Merit Medical Systems, Inc. (MMSI) Income Statement
MMSI 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsMMSI revenue and net income
Where MMSI's revenue goes
2025Each bar shows an amount and its share of revenue. MMSI kept 8.5% of revenue as net income.
MMSI profit margins
MMSI growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +11.7% | +9.6% | +9.5% | +10.8% |
| Gross profit | +14.6% | +12.4% | +12.9% | +12.1% |
| Operating income | +18.4% | +28.2% | — | +17.3% |
| Net income | +6.8% | +19.9% | — | +18.4% |
| EPS (diluted) | +10.1% | +12.5% | +18.3% | +16.0% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
MMSI quarterly EPS vs estimates
Merit Medical Systems beat the analyst EPS estimate in 8 of the last 8 quarters. Next report: October 29, 2026 (estimate $0.93).
MMSI income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.51B | $1.36B | $1.26B | $1.15B | $1.07B | $963.9M | $994.9M | $882.8M | $727.9M | $603.8M |
| Cost of revenue | $777.8M | $713.2M | $673.5M | $631.9M | $589.4M | $562.7M | $562.5M | $488.0M | $401.6M | $338.8M |
| Gross profit | $736.9M | $643.3M | $583.9M | $519.1M | $485.3M | $401.2M | $432.4M | $394.8M | $326.3M | $265.0M |
| Research & development | $97.4M | $83.8M | $82.7M | $75.5M | $71.2M | $57.5M | $65.6M | $59.5M | $51.4M | $45.2M |
| Sales, general & admin | $455.2M | $399.7M | $361.2M | $342.5M | $335.7M | $297.7M | $327.3M | $276.0M | $229.1M | $184.4M |
| Total operating expenses | $552.6M | $487.6M | $458.7M | $431.5M | $424.4M | $402.7M | $416.9M | $335.6M | $280.5M | $229.6M |
| Operating income | $184.4M | $155.7M | $123.9M | $87.6M | $60.9M | −$1.6M | $15.4M | $58.6M | $33.1M | $34.9M |
| Interest income | $15.1M | $26.2M | $656,000 | $439,000 | $769,000 | $604,000 | $291,000 | $1.2M | $381,000 | $81,000 |
| Interest expense | $26.5M | $31.2M | $15.5M | $6.3M | $5.3M | $10.0M | $12.7M | $10.4M | $7.7M | $8.8M |
| Income before taxes | $170.9M | $150.0M | $112.1M | $82.6M | $53.9M | −$13.2M | $2.2M | $49.5M | $35.9M | $25.4M |
| Income taxes | $42.4M | $29.6M | $17.7M | $8.1M | $5.5M | −$3.4M | −$3.3M | $7.5M | $8.4M | $5.3M |
| Net income | $128.5M | $120.4M | $94.4M | $74.5M | $48.5M | −$9.8M | $5.5M | $42.0M | $27.5M | $20.1M |
| EBITDA | $332.0M | $274.0M | $228.9M | $181.2M | $155.0M | $103.6M | $119.3M | $129.4M | $97.3M | $78.7M |
| EPS (diluted) | $3.83 | $3.48 | $3.01 | $2.69 | $2.37 | $1.65 | $1.47 | $1.69 | $1.29 | $1.02 |
| Gross margin | 48.7% | 47.4% | 46.4% | 45.1% | 45.2% | 41.6% | 43.5% | 44.7% | 44.8% | 43.9% |
| Operating margin | 12.2% | 11.5% | 9.9% | 7.6% | 5.7% | −0.2% | 1.6% | 6.6% | 4.5% | 5.8% |
| Net margin | 8.5% | 8.9% | 7.5% | 6.5% | 4.5% | −1.0% | 0.5% | 4.8% | 3.8% | 3.3% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $418.8M | $381.9M | $394.2M | $384.3M | $382.0M | $354.3M | $355.2M | $339.8M | $338.0M | $323.5M | $323.3M | $315.2M |
| Cost of revenue | $203.7M | $197.1M | $198.7M | $197.7M | $197.7M | $182.8M | $182.2M | $182.3M | $176.9M | $171.8M | $188.1M | $173.0M |
| Gross profit | $215.2M | $184.8M | $195.4M | $186.5M | $184.2M | $171.5M | $173.0M | $157.5M | $161.1M | $151.7M | $135.2M | $142.2M |
| Research & development | $25.4M | $22.6M | $26.5M | $24.0M | $24.4M | $22.5M | $25.2M | $20.5M | $20.3M | $21.5M | $21.6M | $19.6M |
| Sales, general & admin | $129.2M | $118.2M | $114.8M | $119.8M | $113.1M | $107.5M | $111.1M | $99.6M | $94.6M | $94.4M | $95.8M | $86.9M |
| Total operating expenses | $154.6M | $140.8M | $141.4M | $143.8M | $137.5M | $120.8M | $136.4M | $120.3M | $115.2M | $115.9M | $102.4M | $107.1M |
| Operating income | $60.5M | $44.0M | $54.1M | $42.8M | $46.8M | $50.8M | $36.6M | $37.3M | $45.9M | $35.9M | $32.8M | $35.1M |
| Interest income | $3.8M | $3.9M | $3.9M | $3.6M | $3.8M | $3.8M | $4.7M | $6.7M | $7.6M | $7.3M | $1.9M | $181,000 |
| Interest expense | $12.1M | $6.5M | $6.4M | $6.8M | $6.8M | $6.6M | $8.0M | $7.5M | $7.7M | $8.0M | $5.0M | $4.8M |
| Income before taxes | $51.3M | $53.5M | $51.1M | $38.5M | $43.4M | $38.0M | $33.1M | $36.7M | $45.8M | $34.3M | $31.5M | $30.2M |
| Income taxes | $12.5M | $12.6M | $13.1M | $10.8M | $10.8M | $7.8M | $5.2M | $8.2M | $10.1M | $6.1M | $3.8M | $4.4M |
| Net income | $38.8M | $41.0M | $38.0M | $27.8M | $32.6M | $30.1M | $27.9M | $28.4M | $35.7M | $28.2M | $27.6M | $25.8M |
| EBITDA | $97.4M | $93.4M | $91.8M | $79.5M | $84.0M | $76.8M | $72.7M | $73.8M | $80.6M | $69.1M | $63.5M | $61.8M |
| EPS (diluted) | $1.09 | $0.94 | $1.04 | $0.92 | $1.01 | $0.86 | $0.93 | $0.86 | $0.92 | $0.77 | $0.81 | $0.75 |
| Gross margin | 51.4% | 48.4% | 49.6% | 48.5% | 48.2% | 48.4% | 48.7% | 46.4% | 47.7% | 46.9% | 41.8% | 45.1% |
| Operating margin | 14.5% | 11.5% | 13.7% | 11.1% | 12.2% | 14.3% | 10.3% | 11.0% | 13.6% | 11.1% | 10.1% | 11.1% |
| Net margin | 9.3% | 10.7% | 9.6% | 7.2% | 8.5% | 8.5% | 7.9% | 8.4% | 10.6% | 8.7% | 8.5% | 8.2% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in MMSI's financial statements (latest annual report filed February 24, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
MMSI financial results
In fiscal year 2025 (ended December 31, 2025), Merit Medical Systems reported revenue of $1.5 billion, up 11.7% from the year before. It had net income of $128.5 million (up 6.8%), a net profit margin of 8.5%. Diluted earnings per share came to $3.83. Over five years revenue grew at an average rate of 9.5% a year.
See the MMSI stock overview for the latest quote and news, or the MMSI chart for price history and technical indicators.
MMSI income statement FAQ
What is Merit Medical Systems's annual revenue?
Merit Medical Systems reported total revenue of $1.5 billion for fiscal year 2025, which ended on December 31, 2025. That was up 11.7% from $1.4 billion the previous year.
Is Merit Medical Systems profitable?
Yes. Merit Medical Systems reported net income of $128.5 million in fiscal 2025, a net profit margin of 8.5%; its operating margin was 12.2%.
What is Merit Medical Systems's gross margin?
Merit Medical Systems's gross margin was 48.7% in fiscal 2025: for every $100 of revenue, Merit Medical Systems kept $49 after the direct cost of its products and services.
How much does Merit Medical Systems spend on research and development?
Merit Medical Systems spent $97.4 million on research and development in fiscal 2025, 6.4% of revenue.
How fast is Merit Medical Systems growing?
Revenue grew 9.5% a year on average over the last five fiscal years, from $963.9 million to $1.5 billion.
What are Merit Medical Systems's earnings per share?
Merit Medical Systems earned $3.83 per diluted share in fiscal 2025, compared with $3.48 a year earlier.
When will Merit Medical Systems report its next earnings?
Merit Medical Systems is expected to report results for the quarter ending September 30, 2026 on October 29, 2026 after the market closes.
When does Merit Medical Systems's fiscal year end?
Merit Medical Systems's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 24, 2026.