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  5. Income Statement
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Medifast MED
$ 11.88 0.5%
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Quarterly report 2026-Q2
added 08-03-2026

Medifast Income Statement 2025-2008 | MED

Brief overview of income trends at Medifast

The conclusions below are based on five years of reported results. Revenue reported by Medifast was 935 million dollars at the beginning of the period and 386 million dollars at the end. The total change was −58.7%, with a CAGR of approximately −16.2%. The decline points to a contraction in the scale of the business.

The gross result shifted from 698 million dollars to 275 million dollars, or −60.6%. Direct costs outpaced revenue, limiting the benefit of changes in sales. Gross margin moved from 74.6% to 71.3%. A lower margin indicates deterioration in the economics of the core business.

EBITDA was 138 million dollars at the beginning and 29 thousand dollars at the end of the period (−100%). EBITDA underperformed the top-line trend. Comparing the endpoints gives EBITDA margins of 14.8% and 0%. Operating return per unit of revenue declined.

Comparing the endpoints shows a move from 103 million dollars to −18.7 million dollars. Profit turned into a loss, the most concerning signal in the results.

The five-year change in capitalization reached −95.9%: from $2.9 billion to $118 million. Lower capitalization reflects weaker investor expectations.

Financial takeaway

The financial trajectory is weak and requires a cautious interpretation. The most visible risks are a narrow EBITDA buffer, a declining EBITDA margin and a weaker final result. The key question is whether sales can be converted into sustainable profit.

Annual Income Statement Medifast

2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008

Market Cap

 118 M 175 M 529 M 1.19 B 2.16 B 2.89 B 1.16 B 1.49 B 837 M 495 M 347 M 402 M 362 M 326 M 230 M 423 M 141 M -

Shares

 11 M 10.9 M 10.9 M 11.2 M 11.7 M 11.8 M 11.8 M 11.9 M 11.9 M 11.8 M 12 M 12.7 M 13.8 M 13.7 M 14 M 14.1 M 13.5 M -

Historical Prices

 10.8 16 48.6 107 185 245 77.2 115 56.8 38.8 25.5 26.5 22.1 19.4 13.6 30 10.4 5.77

Net Income

 -19 M 2 M 99 M 144 M 164 M 103 M 77.9 M 55.8 M 27.7 M 17.8 M 20.1 M 13.2 M 24 M 15.9 M 18.5 M 19.6 M 11.4 M -

Revenue

 386 M 602 M 1.07 B 1.6 B 1.53 B 935 M 714 M 501 M 302 M 275 M 273 M 285 M 357 M 357 M 298 M 258 M 170 M -

Cost of Revenue

 111 M 158 M 296 M 458 M 398 M 237 M 177 M 121 M 73.8 M 68.9 M 71.5 M 76.1 M 83.5 M 82.7 M 73.7 M 65.1 M 45.4 M -

Gross Profit

 275 M 445 M 776 M 1.14 B 1.13 B 698 M 537 M 380 M 228 M 206 M 201 M 209 M 268 M 268 M 224 M 192 M 124 M -

Operating Income

 -14.2 M 2.88 M 126 M 185 M 216 M 134 M 91 M 69.1 M 39.6 M 26.9 M 28.7 M 30.2 M 38.4 M 27.1 M 27.4 M 31.6 M 18.5 M -

Interest Expense

 3.06 M -3.9 M -95 K -46 K 119 K -140 K 29 K 179 K 136 K -20 K 326 K 731 K 124 K 912 K 102 K 111 K 145 K -

EBITDA

 29 K 15.6 M 140 M 196 M 223 M 138 M 95.7 M 73.5 M 43.8 M 32.3 M 35.8 M 38.3 M 45 M 34.5 M 35.7 M 37.5 M 23.8 M -

Operating Expenses

 - - - - - - 446 M 311 M 188 M 179 M 173 M 179 M 234 M 245 M 197 M - - -

General and Administrative Expenses

 289 M 442 M 649 M 956 M 911 M 564 M - - - - - - - - - 161 M 106 M -

All numbers in USD currency

Quarterly Income Statement Medifast

2026-Q2 2026-Q1 2025-Q3 2025-Q2 2025-Q1 2024-Q4 2024-Q3 2024-Q2 2024-Q1 2023-Q4 2023-Q3 2023-Q2 2023-Q1 2022-Q4 2022-Q3 2022-Q2 2022-Q1 2021-Q4 2021-Q3 2021-Q2 2021-Q1 2020-Q4 2020-Q3 2020-Q2 2020-Q1 2019-Q4 2019-Q3 2019-Q2 2019-Q1 2018-Q4 2018-Q3 2018-Q2 2018-Q1 2017-Q4 2017-Q3 2017-Q2 2017-Q1 2016-Q4 2016-Q3 2016-Q2 2016-Q1 2015-Q4 2015-Q3 2015-Q2 2015-Q1 2014-Q4 2014-Q3 2014-Q2 2014-Q1 2013-Q4 2013-Q3 2013-Q2 2013-Q1 2012-Q4 2012-Q3 2012-Q2 2012-Q1 2011-Q4 2011-Q3 2011-Q2 2011-Q1

Shares

 11.1 M 11 M 11 M 11 M 10.9 M 10.9 M 10.9 M 10.9 M 10.9 M 10.9 M 10.9 M 10.9 M 10.9 M 10.9 M 11 M 11.4 M 11.6 M 11.6 M 11.7 M 11.8 M 11.8 M 11.8 M 11.8 M 11.8 M 11.8 M 11.8 M 11.7 M 11.9 M 11.9 M 11.9 M 12 M 12 M 12 M 12 M 11.9 M 11.9 M 11.9 M 11.9 M 11.8 M 11.8 M 11.9 M 11.8 M 11.9 M 12.1 M 12.1 M 12.1 M 12.5 M 13.1 M 13.2 M 13.1 M 13.9 M 13.9 M 13.8 M 13.8 M 13.7 M 13.7 M 13.7 M 13.6 M 13.8 M 14.2 M 14.3 M

Net Income

 -3.1 M -2.12 M -2.26 M 2.48 M -772 K - 1.13 M -8.15 M 8.32 M - 23.1 M 30.3 M 40 M - 36.2 M 39.1 M 41.8 M - 42 M 47 M 41.1 M 28 M 34.5 M 21.9 M 18.5 M 19.9 M 15.9 M 21.4 M 20.8 M 15.7 M 13.8 M 14.1 M 12.2 M 7.31 M 6.69 M 7.58 M 6.14 M 4.11 M 6.06 M 3.4 M 4.26 M 3.86 M 5.51 M 6.25 M 4.44 M - 4.86 M 5.72 M 5.97 M - 5.67 M 7.07 M 5.93 M - 7.21 M 2.81 M 3.99 M - 5.07 M 5.94 M 6.36 M

Revenue

 76.4 M 76 M 89.4 M 106 M 116 M - 140 M 169 M 175 M - 236 M 296 M 349 M - 390 M 453 M 418 M - 413 M 394 M 341 M 265 M 271 M 220 M 178 M 171 M 190 M 187 M 166 M 146 M 139 M 117 M 98.6 M 78 M 77.2 M 75.7 M 70.6 M 62.5 M 68.6 M 71.1 M 72.3 M 61.3 M 65.9 M 72.2 M 73.4 M - 69 M 74.7 M 79.2 M - 86.5 M 97.1 M 96 M - 91 M 93.6 M 88.9 M - 76.1 M 78.3 M 74.3 M

Cost of Revenue

 23 M 24.3 M 27.2 M 28.9 M 31.5 M - 34.5 M 45.1 M 47.4 M - 58.5 M 85.5 M 103 M - 108 M 132 M 115 M - 106 M 100 M 92.1 M - 67.4 M 60.7 M 43.2 M - 47.1 M 46.4 M 40.7 M - 32 M 28.5 M 23.8 M - 19 M 18.1 M 17.7 M - 16.4 M 17.9 M 19.2 M - 16.8 M 19 M 19.6 M - 18.3 M 19.2 M 21.3 M - 21.6 M 24.1 M 23.6 M - 22.6 M 23.4 M 22.2 M - 19.6 M 19.2 M 17.6 M

Gross Profit

 53.4 M 51.8 M 62.2 M 76.6 M 84.2 M - 106 M 123 M 127 M - 177 M 211 M 246 M - 283 M 322 M 302 M - 307 M 294 M 249 M 199 M 204 M 159 M 135 M 128 M 143 M 141 M 125 M 109 M 107 M 88.8 M 74.8 M 59.1 M 58.2 M 57.6 M 52.9 M 47.1 M 52.2 M 53.2 M 53.2 M 45.2 M 49.2 M 53.2 M 53.8 M - 50.7 M 55.6 M 57.9 M - 64.9 M 72.9 M 72.4 M - 68.3 M 70.1 M 66.8 M - 56.4 M 59 M 56.7 M

Operating Income

 -4.33 M -3.3 M -4.08 M -1.07 M -1.26 M - 2.11 M -7.88 M 7.94 M - 25.5 M 38.7 M 53.5 M - 48.2 M 49 M 55.1 M - 55.2 M 61.4 M 52.8 M - 44.6 M 28.1 M 23.5 M - 20.3 M 27.4 M 24.7 M - 17.5 M 17.1 M 14.7 M - 10.2 M 11.3 M 8.61 M - 8.95 M 5.02 M 6.27 M - 7.98 M 8.66 M 6.51 M - 6.59 M 9.86 M 9.61 M - 7.35 M 10.6 M 8.58 M - 8.93 M 4.6 M 6.14 M - 6.71 M 9.06 M 10.1 M

Interest Expense

 -11 K -25 K -2 K 2.57 M - - -1.86 M -4.07 M 2.42 M - 7 K -51 K -1 K - -17 K -4 K -16 K - 115 K -22 K 19 K - 30 K 1 K -19 K - -3 K -2 K -6 K - 178 K 179 K -1 K - -4 K -3 K 39 K - -2 K 3 K -24 K - -20 K 1 K 148 K - 769 K 63 K 184 K - 362 K 139 K 80 K - -13 K 814 K 123 K - -6 K 6 K 115 K

EBITDA

 2.6 M 188 K - - 2.02 M - - - 11.2 M - - - 56.5 M - 56.2 M 49 M 57.5 M - 58.9 M 61.4 M 53.9 M - 49.8 M 31.6 M 25.2 M - 25.4 M 30.6 M 26.3 M - 21 M 19.8 M 16.2 M - 13.4 M 13.4 M 9.68 M - 13.2 M 8.02 M 7.88 M - 13.4 M 12.3 M 8.39 M - 8.85 M 12.4 M 11.6 M - 10 M 13.2 M 11.2 M - 11.9 M 7.41 M 8.52 M - 8.84 M 11.1 M 11.8 M

General and Administrative Expenses

 57.7 M 55.1 M 66.2 M 77.7 M 85.5 M - 104 M 131 M 119 M - 152 M 172 M 193 M - 235 M 273 M 247 M - 252 M 232 M 196 M - 159 M 131 M 112 M - 123 M 113 M 100 M - 89.7 M 71.7 M 60.1 M - 48 M 46.3 M 44.3 M - 43.2 M 48.2 M 46.9 M - 41.2 M 44.5 M 47.3 M - 44.1 M 45.7 M 48.3 M - 57.5 M 62.3 M 63.8 M - 59.4 M 65.5 M 60.6 M - 49.7 M 50 M 46.6 M

All numbers in USD currency

The income statement is one of the three key financial reports of a company Medifast (alongside the balance sheet and the cash flow statement). It shows how the company makes money and what its expenses are:

  • How much revenue the company earned
  • How much it spent on production, personnel, marketing, taxes, etc.
  • What profit remained in the end

Analyzing the income statement helps an investor understand whether the business generates stable and growing profits, how effectively the company controls its expenses, and whether it is capable of generating income in the future. Additionally, this analysis shows how the company copes with crises and economic cycles, and allows assessing the potential for stock price growth and dividend payments.

Features
  • The income statement may include both recurring and one-time items (for example, profit from the sale of assets). It is necessary to separate core metrics from one-off events for accurate analysis.
  • Companies often publish interim reports (e.g., quarterly), which allows for more timely tracking of trends.
  • A combined analysis of the income statement with the balance sheet and cash flow statement provides a comprehensive view of the company’s financial health.

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