Siemens Healthineers (SHL) Q2 2025 earnings summary

Executive summary

• Q2 FY2025 delivered 6.8% revenue growth year-over-year, surpassing full-year guidance pace, with strong contributions from Imaging and Varian segments.

• Adjusted basic EPS reached €0.56, up 3% year-over-year, with margin expansion and net income up 25% to €537 million.

• Free cash flow for H1 reached €1 billion, up 64% year-over-year, with Q2 free cash flow at €197 million.

• Record CAD 800 million ($800 million) oncology value partnership signed in Alberta, Canada.

• Diagnostics transformation and cost reductions contributed to margin improvement.

Financial highlights

• Q2 revenue rose to €5,909 million, up 6.8% year-over-year; Imaging up 8.7%, Varian up 12.5%.

• Adjusted EBIT margin expanded to 16.6% (up 150 bps YoY); adjusted EBIT up 19%.

• Equipment book-to-bill ratio at 1.14, indicating strong order intake.

• Free cash flow for H1 at €1 billion, significantly above prior year.

• Americas revenue grew 14%, APJ up 8%, EMEA slightly down, China slightly up.

Outlook and guidance

• FY2025 revenue growth guidance maintained at 5–6% despite tariff headwinds.

• Adjusted EPS guidance widened to €2.20–2.50 (from €2.35–2.50), reflecting tariff and geopolitical impacts.

• Tariff impact for H2 estimated at €200–300 million pre-tax; trade barriers expected to slightly reduce segment growth and EBIT margins.

• Q3 expected to deliver revenue growth in line with guidance and flat margins YoY for all segments.