Fresenius Medical Care

FMS

Market cap $13.1B

FMS tops Q4 estimates as EPS jumps 59% and margins expand, powered by savings from its FME25+ program despite portfolio-optimization-driven sales pressure.

Fresenius Medical Care AG (FMS) Q4 2025 Earnings Call Transcript

Strong organic revenue growth1 in 2025 of 8% driven by all operating segments Driven by an exceptional Q4, full year operating income2 growth of 27% reached top end of financial outlook, resulting in a significant margin step up to 11.3% Reported operating income grew by 31%, reported net income3 by 82% Earnings per share2 (EPS) grew by 44%, supported by the accelerated share buyback program Dividend of EUR 1.49 (+3%) planned to be proposed FY 2026 outlook operating income is forecast to remain on a consistent level despite significant additional headwinds BAD HOMBURG, Germany, Feb. 24, 2026 /PRNewswire/ -- "Fresenius Medical Care closed a milestone year marked by outstanding profitability gains. Over the past three years, we built a stronger and more resilient company, meeting all key financial and strategic aspects of the mid-term outlook that we had set for 2025.

Shares in the dialysis specialist were down 7.1% in European midday trade, with the decline erasing gains since the start of 2026.

Fresenius Medical Care reported a sharp rise in fourth‑quarter operating income on Tuesday, helped by accelerating cost savings and favourable reimbursement effects.

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FMS, IART and STE trade below historical valuations. Easing cost pressure and improved execution set the stage for potential upside in 2026 for these companies.

FMS' acquisitions, partnerships and global reach fuel growth, even as rising costs and optimization efforts weigh on near-term performance.