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RadNet (RDNT) Q3 2025 earnings results (third quarter 2025)

10-Q filed Nov 10, 2025

RadNet (RDNT) reported revenue of $523M for the third quarter 2025 (Q3 2025), +13% from a year earlier and +5% from the quarter before. Operating margin was 5.2%, net earnings $5.4M (1.0% of revenue).

Revenue$523M
Year over year+13%
Quarter over quarter+5%
Operating margin5.2%
Net earnings$5.4M

RadNet, Q3 2025: revenue $523M (+13% year over year), operating margin 5.2%, net earnings $5.4M, operating cash flow $52.8M. The chart follows the revenue to costs, profit and cash.

Q3 2025AmountQ/QY/Y
Revenue$523M+5%+13%
Operating profit$27.4M-11%-19%
Net earnings$5.4M-63%+69%
Operating cash flow$52.8M-56%-8%

What changed

Revenue was $522.9M in Q3 2025, up 13% year over year and up 5% from the previous quarter. Commercial insurance was the largest line at 55% of revenue. Commercial insurance added $32.4M year over year (up 13%), 52% of the total change. Revenue under capitation arrangements declined 6%.

Operating profit was $27.4M, a 5.2% margin (down 2.1 points year over year). Operating profit fell $6.5M even though revenue rose $61.7M versus a year earlier, so costs grew faster than sales. Total costs grew 16% against revenue growth of 13%. Net earnings were $5.4M, up 69% year over year. The effective tax rate was 31.5%.

Operating cash flow was $52.8M (down 8% year over year), 380% of net income including minority interests. Non-cash charges added back $39.8M of depreciation and amortization and $9.0M of share-based compensation. Working capital and other items used $9.9M. Capital expenditures of $60.4M exceeded it, leaving free cash flow of −$7.6M.

Questions

What was RadNet's revenue in the third quarter 2025?

RadNet (RDNT) reported revenue of $523M for the third quarter 2025 (Q3 2025), +13% from a year earlier and +5% from the quarter before.

Was RadNet profitable in the third quarter 2025?

Operating profit was $27.4M (5.2% of revenue) and net earnings $5.4M.

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Source: RadNet 10-Q on SEC EDGAR.