Fresenius Medical Care (FMS) financial statements

Healthcare · Medical Care Facilities · Market cap $11.5B

Fresenius Medical Care reported revenue of 19.6B EUR in fiscal 2025, up 1.9% a year over 9 years.

Net income was 978M EUR and the operating margin 9.3%, against 14.5% in 2016.

Free cash flow was 2.7B EUR, and the company returned 423M EUR in dividends and 585M EUR in net buybacks.

The diluted share count fell 100% over the period (buybacks).

Revenue and free cash flow

Fiscal years, $ billions (EUR).

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Income statement

Fiscal years, in EUR, from Fresenius Medical Care's 10-K filings with the SEC.

Fiscal year	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Revenue	16.6B EUR	17.8B EUR	16.5B EUR	17.5B EUR	17.9B EUR	17.6B EUR	19.4B EUR	19.5B EUR	19.3B EUR	19.6B EUR
Cost of revenue	11.0B EUR	11.8B EUR	11.4B EUR	12.1B EUR	12.3B EUR	12.8B EUR	14.5B EUR	14.5B EUR	14.6B EUR	14.6B EUR
Gross profit	5.6B EUR	6.0B EUR	5.2B EUR	5.4B EUR	5.5B EUR	5.1B EUR	5.3B EUR	4.9B EUR	4.8B EUR	5.0B EUR
Research and development	147M EUR	111M EUR	114M EUR	168M EUR	194M EUR	221M EUR	229M EUR	232M EUR	183M EUR	158M EUR
Selling, general and admin	3.1B EUR	3.6B EUR	2.9B EUR	3.0B EUR	3.1B EUR	2.8B EUR	3.2B EUR	3.2B EUR	3.1B EUR	3.0B EUR
Operating income	2.4B EUR	2.4B EUR	3.0B EUR	2.3B EUR	2.3B EUR	1.9B EUR	1.5B EUR	1.4B EUR	1.4B EUR	1.8B EUR
Interest expense	-363M EUR	-365M EUR	438M EUR	486M EUR	407M EUR	344M EUR	359M EUR	421M EUR	393M EUR	375M EUR
Pre-tax income	2.0B EUR	2.0B EUR	2.7B EUR	1.8B EUR	1.9B EUR	1.6B EUR	1.2B EUR	1.0B EUR	1.1B EUR	1.5B EUR
Income tax	625M EUR	443M EUR	511M EUR	402M EUR	501M EUR	353M EUR	325M EUR	301M EUR	316M EUR	321M EUR
Net income	1.1B EUR	1.3B EUR	2.0B EUR	1.2B EUR	1.2B EUR	969M EUR	673M EUR	499M EUR	538M EUR	978M EUR
EPS (diluted)	3.73 EUR	4.16 EUR	6.45 EUR	3.96 EUR	3.96 EUR	3.31 EUR	2.30 EUR	1.70 EUR	1.83 EUR	3.36 EUR
Diluted shares	305.75B	307M	307M	303M	294M	293M	293M	293M	293M	291M
Gross margin	33.9%	33.8%	31.2%	30.9%	31.0%	28.8%	27.4%	25.3%	24.6%	25.6%
Operating margin	14.5%	13.3%	18.4%	13.0%	12.9%	10.5%	7.8%	7.0%	7.2%	9.3%
Net margin	6.9%	7.2%	12.0%	6.9%	6.5%	5.5%	3.5%	2.6%	2.8%	5.0%

Balance sheet

Fiscal years, in EUR, from Fresenius Medical Care's 10-K filings with the SEC.

Fiscal year	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Cash and short-term investments	709M EUR	978M EUR	2.1B EUR	1.0B EUR	1.1B EUR	1.5B EUR	1.3B EUR	1.4B EUR	1.2B EUR	1.6B EUR
Receivables	—	—	3.2B EUR	3.4B EUR	—	—	—	—	—	—
Inventory	1.3B EUR	1.3B EUR	1.5B EUR	1.7B EUR	1.9B EUR	2.0B EUR	2.3B EUR	2.2B EUR	2.1B EUR	2.1B EUR
Total current assets	6.9B EUR	6.4B EUR	7.8B EUR	7.2B EUR	7.3B EUR	8.0B EUR	8.2B EUR	8.7B EUR	7.9B EUR	7.9B EUR
Property, plant and equipment	3.6B EUR	3.5B EUR	3.8B EUR	4.2B EUR	4.1B EUR	4.2B EUR	4.2B EUR	3.8B EUR	3.6B EUR	3.5B EUR
Goodwill	13.0B EUR	12.1B EUR	12.2B EUR	14.0B EUR	13.0B EUR	14.4B EUR	15.8B EUR	14.7B EUR	15.2B EUR	13.6B EUR
Total assets	25.5B EUR	24.0B EUR	26.2B EUR	32.9B EUR	31.7B EUR	34.4B EUR	35.8B EUR	33.9B EUR	33.6B EUR	31.0B EUR
Total current liabilities	5.3B EUR	5.3B EUR	6.3B EUR	7.1B EUR	6.1B EUR	7.3B EUR	6.5B EUR	6.1B EUR	5.7B EUR	6.2B EUR
Long-term debt	6.8B EUR	5.8B EUR	5.0B EUR	6.5B EUR	6.8B EUR	6.6B EUR	7.2B EUR	7.0B EUR	6.3B EUR	5.7B EUR
Total liabilities	14.5B EUR	13.2B EUR	13.3B EUR	19.7B EUR	19.4B EUR	20.4B EUR	20.3B EUR	19.1B EUR	17.8B EUR	16.7B EUR
Shareholders' equity	10.0B EUR	9.8B EUR	11.8B EUR	12.0B EUR	11.2B EUR	12.7B EUR	14.0B EUR	13.6B EUR	14.6B EUR	13.3B EUR
Net debt	6.7B EUR	5.6B EUR	4.1B EUR	6.6B EUR	5.8B EUR	6.4B EUR	6.5B EUR	6.0B EUR	5.1B EUR	4.1B EUR

Cash flow

Fiscal years, in EUR, from Fresenius Medical Care's 10-K filings with the SEC.

Fiscal year	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Operating cash flow	1.9B EUR	2.2B EUR	2.1B EUR	2.6B EUR	4.2B EUR	2.5B EUR	2.2B EUR	2.6B EUR	2.4B EUR	2.7B EUR
Capital spending	-943M EUR	971M EUR	1.1B EUR	1.2B EUR	33M EUR	32M EUR	46M EUR	26M EUR	9M EUR	5M EUR
Free cash flow	2.9B EUR	1.2B EUR	920M EUR	1.4B EUR	4.2B EUR	2.5B EUR	2.1B EUR	2.6B EUR	2.4B EUR	2.7B EUR
Stock-based compensation	27M EUR	47M EUR	11M EUR	2M EUR	—	—	—	—	—	—
Dividends paid	-244M EUR	294M EUR	325M EUR	355M EUR	351M EUR	392M EUR	396M EUR	329M EUR	349M EUR	423M EUR
Share buybacks (net)	0 EUR	-58M EUR	-37M EUR	-600M EUR	-366M EUR	—	—	—	—	-585M EUR
Net borrowing	665M EUR	-517M EUR	-464M EUR	1.2B EUR	535M EUR	-839M EUR	242M EUR	-283M EUR	-773M EUR	783M EUR
Free cash flow margin	17.3%	6.9%	5.6%	8.0%	23.5%	13.9%	10.9%	13.4%	12.3%	13.6%
Dividends per share	0.00 EUR	0.96 EUR	1.06 EUR	1.17 EUR	1.19 EUR	1.34 EUR	1.35 EUR	1.12 EUR	1.19 EUR	1.45 EUR

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Questions

What was Fresenius Medical Care's revenue in 2025?

19.6B EUR in fiscal 2025, from its 10-K filing.

How much free cash flow does Fresenius Medical Care generate?

2.7B EUR in fiscal 2025 (operating cash flow minus capital spending).

From Fresenius Medical Care's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.