EarningsQ3 2026 Earnings Report
MX:MED Q3 2026 EPS Results
Actual EPS-$3.57
Consensus EPS-$6.58
Beat/MissBeat by +$3.01
One Year Ago EPS-$3.95
MX:MED Q3 2026 Revenue Results
Actual Revenue$1.35B
Expected Revenue$1.34B
Beat/MissBeat by +$14.05M
YoY Revenue Growth-19.42%
Earnings Announcement Details
QuarterQ3 2026
Date10/26/2026
TimeBefore Open
Conference CallMonday, October 26, 2026
MX:MED Upcoming Earnings
Medifast's next earnings date is estimated for February 23, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
MX:MED Q3 2026 Earnings Call
0:00 / 0:00
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Neutral
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.Company Guidance
Revenue In Line With Guidance and Stabilizing
Third-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 Productivity
Coach 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 Execution
Medifast 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 Products
Preliminary 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 Differentiation
Medifast 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 Results
Management 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 System
The 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 Indicators
The 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 Engagement
Management 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 Opportunity
Management 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 Health
Management 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 Sheet
Medifast 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 Initiatives
Project 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 Metrics
On 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 Guidance
Management 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 Guidance
For 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 Leaders
Management 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.
MX:MED Earnings History
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.
Beat
Missed