Fresenius Medical Care (FME) Q4 2025 earnings summary

Executive summary

• Achieved significant profitability improvement in 2025, with operating income up 27% year-over-year to €2,212 million, reaching the upper end of the financial outlook and a margin of 11.3%.

• Net income attributable to shareholders rose 82% to €978 million, with EPS up 83% to €3.36.

• Revenue grew 5% year-over-year to €19,628 million, driven by strong organic growth in Value-Based Care and Care Delivery segments.

• FME25+ transformation program exceeded savings targets, delivering €804 million in sustainable savings by 2025.

• Launched FME Reignite 2030 strategy, focusing on accelerated innovation, growth, and industry-leading margins.

Financial highlights

• FY 2025 revenue increased by 2% to €19,628 million (+5% at constant currency, +8% organic).

• Operating income grew 31% to €1,827 million; excluding special items, up 23% to €2,212 million.

• Q4 2025 organic revenue growth of 8.2% and operating income growth of 53% year-over-year, with margin expansion to 13.9%.

• FY 2025 net income attributable to shareholders rose 82% to €978 million; adjusted net income up 38% to €1,248 million.

• Operating cash flow for 2025 was €2,681 million; free cash flow up 5% to €1,782 million.

Outlook and guidance

• FY 2026 revenue expected to be broadly flat versus FY 2025; operating income growth projected between positive and negative mid-single digit percent, with margin between 10.5% and 12.0%.

• Strategic investments in 2026 include €100–150 million for 5008X rollout and IT platforms.

• Targeting 3–7% operating income CAGR through 2028, with low-teens CAGR excluding TDAPA effects.

• 2030 aspirations: mid-teens group margin, mid-single-digit revenue growth for Care Enablement, and lower to mid-single-digit for Care Delivery.