Revenue growth remains highly inconsistent with a recent 4.92% year-over-year contraction, while structural labor costs continue to constrain gross margins to 22.4% as of 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 1.93B | 1.91B | 2.01B | 1.99B | 1.97B | 1.91B | 1.73B | 1.78B | 3.65B | 3.46B | 3.18B | 2.78B | 2.44B | 2.15B | 1.82B | 1.59B | 1.4B | 1.29B | 1.07B | 917.64M | 818.55M | 693.7M | 619.63M | 551.2M | 465.48M | 354.6M | 243.07M | 227M | 185.4M | 128.9M | 80.8M |
| Revenue Growth % | -2.25% | -4.92% | 0.92% | 1.15% | 3.18% | 10.22% | -2.57% | -51.2% | 5.46% | 8.64% | 14.5% | 13.98% | 13.23% | 18.57% | 14.38% | 13.32% | 8.79% | 20.59% | 16.42% | 12.11% | 18% | 11.95% | 12.42% | 18.41% | 31.27% | 45.88% | 7.08% | 22.44% | 43.83% | 59.53% | 84.05% |
| Cost of Goods Sold | 1.44B | 1.44B | 1.56B | 1.57B | 1.5B | 1.4B | 1.28B | 1.28B | 2.66B | 2.46B | 2.15B | 1.85B | 1.63B | 1.44B | 1.2B | 1.04B | 912.43M | 835.73M | 688.21M | 567.38M | 501.55M | 27.68M | 24.25M | 18.59M | 15.79M | 0 | 26.68M | 21.1M | 14.1M | 9.8M | 6.3M |
| COGS % of Revenue | - | 75.34% | 77.43% | 78.87% | 76.32% | 73.15% | 74.09% | 71.73% | 72.87% | 71.08% | 67.53% | 66.62% | 66.93% | 67.02% | 66.21% | 65.31% | 65.1% | 64.87% | 64.42% | 61.83% | 61.27% | 3.99% | 3.91% | 3.37% | 3.39% | - | 10.97% | 9.3% | 7.61% | 7.6% | 7.8% |
| Gross Profit | 492.27M | 471.88M | 454.34M | 421.56M | 467.03M | 513.24M | 449.32M | 503.09M | 989.51M | 1B | 1.03B | 928.01M | 806.52M | 710.31M | 613.88M | 551.04M | 489.13M | 452.54M | 380.06M | 350.26M | 317M | 666.02M | 595.38M | 532.61M | 449.69M | 354.6M | 216.4M | 205.9M | 171.3M | 119.1M | 74.5M |
| Gross Margin % | 25.48% | 24.66% | 22.57% | 21.13% | 23.68% | 26.85% | 25.91% | 28.27% | 27.13% | 28.92% | 32.47% | 33.38% | 33.07% | 32.98% | 33.79% | 34.69% | 34.9% | 35.13% | 35.58% | 38.17% | 38.73% | 96.01% | 96.09% | 96.63% | 96.61% | 100% | 89.03% | 90.7% | 92.39% | 92.4% | 92.2% |
| Gross Profit Growth % | - | 3.86% | 7.78% | -9.74% | -9% | 14.23% | -10.69% | -49.16% | -1.06% | -3.24% | 11.37% | 15.06% | 13.54% | 15.71% | 11.4% | 12.66% | 8.09% | 19.07% | 8.51% | 10.49% | -52.4% | 11.87% | 11.78% | 18.44% | 26.82% | 63.86% | 5.1% | 20.2% | 43.83% | 59.87% | 84.41% |
| Operating Expenses | 263.11M | 240.79M | 523.06M | 414.24M | 294.35M | 310.32M | 351.19M | 331.33M | 543.66M | 519.98M | 461.84M | 370.14M | 293.52M | 258.18M | 224.36M | 215.65M | 176.22M | 163.61M | 826.25M | 129.36M | 118.53M | 518.36M | 439.15M | 395.72M | 337.62M | 296.16M | 191.53M | 161M | 122.4M | 86M | 54.5M |
| OpEx % of Revenue | - | 12.58% | 25.99% | 20.77% | 14.93% | 16.24% | 20.25% | 18.62% | 14.91% | 15.04% | 14.51% | 13.31% | 12.03% | 11.99% | 12.35% | 13.58% | 12.57% | 12.7% | 77.34% | 14.1% | 14.48% | 74.72% | 70.87% | 71.79% | 72.53% | 83.52% | 78.79% | 70.93% | 66.02% | 66.72% | 67.45% |
| Selling, General & Admin | 242.45M | 240.79M | 238.44M | 227.54M | 231.4M | 263.36M | 248.95M | 244.51M | 432.38M | 417.11M | 372.57M | 305.92M | 247.53M | 218.21M | 193.54M | 170.36M | 154.27M | 147.16M | 124.97M | 119.77M | 109.06M | 508.44M | 429.8M | 387.31M | 331.48M | 274.72M | 177.72M | 148.9M | 113.7M | 81.5M | 52.7M |
| SG&A % of Revenue | - | 12.58% | 11.85% | 11.41% | 11.73% | 13.78% | 14.36% | 13.74% | 11.86% | 12.06% | 11.7% | 11% | 10.15% | 10.13% | 10.65% | 10.73% | 11.01% | 11.42% | 11.7% | 13.05% | 13.32% | 73.29% | 69.36% | 70.27% | 71.21% | 77.47% | 73.11% | 65.59% | 61.33% | 63.23% | 65.22% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 2M | 0 | 284.62M | 186.7M | 62.95M | 46.97M | 102.24M | 86.82M | 111.28M | 102.88M | 89.26M | 64.23M | 45.99M | 39.97M | 30.82M | 25.29M | 21.95M | 16.45M | 13.07M | 9.59M | 9.47M | 9.91M | 9.35M | 8.4M | 6.13M | 21.44M | 13.81M | 12.1M | 8.7M | 4.5M | 1.8M |
| Operating Income | 229.17M | 231.09M | -68.71M | 7.32M | 172.69M | 202.92M | 98.13M | 171.76M | 445.85M | 480.08M | 571.69M | 557.87M | 513M | 452.13M | 389.52M | 355.39M | 312.91M | 288.93M | 242.03M | 220.9M | 198.47M | 147.67M | 156.22M | 136.89M | 112.08M | 58.44M | 24.87M | 44.9M | 48.9M | 33.1M | 20M |
| Operating Margin % | 11.86% | 12.07% | -3.41% | 0.37% | 8.76% | 10.62% | 5.66% | 9.65% | 12.22% | 13.88% | 17.96% | 20.07% | 21.03% | 20.99% | 21.44% | 22.38% | 22.33% | 22.43% | 22.66% | 24.07% | 24.25% | 21.29% | 25.21% | 24.83% | 24.08% | 16.48% | 10.23% | 19.78% | 26.38% | 25.68% | 24.75% |
| Operating Income Growth % | - | 436.3% | -1038.57% | -95.76% | -14.9% | 106.78% | -42.87% | -61.48% | -7.13% | -16.02% | 2.48% | 8.75% | 13.46% | 16.07% | 9.6% | 13.58% | 8.3% | 19.38% | 9.56% | 11.3% | 34.41% | -5.48% | 14.12% | 22.14% | 91.78% | 134.96% | -44.61% | -8.18% | 47.73% | 65.5% | 90.48% |
| EBITDA | 251.78M | 252.91M | -36.49M | 43.49M | 208.32M | 235.06M | 126.57M | 197.69M | 529.68M | 582.96M | 660.95M | 622.1M | 558.99M | 492.1M | 420.34M | 380.68M | 334.86M | 305.38M | 255.1M | 231.46M | 207.94M | 157.58M | 165.58M | 145.29M | 118.21M | 79.88M | 38.68M | 57M | 57.6M | 37.6M | 21.8M |
| EBITDA Margin % | 13.03% | 13.21% | -1.81% | 2.18% | 10.56% | 12.3% | 7.3% | 11.11% | 14.52% | 16.86% | 20.76% | 22.38% | 22.92% | 22.85% | 23.14% | 23.97% | 23.89% | 23.7% | 23.88% | 25.22% | 25.4% | 22.72% | 26.72% | 26.36% | 25.4% | 22.53% | 15.91% | 25.11% | 31.07% | 29.17% | 26.98% |
| EBITDA Growth % | 1097.01% | 793.16% | -183.89% | -79.12% | -11.38% | 85.72% | -35.97% | -62.68% | -9.14% | -11.8% | 6.25% | 11.29% | 13.59% | 17.07% | 10.42% | 13.68% | 9.65% | 19.71% | 10.21% | 11.31% | 31.96% | -4.83% | 13.96% | 22.91% | 47.99% | 106.5% | -32.14% | -1.04% | 53.19% | 72.48% | 100% |
| D&A (Non-Cash Add-back) | 22.61M | 21.83M | 32.23M | 36.17M | 35.64M | 32.15M | 28.44M | 25.93M | 83.83M | 102.88M | 89.26M | 64.23M | 45.99M | 39.97M | 30.82M | 25.29M | 21.95M | 16.45M | 13.07M | 10.56M | 9.47M | 9.91M | 9.35M | 8.4M | 6.13M | 21.44M | 13.81M | 12.1M | 8.7M | 4.5M | 1.8M |
| EBIT | 255.85M | 252.4M | -60.6M | -6.28M | 121.06M | 203.95M | 117.63M | 177.71M | 443.85M | 460.23M | 571.69M | 557.87M | 513M | 452.13M | 391.42M | 356.88M | 314.35M | 290.61M | 245.01M | 227.75M | 194.41M | 142.88M | 153.25M | 136.89M | 112.08M | 58.44M | 24.87M | 44.9M | 48.9M | 33.1M | 20M |
| Net Interest Income | -19.73M | -16.92M | -40.74M | -42.08M | -39.7M | -68.72M | -110.48M | -118.93M | -92.94M | -74.56M | -63.09M | -23.11M | -8.89M | -5.42M | -3.25M | -3.64M | -3.19M | -2.91M | -3.59M | -749K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 4.7M | 19.05M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 12.66M | 35.97M | 40.74M | 42.08M | 39.7M | 68.72M | 110.48M | 118.93M | 92.94M | 74.56M | 63.09M | 23.11M | 8.89M | 5.42M | 3.25M | 3.64M | 3.19M | 2.91M | 3.59M | 749K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -1.98M | -14.65M | -32.63M | -55.68M | -91.32M | -67.69M | -90.98M | -112.97M | 120.45M | -69.65M | -57.89M | -18.14M | -4.38M | -3.72M | -1.35M | -2.14M | -1.76M | -1.23M | -611K | 6.11M | 2.8M | 3.7M | -402K | -890K | -338K | -2.23M | -3.41M | -2.3M | -400K | 1.7M | 2M |
| Pretax Income | 227.19M | 216.43M | -101.34M | -48.36M | 81.37M | 135.23M | 7.15M | 58.78M | 368.84M | 410.42M | 513.8M | 539.73M | 508.62M | 448.41M | 388.17M | 353.25M | 311.15M | 287.7M | 241.42M | 227.01M | 201.28M | 146.58M | 155.82M | 136M | 111.74M | 56.21M | 21.46M | 42.6M | 48.5M | 34.8M | 22M |
| Pretax Margin % | 11.76% | 11.31% | -5.03% | -2.42% | 4.13% | 7.08% | 0.41% | 3.3% | 10.11% | 11.87% | 16.14% | 19.41% | 20.85% | 20.82% | 21.37% | 22.24% | 22.2% | 22.33% | 22.6% | 24.74% | 24.59% | 21.13% | 25.15% | 24.67% | 24% | 15.85% | 8.83% | 18.77% | 26.16% | 27% | 27.23% |
| Income Tax | 34.42M | 51.04M | -2.27M | 12.05M | 18.81M | 27.24M | 16.73M | 16.58M | 100.21M | 90.05M | 189.2M | 204.04M | 191.41M | 167.9M | 147.26M | 135.25M | 108.46M | 111.9M | 94.74M | 86.99M | 76.81M | 57.54M | 57.54M | 51.67M | 42.96M | 25.78M | 10.47M | 17.6M | 19.4M | 13.9M | 8.9M |
| Effective Tax Rate % | 15.15% | 23.58% | 2.24% | -24.92% | 23.11% | 20.14% | 234.02% | 28.2% | 27.17% | 21.94% | 36.82% | 37.8% | 37.63% | 37.44% | 37.94% | 38.29% | 34.86% | 38.89% | 39.24% | 38.32% | 38.16% | 39.26% | 36.93% | 37.99% | 38.45% | 45.87% | 48.8% | 41.31% | 40% | 39.94% | 40.45% |
| Net Income | 174.22M | 165.39M | -99.07M | -60.41M | 66.33M | 130.96M | -796.49M | -1.5B | 268.63M | 320.37M | 324.91M | 336.32M | 317.28M | 280.52M | 240.91M | 218M | 202.69M | 175.8M | 169.2M | 142.72M | 124.47M | 89.04M | 98.28M | 84.33M | 68.78M | 30.43M | 10.99M | 25M | 29.1M | 20.9M | 13.1M |
| Net Margin % | 9.02% | 8.64% | -4.92% | -3.03% | 3.36% | 6.85% | -45.93% | -84.15% | 7.37% | 9.26% | 10.21% | 12.1% | 13.01% | 13.02% | 13.26% | 13.73% | 14.46% | 13.65% | 15.84% | 15.55% | 15.21% | 12.84% | 15.86% | 15.3% | 14.78% | 8.58% | 4.52% | 11.01% | 15.7% | 16.21% | 16.21% |
| Net Income Growth % | 311.52% | 266.94% | -64% | -191.06% | -49.35% | 116.44% | 46.82% | -657.54% | -16.15% | -1.4% | -3.39% | 6% | 13.11% | 16.44% | 10.51% | 7.55% | 15.29% | 3.9% | 18.55% | 14.67% | 39.79% | -9.4% | 16.54% | 22.61% | 126.03% | 176.97% | -56.06% | -14.09% | 39.23% | 59.54% | 95.52% |
| Net Income (Continuing) | 174.22M | 165.39M | -99.07M | -60.41M | 62.56M | 107.99M | -9.58M | 42.21M | 258.61M | 305.44M | 324.6M | 335.69M | 317.2M | 280.52M | 240.91M | 218M | 202.69M | 175.8M | 146.68M | 140.02M | 122.11M | 87.51M | 96.19M | 84.33M | 68.78M | 30.43M | 10.99M | 25M | 29.1M | 20.9M | 13.1M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 3.77M | 22.95M | -786.91M | -1.54B | 147.12M | 14.93M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 22.52M | 2.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 205K | 232K | 0 | 0 | 0 | 0 | 318K | 947K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6.3M | 0 | 0 |
| EPS (Diluted) | 2.10 | 1.94 | -1.19 | -0.73 | 0.79 | 1.52 | -9.55 | -17.94 | 2.93 | 3.42 | 3.47 | 3.58 | 3.18 | 2.77 | 2.41 | 2.23 | 2.13 | 1.87 | 1.80 | 1.43 | 1.26 | 0.92 | 1.06 | 0.86 | 0.65 | 0.34 | 0.17 | 0.40 | 0.23 | 0.08 | 0.11 |
| EPS Growth % | 300.98% | 263.03% | -63.01% | -192.41% | -48.03% | 115.92% | 46.77% | -712.29% | -14.33% | -1.44% | -3.07% | 12.58% | 14.8% | 14.94% | 8.07% | 4.69% | 13.9% | 3.89% | 25.87% | 13.49% | 36.96% | -13.21% | 23.26% | 32.31% | 91.18% | 100% | -57.5% | 73.91% | 174.46% | -23.82% | 203.03% |
| EPS (Basic) | - | 1.94 | -1.19 | -0.72 | 0.80 | 1.52 | -9.31 | -17.78 | 2.95 | 3.42 | 3.47 | 3.59 | 3.30 | 2.77 | 2.41 | 2.23 | 2.17 | 1.87 | 1.85 | 1.48 | 1.30 | 0.95 | 1.09 | 0.89 | 0.67 | 0.36 | 0.18 | 0.40 | 0.24 | 0.09 | 0.11 |
| Diluted Shares Outstanding | 83.08M | 85.27M | 83.33M | 82.2M | 84.12M | 86.42M | 85.59M | 84.25M | 91.61M | 93.72M | 93.72M | 93.96M | 99.89M | 101.21M | 100.04M | 97.87M | 95.14M | 92.94M | 94.32M | 99.81M | 98.77M | 96.37M | 92.29M | 98.31M | 106.52M | 89.91M | 64.21M | 63.44M | 63.95M | 121.13M | 116.44M |
| Basic Shares Outstanding | 83.08M | 85.27M | 83.33M | 84.02M | 82.95M | 86.42M | 85.59M | 84.25M | 91.1M | 92.43M | 92.42M | 93.74M | 96.03M | 100.91M | 99.55M | 97.87M | 93.26M | 90.92M | 92.83M | 96.92M | 95.85M | 93.38M | 90.43M | 94.97M | 102.49M | 84.64M | 63.04M | 62.05M | 60.99M | 121.13M | 116.28M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Regulatory Reimbursement Compression
As reported in recent financial statements, Pediatrix experienced a revenue contraction of 4.92% year-over-year, reflecting ongoing portfolio rightsizing and persistent volume headwinds that challenge the company's ability to achieve consistent top-line expansion despite its specialized focus on high-acuity neonatal and maternal-fetal care services.
The revenue trajectory appears inconsistent, oscillating between modest growth and contraction as the firm navigates a post-divestiture environment. Investors should monitor whether the recent 3.9% growth in 2026Q1 represents a sustainable pivot or merely a temporary recovery from the prior year's depressed baseline.
Based on the provided income statement data, Pediatrix maintains a gross margin of 24.66%, which suggests that the company faces significant difficulty in decoupling its specialized labor costs from the relatively fixed reimbursement rates provided by third-party payers and government programs in the current healthcare landscape.
The margin profile indicates a high-variable-cost structure where physician compensation acts as a primary drag on profitability. Without a clear strategy to increase mid-level provider utilization, the company may struggle to expand margins beyond the current mid-teens range, leaving it vulnerable to inflationary wage pressures.
According to quarterly filings, Pediatrix's operating income has shown extreme volatility, swinging from a loss of $157.7M in 2024Q2 to a profit of $68.1M in 2025Q3, which indicates that corporate overhead and operational efficiencies are not yet scaling predictably with the company's core revenue base.
The lack of consistent operating leverage suggests that the firm's SG&A expenses remain sensitive to non-recurring charges and restructuring efforts. Analysts should investigate whether the recent stabilization in operating margins is a result of genuine cost discipline or simply the absence of large-scale impairment charges.
As evidenced by the historical income statement data, Pediatrix's net income has been frequently impacted by significant non-operating items and impairment charges, resulting in EPS fluctuations that make it difficult to discern the underlying profitability of the core neonatal and pediatric subspecialty service business.
The presence of stock-based compensation, which reached $4.7M in 2026Q1, further complicates the assessment of true economic earnings. Investors should be cautious of relying on GAAP net income as a proxy for operational health, given the historical tendency for large, non-recurring charges to distort bottom-line performance.
Quick answers to the most common questions about buying MD stock.
For fiscal year 2025, Pediatrix Medical Group, Inc. (MD) reported total revenue of $1.91B. This represents a 2268.6% increase compared to $80.8M in 1996.
Pediatrix Medical Group, Inc. (MD) is profitable, generating $165.4M in net income for the fiscal year ending 2025 with a net profit margin of 8.6%.
Pediatrix Medical Group, Inc. (MD) reported an operating income of $231.1M, resulting in an operating profit margin of 12.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Pediatrix Medical Group, Inc. (MD) generated $471.9M in gross profit for the year, representing a gross profit margin of 24.7%. This demonstrates the company's core pricing power and production efficiency.