RadNet (RDNT) Q4 2025 earnings summary

Executive summary

• Achieved record quarterly revenue of $547.7 million in Q4 2025, up 14.8% year-over-year, and record Adjusted EBITDA of $87.7 million, up 16.9%.

• Full-year 2025 revenue reached $2,040.2 million, an 11.5% increase, with Adjusted EBITDA of $300.2 million, up 7.4% from 2024.

• Digital Health segment revenue grew 48.2% in Q4 and 41.1% for the year, with significant expansion from acquisitions and AI product launches.

• Completed the acquisition of Gleamer, making DeepHealth the largest provider of radiology clinical AI solutions globally.

• Advanced imaging procedural volumes rose 14.1% in Q4, with same-center volumes up 9.6%.

Financial highlights

• Q4 2025 revenue increased 14.8% year-over-year to $547.7 million; Adjusted EBITDA rose 16.9% to $87.7 million.

• Full-year 2025 revenue was $2,040.2 million and Adjusted EBITDA $300.2 million.

• Digital Health Q4 revenue reached $27.9 million; full-year Digital Health revenue was $92.7 million.

• Adjusted EPS for Q4 was $0.23, up from $0.04 in Q4 2024; unadjusted Q4 net loss was $0.6 million.

• Year-end cash balance was $767 million, with net debt to Adjusted EBITDA leverage ratio at approximately 1.0x.

Outlook and guidance

• 2026 guidance projects 17%-19% imaging center revenue growth and 45%-55% Digital Health revenue growth.

• Free cash flow expected to grow 29%-41% from 2025 levels.

• ARR for Digital Health expected to approach or exceed $140 million by end of 2026, up from $75.4 million at end of 2025.

• Pro forma net leverage ratio post-acquisitions expected between 1.6x and 1.8x.

• Plan to open 11-13 new centers in 2026.