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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Fresenius Medical Care
Fresenius Medical Care (FME) investor relations material
Fresenius Medical Care Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary3 Nov, 2026
Executive summary
Q3 revenue was €4,937m, up 1% reported, down 1% at constant currency and up 0.1% organically; adjusted operating income fell 5% reported and 6% at constant currency.
Reported operating income declined 19% to €384m and shareholder net income fell 42% to €160m, with China strategy and other special-item costs affecting results.
FY2026 revenue outlook remained broadly flat; operating income guidance narrowed to flat through negative mid-single-digit growth at constant currency, excluding special items.
Financial highlights
Q3 adjusted operating income was €545m versus €574m, with an 11.0% margin versus 11.7%; reported operating margin was 7.8% versus 9.8%.
Q3 adjusted net income attributable to shareholders was €291m versus €322m; 9M reported net income was €496m, while adjusted net income was €844m versus €836m.
9M revenue was €14,409m, down 1% reported and up 2% at constant currency; adjusted operating income was €1,581m, up 5% reported and 8% at constant currency.
Q3 operating cash flow rose 8% to €798m and free cash flow increased 3% to €564m; 9M operating cash flow was €1,885m and free cash flow €1,229m.
Q3 special items totaled €161m for operating income and €131m for shareholder net income; China strategy refinement costs were €108m.
Outlook and guidance
FY2026 revenue is expected to remain broadly flat and operating income to range from flat to negative mid-single-digit growth, at constant currency and excluding special items.
FY2026 TDAPA headwind is expected at €50m; Q4 headwind is estimated at €140m after a Q3 headwind slightly above €60m.
FY2027 TDAPA-related and base-business pressures are expected to create a €300m–€350m operating income headwind versus 2026; detailed guidance is due in February.
FY2026 inflation headwinds are expected to exceed the previously stated €300m upper end; FME25+ savings remain on track at €250m for the year.
FME25+ is expected to deliver €250m of savings and €350m of related one-time costs in 2026; cumulative savings target is €1.2bn by end-2027.
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Latest events from Fresenius Medical Care
- Revenue guidance fell to 5–7%, while 2018 earnings-growth guidance held at 13–15%.FME
Q1 2018 - Revenue grew, but COVID mortality and higher costs cut earnings; 2022 guidance held.FMEQ1 2022
- Q3 growth continued as 9M reported earnings absorbed the prior-year divestiture comparison.FMEQ3 2019
- COVID-19 and inflation pressured earnings, while 2021 guidance stayed intact at its lower end.FMEQ3 2021
- Revenue grew 9%, but COVID-19 costs and uneven regional profits clouded the outlook.FMEQ1 2020
- Constant-currency revenue grew in Q2, but COVID-19 pressures drove steep earnings declines.FMEQ2 2021
- Nine-month earnings grew, FY 2020 targets held, and COVID-19’s net impact was immaterial.FMEQ3 2020
- Q2 adjusted operating income rose 23% as outlook held amid volume and cost pressures.FMEQ2 2026
- Organic growth and adjusted earnings improved as reported results faced transformation costs; FY 2026 guidance held.FMEQ1 2026
Next Fresenius Medical Care earnings date
Q4 202623 Feb, 2027
Fresenius Medical Care
Next Fresenius Medical Care earnings date
Q4 202623 Feb, 2027
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Frequently asked questions
Fresenius Medical Care AG & Co. KGaA operates dialysis centers in Germany, North America, and internationally. It offers services for treatment of chronic kidney disease, including hemodialysis and peritoneal dialysis. The company integrates health care for people with chronic kidney failure through its offering of inpatient and outpatient care, which includes the use of advanced technologies, including the Hemodialysis Integrated Technology system from Fresenius, regenerative medicine products from Ageneron, and blood purification products from AlloMap. Fresenius Medical Care AG & Co. KGaA was incorporated in 1996 and is headquartered in Bad Homburg, Germany.