Filing Flows › Merit Medical Systems (MMSI) › Q2 2026 › vs Q2 2025
Merit Medical Systems (MMSI) Q2 2026 vs Q2 2025 (year over year)
Merit Medical Systems's revenue rose $36.4M (+10%) from $382M in Q2 2025 to $419M in Q2 2026. The biggest changes: Foundational +$27.1M (+11%); Endoscopy +$5.2M (+29%); Procedural Solutions −$3.8M (-12%). Gross margin 51.4% against 48.2% (+3.1 pts).
Merit Medical Systems, Q2 2026: revenue $419M (+10% year over year), operating margin 14.4%, net earnings $38.8M, operating cash flow $69.3M. The chart draws each line against Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Gross margin | 51.4% | 48.2% | +3.1 pts |
| Operating margin | 14.4% | 12.3% | +2.2 pts |
| Net margin | 9.3% | 8.5% | +0.7 pts |
| Free cash flow margin | 12.4% | 18.2% | -5.8 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Access | $162M | $152M | $9.7M | +6% |
| OEM | $48.3M | $43.2M | $5.1M | +12% |
| Vascular Intervention | $41.7M | $35.0M | $6.7M | +19% |
| Cardiac Therapies | $28.5M | $22.9M | $5.6M | +24% |
| Foundational | $280M | $253M | $27.1M | +11% |
| Vascular Intervention | $34.4M | $32.3M | $2.2M | +7% |
| Procedural Solutions | $27.9M | $31.7M | −$3.8M | -12% |
| Oncology | $25.8M | $23.9M | $1.8M | +8% |
| Endoscopy | $23.6M | $18.4M | $5.2M | +29% |
| OEM | $12.8M | $9.7M | $3.1M | +31% |
| Renal Therapies | $12.7M | $12.8M | −$104K | -0.8% |
| Other | $1.2M | $346K | $890K | +257% |
| Revenue | $419M | $382M | $36.4M | +10% |
| Gross profit | $215M | $184M | $30.7M | +17% |
| Cost of revenue | $204M | $198M | $5.7M | +3% |
| Operating profit | $60.4M | $46.9M | $13.5M | +29% |
| Operating expenses | $155M | $138M | $17.2M | +12% |
| Pre-tax earnings | $51.3M | $43.4M | $7.9M | +18% |
| Other expense, net | $9.1M | $3.5M | $5.6M | +160% |
| Research & development | $25.4M | $24.4M | $1.0M | +4% |
| SG&A | $129M | $113M | $16.1M | +14% |
| Net earnings | $38.8M | $32.6M | $6.2M | +19% |
| Income tax | $12.5M | $10.8M | $1.7M | +16% |
| Depreciation & amortization | $31.0M | $31.0M | $0 | 0% |
| Share-based compensation | $12.9M | $10.9M | $2.0M | +19% |
| Working capital & other | $13.4M | −$8.9M | $22.3M | — |
| Operating cash flow | $69.3M | $83.3M | −$14.0M | -17% |
| Free cash flow (OCF − capex) | $51.9M | $69.6M | −$17.6M | -25% |
| Capital expenditures | $17.3M | $13.8M | $3.6M | +26% |
Questions
How much did Merit Medical Systems's revenue grow year over year in Q2 2026?
Merit Medical Systems's revenue rose $36.4M (+10%) from $382M in Q2 2025 to $419M in Q2 2026.
What drove Merit Medical Systems's revenue change in Q2 2026?
Foundational +$27.1M (+11%); Endoscopy +$5.2M (+29%); Procedural Solutions −$3.8M (-12%).