Filing Flows › Fresenius Medical Care AG (FMS) › Q1 2026 › vs Q1 2025
Fresenius Medical Care AG (FMS) Q1 2026 vs Q1 2025 (year over year)
Fresenius Medical Care AG's revenue fell $539M (-6%) from $9.8B in Q1 2025 to $9.2B in Q1 2026. The biggest changes: 2 a), 12 −$269M (-6%); Healthcare services −$132M (-4%); Healthcare products −$81.2M (-7%). Operating margin 3.1% against 3.4% (-0.3 pts).
Fresenius Medical Care AG, Q1 2026: revenue $9.2B (-6% year over year), operating margin 3.1%, net earnings $118M, operating cash flow $227M. The chart draws each line against Q1 2025, the increases inside each band.
Margins
| Q1 2026 | Q1 2025 | Change | |
|---|---|---|---|
| Operating margin | 3.1% | 3.4% | -0.3 pts |
| Net margin | 1.3% | 1.5% | -0.3 pts |
| Free cash flow margin | 0.4% | 0.2% | +0.2 pts |
Every line
| Line | Q1 2026 | Q1 2025 | Change | % |
|---|---|---|---|---|
| 2 a), 12 | $4.6B | $4.9B | −$269M | -6% |
| Healthcare services | $3.1B | $3.3B | −$132M | -4% |
| Healthcare products | $1.0B | $1.1B | −$81.2M | -7% |
| Insurance contracts | $447M | $503M | −$56.3M | -11% |
| Revenue | $9.2B | $9.8B | −$539M | -6% |
| Operating profit | $286M | $331M | −$45.2M | -14% |
| Costs & expenses | $8.9B | $9.4B | −$493M | -5% |
| Pre-tax earnings | $208M | $251M | −$43.1M | -17% |
| Other expense, net | $78.7M | $80.7M | −$2.1M | -3% |
| Research & development | $38.3M | $43.5M | −$5.2M | -12% |
| SG&A | $749M | $751M | −$1.7M | -0.2% |
| Other operating costs | $8.2B | $8.6B | −$486M | -6% |
| Net earnings | $118M | $151M | −$33.7M | -22% |
| Minority interests | $47.2M | $38.4M | $8.8M | +23% |
| Income tax | $42.8M | $61.0M | −$18.3M | -30% |
| Working capital & other | $109M | $11.8M | $97.7M | +829% |
| Operating cash flow | $227M | $163M | $64.0M | +39% |
| Free cash flow (OCF − capex) | $37.0M | $17.0M | $20.0M | +118% |
| Capital expenditures | $190M | $146M | $44.0M | +30% |
Questions
How much did Fresenius Medical Care AG's revenue grow year over year in Q1 2026?
Fresenius Medical Care AG's revenue fell $539M (-6%) from $9.8B in Q1 2025 to $9.2B in Q1 2026.
What drove Fresenius Medical Care AG's revenue change in Q1 2026?
2 a), 12 −$269M (-6%); Healthcare services −$132M (-4%); Healthcare products −$81.2M (-7%).