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Merit Medical Systems (MMSI) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Oct 29, 2026 · Merit Medical Systems (MMSI) Q3 2026 earnings results →
Q3 2026 Revenue up 8% year over year to $416M · 10¢ of every $1 of revenue kept as net profit · operating margin 14.1%
Merit Medical Systems made $416M in Q3 2026 (+8% Y/Y): Foundational $276M, Therapeutic $141M. Operating margin 14.1%, net earnings $42.3M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 29, 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 $416.2M in Q3 2026, up 8% year over year and down 1% from the previous quarter. Access was the largest line at 38% of revenue. Vascular Intervention added $7.0M year over year (up 20%), 22% of the total change. Procedural Solutions declined 16%.
Gross margin was 48.2%, down 0.3 points from Q3 2025. Operating profit was $58.8M, a 14.1% margin (up 3.0 points year over year). Of the extra revenue versus Q3 2025, 50% reached operating profit, above the 11% margin then. Operating expenses fell 1% while revenue rose 8%. Net earnings were $42.3M, up 52% year over year. The effective tax rate was 24.2%.
Operating cash flow was $65.3M (down 13% year over year), 154% of net earnings. Non-cash charges added back $31.9M of depreciation and amortization and $13.6M of share-based compensation. Working capital and other items used $22.6M. Capital expenditures of $12.3M left free cash flow of $52.9M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Oct 29, 2026 | $416M | +8% | 14.1% | $42.3M | $65.3M |
| Q2 2026 | 10-Q | Jul 30, 2026 | $419M | +10% | 14.4% | $38.8M | $69.3M |
| Q1 2026 | 10-Q | Apr 30, 2026 | $382M | +8% | 11.6% | $41.0M | $40.7M |
| Q4 2025 | 10-K | Feb 24, 2026 | $394M | +11% | 13.8% | $38.0M | $98.5M |
| Q3 2025 | 10-Q | Oct 30, 2025 | $384M | +13% | 11.1% | $27.8M | $75.0M |
| Q2 2025 | 10-Q | Jul 30, 2025 | $382M | +13% | 12.3% | $32.6M | $83.3M |
| Q1 2025 | 10-Q | Apr 24, 2025 | $355M | +10% | 11.5% | $30.1M | $40.6M |
Charts
Interactive views
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💵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 Merit Medical Systems
Merit Medical Systems, Inc. is a leading manufacturer and marketer of proprietary medical devices used in interventional, diagnostic and therapeutic procedures, particularly in cardiology, radiology, oncology, critical care and endoscopy. We strive to be the most customer-focused company in healthcare. Each day we are determined to make a difference by understanding our customers’ needs and innovating and delivering a diverse range of products that improve the lives of people and communities throughout the world. We believe that long-term value is created for our customers, employees, shareholders, and communities when we focus outward and are determined to deliver an exceptional customer experience.
In its own words, from its 10-K, filed Feb 24, 2026.
Merit Medical Systems against its Surgical & Medical Instruments & Apparatus peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +8% against the peers' median +5%. Operating margin: 14.1% against the peers' median 14.1%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| MMSI Merit Medical Systems | Q3 2026 | $416M | +8% | 14.1% |
| MDLN Medline | Q3 2026 | $7.9B | +10% | 6.4% |
| MMM 3M | Q3 2026 | $6.6B | +1% | 23.7% |
| SYK Stryker | Q3 2026 | $6.5B | +8% | 15.9% |
| BSX Boston Scientific | Q3 2026 | $5.1B | +1% | 16.1% |
| BDX Becton Dickinson | Q3 FY26 | $5.0B | +5% | 13.3% |
| BAX Baxter International | Q3 2026 | $3.0B | +5% | 7.6% |
| SOLV Solventum | Q3 2026 | $1.9B | -7% | 3.5% |
| RMD ResMed | Q1 FY27 | $1.4B | +6% | 32.0% |
Source: Merit Medical Systems 10-Q on SEC EDGAR · CIK 856982 · Surgical & Medical Instruments & Apparatus
Guidance and outlook
13F: who owns MMSI and who is buying
More on MMSI
- How Merit Medical Systems makes money: revenue by segment
- Merit Medical Systems next earnings date and what analysts expect
- Merit Medical Systems stock forecast, price target and fair value
- Who owns Merit Medical Systems stock: holders, funds and Congress trades
- Merit Medical Systems guidance and outlook
- Is Merit Medical Systems a takeover target? LBO and rumors
- Merit Medical Systems recalls, complaints and regulation
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results
- Merit Medical Systems guidance history: guided vs reported
- Merit Medical Systems gross margin by quarter
- Merit Medical Systems operating margin by quarter
- Merit Medical Systems net income by quarter
- Merit Medical Systems free cash flow by quarter
- Merit Medical Systems R&D spending by quarter
- Merit Medical Systems capital expenditures by quarter