Mednax (MD) financial statements
Mednax reported revenue of $1.9B in fiscal 2025, down 5.5% a year over 9 years.
Net income was $165M and the operating margin 10.9%, against 18.0% in 2016.
The diluted share count fell 8% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Mednax's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.2B | $3.3B | $1.7B | $1.8B | $1.7B | $1.9B | $2.0B | $2.0B | $2.0B | $1.9B |
| Selling, general and admin | $373M | $386M | $232M | $245M | $249M | $263M | $231M | $228M | $238M | $241M |
| Operating income | $572M | $455M | $248M | $172M | $98M | $203M | $173M | $7M | -$69M | $209M |
| Interest expense | $63M | $75M | $93M | $119M | $110M | $69M | $40M | $42M | $41M | $36M |
| Pre-tax income | $514M | $386M | $166M | $59M | $7M | $135M | $81M | -$48M | -$101M | $216M |
| Income tax | $189M | $80M | $45M | $17M | $17M | $27M | $19M | $12M | -$2M | $51M |
| Net income | $325M | $320M | $269M | -$1.5B | -$796M | $131M | $66M | -$60M | -$99M | $165M |
| EPS (diluted) | $3.49 | $3.45 | $2.93 | -$17.83 | -$9.55 | $1.53 | $0.79 | -$0.73 | -$1.19 | $1.94 |
| Diluted shares | 93M | 93M | 92M | 84M | 83M | 86M | 84M | 82M | 83M | 85M |
| Operating margin | 18.0% | 14.0% | 14.4% | 9.7% | 5.7% | 10.6% | 8.8% | 0.4% | -3.4% | 10.9% |
| Net margin | 10.2% | 9.8% | 15.6% | -84.2% | -45.9% | 6.9% | 3.4% | -3.0% | -4.9% | 8.6% |
Balance sheet
Fiscal years, from Mednax's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $56M | $60M | $47M | $187M | $1.2B | $487M | $103M | $178M | $349M | $500M |
| Receivables | $495M | $504M | $507M | $434M | $242M | $302M | $297M | $272M | $260M | $230M |
| Total current assets | $587M | $627M | $660M | $732M | $1.5B | $841M | $428M | $483M | $640M | $764M |
| Property, plant and equipment | $103M | $124M | $90M | $73M | $76M | $70M | $73M | $76M | $39M | $39M |
| Goodwill | $3.8B | $4.3B | $4.1B | $1.5B | $1.5B | $1.5B | $1.5B | $1.4B | $1.2B | $1.3B |
| Total assets | $5.3B | $5.9B | $5.9B | $4.1B | $3.3B | $2.7B | $2.3B | $2.2B | $2.2B | $2.2B |
| Total current liabilities | $449M | $531M | $503M | $542M | $444M | $427M | $427M | $389M | $434M | $459M |
| Long-term debt | $1.7B | — | — | — | — | — | $632M | $618M | $597M | $571M |
| Total liabilities | $2.6B | $2.8B | $2.8B | $2.6B | $2.6B | $1.8B | $1.5B | $1.4B | $1.4B | $1.4B |
| Shareholders' equity | $2.8B | $3.1B | $3.1B | $1.5B | $747M | $896M | $892M | $849M | $765M | $866M |
| Net debt | $1.6B | -$60M | -$25M | -$113M | -$1.1B | -$387M | $623M | $545M | $367M | $195M |
Cash flow
Fiscal years, from Mednax's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $444M | $511M | $314M | $358M | $205M | $77M | $167M | $137M | $207M | $271M |
| Stock-based compensation | $34M | $29M | $37M | $33M | $39M | $19M | $16M | $12M | $12M | $18M |
| Share buybacks (net) | -$62M | -$70M | -$302M | -$145M | -$8M | -$5M | -$89M | -$919,000 | -$2M | -$87M |
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What was Mednax's revenue in 2025?
$1.9B in fiscal 2025, from its 10-K filing.
From Mednax's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.