Filing Flows › Merit Medical Systems (MMSI) › Q4 2025
Merit Medical Systems (MMSI) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 24, 2026
Merit Medical Systems (MMSI) reported revenue of $394M for the fourth quarter 2025 (Q4 2025), +11% from a year earlier and +3% from the quarter before. Operating margin was 13.8%, net earnings $38.0M (9.6% of revenue).
Merit Medical Systems, Q4 2025: revenue $394M (+11% year over year), operating margin 13.8%, net earnings $38.0M, operating cash flow $98.5M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $394M | +3% | +11% |
| Gross profit | $195M | +5% | +13% |
| Operating profit | $54.2M | +27% | +48% |
| Net earnings | $38.0M | +37% | +36% |
| Operating cash flow | $98.5M | +31% | +43% |
| Free cash flow | $74.0M | +41% | +13% |
What changed
Revenue was $393.9M in Q4 2025, up 11% year over year and up 3% from the previous quarter. Cardiovascular was the largest line at 95% of revenue.
Gross margin was 49.6%, up 0.9 points from a year earlier. Operating profit was $54.2M, a 13.8% margin (up 3.5 points year over year). Of the extra revenue versus a year earlier, 45% reached operating profit, above the 10% margin then. Operating expenses grew 3% against revenue growth of 11%. Net earnings were $38.0M, up 36% year over year. The effective tax rate was 25.6%.
Operating cash flow was $98.5M (up 43% year over year), 259% of net earnings. Non-cash charges added back $31.5M of depreciation and amortization and $9.9M of share-based compensation. Working capital and other items added $19.1M. Capital expenditures of $24.5M left free cash flow of $74.0M.
Questions
What was Merit Medical Systems' revenue in the fourth quarter 2025?
Merit Medical Systems (MMSI) reported revenue of $394M for the fourth quarter 2025 (Q4 2025), +11% from a year earlier and +3% from the quarter before.
Was Merit Medical Systems profitable in the fourth quarter 2025?
Operating profit was $54.2M (13.8% of revenue) and net earnings $38.0M.