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EarningsQ2 2026 Earnings Report
FMS Q2 2026 EPS Results
Actual EPS$0.65
Consensus EPS$0.62
Beat/MissBeat by +$0.03
One Year Ago EPS$0.53
FMS Q2 2026 Revenue Results
Actual Revenue$5.65B
Expected Revenue$5.48B
Beat/MissBeat by +$171.32M
YoY Revenue Growth+4.06%
Earnings Announcement Details
QuarterQ2 2026
Date08/03/2026
TimeDuring Market Hours
Conference CallMonday, August 3, 2026
FMS Upcoming Earnings
Fresenius Medical Care's next earnings date is estimated for November 3, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
FMS Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call balanced meaningful operational and financial progress against notable execution and external headwinds. Highlights include strong operating income growth (+23%), margin expansion (+180 bps), EUR 67 million of sustainable FME25+ savings, improved cash generation (+11% operating cash flow), a successful 5008X rollout (227 clinics, >600k treatments) and a profitable turnaround in value-based care (EUR 18m operating income). Lowlights include a U.S. referral/capture execution gap driving a 0.9% decline in U.S. same‑market treatments and an expectation that U.S. volumes will remain around the Q2 level for 2026, regulatory and inflationary pressures in China and Care Enablement (EUR ~20m Q2 headwind), a EUR 103m special-item charge (TAVNEOS impairment), and TDAPA timing creating an H2 earnings headwind (net ~EUR 50m for the year). Overall, the positives around profitability, cash flow, capital returns and product rollout outweigh the near-term volume and regulatory challenges, though execution on U.S. referrals and China strategy will be key to sustaining momentum.Company Guidance
Strong Profitability and Margin Expansion
Group operating income grew 23% year-over-year (constant currency) with group operating margin expanding by 180 basis points, reflecting accelerating profitability and successful execution of cost and efficiency initiatives.
Material FME25+ Savings Delivered
FME25+ transformation program delivered EUR 67 million of sustainable savings during the quarter (plus EUR 42 million of one-time FME25+ costs recorded as special items), contributing meaningfully to margin expansion.
Care Delivery Earnings Acceleration
Care Delivery reported 5% revenue growth at constant currency and 7% organic growth; operating income accelerated 45% year-over-year with a 390 basis point margin improvement. Underlying operating income (excluding TDAPA effects) improved by 34%.
Value-Based Care Turnaround
Value-based care revenue rose 9% (organic and constant currency). The segment swung to profitability with operating income of EUR 18 million versus a EUR 9 million loss in the prior year and margin improvement of ~500 basis points.
Robust Cash Generation and Capital Returns
Operating cash flow increased 11% in the quarter and free cash flow remained stable at EUR 625 million. Company completed an initial EUR 1 billion share buyback (canceled prior repurchases) and launched a second EUR 1 billion program; 2.5 million shares repurchased for EUR 94 million in the new program (0.9% of share capital).
5008X Rollout Progress and Clinical Adoption
5008X rollout gained momentum: 227 clinics converted across 23 states (~10% of the machine base), >600,000 treatments performed on 5008X (≈170,000 HDF; >100,000 high-volume HDF), production of 4 million consumables in line with plan, and ~5,000 renal nurses/technicians trained.
Clinical Quality Improvements
Clinical outcomes improved, including a 23% reduction in catheter-related bloodstream infections over the past year and early BEACON-US/real-world signals showing patient-reported benefits (e.g., ~40% fewer muscle cramps) and >70% of AutoSub+ treatments reaching high-volume HDF targets.
Strong Balance Sheet Metrics
Net leverage ratio around 2.6x (near the lower end of the 2.5–3.0x target corridor) and total net debt/lease liabilities increased by 6% year-over-year as expected while maintaining capacity for ongoing buybacks and investments.
FMS Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed