Filing Flows › Fresenius Medical Care AG (FMS) › Q4 2025
Fresenius Medical Care AG (FMS) Q4 2025 earnings results (fourth quarter 2025)
6-K filed Feb 24, 2026
Fresenius Medical Care AG (FMS) reported revenue of $5.1B for the fourth quarter 2025 (Q4 2025), -0.3% from a year earlier. Operating margin was 11.7%, net earnings $327M (6.4% of revenue).
Fresenius Medical Care AG, Q4 2025: revenue $5.1B (-0.3% year over year), operating margin 11.7%, net earnings $327M, operating cash flow $1.0B. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $5.1B | — | -0.3% |
| Operating profit | $594M | — | +129% |
| Net earnings | $327M | — | +388% |
| Operating cash flow | $1.0B | — | +20% |
| Free cash flow | $579M | — | -2% |
What changed
Revenue was €5.1B in Q4 2025, roughly flat year over year.
Operating profit was €0.59B, a 11.7% margin (up 6.6 points year over year). Total costs fell 7% while revenue was flat. Net earnings were €0.33B, up 388% year over year. The effective tax rate was 20.8%.
Operating cash flow was €1.0B (up 20% year over year), 249% of net income including minority interests. Working capital and other items added €0.60B. Capital expenditures of €0.42B left free cash flow of €0.58B.
Questions
What was Fresenius Medical Care AG's revenue in the fourth quarter 2025?
Fresenius Medical Care AG (FMS) reported revenue of $5.1B for the fourth quarter 2025 (Q4 2025), -0.3% from a year earlier.
Was Fresenius Medical Care AG profitable in the fourth quarter 2025?
Operating profit was $594M (11.7% of revenue) and net earnings $327M.