RadNet (RDNT) financial statements
RadNet reported revenue of $2.0B in fiscal 2025, up 9.7% a year over 9 years.
Net income was -$19M and the operating margin 3.0%, against 4.4% in 2016.
The diluted share count rose 61% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from RadNet's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $885M | $922M | $975M | $1.2B | $1.1B | $1.3B | $1.4B | $1.6B | $1.8B | $2.0B |
| Cost of revenue | $776M | $802M | $868M | $1000M | — | — | — | — | — | — |
| Gross profit | $109M | $120M | $108M | $154M | — | — | — | — | — | — |
| Operating income | $38M | $50M | $31M | $70M | $36M | $83M | $46M | $99M | $105M | $62M |
| Interest expense | $21,000 | $41M | $43M | $48M | $46M | $49M | $51M | $64M | $80M | $70M |
| Pre-tax income | $12M | $26M | $39M | $30M | -$854,000 | $59M | $43M | $39M | $45M | $32M |
| Income tax | $4M | $24M | $394,000 | $6M | $895,000 | $15M | $9M | $8M | $6M | $15M |
| Net income | $7M | $53,000 | $32M | $15M | -$15M | $25M | $11M | $3M | $3M | -$19M |
| EPS (diluted) | $0.15 | $0.00 | $0.66 | $0.29 | -$0.29 | $0.46 | $0.17 | $0.05 | $0.04 | -$0.25 |
| Diluted shares | 47M | 47M | 49M | 50M | 51M | 53M | 57M | 65M | 75M | 75M |
| Gross margin | 12.3% | 13.0% | 11.0% | 13.4% | — | — | — | — | — | — |
| Operating margin | 4.4% | 5.4% | 3.2% | 6.1% | 3.3% | 6.3% | 3.2% | 6.1% | 5.7% | 3.0% |
| Net margin | 0.8% | 0.0% | 3.3% | 1.3% | -1.4% | 1.9% | 0.7% | 0.2% | 0.2% | -0.9% |
Balance sheet
Fiscal years, from RadNet's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $21M | $51M | $10M | $40M | $102M | $135M | $128M | $343M | $740M | $767M |
| Receivables | $164M | $156M | $149M | $155M | $130M | $135M | $166M | $164M | $186M | $200M |
| Total current assets | $218M | $235M | $209M | $241M | $270M | $324M | $367M | $579M | $1.0B | $1.0B |
| Property, plant and equipment | $248M | $244M | $346M | $368M | $399M | $484M | $566M | $604M | $695M | $808M |
| Goodwill | $240M | $257M | $418M | $442M | $473M | $514M | $678M | $679M | $711M | $908M |
| Total assets | $849M | $869M | $1.1B | $1.6B | $1.8B | $2.1B | $2.4B | $2.7B | $3.3B | $3.8B |
| Total current liabilities | $155M | $192M | $240M | $327M | $398M | $375M | $467M | $437M | $480M | $587M |
| Long-term debt | $648M | $621M | $675M | $706M | $613M | $743M | $839M | $812M | $992M | $1.1B |
| Total liabilities | $797M | $799M | $909M | $1.4B | $1.5B | $1.7B | $1.9B | $1.9B | $2.2B | $2.4B |
| Shareholders' equity | $52M | $62M | $127M | $152M | $166M | $229M | $333M | $631M | $902M | $1.1B |
| Net debt | $654M | $604M | $665M | $666M | $551M | $620M | $724M | $487M | $276M | $323M |
Cash flow
Fiscal years, from RadNet's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $92M | $142M | $117M | $104M | $234M | $149M | $146M | $221M | $233M | $299M |
| Capital spending | $59M | $61M | $72M | $74M | — | — | — | — | — | — |
| Free cash flow | $32M | $81M | $45M | $30M | — | — | — | — | — | — |
| Stock-based compensation | $6M | $7M | $8M | $9M | $12M | $25M | $24M | $27M | $30M | $55M |
| Net borrowing | $7M | -$197M | -$34M | $56M | -$43M | $98M | $94M | -$41M | $864M | $99M |
| Free cash flow margin | 3.7% | 8.8% | 4.6% | 2.6% | — | — | — | — | — | — |
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What was RadNet's revenue in 2025?
$2.0B in fiscal 2025, from its 10-K filing.
From RadNet's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.