# EDGAR Filing Document

**Accession Number:** 0000910329
**File Stem:** 0001628280-26-008641
**Filing Date:** 2026-2
**Character Count:** 21976
**Document Hash:** eb3cedd99264d941089163b007c63bb6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-26-008641.hdr.sgml**: 20260217

**ACCESSION NUMBER**: 0001628280-26-008641

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20260217

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260217

**DATE AS OF CHANGE**: 20260217

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MEDIFAST INC
- **CENTRAL INDEX KEY:** 0000910329
- **STANDARD INDUSTRIAL CLASSIFICATION:** MISCELLANEOUS FOOD PREPARATIONS & KINDRED PRODUCTS [2090]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 133714405
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-31573
- **FILM NUMBER:** 26642797

**BUSINESS ADDRESS:**
- **STREET 1:** 100 INTERNATIONAL DRIVE
- **STREET 2:** 18TH FLOOR
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21202
- **BUSINESS PHONE:** 4105818042

**MAIL ADDRESS:**
- **STREET 1:** 100 INTERNATIONAL DRIVE
- **STREET 2:** 18TH FLOOR
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HEALTHRITE INC
- **DATE OF NAME CHANGE:** 19951120

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** XX
- **DATE OF NAME CHANGE:** 19950619

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** 00
- **DATE OF NAME CHANGE:** 19950619

?xml version='1.0' encoding='ASCII'? med-20260217

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**_____________________________________**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of**

**The Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported): **February 17, 2026**

**MEDIFAST, INC.**

(Exact name of registrant as specified in its charter)

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| | | |
|:---|:---|:---|
| **<u>Delaware</u>**<br>(State or other<br>jurisdiction of incorporation) | **<u>001-31573</u>**<br>(Commission<br>File Number) | **13-3714405**<br>(I.R.S. Employer<br>Identification No.) |

---

**<u>100 International Drive, Baltimore, Maryland 21202</u>**

(Address of Principal Executive Offices) (Zip Code)

Registrant's telephone number, including area code: **<u>(410) 581-8042</u>**

**<u>N/A</u>**

(Former Name or Former Address, if Changed Since Last Report)

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Title of each class | &nbsp;&nbsp;Trading Symbol | &nbsp;&nbsp;Name of each exchange on which registered |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stock, par value $0.001 per share | &nbsp;&nbsp;MED | &nbsp;&nbsp;New York Stock Exchange |

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (*see* General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

---

| | |
|:---|:---|
| Emerging growth company | ☐ |
| If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | □ |

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**Item 2.02.&nbsp;&nbsp;&nbsp;&nbsp;Results of Operations and Financial Condition.**

On February 17, 2026, Medifast, Inc. (the "Company") issued a press release announcing its earnings for the fourth quarter and fiscal year ended December 31, 2025.

A copy of the press release is being furnished as Exhibit 99.1 attached hereto and is incorporated by reference herein. This information is being furnished in this report and shall not be deemed to be "filed" for any purpose, including for the purpose of Section 18 of the Securities and Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1993, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

**Item 9.01.&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits.**

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| | | |
|:---|:---|:---|
| (d) | *Exhibits.* | *Exhibits.* |
| | 99.1 | <u>[Medifast Announces Fourth Quarter and Full Year 2025 Financial Results](medq42025earningsrelease.htm)</u> |
| | 104.1 | Cover Page Interactive Data File (embedded within the Inline XBRL Document) |

---

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Signature

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | |
|:---|:---|:---|
| | MEDIFAST, INC. | MEDIFAST, INC. |
| | By: | /s/ James P. Maloney |
| | | James P. Maloney |
| | | Chief Financial Officer |
| Dated: February 17, 2026 |  |  |

---

## Exhibit 99.1

![image_3.jpg](image_3.jpg)

**Medifast Announces Fourth Quarter and Full Year 2025 Financial Results** 

February 17, 2026

BALTIMORE--(BUSINESS WIRE)--Medifast (NYSE: MED), the health and wellness company known for its science-backed, coach-guided lifestyle system, today reported results for the fourth quarter and full year ended December 31, 2025.

**Fourth Quarter 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Revenue of $75.1 million, with revenue per active earning coach of $4,664

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Independent active earning coaches of 16,100

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net loss of $18.1 million, or $1.65 per diluted share ("EPS"), which includes the tax provision charge to establish a non-cash valuation allowance on the Company's deferred tax balance of $12.1 million (or $1.10 per diluted share)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cash, cash equivalents, and investment Securities of $167.3 million and no debt

**Full Year 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Revenue of $385.8 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net loss of $18.7 million, or $1.70 per diluted share, which includes the tax provision charge to establish a non-cash valuation allowance on the Company's deferred tax balance of $12.1 million (or $1.10 per diluted share)

"As we enter 2026, Medifast is moving from defining its business transformation strategy to executing on a new path to growth, leading to profitability as we become wholly focused on optimal metabolic health," said Dan Chard, Chairman and Chief Executive Officer of Medifast.

"In the fourth quarter, we saw coach productivity turn positive year-over-year for the first time since 2022, which has historically been a lead indicator of broader improvement. We also saw a significant increase in coach-led meetings, an indication our coach base is energized and dialed-in to the opportunities ahead. Our foundational work of the past two years has established a direction for future growth, and with these plans in place, we are reinstating annual guidance as we execute against the path we are on to become a metabolic health company."

**Fourth Quarter 2025 Results**

Fourth quarter 2025 revenue decreased 36.9% to $75.1 million from $119.0 million for the fourth quarter of 2024 primarily driven by a decrease in the number of active earning coaches. The total number of active earning coaches decreased 40.6% to 16,100 compared to 27,100 for the fourth quarter of 2024. The decrease in the number of active earning coaches was driven by continued pressure with client acquisition reflecting broader challenges in the operating environment, including rapid adoption of GLP-1 medications for weight loss. The average revenue per active earning coach was $4,664, compared to $4,391 for the fourth quarter last year, an increase of 6.2% which was driven by greater alignment of the company's network of coaches, prioritizing productive coaches and efficient coach network structures.

------

![image_3.jpg](image_3.jpg)

Gross profit decreased 40.9% to $52.1 million from $88.2 million for the fourth quarter of 2024. The decrease in gross profit was primarily due to lower revenue. The company's gross profit as a percentage of revenue was 69.4% compared to 74.1% in the fourth quarter of 2024. The decrease in gross profit as a percentage of revenue was primarily driven by the loss of leverage on fixed costs of 420 basis points and a one-time restructuring charge of 40 basis points.

Selling, general, and administrative expenses ("SG&A") decreased 31.5% to $59.9 million compared to $87.5 million for the fourth quarter of 2024. The decrease in SG&A was primarily due to a $18.6 million decrease in coach compensation due to lower sales volumes and a decrease in the number of active earning coaches, a $5.8 million decrease in company-led marketing related expenses, and a $4.2 million decrease resulting from the realignment of the employee base to lower revenue levels, partially offset by a $1.9 million increase due to a one-time restructuring charge and a $1.6 million increase in coach events costs. As a percentage of revenue, SG&A increased 630 basis points year-over-year to 79.8% of revenue, as compared to 73.5% for the fourth quarter of 2024. The increase in SG&A as a percentage of revenue was primarily due to 370 basis points of loss of leverage on fixed costs, a 300 basis point increase for increased coach event costs, and a 250 basis point increase due to a one-time restructuring charge, partially offset by 440 basis points of reduced company-led marketing related expenses.

Loss from operations was $7.8 million compared to income from operations of $0.7 million in the prior year period. As a percentage of revenue, loss from operations was 10.4% for the fourth quarter of 2025 compared to income from operations of 0.6% in the prior-year period due to the factors described above impacting revenue and SG&A expenses.

Other income increased 151.1% to $1.4 million from $0.6 million for the fourth quarter of 2024. The increase in other income was primarily due to unrealized losses on the investment in LifeMD common stock in the prior period. The company sold its investment in LifeMD during the three months ended June 30, 2025.

The effective tax rate was negative 183.9% for the fourth quarter of 2025 compared to 37.3% in the prior-year period, primarily due to establishing a $12.1 million non-cash valuation allowance against the Company's deferred tax assets in the current period.

In the fourth quarter of 2025, net loss was $18.1 million, or $1.65 loss per diluted share, based on approximately 11.0 million shares of common stock outstanding. In the fourth quarter of 2024, net income was $0.8 million, or $0.07 per diluted share, based on approximately 10.9 million shares of common stock outstanding. The $12.1 million non-cash valuation allowance represents $1.10 of current period loss on a per share basis.

**Full Year Fiscal 2025 Results**

For the fiscal year ended December 31, 2025, revenue decreased 36.0% to $385.8 million compared to revenue of $602.5 million in 2024. Net loss for 2025 was $18.7 million, or $1.70 loss per diluted share, based on approximately 11.0 million shares outstanding. This compares to 2024 net income of $2.1 million, or $0.19 per diluted share, based on approximately 11.0 million shares outstanding. The $12.1 million non-cash valuation allowance represents $1.10 of current period loss on a per share basis.

**Capital Allocation and Balance Sheet**

The company's balance sheet remains strong with cash, cash equivalents, and investment securities of $167.3 million and no interest-bearing debt as of December 31, 2025, compared to $162.3 million in cash

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![image_3.jpg](image_3.jpg)

and cash equivalents and no debt at December 31, 2024. Working capital as defined as current assets less current liability as of December 31, 2025 was 158.7 million, compared to $150.2 million of working capital at December 31, 2024.

**Outlook**

The company expects first quarter 2026 revenue to be in the range of $65 million to $80 million and first quarter 2026 loss per share to range from $0.15 to $0.70. The company expects full year 2026 revenue to be in the range of $270 million to $300 million and full year 2026 loss per share to range from $1.55 to $2.75.

**Conference Call Information**

The conference call is scheduled for today, Tuesday, February 17, 2026 at 4:30 PM ET. The call will be broadcast live over the Internet, hosted on the Investor Relations section of Medifast's website at www.MedifastInc.com or directly at https://viavid.webcasts.com/starthere.jsp?ei=1749244&tp_key=cd37227dbd and will be archived online and available through May 17, 2026. In addition, listeners may dial (201) 389-0879 to join via telephone.

A telephonic playback will be available from February 17, 2026 at 7:30 PM ET through Tuesday, February 24, 2026 at 11:59 PM ET. Participants can dial (412) 317-6671 and enter passcode 13758136 to hear the playback.

**<u>About Medifast</u>**<sup>®</sup>**:**<br> Medifast (NYSE: MED) is the health and wellness company known for its science-backed, coach-guided lifestyle system. Designed to help address the challenges of metabolic dysfunction, the company's holistic approach integrates personalized plans, scientifically developed products and a framework for habit creation — all supported by a dedicated network of independent coaches.

Driven to improve metabolic health through advanced science and comprehensive behavioral support, Medifast has introduced Metabolic Synchronization™, a breakthrough science that reverses metabolic dysfunction through a targeted reset. Research demonstrates the company's comprehensive system activates strong and targeted fat burn to enhance metabolic health and body composition by reducing visceral fat, preserving lean mass and protecting muscle integrity.

Backed by more than 40 years of clinical heritage, Medifast continues to advance its mission of Lifelong Transformation, Making Healthy Lifestyle Second Nature®. For more information, visit Medifastinc.com.

MED-F

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![image_3.jpg](image_3.jpg)

**Forward Looking Statements**

Please Note: This release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements generally can be identified by use of phrases or terminology such as "intend," "anticipate," "expect" or other similar words or the negative of such terminology. Similarly, descriptions of Medifast's objectives, strategies, plans, goals, outlook or targets contained herein are also considered forward-looking statements. These statements are based on the current expectations of the management of Medifast and are subject to certain events, risks, uncertainties and other factors. Some of these factors include, among others, Medifast's inability to maintain and grow the network of independent coaches; industry competition and new weight loss products, including weight loss medications such as GLP-1s, or services; Medifast's health or advertising related claims by clients; Medifast's inability to continue to develop new products; effectiveness of Medifast's advertising and marketing programs, including use of social media by coaches; effectiveness of the Company's strategic pivot towards metabolic health; the departure of one or more key personnel; Medifast's inability to protect against online security risks and cyberattacks; competitors use of artificial intelligence to make their offer more competitive; risks associated with Medifast's direct-to-consumer business model; disruptions in Medifast's supply chain; product liability claims; adverse publicity associated with Medifast's products; the impact of existing and future laws and regulations on Medifast's business; fluctuations of Medifast's common stock market price; increases in litigation; actions of activist investors; the consequences of other geopolitical events, overall economic and market conditions and the resulting impact on consumer sentiment and spending patterns; and Medifast's ability to prevent or detect a failure of internal control over financial reporting. Although Medifast believes that the expectations, statements and assumptions reflected in these forward-looking statements are reasonable, it cautions readers to always consider all of the risk factors and any other cautionary statements carefully in evaluating each forward-looking statement in this release, as well as those set forth in its Annual Report on Form 10-K for the fiscal year ended December 31, 2025, and other filings filed with the United States Securities and Exchange Commission, including its quarterly reports on Form 10-Q and current reports on Form 8-K. All of the forward-looking statements contained herein speak only as of the date of this release.

**Investor Contact:**

Medifast, Inc.

Steven Zenker

<u>InvestorRelations@medifastinc.com</u>

(443) 379-5256

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![image_3.jpg](image_3.jpg)

**MEDIFAST, INC. AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)**

**(U.S. dollars in thousands, except per share amounts & dividend data)**

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended December 31,** | **Three months ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| | **2025** | **2024** | **2025** | **2024** |
| Revenue | $75096 | $119003 | $385788 | $602463 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of sales | 22956 | 30784 | 110601 | 157840 |
| **Gross profit** | **52140** | **88219** | **275187** | **444623** |
| Selling, general, and administrative | 59943 | 87510 | 289400 | 441745 |
| **Income (loss) from operations** | **(7803)** | **709** | **(14213)** | **2878** |
| Other income |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest income | 1420 | 953 | 5516 | 4804 |
| &nbsp;&nbsp;&nbsp;Other income (expense) | 1 | (387) | 3058 | (3895) |
|  | 1421 | 566 | 8574 | 909 |
| **Income (loss) from operations before income taxes** | **(6382)** | **1275** | **(5639)** | **3787** |
| Provision for income taxes | 11737 | 475 | 13033 | 1696 |
| **Net income (loss)** | $**(18119)** | $**800** | $**(18672)** | $**2091** |
| &nbsp;&nbsp;&nbsp;Earnings (loss) per share - basic | $(1.65) | $0.07 | $(1.70) | $0.19 |
| &nbsp;&nbsp;&nbsp;Earnings (loss) per share - diluted | $(1.65) | $0.07 | $(1.70) | $0.19 |
| Weighted average shares outstanding |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic | 10991 | 10938 | 10981 | 10930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted | 10991 | 10983 | 10981 | 10963 |

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![image_3.jpg](image_3.jpg)

**MEDIFAST, INC. AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)**

**(U.S. dollars in thousands, except par value)**

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| | | |
|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2024** |
| **ASSETS** | | |
| &nbsp;&nbsp;**Current Assets** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $89303 | $90928 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories, net | 20228 | 42421 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments | 77970 | 71416 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income taxes, prepaid | 5116 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 9066 | 9639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total current assets** | **201683** | **214404** |
| &nbsp;&nbsp;Property, plant and equipment - net of accumulated depreciation | 31230 | 37527 |
| &nbsp;&nbsp;Right-of-use assets | 7232 | 11155 |
| &nbsp;&nbsp;Other assets | 7828 | 9667 |
| &nbsp;&nbsp;Deferred tax assets, net |  | 11460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS** | $**247973** | $**284213** |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |
| &nbsp;&nbsp;**Current Liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | $38359 | $56494 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income taxes payable |  | 1485 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current lease obligations | 4603 | 6182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total current liabilities** | **42962** | **64161** |
| &nbsp;&nbsp;Lease obligations, net of current lease obligations | 6091 | 9943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | **49053** | **74104** |
| &nbsp;&nbsp;Commitments |  |  |
| &nbsp;&nbsp;**Stockholders' Equity** |  |  |
| &nbsp;&nbsp;Common stock, par value 0.001 per share: 20,000 shares authorized; |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,991 and 10,938 issued and outstanding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;at December 31, 2025 and December 31, 2024 | 11 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 40406 | 33136 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income | 234 | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | 158269 | 176782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total stockholders' equity** | **198920** | **210109** |
| **TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY** | $**247973** | $**284213** |

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