TransMedics Group (TMDX) FY2025 results: revenue $605 million, up 37.1% on the year
TransMedics Group, Inc. (TMDX) reported revenue of $605 million for fiscal 2025, the year ended 31 December 2025, up 37.1% on the year before. Net income was $190 million, up 436.6%, and diluted earnings per share $4.87. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2026.
Revenue
$605 million
+37.1% on the year
FY2018FY2025
Operating margin
17.9%
8.5% a year earlier
FY2018FY2025
Net income
$190 million
+436.6% on the year
FY2018FY2025
Diluted EPS
$4.87
+382.2% on the year
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Release of U.S. valuation allowance: The company released a $103.3 million U.S. tax valuation allowance in the fourth quarter, as previously disclosed.
2025 effective tax rate was (77.0)%: The reported annual rate for the full year includes the valuation allowance release.
Reported net income includes tax benefit: Reported fourth-quarter net income of $105.4 million includes the net income tax benefit from the release.
Adjusted net income of $17.5 million: The company applies the 19.1% annual effective tax rate to get this figure, rather than the rate including the release.
Adjusted diluted EPS of $0.47: On the same 19.1% basis, net income per diluted share for the fourth quarter is $0.47.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
193
48.8
-13.0
+295.1%
Capital expenditure
59.3
130
152
-54.3%
Free cash flow
134
-80.9
-165
Free cash flow margin
22.1%
-18.3%
-68.2%
Cash from investing
-59.3
-129
-194
Cash from financing
16.9
22.9
400
-26.3%
Depreciation and amortisation
27.2
19.8
8.2
+37.6%
Share-based compensation
36.9
33.2
19.8
+10.9%
Dividend per share
$0.00
$0.00
$0.00
Diluted shares, weighted
41m
35m
33m
+15.1%
Shares outstanding at period end
34m
34m
33m
+1.9%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
473
229
137
+107.0%
Debt
512
509
506
+0.6%
Operating lease liabilities
3.6
6.2
7.7
-42.8%
Other liabilities
79.3
59.9
54.9
+32.4%
Total liabilities and equity
1,068
804
706
+32.9%
Fixed assets
328
286
174
+14.6%
Goodwill
11.5
11.5
12.0
0.0%
Intangible assets
1.9
2.2
2.4
-9.5%
Cash and equivalents
489
337
395
+45.0%
Receivables
84.3
97.7
63.6
-13.8%
Inventory
48.9
46.6
44.2
+5.0%
Other assets
105
23.0
15.1
+357.8%
Total assets
1,068
804
706
+32.9%
10-K for the year ended 31 December 2025, filed 24 February 2026: the filing.