Fresenius Medical Care Q4 EPS Jumps 59%, Revenue Hits $5.88B
Fresenius Medical Care posted Q4 adjusted EPS of $0.83, beating estimates by 23.9% on revenues of $5.88 billion, up 7.1% at constant currency despite a 70bps divestiture drag. Gross margin expanded 240bps to 27.4% and FME25+ delivered €238 million savings, with a €1.2 billion target by 2027.
1. Q4 Financial Results
Fresenius Medical Care reported Q4 adjusted EPS of $0.83, up 59% year over year and 23.9% above consensus, on revenues of $5.88 billion that surpassed estimates by 0.4% and rose 7.1% at constant currency.
2. Segment Performance
Care Delivery revenues fell 1.8% reported but gained 5.7% at constant currency with 7% organic growth; Care Enablement declined 3.2% cc and organically, while Value-Based Care surged 42.4% cc driven by member month growth from contract expansions.
3. Margin Expansion and Transformation Program
Gross profit rose 9.3% year over year, lifting gross margin by 240 basis points to 27.4%, while adjusted operating margin expanded 430 basis points to 13.9% thanks to €238 million in savings from the FME25+ efficiency program, bringing cumulative savings to €804 million.
4. Guidance and Product Rollout
For 2026 the company expects flat revenue growth and mid-single-digit operating income changes, and has begun a large-scale rollout of the 5008X CARE dialysis system aimed at replacing 20% of machines annually, targeting a 3–7% operating income CAGR by 2030.