY2025: Dividends −$195K$6.9MFY2025
Over these 5 years operating cash flow totalled $468M; the largest uses were dividends ($209M) and buybacks ($186M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$173M
Debtnone
Net cash$173M
Cash runwaymore than 10 years

Medifast is burning cash: its operations consume cash, a free cash flow of −$3.9M a year at the current rate against $173M of cash and investments: a runway of more than ten years at that rate before any new financing.

Where the cash came from and went

Medifast: sources (+) and uses (−) of cash, Q3 2026Medifast: sources (+) and uses (−) of cash, Q3 2026Other investing−$16.4MCash drawn (+) / kept (−)$13.5MOperating cash flow$3.3MCapital spending−$427KOther financing−$11K
Medifast: sources (+) and uses (−) of cash, TTM to Q3 2026Medifast: sources (+) and uses (−) of cash, TTM to Q3 2026Cash drawn (+) / kept (−)$41.2MOther investing−$36.3MCapital spending−$3.8MOther financing−$824KDividends−$170KOperating cash flow−$26KNot reconciled$4K

From profit to cash

Medifast: net income to operating cash flow, Q3 2026Medifast: net income to operating cash flow, Q3 2026Net income−$17.5MDepreciation & amortization$2.4MStock-based pay$1.9MGains on disposals$362KInventory−$21KPayables$1.3MPrepaid and other assets$1.7MIncome taxes payable$1.2MOperating cash flow$3.3M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingDividendsCash drawn (+) / kept (−)Free cash flow
Q3 2026$3.3M−$427K—$13.5M$2.9M
Q2 2026$1.7M−$969K−$83K−$381K$728K
Q1 2026$260K−$1.1M−$87K$17.8M−$836K
Q4 2025−$5.3M−$1.4M—$10.2M−$6.6M
Q3 2025$12.1M−$1.4M—$2.2M$10.8M
Q2 2025−$3.4M−$1.4M−$1K−$10.0M−$4.8M
Q1 2025$3.4M−$1.5M−$194K−$789K$1.9M
Q4 2024−$4.9M−$2.3M—$24.4M−$7.2M

Medifast: income statement and cash flow

Medifast, Q3 2026: revenue $72.0M (-19% year over year), operating margin -26.9%. The chart follows the revenue to costs, profit and cash.

Medifast: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.