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Fresenius Medical Care AG cash flow, quarter by quarter

Latest: Q4 2025 · from the cash-flow statements filed with the SEC

Free cash flow$1.0B in Q4 2025

Operating cash flow$1.0B
Free cash flow+$1.0B
Cash / net income2.5×

Analysis

In Q4 2025, Fresenius Medical Care AG generated $1.0B of operating cash flow. That is $170M more than in Q4 2024 ($832M).

Operating cash flow was $1.0B against net income of $402M — 2.5× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$361M.

Free cash flow

Fresenius Medical Care AG: free cash flow by quarterFresenius Medical Care AG: free cash flow by quarter$127MQ1 2024$442MQ2 2024$985MQ3 2024$832MQ4 2024$163MQ1 2025$775MQ2 2025$742MQ3 2025$1.0BQ4 2025
Operating cash flow less capital spending.
Fresenius Medical Care AG: operating cash flow against capital spendingFresenius Medical Care AG: operating cash flow against capital spendingOperating cash flowCapital spending$127M$0Q1 2024$442M$0Q2 2024$985M$0Q3 2024$832M$0Q4 2024$163M$0Q1 2025$775M$0Q2 2025$742M$0Q3 2025$1.0B$0Q4 2025
Latest (Q4 2025): Operating cash flow $1.0B, Capital spending $0.

Capital allocation, year by year

Fresenius Medical Care AG: where the cash came from (up) and went (down), by fiscal yearFresenius Medical Care AG: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $2.5BFY2021: Net borrowing −$839MFY2021: Acquisitions −$325MFY2021: Dividends −$392M$2.5BFY2021FY2022: Operating cash flow $2.2BFY2022: Net borrowing $242MFY2022: Acquisitions $10.5MFY2022: Dividends −$396M$2.4BFY2022FY2023: Operating cash flow $2.6BFY2023: Net borrowing −$1.0BFY2023: Acquisitions −$3.1MFY2023: Dividends −$329M$2.6BFY2023FY2024: Operating cash flow $2.4BFY2024: Net borrowing −$1.4BFY2024: Acquisitions −$177KFY2024: Dividends −$349M$2.4BFY2024FY2025: Operating cash flow $2.7BFY2025: Net borrowing $134MFY2025: Acquisitions −$15.3MFY2025: Buybacks −$585MFY2025: Dividends −$423M$2.8BFY2025
Over these 5 years operating cash flow totalled $12.4B; the largest uses were net borrowing ($3.3B) and dividends ($1.9B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$930M
Debtnone
Net cash$930M

Fresenius Medical Care AG funds itself: free cash flow was — over the last twelve months, with $930M of cash and investments and no debt on the balance sheet.

Where the cash came from and went

Fresenius Medical Care AG: sources (+) and uses (−) of cash, Q4 2025Fresenius Medical Care AG: sources (+) and uses (−) of cash, Q4 2025Operating cash flow$1.0BNet borrowing (+) / repaid (−)$491MBuybacks−$434MOther investing−$418MCash drawn (+) / kept (−)−$343MOther financing−$266MExchange rates−$32.2M

From profit to cash

Fresenius Medical Care AG: net income to operating cash flow, Q4 2025Fresenius Medical Care AG: net income to operating cash flow, Q4 2025Net income$402MDepreciation & amortization$361MOperating cash flow$1.0B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowBuybacksNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q4 2025$1.0B−$434M$491M−$343M$1.0B
Q3 2025$742M—−$506M$464M$742M
Q2 2025$775M—$798M−$641M$775M
Q1 2025$163M—−$292K$107M$163M
Q4 2024$832M—−$564M$202M$832M
Q3 2024$985M—−$3.2M−$275M$985M
Q2 2024$442M—−$199M$80.1M$442M
Q1 2024$127M—−$7.2M$235M$127M

Fresenius Medical Care AG: income statement and cash flow

Fresenius Medical Care AG, Q2 2026: revenue $5.7B (+1% year over year), operating margin 9.6%. The chart follows the revenue to costs, profit and cash.

Fresenius Medical Care AG: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.