Medifast (MDF) Q3 2026 Earnings Report
DE:MDF Q3 2026 EPS Results
- Actual EPS
- -EUR 0.17
- Consensus EPS
- -EUR 0.31
- Beat/Miss
- Beat by +EUR 0.14
- One Year Ago EPS
- -EUR 0.19
DE:MDF Q3 2026 Revenue Results
- Actual Revenue
- EUR 64.51M
- Expected Revenue
- EUR 63.84M
- Beat/Miss
- Beat by +EUR 669.76K
- YoY Revenue Growth
- -19.42%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/26/2026
- Time
- Before Open
- Conference Call
- Monday, October 26, 2026
Medifast's next earnings date is estimated for February 23, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
The call was cautiously positive. Management highlighted successful execution of the Trilogy 3.0 launch, improving coach productivity, strong product adoption, a debt-free balance sheet, cost realignment, and a stated path to fourth-quarter profitability. However, these positives were offset by a 19.4% revenue decline, a substantial reduction in active earning coaches, continued GLP-1-related pressure on the traditional weight loss category, and significantly larger GAAP operating and net losses. The outlook is constructive but remains dependent on improving coach growth while sustaining productivity gains.
Medifast expects fourth quarter revenue to range from $55 million to $75 million and income per share for the quarter to range from $0.00 to $0.25; while it expects to continue to see the active earning coach count to decline through the end of the year, it expects to see continued coach productivity growth during the quarter, up both year over year and sequentially. For the full year 2026, it expects revenue to range from $280 million to $300 million and loss per share between $1.80 and $2.05, and on a non GAAP basis, loss per share between $0.45 and $0.70. It expects fourth quarter adjusted EBITDA, excluding interest income, to range from $2 million to $6 million, and for the full year 2026, adjusted EBITDA, excluding interest income, to range from $10 million to $14 million; the company is targeting profitability in the fourth quarter of 2026.
- Revenue In Line With Guidance and StabilizingThird-quarter revenue was $72 million, in line with guidance and continuing the trend of revenue stabilizing around $75 million for the fourth consecutive quarter.
- Improved Coach ProductivityCoach productivity improved year over year for the fourth consecutive quarter, reaching 54% in Q3 and growing an estimated 8% sequentially. Average revenue per active earning coach increased 54.1% year over year to $7.06 thousand, its highest level in many years.
- Trilogy 3.0 Launch ExecutionMedifast launched the Trilogy brand, new products, an enhanced compensation plan, and the unified Trilogy Business Blueprint training platform. Management said the major launches are now in market and the company is shifting its focus toward achieving returns from what it has built.
- Strong Adoption of Trilogy RESET ProductsPreliminary data indicated fast adoption of the new Trilogy RESET products, with 95% of active earning coaches already offering the line to clients in September. Management said early feedback showed strong interest in the new MetaVantage formula.
- Metabolic Health Product DifferentiationMedifast introduced the Medifast Metabolic Health Institute, the MetaVantage technology ingredient platform, and new products and training designed to support its transition from a weight management company to a metabolic health business.
- Clinical RESET Plan ResultsManagement cited an independent clinical study in which the RESET 5-and-1 plan reduced visceral fat by 14% while retaining 98% of lean mass over 16 weeks.
- Expanded Three-Phase Metabolic Health SystemThe Trilogy system includes RESET as its foundational phase, followed by REFINE and RENEW. REFINE is designed to improve metabolic flexibility and refine body composition, with goals including better fuel use, less fat storage, and more muscle mass.
- Improved Coach Leadership and Retention IndicatorsThe percentage of active earning coaches at the executive director rank or above rose both year over year and sequentially. Retention among Premier+ clients from the first to the second month stabilized, with September coming in 6 percentage points higher than Premier.
- Positive Field EngagementManagement reported high engagement and energy levels following the launches, continued enthusiasm for the Trilogy brand and products, and a sold-out convention in July. Coaches increasingly centered client conversations on health markers such as visceral fat and lean mass.
- Large Metabolic Health Market OpportunityManagement cited panelists at the McKinsey and Stanford Medicine Metabolic Health Business Building Summit who sized the existing metabolic health market at $12 trillion, with an additional $16 trillion in prevention and optimization described as largely untapped.
- Broad Consumer Interest in Metabolic HealthManagement said more than 90% of U.S. adults are metabolically unhealthy. A survey of more than 1 thousand U.S. adults found that nearly 94% were concerned about at least 1 aspect of their metabolic health, 85% believed metabolic dysfunction could be reversed, and 80% had limited understanding of what metabolic health means.
- Debt-Free Balance SheetMedifast ended the quarter with $172.5 million in cash equivalents and investments and no debt. Management also stated that enterprise value continued to sit below the value of its cash and investments.
- Catalyst Cost Realignment and AI InitiativesProject Catalyst executed facility closures, sunset internal-use software, and other restructuring activities designed to realign the cost structure with current sales volumes while maintaining capacity to scale. Management also reported real results from applying AI and said additional process improvement and AI opportunities remained for 2027.
- Improved Adjusted Operating MetricsOn a non-GAAP basis, adjusted gross profit decreased 16.9% to $51.7 million but increased 22 basis points as a percentage of revenue to 71.7%. Adjusted SG&A decreased 16% to $55.6 million, adjusted operating loss improved 3.2% to $4 million, and adjusted EBITDA increased 29.7% to $400 thousand. Adjusted EBITDA excluding interest income increased 9.7% to $1.9 million.
- Profitability Target and Fourth-Quarter GuidanceManagement reiterated its target of profitability in the fourth quarter of 2026 and said it was on track to deliver it. Fourth-quarter revenue guidance is $55 million to $75 million, income per share guidance is $0.00 to $0.25, and adjusted EBITDA excluding interest income guidance is $2 million to $6 million.
- Full-Year Adjusted EBITDA GuidanceFor full-year 2026, Medifast expects revenue of $280 million to $300 million, loss per share of $1.80 to $2.05, non-GAAP loss per share of $0.45 to $0.70, and adjusted EBITDA excluding interest income of $10 million to $14 million.
- New Generation of Coach LeadersManagement said a select group of coach leaders was investing time in leadership and personal capital through ownership in the company, including participation in the Trilogy Leadership Symposium and the New York Stock Exchange closing bell.
DE:MDF Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 23, 2027 | 2026 (Q4) | 0.01- | -0.49 | ― | ― |
| Oct 26, 2026 | 2026 (Q3) | -0.31-0.17 | -0.19 | 9.52% (+0.02) | |
| Aug 03, 2026 | 2026 (Q2) | -0.58-0.25 | 0.36 | -169.83% (-0.61) | |
| May 04, 2026 | 2026 (Q1) | -0.47-0.17 | -0.03 | -475.76% (-0.14) | |
| Feb 17, 2026 | 2025 (Q4) | -0.73-0.49 | 0.09 | -650.00% (-0.58) | |
| Nov 03, 2025 | 2025 (Q3) | -0.32-0.19 | 0.31 | -160.00% (-0.50) | |
| Aug 04, 2025 | 2025 (Q2) | -0.170.36 | 0.82 | -56.41% (-0.46) | |
| Apr 28, 2025 | 2025 (Q1) | -0.22-0.03 | 0.59 | -105.00% (-0.62) | |
| Feb 18, 2025 | 2024 (Q4) | -0.130.09 | 0.98 | -90.83% (-0.89) | |
| Nov 04, 2024 | 2024 (Q3) | -0.170.31 | 1.9 | -83.49% (-1.58) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
