Earnings summaries and quarterly performance for Fresenius Medical Care.
Research analysts who have asked questions during Fresenius Medical Care earnings calls.
GD
Graham Doyle
UBS Group
6 questions for FMS
Also covers: ALC, PHG, SNN
HS
Hugo Solvet
BNP Paribas
6 questions for FMS
Also covers: GNNDY, PHG, QGEN
Hassan Al-Wakeel
Barclays Investment Bank
5 questions for FMS
Also covers: PHG, SNN
DA
David Adlington
JPMorgan Chase & Co.
4 questions for FMS
Also covers: ALC, PHG, SNN
FF
Falko Friedrichs
Deutsche Bank
4 questions for FMS
Also covers: EVO, PHG, SHTPY +1 more
JV
James Vane-Tempest
Jefferies Financial Group Inc.
4 questions for FMS
Also covers: AUPH, SGMO, SHTPY +1 more
MB
Marianne Bulot
Bank of America Corporation
3 questions for FMS
Also covers: SHTPY
OM
Oliver Metzger
ODDO BHF
3 questions for FMS
Also covers: GNNDY
Richard Felton
Goldman Sachs
3 questions for FMS
Also covers: ALC, PHG, SNN
Robert Davies
Morgan Stanley
3 questions for FMS
Also covers: GNNDY, PHG, SNN
VD
Veronika Dubajova
Citigroup
3 questions for FMS
Also covers: ALC, GNNDY, PHG +1 more
VL
Victoria Lambert
Berenberg
3 questions for FMS
Also covers: SHTPY
VC
Veronica Clark
Citi
2 questions for FMS
GN
Giang Nguyen
Citigroup Inc.
1 question for FMS
Also covers: PHG, SHTPY
LC
Lisa Clive
Sanford C. Bernstein & Co., LLC
1 question for FMS
Also covers: DVA, PHG, SNN
Recent press releases and 8-K filings for FMS.
Fresenius Medical Care Reports Strong Q4 and Full-Year 2025 Results, Outlines 2026 Outlook and Long-Term Strategy
FMS
Earnings
Guidance Update
Share Buyback
- Fresenius Medical Care delivered an outstanding FY 2025 performance, achieving the upper end of its financial outlook with a group margin of 11.3% and 27% operating income growth, while generating EUR 2.7 billion in operating cash flow and reducing its net leverage ratio to 2.5x at year-end. The Q4 2025 results were exceptional, with 8% organic revenue growth, 53% earnings growth, and a 13.9% margin.
- The company launched its FME Reignite 2030 strategy, carved out its Value Based Care business (generating over EUR 2 billion in revenue in 2025), and accelerated a EUR 1 billion share buyback program, repurchasing EUR 586 million in 2025. The FME25+ savings program achieved EUR 804 million in accumulated sustainable savings.
- For 2026, FMS anticipates a transition year with regulatory headwinds of EUR 150 million-EUR 200 million from the phasing out of TDAPA contributions and phosphate binders, and strategic investments of EUR 100 million-EUR 150 million, primarily for the 5008X rollout. Value Based Care is expected to see negative revenue growth of approximately EUR 300 million due to risk contracting changes, though without an impact on earnings.
- Looking ahead, Fresenius Medical Care targets an operating income compound annual growth rate of 3%-7% through 2028 and aims for a mid-teens operating income margin at the group level by 2030.
Feb 24, 2026, 1:00 PM
Fresenius Medical Care Reports Strong Q4 and Full-Year 2025 Results, Outlines 2026 Transition Year and Long-Term Strategy
FMS
Earnings
Guidance Update
Share Buyback
- Fresenius Medical Care delivered a milestone year in 2025, achieving the upper end of its financial outlook with a group margin of 11.3% and 27% operating income growth. The fourth quarter of 2025 saw 8% organic revenue growth and 53% earnings growth, leading to a 13.9% margin and 68% EPS growth.
- The company successfully executed its FME25+ transformation program, realizing EUR 804 million in sustainable savings to date, including EUR 238 million in 2025. It also accelerated a EUR 1 billion share buyback program, repurchasing EUR 586 million in 2025.
- Strategic initiatives included the launch of the FME Reignite strategy, carving out the Value-Based Care business (which generated over EUR 2 billion in revenue in 2025 and achieved its first break-even year with EUR 3 million positive operating income ), and the soft launch of the 5008X CAREsystem in the U.S..
- 2026 is anticipated as a transition year, marked by significant investments in the 5008X rollout and IT platforms, alongside expected regulatory headwinds of EUR 150 million-EUR 200 million and inflationary pressures of EUR 200 million-EUR 300 million. Despite this, the company targets an operating income growth CAGR of 3%-7% through 2028 and maintains its mid-teens operating income margin aspiration for 2030.
Feb 24, 2026, 1:00 PM
Fresenius Medical Care Reports Strong Q4 and Full-Year 2025 Results, Provides 2026 Outlook
FMS
Earnings
Guidance Update
Share Buyback
- Fresenius Medical Care delivered an exceptional fourth quarter 2025 performance with 8% organic revenue growth, 53% earnings growth, and a 13.9% margin, contributing to achieving the upper end of its 2025 financial outlook.
- For the full year 2025, the company achieved 27% operating income growth, a group margin of 11.3%, and EUR 804 million in sustainable savings from the FME25+ program. Net debt was reduced, improving the net leverage ratio to 2.5 times by year-end 2025, and EUR 586 million was repurchased through its share buyback program.
- The company initiated the FME Reignite 2030 strategy, carved out Value-Based Care as a third operating segment, and began the large-scale rollout of the 5008X CAREsystem in the U.S..
- For 2026, Fresenius Medical Care anticipates broadly flat revenue growth and operating income to remain at a consistent level, with a group margin target of 10.5%-12%, due to the phasing out of TDAPA benefits and costs associated with the 5008X rollout.
- Longer-term, the company targets an operating income compound annual growth rate of 3%-7% through 2028 and a mid-teens operating income margin at the group level by 2030.
Feb 24, 2026, 1:00 PM
Fresenius Medical Care Reports Strong 2025 Earnings and Provides 2026 Outlook
FMS
Earnings
Guidance Update
Share Buyback
- Fresenius Medical Care reported strong organic revenue growth of 8% and operating income growth of 27% (excluding special items) for the full year 2025, achieving an operating income margin of 11.3%.
- Earnings per share (EPS) grew by 44% (excluding special items) in 2025, and the company plans to propose a dividend of EUR 1.49 (+3%) for fiscal year 2025.
- The company is executing a EUR 1.0 billion share buyback program, with the first tranche of EUR 600 million completed in 2025, and its net leverage ratio improved to 2.5x at year-end 2025.
- For 2026, Fresenius Medical Care expects broadly flat revenue growth and anticipates operating income to remain on a consistent level, with a range between a positive and negative mid-single digit percent growth rate.
Feb 24, 2026, 12:00 PM
Fresenius Medical Care AG Reports Strong 2025 Earnings and Provides 2026 Outlook
FMS
Earnings
Guidance Update
Share Buyback
- Fresenius Medical Care AG reported full-year 2025 operating income (excluding special items) of EUR 2,212 million, a 27% increase at constant currency, reaching the upper end of its financial outlook, with a margin of 11.3%.
- Full-year 2025 basic earnings per share (excluding special items) grew by 44% to EUR 4.28.
- The company plans to propose a dividend of EUR 1.49 per share for fiscal year 2025 and is executing a EUR 1.0 billion share buyback program, with the first tranche of EUR 600 million completed in 2025.
- The net leverage ratio improved to 2.5x at the end of 2025, placing it at the lower end of the target corridor.
- For 2026, Fresenius Medical Care expects revenue growth to be broadly flat and operating income to remain on a consistent level (between a positive and negative mid-single digit percent growth rate), both at constant currency and excluding special items.
Feb 24, 2026, 11:00 AM
Fresenius Medical Care Reports Strong 2025 Results, Outlines 2026 Outlook and 2030 Strategy
FMS
Earnings
Guidance Update
Product Launch
- Fresenius Medical Care reported strong full-year 2025 results, with organic revenue increasing by 8%, reported operating income growing by 31%, and EPS growing by 44%, leading to an operating income margin of 11.3%.
- The FME25+ transformation program achieved EUR 804 million in sustainable savings by year-end 2025, exceeding its initial target, and is projected to deliver EUR 1.2 billion by 2027.
- The company introduced its new 2030 strategy, FME Reignite, aiming for an operating income margin in the mid-teens at the group level by 2030, and is targeting an operating income growth CAGR of 3%-7% through 2028.
- For 2026, the company forecasts broadly flat revenue growth and expects operating income to remain at a consistent level, with a group margin range of 10.5%-12%. This outlook includes EUR 100 million - EUR 150 million in investments for the large-scale U.S. rollout of the 5008X HDF system and IT harmonization.
- Fresenius Medical Care completed the first tranche of its EUR 1 billion share buyback program in 2025, repurchasing EUR 586 million in shares, and plans to propose a dividend of EUR 1.49 for the 2025 financial year.
Feb 24, 2026, 9:00 AM
Fresenius Medical Care Reports Strong 2025 Results, Provides Cautious 2026 Outlook and Long-Term Aspirations
FMS
Earnings
Guidance Update
Product Launch
- Fresenius Medical Care reported strong full-year 2025 results, with organic revenue increasing by 8%, reported operating income growing by 31%, and earnings per share growing by 44%. The company also achieved EUR 804 million in sustainable savings from its FME25+ program, exceeding its original target.
- The company completed the first tranche of its EUR 1 billion share buyback program, repurchasing EUR 586 million in shares in 2025, and proposed a dividend of EUR 1.49 for the 2025 financial year, a 3% increase from 2024.
- For 2026, Fresenius Medical Care anticipates broadly flat revenue growth and expects operating income to remain on a consistent level, with a margin range of 10.5%-12% at the group level, citing 2026 as a "transition year" due to phasing out TDAPA regulations and significant investments.
- The company is investing EUR 100 million-EUR 150 million in 2026 for the large-scale rollout of the 5008X HDF machine in the U.S. and IT platform harmonization, with approximately half of this dedicated to HDF.
- Looking ahead, Fresenius Medical Care targets an operating income CAGR of 3%-7% through 2028 and an operating income margin in the mid-teens at the group level by 2030.
Feb 24, 2026, 9:00 AM
Fresenius Medical Care Reports Strong 2025 Results and Outlines 2026 Outlook and Strategic Investments
FMS
Earnings
Guidance Update
Product Launch
- Fresenius Medical Care reported strong full-year 2025 results, with organic revenue increasing by 8%, reported operating income growing by 31%, and earnings per share (EPS) growing by 44%. The operating income margin rose to 11.3%, and net leverage improved to 2.5x.
- The company exceeded its FME25+ sustainable savings target, achieving EUR 804 million by year-end 2025 and is on track to deliver EUR 1.2 billion by 2027. They also completed the first tranche of their EUR 1 billion share buyback program, repurchasing EUR 586 million in shares in 2025.
- For 2026, the company anticipates broadly flat revenue growth and expects operating income to remain at a consistent level, implying a group margin range of 10.5%-12%. This outlook includes significant investments of EUR 100 million-EUR 150 million for the large-scale US launch of the 5008X machine and IT harmonization, alongside regulatory headwinds.
- Fresenius Medical Care introduced the 5008X CAREsystem in the US in 2025 and plans a large-scale rollout in 2026, transitioning approximately 36,000 patients to HDF therapy. The company also set aspirations for a 3%-7% compound annual growth rate (CAGR) in operating income through 2028 and a mid-teens operating income margin at group level by 2030.
Feb 24, 2026, 9:00 AM
Fresenius Medical Care Reports Strong Q4 2025 Results and 2026 Guidance
FMS
Earnings
Guidance Update
Dividends
- Fresenius Medical Care concluded 2025 with Q4 net income of EUR 327 million (EUR 1.14 per share) and revenue of EUR 5.07 billion. For the full year, adjusted operating income reached EUR 2.212 billion on revenue of EUR 19.628 billion.
- The company proposes a EUR 1.49 per-share dividend, representing a 3% increase. For 2026, Fresenius Medical Care anticipates revenue to be broadly flat and adjusted operating income to remain roughly in a mid-single-digit plus/minus range.
- Management attributes the improved performance to its FME Reignite strategy and FME25+ transformation, which generated EUR 238 million of sustainable savings in 2025 and has accumulated EUR 804 million in sustainable savings to date. An additional EUR 150 million in savings is expected, targeting a total of EUR 1.2 billion by end-2027.
- The company also initiated a soft launch of its HVHDF-capable 5008X CAREsystem in select U.S. clinics in 2025, with plans to replace approximately 20% of its dialysis machines annually to enhance patient access.
Feb 23, 2026, 7:06 PM
Fresenius Medical Care Discusses Strategy, Financial Performance, and 2026 Transition at J.P. Morgan Conference
FMS
Guidance Update
Share Buyback
Product Launch
- Fresenius Medical Care (FMS) reported a significant improvement in operating performance, with its operating margin increasing from 7.9% at the end of 2022 to 10.3% through the first nine months of 2025. The company expects to be at the very top end of its revenue growth range for 2025 and confirmed operating income guidance of high teens to high twenties% growth.
- The FME25+ transformation program's sustainable savings target was increased to €1 billion and €50 million through 2027, having already delivered €790 million in 2025.
- A €1 billion share buyback program was initiated in June 2025, with €585 million already used to repurchase 4.8% of total share capital by December 2025, and full completion expected by May 2026.
- 2026 is designated as a transition year due to the large-scale 5008X rollout in the U.S., which will incur mid- to high double-digit million EUR in OpEx headwinds. The company plans to convert around 20% of its clinics' machines in 2026.
Jan 13, 2026, 7:15 PM
Quarterly earnings call transcripts for Fresenius Medical Care.
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