Siemens Healthineers (SHL) Q4 2025 earnings summary

Executive summary

• Fiscal year 2025 delivered strong results with 5.9% comparable revenue growth, achieving the upper end of the outlook range despite tariff headwinds and muted China performance.

• Adjusted EPS reached €2.39, in the upper half of guidance, with improved leverage to 2.8x EBITDA and a proposed dividend increase to €1.00 per share.

• Free cash flow improved significantly, reaching €2.7 billion, up 27% year-over-year.

• All regions except China contributed to growth; China remained flat or declined.

• Book-to-bill ratio for FY25 was 1.14, reflecting strong order intake.

Financial highlights

• Fiscal year revenue was €23,375 million (+5.9% comparable); Q4 revenue grew 3.7% year-over-year to €6,329 million.

• Adjusted EBIT margin for the year was 16.5%; Q4 margin was 17.4%, with margin expansion ex-tariffs.

• Adjusted EPS for Q4 was €0.74 excluding tariffs; adjusted basic EPS for Q4 was €0.68.

• Free cash flow for the year was €2,714 million (+27%); Q4 free cash flow was €863 million.

• Imaging, Varian, and Advanced Therapies combined revenue up nearly 8% for the year.

Outlook and guidance

• Fiscal 2026 guidance: comparable revenue growth of 5–6% and adjusted EPS between €2.20–2.40, with significant FX and tariff headwinds expected.

• Underlying EPS growth of ~10% anticipated, but offset by ~€0.15 per share from FX and tariffs each.

• China is assumed flat for 2026 due to lack of recovery signs.

• Margin expansion expected in all segments ex-tariffs and FX.

• Outlook assumes stable macroeconomic and interest rate environment, excluding major portfolio changes and significant geopolitical impacts.