TransMedics Group (TMDX) Q3 FY2026 earnings: revenue $203 million, up 41.1% on the year

TransMedics Group, Inc. (TMDX) reported revenue of $203 million for Q3 FY2026, the quarter ended 30 September 2026, up 41.1% on the same quarter a year earlier. Net income was $17 million, down 29.8% on the year, and diluted earnings per share $0.46. The figures are the company's own, from the 10-Q it filed with the SEC on 5 November 2026.

Revenue

$203 million

+41.1% on the year · +6.9% on the quarter

Q4 FY2024Q3 FY2026

Operating margin

13.9%

16.2% a year earlier

Q4 FY2024Q3 FY2026

Net income

$17 million

-29.8% on the year · +16.3% on the quarter

Q4 FY2024Q3 FY2026

Diluted EPS

$0.46

-30.3% on the year · +12.2% on the quarter

Q4 FY2024Q3 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 1 raised, 1 new.

Revenue grew 41% in quarter: Total revenue was $203.0 million, up 41% from $143.8 million a year earlier. Excluding PAD Aviation, organic revenue growth was 35%.
Diluted EPS $0.46, adjusted $0.51: GAAP net income was $17.1 million, or $0.46 per diluted share, against $0.66 a year earlier. Adjusted diluted EPS was $0.51 against $0.67.
NOP liver and heart volume drove growth: Management attributed growth mainly to higher liver and heart volume through the National OCS Program, plus revenue from TransMedics logistics services.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Revenue	203	190	144	+6.9%	+41.1%
Cost of revenue	84.3	76.8	59.2	+9.9%	+42.4%
Gross profit	119	113	84.6	+4.8%	+40.3%
Gross margin	58.5%	59.6%	58.8%
Research and development	29.2	31.6	15.3	-7.7%	+91.2%
Selling, general and administrative	61.3	57.8	46.0	+6.1%	+33.3%
Operating income	28.1	23.7	23.3	+18.6%	+20.8%
Operating margin	13.9%	12.5%	16.2%
Interest expense	7.3	7.2	3.5	+0.6%	+108.3%
Pre-tax income	24.1	19.4	23.0	+24.2%	+4.6%
Income tax	7.0	4.7	-1.3	+48.8%
Effective tax rate	29.2%	24.3%	-5.6%
Net income	17.1	14.7	24.3	+16.3%	-29.8%
Net margin	8.4%	7.7%	16.9%
Diluted EPS	$0.46	$0.41	$0.66	+12.2%	-30.3%

$ million except per share.

Free 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	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Operating cash flow	36.0	17.3	69.6	+108.0%	-48.3%
Capital expenditure	8.4	7.1	7.6	+18.4%	+10.2%
Free cash flow	27.6	10.2	61.9	+170.2%	-55.4%
Free cash flow margin	13.6%	5.4%	43.1%
Cash from investing	-13.7	-7.1	-7.6
Cash from financing	-1.9	1.0	3.6
Depreciation and amortisation	10.8	10.2	6.8	+5.8%	+58.3%
Share-based compensation	12.6	8.6	9.1	+46.4%	+37.9%
Diluted shares, weighted	41m	41m	41m	+0.3%	+0.2%
Shares outstanding at period end	35m	35m	34m	+0.3%	+1.7%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Shareholders' equity	551	518	355	+6.3%	+55.0%
Debt	510	514	512	-0.8%	-0.4%
Operating lease liabilities	1.9	2.4	4.4	-20.6%	-56.7%
Finance lease liabilities	352	348	n/a	+1.1%
Other liabilities	104	82.3	74.7	+26.4%	+39.1%
Total liabilities and equity	1,518	1,464	946	+3.7%	+60.5%
Fixed assets	376	365	313	+3.1%	+20.3%
Goodwill	18.0	11.5	11.5	+56.0%	+56.0%
Intangible assets	2.8	0.0	2.0		+40.8%
Cash and equivalents	511	491	467	+4.1%	+9.6%
Receivables	115	104	80.7	+10.4%	+42.4%
Inventory	58.4	54.1	44.5	+7.8%	+31.2%
Other assets	436	438	27.6	-0.5%	+1,480.5%
Total assets	1,518	1,464	946	+3.7%	+60.5%

Questions

What was TransMedics Group's revenue in Q3 FY2026?

TransMedics Group (TMDX) reported revenue of $203 million for Q3 FY2026, the quarter ended 30 September 2026, up 41.1% on the same quarter a year earlier.

How much did TransMedics Group earn in Q3 FY2026?

Net income for Q3 FY2026 was $17 million, down 29.8% on the year, and diluted earnings per share $0.46.

When did TransMedics Group report Q3 FY2026 results?

TransMedics Group filed its 10-Q for the quarter ended 30 September 2026 with the SEC on 5 November 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	9.7	15.9	20.5	25.7	31.4	41.6	52.5	66.4	81.2	96.8	114	109	122	144	157	144	161	174	190	203
Cost of revenue	2.7	3.8	6.2	7.6	10.7	12.8	15.7	25.8	33.2	36.9	45.0	47.9	49.6	55.3	60.8	59.2	67.3	72.8	76.8	84.3
Gross profit	7.0	12.1	14.3	18.1	20.7	28.8	36.7	40.7	47.9	60.0	69.3	60.8	72.0	88.2	96.6	84.6	93.4	101	113	119
Gross margin	72%	76%	70%	71%	66%	69%	70%	61%	59%	62%	61%	56%	59%	61%	61%	59%	58%	58%	60%	58%
R&D	6.3	7.5	6.7	6.8	5.8	5.9	8.3	11.1	10.8	11.4	13.9	14.3	16.5	17.2	15.9	15.3	20.7	24.9	31.6	29.2
SG&A	12.0	13.9	17.4	16.9	21.7	25.0	29.4	30.7	34.6	36.2	42.9	42.7	46.9	43.6	44.1	46.0	51.4	63.0	57.8	61.3
Operating income	-11.3	-9.4	-9.7	-5.5	-6.8	-2.1	-0.9	-28.3	2.6	12.4	12.5	3.9	8.6	27.4	36.6	23.3	21.3	13.3	23.7	28.1
Operating margin	-117%	-59%	-47%	-22%	-22%	-5%	-2%	-43%	3%	13%	11%	4%	7%	19%	23%	16%	13%	8%	12%	14%
Interest expense	1.0	1.0	1.0	0.8	1.0	1.1	2.5	3.6	3.6	3.6	3.6	3.6	3.6	3.5	3.5	3.5	3.4	7.2	7.2	7.3
Pre-tax income	-12.7	-10.6	-11.5	-7.4	-6.7	-2.6	-1.0	-26.9	3.9	12.4	12.2	4.2	7.0	26.7	36.2	23.0	21.6	8.5	19.4	24.1
Tax rate	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	2%	-0%	1%	2%	4%	4%	-6%	-387%	14%	24%	29%
Net income	-12.7	-10.6	-11.5	-7.4	-6.7	-2.6	-1.0	-25.4	4.0	12.2	12.2	4.2	6.9	25.7	34.9	24.3	105	7.3	14.7	17.1
Net margin	-131%	-67%	-56%	-29%	-21%	-6%	-2%	-38%	5%	13%	11%	4%	6%	18%	22%	17%	66%	4%	8%	8%
Diluted EPS	-$0.45	-$0.38	-$0.41	-$0.25	-$0.21	-$0.08	-$0.03	-$0.78	$0.12	$0.35	$0.35	$0.12	$0.19	$0.70	$0.92	$0.66	$2.62	$0.20	$0.41	$0.46
Operating cash flow	-6.6	-18.4	-9.1	-14.3	-4.0	-8.7	-5.8	-6.9	8.3	-3.4	25.7	6.9	19.7	-2.9	91.6	69.6	34.5	24.5	17.3	36.0
Capital expenditure	3.2	2.0	4.3	2.9	2.8	0.9	1.4	108	41.8	44.2	23.8	48.2	13.6	27.0	9.1	7.6	15.5	36.7	7.1	8.4
Free cash flow	-9.8	-20.4	-13.4	-17.2	-6.8	-9.6	-7.2	-115	-33.5	-47.6	2.0	-41.3	6.1	-29.9	82.5	61.9	19.0	-12.1	10.2	27.6
Shares outstanding	28m	28m	28m	32m	32m	33m	33m	33m	33m	33m	33m	34m	34m	34m	34m	34m	34m	35m	35m	35m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 30 September 2026, filed 5 November 2026: the filing.