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Dec 31, 2025
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Fresenius Medical Care Q4 2025 Earnings Report
Fresenius Medical Care reported fourth quarter 2025 net income attributable to shareholders of 327000000 on revenue of 5070000000, with operating margin of 11.7%.
Key Takeaways
Fresenius Medical Care generated Q4 2025 revenue of 5070000000, stable year over year, while operating income more than doubled to 594000000, resulting in an 11.7% operating margin. Net income attributable to shareholders rose to 327000000, reflecting strong profitability gains.
Revenue remained stable at 5070000000 (+7% at constant currency).
Operating income increased 129% to 594000000 with 11.7% margin.
Net income attributable to shareholders rose to 327000000.
Free cash flow reached 584000000 with 11.5% margin.
Revenue by Segment
Forward Guidance
For 2026, Fresenius Medical Care expects revenue growth to be broadly flat and operating income to remain on a consistent level, within a positive to negative mid-single digit percent range year over year.
Positive Outlook
- Operating income expected to remain stable in 2026.
- Continued execution of FME Reignite strategy.
- Targeted operating income CAGR of 3% to 7% through 2028.
- Net leverage ratio at lower end of 2.5x to 3.0x target corridor.
- Planned dividend of 1.49 per share (+3%).
Challenges Ahead
- Revenue expected to be broadly flat in 2026.
- Regulatory headwinds impacting outlook.
- Currency effects negatively impacted revenue in Q4.
- Care Enablement revenue declined year over year.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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