Filing Flows › Medifast (MED) › Q3 2025
Medifast (MED) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 3, 2025
Medifast (MED) reported revenue of $89.4M for the third quarter 2025 (Q3 2025), -36% from a year earlier and -15% from the quarter before. Operating margin was -4.6%, net loss $2.3M (2.5% of revenue).
Medifast, Q3 2025: revenue $89.4M (-36% year over year), operating margin -4.6%, net loss $2.3M, operating cash flow $12.1M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $89.4M | -15% | -36% |
| Operating profit | −$4.1M | — | — |
| Net earnings | −$2.3M | -191% | — |
| Operating cash flow | $12.1M | — | +34% |
| Free cash flow | $10.8M | — | +40% |
What changed
Revenue was $89.4M in Q3 2025, down 36% year over year and down 15% from the previous quarter.
Gross margin was 69.5%, down 5.9 points from a year earlier. Operating costs exceeded revenue by $4.1M, an operating margin of -4.6%. Operating expenses fell 36% while revenue fell 36%. The quarter ended with a net loss of $2.3M, after a profit of $2.5M the previous quarter. Non-operating items added $1.4M, -54% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $12.1M (up 34% year over year). Non-cash charges added back $3.5M of depreciation and amortization and $910K of share-based compensation. Working capital and other items added $10.0M. Capital expenditures of $1.4M left free cash flow of $10.8M.
Questions
What was Medifast's revenue in the third quarter 2025?
Medifast (MED) reported revenue of $89.4M for the third quarter 2025 (Q3 2025), -36% from a year earlier and -15% from the quarter before.
Was Medifast profitable in the third quarter 2025?
Operating loss was $4.1M (-4.6% of revenue) and net loss $2.3M.
Source: Medifast 10-Q on SEC EDGAR.