MMSI FY 2025 Earnings Report — Merit Medical Systems, Inc. Revenue & Financial Results | Market Cap Arena

Merit Medical Systems, Inc.MMSI

FY 2025 Earnings

Reported February 24, 2026

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2025	Prior Q	FY 2024	QoQ Change	YoY Change
Revenue	$1.5B	—	$1.4B	—	11.8%
Op. Income	$185M	—	$156M	—	18.6%
Gross Margin	48.7%	—	47.4%	—	1.3pp
Net Margin	8.5%	—	8.9%	—	-0.4pp
EPS (Diluted)	$2.13	—	$2.03	—	4.9%
Free Cash Flow	$216M	—	$183M	—	18.0%

Revenue Flow

Item	Amount
REVENUE	$1.5B
Cost of Revenue	$778M
GROSS PROFIT	$738M
R&D Expenses	$97M
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$455M
Other Expenses	$984.0K
Operating Expenses	$554M
Cost & Expenses	$1.3B
OPERATING INCOME	$185M
Interest Income	$15M
Interest Expense	$26M
Other Income/Expenses	-$14M
INCOME BEFORE TAX	$171M
Income Tax Expense	$42M
Net Income from Continuing Ops	$128M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$128M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$128M
D&A	$135M
EBIT	$197M
EBITDA	$332M
EPS	$2
EPS Diluted	$2

Income Statement

Item	Amount
REVENUE	$1.5B
Cost of Revenue	$778M
GROSS PROFIT	$738M
R&D Expenses	$97M
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$455M
Other Expenses	$984.0K
Operating Expenses	$554M
Cost & Expenses	$1.3B
OPERATING INCOME	$185M
Interest Income	$15M
Interest Expense	$26M
Other Income/Expenses	-$14M
INCOME BEFORE TAX	$171M
Income Tax Expense	$42M
Net Income from Continuing Ops	$128M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$128M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$128M
D&A	$135M
EBIT	$197M
EBITDA	$332M
EPS	$2
EPS Diluted	$2

Cash Flow Statement

Item	Amount
Net Income	$128M
Depreciation & Amortization	$135M
Stock-Based Compensation	$43M
Deferred Income Tax	$5M
Other Non-Cash Items	$9M
Change in Working Capital	-$23M
OPERATING CASH FLOW	$297M
Capital Expenditure	-$82M
Acquisitions (Net)	-$145M
Purchases of Investments	$0
Sales/Maturities of Investments	$0
Other Investing Activities	-$103M
NET CASH FROM INVESTING	-$247M
Net Debt Issuance	$0
Common Stock Repurchased	$0
Common Dividends Paid	$0
Other Financing Activities	-$12M
NET CASH FROM FINANCING	$16M
FREE CASH FLOW	$216M
Net Change in Cash	$70M

Balance Sheet

Item	Amount
Cash & Equivalents	$449M
Short-Term Investments	$0
Net Receivables	$224M
Inventory	$334M
Other Current Assets	$29M
TOTAL CURRENT ASSETS	$1.0B
PP&E (Net)	$516M
Goodwill	$507M
Intangible Assets	$538M
Long-Term Investments	$46M
Tax Assets	$7M
Other Non-Current Assets	$33M
TOTAL NON-CURRENT ASSETS	$1.6B
TOTAL ASSETS	$2.7B
Account Payables	$61M
Short-Term Debt	$11M
Deferred Revenue	$0
Other Current Liabilities	$75M
TOTAL CURRENT LIABILITIES	$240M
Long-Term Debt	$811M
Deferred Revenue NC	$1M
Deferred Tax Liabilities	$20M
Other Non-Current Liabilities	-$47M
TOTAL NON-CURRENT LIABILITIES	$862M
TOTAL LIABILITIES	$1.1B
Common Stock	$764M
Additional Paid-In Capital	$0
Retained Earnings	$824M
Treasury Stock	$0
Accum. Other Comp. Income	-$4M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$1.6B
Minority Interest	$0
TOTAL EQUITY	$1.6B
TOTAL LIABILITIES & EQUITY	$2.7B
Total Debt	$898M
Net Debt	$450M