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TransMedics Group, Inc. TMDX Q4 2025 Annual earnings

Reported February 24, 2026 · After market close

Revenue$160.8MBeat by $5.4M
EPS$0.57Beat by $0.16
Revenue estimate$155.4M
EPS estimate$0.41

Next report

Aug 4, 2026 (In 5 days)
Revenue estimate$183.8M
EPS estimate$0.50

Financials

Q4 2025

Income statement

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Revenue$160.8M+32.2%
Gross profit$93.4M+29.7%
Operating income$21.3M+146%
Net income$105.4M+1,437%
EPS (diluted)$2.59+1,195%

Balance sheet

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Cash & equivalents$488.4M+45.1%
Total debt$66.5M-2.7%
Total equity$473.1M+107%
Total assets$1.1B+32.9%

Cash flow

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Operating cash flow$34.5M+75.5%
CapEx$15.5M+14.0%
Free cash flow$19.0M—

Valuation & ratios

Valuation

as of 12/31/25
See full
Market cap$4.16B+98.7%
Enterprise value$3.74B+105%
P/E21.8×-37.2×
P/S6.9×+2.1×

Profitability

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Gross margin59.9%+0.6pp
Operating margin17.9%+9.4pp
Net margin31.4%+23.4pp
FCF margin22.1%—

Returns & leverage

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Return on equity54.2%+34.8pp
Debt / equity0.1×-0.2×
Current ratio7.1×-1.2×

Segments

By product

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Liver Product$127.6M+43.4%
Heart Product$29.9M+6.4%
Lung Product$2.2M-36.6%

By segment

See full
Ocs Transplant Revenue$159.7M+32.5%

Versus estimates

Revenue

Q1 2026$173.9MMiss by $503.3K
Q4 2025$160.8MBeat by $5.4M
Q3 2025$143.8MMiss by $11.6MQ2 2025$157.4MBeat by $15.7MQ1 2025$143.5MBeat by $20.1MQ4 2024$121.6MBeat by $12.1M

Diluted EPS

Q1 2026$0.30Miss by $0.32
Q4 2025$0.57Beat by $0.16
Q3 2025$0.66Beat by $0.29Q2 2025$0.92Beat by $0.44Q1 2025$0.70Beat by $0.41Q4 2024$0.19Miss by $0.03

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Questions, answered.

When did TransMedics Group, Inc. report Q4 2025 earnings?
TransMedics Group, Inc. (TMDX) reported Q4 2025 earnings on February 24, 2026 after market close.
What were TransMedics Group, Inc.'s Q4 2025 revenue and EPS?
TransMedics Group, Inc. reported revenue of $160.8M and eps of $0.57 for Q4 2025.
Did TransMedics Group, Inc. beat estimates in Q4 2025?
Revenue beat the consensus estimate of $155.4M by $5.4M. EPS beat the consensus estimate of $0.41 by $0.16.
How did TransMedics Group, Inc.'s Q4 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue grew 32.2% from $121.6M a year earlier and eps grew 200.0% from $0.19.
Where can I find TransMedics Group, Inc.'s Q4 2025 SEC filings?
You can read the 8-K earnings release (0001193125-26-066953) and the 10-K periodic report (0001193125-26-067032) directly on SEC EDGAR. The filing index links above go to sec.gov.