Filing Flows › TransMedics Group (TMDX) › Q4 2025
TransMedics Group (TMDX) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 24, 2026
TransMedics Group (TMDX) reported revenue of $161M for the fourth quarter 2025 (Q4 2025), +32% from a year earlier and +12% from the quarter before. Operating margin was 13.2%, net earnings $105M (65.6% of revenue).
TransMedics Group, Q4 2025: revenue $161M (+32% year over year), operating margin 13.2%, net earnings $105M, operating cash flow $34.5M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $161M | +12% | +32% |
| Gross profit | $93.4M | +10% | +30% |
| Operating profit | $21.3M | -9% | +146% |
| Net earnings | $105M | +333% | 15× |
| Operating cash flow | $34.5M | -50% | +76% |
| Free cash flow | $19.0M | -69% | +214% |
What changed
Revenue was $160.8M in Q4 2025, up 32% year over year and up 12% from the previous quarter. Product was the largest line at 62% of revenue.
Gross margin was 58.1%, down 1.1 points from a year earlier. Operating profit was $21.3M, a 13.2% margin (up 6.1 points year over year). Of the extra revenue versus a year earlier, 32% reached operating profit, above the 7% margin then. Operating expenses grew 14% against revenue growth of 32%. The fastest-growing cost line was Research & development (+26%). Net earnings were $105.4M, up 1437% year over year. The tax line was a benefit of $83.8M on pre-tax earnings of $21.6M.
Operating cash flow was $34.5M (up 76% year over year), 33% of net earnings. Non-cash charges added back $7.5M of depreciation and amortization and $9.4M of share-based compensation. Working capital and other items used $87.7M. Capital expenditures of $15.5M left free cash flow of $19.0M.
Questions
What was TransMedics Group's revenue in the fourth quarter 2025?
TransMedics Group (TMDX) reported revenue of $161M for the fourth quarter 2025 (Q4 2025), +32% from a year earlier and +12% from the quarter before.
Was TransMedics Group profitable in the fourth quarter 2025?
Operating profit was $21.3M (13.2% of revenue) and net earnings $105M.
Source: TransMedics Group 10-K on SEC EDGAR.