Siemens Healthineers (SHL) Q4 2026 earnings summary

Executive summary

• FY26 comparable revenue grew 4.0% to €23.63bn, at the upper end of guidance; adjusted EBIT was €3.82bn at a 16.2% margin, and adjusted basic EPS was €2.42.

• Synergetic core growth was 8.1% in Q4 and 6.1% for FY26; equipment book-to-bill was 1.15 in Q4 and 1.14 for FY26.

• The proposed dividend was €1.00 per share, unchanged from the prior year; Diagnostics carve-out preparation is underway, targeting standalone operations by mid-CY2028.

Financial highlights

• Q4 comparable revenue grew 5.9% to €6.78bn; adjusted basic EPS was €0.69, up 1.7% YoY, and free cash flow was €703m.

• FY26 adjusted EPS excluding tariff refunds and sizable Q4 one-offs was €2.30; reported adjusted EPS was €2.42.

• FY26 net income rose 3.5% to €2.24bn; free cash flow was €2.45bn, down 9.9% YoY, mainly due to higher income taxes paid.

• Q4 adjusted EBIT margin declined 150 bps YoY, with FX and inflation headwinds partly offset by pension-related and tariff-refund one-offs.

Outlook and guidance

• FY27 comparable revenue growth guidance is 4.0%-5.0%, including ~70 bps dilution from focused Ultrasound; adjusted EPS guidance is €2.20-€2.40.

• FY27 segment outlook: Imaging mid-single-digit growth with margin decline; Precision Therapy mid-to-high single-digit growth with similar margin decline; Diagnostics flat revenue with low-to-mid double-digit bps margin expansion.

• FY27 financial income net is forecast at -€440m to -€400m and the tax rate at 24%-26%; medium-term targets include 5%-7% revenue growth and double-digit adjusted EPS growth.

• Guidance assumes current tariff levels, supply-chain resilience and broadly unchanged macroeconomic conditions; current FX assumptions imply a slightly positive EPS effect versus FY26.