Revenue held near $4.6B to $5.1B per quarter while operating margin slid from 10.8% in 2025Q4 to 7.6% in 2026Q3 and net margin fell to 3.2%, suggesting cost pressure is outpacing top-line stability.
Fresenius Medical Care AG & Co. KGaA (FMS) annual income statement — 28-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 |
|---|
| Sales/Revenue | 19.48B | 19.63B | 19.34B | 19.45B | 19.4B | 17.62B | 17.86B | 17.48B | 16.55B | 17.78B | 17.03B | 15.31B | 13.02B | 10.58B | 10.43B | 9.87B | 9.06B | 7.85B | 7.62B | 6.67B | 6.44B | 5.72B | 4.59B | 4.39B | 4.84B | 5.46B | 4.47B | 3.82B | 2.99B |
| Revenue Growth % | -0.83% | 1.51% | -0.61% | 0.29% | 10.1% | -1.35% | 2.19% | 5.62% | -6.96% | 4.42% | 11.24% | 17.59% | 23.06% | 1.39% | 5.7% | 8.93% | 15.45% | 2.98% | 14.35% | 3.53% | 12.63% | 24.45% | 4.68% | -9.41% | -11.29% | 22.09% | 17.21% | 27.68% | - |
| Cost of Goods Sold | 14.33B | 14.6B | 14.58B | 14.53B | 14.5B | 12.85B | 12.32B | 12.08B | 11.39B | 11.78B | 11.53B | 10.43B | 8.91B | 7.15B | 6.96B | 6.38B | 5.95B | 5.18B | 5.02B | 4.37B | 4.26B | 3.75B | 3.06B | 2.94B | 3.27B | 3.62B | 2.91B | 2.13B | 1.64B |
| COGS % of Revenue | - | 74.38% | 75.4% | 74.68% | 74.77% | 72.91% | 68.99% | 69.13% | 68.85% | 66.24% | 67.73% | 68.15% | 68.44% | 67.57% | 66.66% | 64.67% | 65.61% | 65.93% | 65.81% | 65.48% | 66.14% | 65.55% | 66.51% | 66.91% | 67.43% | 66.27% | 65.09% | 55.73% | 54.96% |
| Gross Profit | 5.15B | 5.03B | 4.76B | 4.93B | 4.89B | 4.77B | 5.54B | 5.4B | 5.16B | 6B | 5.5B | 4.88B | 4.11B | 3.43B | 3.48B | 3.49B | 3.12B | 2.67B | 2.61B | 2.3B | 2.18B | 1.97B | 1.54B | 1.45B | 1.58B | 1.84B | 1.56B | 1.69B | 1.35B |
| Gross Margin % | 26.46% | 25.62% | 24.6% | 25.32% | 25.23% | 27.09% | 31.01% | 30.87% | 31.15% | 33.76% | 32.27% | 31.85% | 31.56% | 32.43% | 33.34% | 35.33% | 34.39% | 34.07% | 34.19% | 34.52% | 33.86% | 34.45% | 33.49% | 33.09% | 32.57% | 33.73% | 34.91% | 44.27% | 45.04% |
| Gross Profit Growth % | - | 5.72% | -3.42% | 0.64% | 2.53% | -13.8% | 2.62% | 4.67% | -14.14% | 9.25% | 12.71% | 18.68% | 19.73% | -1.37% | -0.25% | 11.92% | 16.53% | 2.59% | 13.26% | 5.57% | 10.7% | 28% | 5.96% | -7.98% | -14.34% | 17.96% | -7.56% | 25.48% | - |
| Operating Expenses | 3.39B | 3.2B | 3.29B | 3.56B | 3.38B | 2.92B | 3.23B | 3.13B | 3B | 3.71B | 3.05B | 2.78B | 2.28B | 1.82B | 1.84B | 1.89B | 1.67B | 1.45B | 1.41B | 1.22B | 1.18B | 1.18B | 909.96M | 850.78M | 915.85M | 1.42B | 900.7M | 1.13B | 929.57M |
| OpEx % of Revenue | - | 16.31% | 17.01% | 18.28% | 17.43% | 16.58% | 18.1% | 17.89% | 18.12% | 20.86% | 17.91% | 18.13% | 17.48% | 17.23% | 17.65% | 19.12% | 18.43% | 18.46% | 18.44% | 18.27% | 18.35% | 20.58% | 19.81% | 19.38% | 18.9% | 25.93% | 20.13% | 29.68% | 31.1% |
| Selling, General & Admin | 3.01B | 3.03B | 3.14B | 3.2B | 3.17B | 2.77B | 3.13B | 3.03B | 2.87B | 3.58B | 2.9B | 2.65B | 2.18B | 1.73B | 1.68B | 1.83B | 1.6B | 1.38B | 1.35B | 1.17B | 1.17B | 1.13B | 872.07M | 811.32M | 870.65M | 1.09B | 866.7M | 818.01M | 665.07M |
| SG&A % of Revenue | - | 15.45% | 16.25% | 16.43% | 16.34% | 15.74% | 17.55% | 17.35% | 17.31% | 20.12% | 17% | 17.3% | 16.71% | 16.37% | 16.12% | 18.49% | 17.62% | 17.62% | 17.68% | 17.58% | 18.22% | 19.83% | 18.98% | 18.49% | 17.97% | 19.88% | 19.37% | 21.43% | 22.25% |
| Research & Development | 157.97M | 157.97M | 183.49M | 231.97M | 228.62M | 220.78M | 193.77M | 168.03M | 134M | 131M | 154.04M | 128.05M | 100.33M | 91.11M | 84.41M | 85.51M | 72.58M | 65.48M | 57.64M | 45.63M | 38.86M | 43.02M | 37.89M | 39.45M | 45.2M | 40.12M | 34M | 32.29M | 26.6M |
| R&D % of Revenue | - | 0.8% | 0.95% | 1.19% | 1.18% | 1.25% | 1.08% | 0.96% | 0.81% | 0.74% | 0.9% | 0.84% | 0.77% | 0.86% | 0.81% | 0.87% | 0.8% | 0.83% | 0.76% | 0.68% | 0.6% | 0.75% | 0.82% | 0.9% | 0.93% | 0.73% | 0.76% | 0.85% | 0.89% |
| Other Operating Expenses | 4M | 11.4M | -37.04M | 127.26M | -17.06M | -72.87M | -94.52M | -73.68M | 0 | 0 | 0 | 0 | 0 | 0 | 75.61M | 0 | 0 | 0 | 0 | 0 | -30.48M | 0 | 0 | 0 | 0 | 290.15M | 0 | 282.44M | 237.89M |
| Operating Income | 1.77B | 1.83B | 1.47B | 1.37B | 1.51B | 1.85B | 2.3B | 2.27B | 3.04B | 2.36B | 2.51B | 2.13B | 1.85B | 1.63B | 1.68B | 1.6B | 1.45B | 1.23B | 1.2B | 1.08B | 998.73M | 792.74M | 628.76M | 601.43M | 662.28M | 426.21M | 661M | 556.74M | 416.87M |
| Operating Margin % | 9.06% | 9.31% | 7.59% | 7.04% | 7.79% | 10.51% | 12.9% | 12.99% | 18.36% | 13.28% | 14.73% | 13.9% | 14.24% | 15.44% | 16.08% | 16.22% | 15.96% | 15.61% | 15.76% | 16.26% | 15.51% | 13.87% | 13.69% | 13.7% | 13.67% | 7.8% | 14.78% | 14.59% | 13.95% |
| Operating Income Growth % | - | 24.5% | 7.15% | -9.41% | -18.38% | -19.62% | 1.54% | -25.29% | 28.62% | -5.83% | 17.85% | 14.78% | 13.5% | -2.6% | 4.79% | 10.67% | 18.05% | 1.99% | 10.85% | 8.51% | 25.99% | 26.08% | 4.54% | -9.19% | 55.39% | -35.52% | 18.73% | 33.55% | - |
| EBITDA | 2.99B | 3.33B | 3.21B | 3.12B | 3.35B | 3.48B | 4.09B | 3.86B | 3.77B | 3.1B | 3.21B | 2.78B | 2.43B | 2.1B | 2.13B | 2.03B | 1.82B | 1.54B | 1.5B | 1.33B | 1.23B | 1.01B | 800.33M | 773.24M | 862.94M | 789.79M | 972.82M | 839.18M | 654.76M |
| EBITDA Margin % | 15.35% | 16.95% | 16.6% | 16.05% | 17.27% | 19.73% | 22.9% | 22.1% | 22.81% | 17.42% | 18.85% | 18.19% | 18.66% | 19.88% | 20.45% | 20.57% | 20.14% | 19.67% | 19.68% | 19.99% | 19.14% | 17.58% | 17.42% | 17.62% | 17.81% | 14.46% | 21.75% | 21.99% | 21.9% |
| EBITDA Growth % | -8.86% | 3.66% | 2.83% | -6.83% | -3.62% | -15.02% | 5.89% | 2.34% | 21.86% | -3.5% | 15.29% | 14.61% | 15.5% | -1.41% | 5.06% | 11.27% | 18.17% | 2.96% | 12.53% | 8.14% | 22.64% | 25.58% | 3.5% | -10.39% | 9.26% | -18.81% | 15.93% | 28.17% | - |
| D&A (Non-Cash Add-back) | 1.2B | 1.5B | 1.74B | 1.75B | 1.84B | 1.62B | 1.79B | 1.59B | 736.45M | 735.48M | 701.54M | 655.81M | 574.83M | 469.43M | 455.87M | 429.75M | 378.37M | 318.97M | 298.59M | 249.2M | 233.9M | 212.3M | 171.57M | 171.81M | 200.65M | 363.59M | 311.81M | 282.44M | 237.89M |
| EBIT | 1.77B | 1.9B | 1.46B | 1.46B | 1.58B | 1.93B | 2.35B | 2.33B | 2.18B | 2.41B | 2.47B | 2.23B | 1.92B | 1.66B | 1.82B | 1.65B | 1.47B | 1.24B | 1.22B | 1.1B | 1.01B | 792.74M | 628.76M | 601.43M | 662.28M | 426.21M | 972.82M | 556.74M | 416.93M |
| Net Interest Income | -328.39M | -314.8M | -335.47M | -336.42M | -292.48M | -280.43M | -368.02M | -429.44M | -301.06M | -364.82M | -363.41M | -352.82M | -338.09M | -295.87M | -322.16M | -228.79M | -210.58M | -209.36M | -241.9M | -254.49M | -266.14M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 58.99M | 69.61M | 71.58M | 88.22M | 67.66M | 73.17M | 41.96M | 61.62M | 147M | 51.38M | 63.4M | 105.07M | 69.08M | 28.2M | 33.63M | 46.16M | 19.11M | 14.93M | 17.82M | 19.61M | 15.48M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 387.38M | 384.41M | 407.04M | 424.64M | 360.14M | 353.6M | 409.98M | 491.06M | 448M | 416.2M | 426.81M | 457.89M | 407.07M | 324.07M | 355.79M | 274.95M | 229.69M | 224.3M | 259.72M | 274.1M | 281.62M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -363.42M | -314.59M | -410.45M | -336.42M | -292.48M | -280.43M | -368.02M | -429.44M | -301.06M | -364.82M | -363.41M | -352.82M | -337.99M | -295.87M | -216.6M | -228.79M | -210.58M | -209.36M | -241.9M | -254.49M | -266.14M | -146.23M | -135.55M | -169.56M | -200.68M | -252.5M | -233.14M | -816.4M | -189.29M |
| Pretax Income | 1.4B | 1.51B | 1.06B | 1.03B | 1.22B | 1.57B | 1.94B | 1.84B | 2.74B | 2.01B | 2.12B | 1.77B | 1.52B | 1.34B | 1.46B | 1.37B | 1.24B | 1.02B | 959.48M | 829.27M | 732.6M | 646.51M | 493.21M | 431.87M | 461.6M | 173.71M | 427.86M | -259.67M | 131.74M |
| Pretax Margin % | 7.2% | 7.7% | 5.47% | 5.31% | 6.29% | 8.92% | 10.84% | 10.53% | 16.54% | 11.29% | 12.46% | 11.57% | 11.65% | 12.65% | 14% | 13.9% | 13.64% | 12.94% | 12.59% | 12.44% | 11.38% | 11.31% | 10.74% | 9.84% | 9.53% | 3.18% | 9.56% | -6.8% | 4.41% |
| Income Tax | 316.86M | 320.97M | 316.06M | 300.56M | 324.95M | 352.83M | 500.56M | 401.61M | 511M | 454M | 649.42M | 569.83M | 480.26M | 428.72M | 457.57M | 463.78M | 434.86M | 342.29M | 351.37M | 319.38M | 313.3M | 260.68M | 195.79M | 168.9M | 174.22M | 102.5M | 202.06M | -12.66M | 115.45M |
| Effective Tax Rate % | 22.61% | 21.22% | 29.9% | 29.1% | 26.65% | 22.45% | 25.85% | 21.83% | 18.67% | 22.61% | 30.6% | 32.18% | 31.67% | 32.04% | 31.32% | 33.8% | 35.18% | 33.69% | 36.62% | 38.51% | 42.77% | 40.32% | 39.7% | 39.11% | 37.74% | 59.01% | 47.22% | 4.88% | 87.64% |
| Net Income | 822.76M | 978.37M | 537.91M | 499M | 673.4M | 969.31M | 1.16B | 1.2B | 1.98B | 1.28B | 1.18B | 941.19M | 859.37M | 803.76M | 897.39M | 826.45M | 735.75M | 621.98M | 587.32M | 491.86M | 406.69M | 384.12M | 296.55M | 262.97M | 276.16M | 71.2M | 225.8M | -247M | 16.29M |
| Net Margin % | 4.22% | 4.98% | 2.78% | 2.57% | 3.47% | 5.5% | 6.52% | 6.86% | 11.98% | 7.2% | 6.94% | 6.15% | 6.6% | 7.6% | 8.6% | 8.37% | 8.12% | 7.92% | 7.7% | 7.38% | 6.32% | 6.72% | 6.45% | 5.99% | 5.7% | 1.3% | 5.05% | -6.47% | 0.54% |
| Net Income Growth % | 14.56% | 81.88% | 7.8% | -25.9% | -30.53% | -16.75% | -2.94% | -39.47% | 54.84% | 8.3% | 25.58% | 9.52% | 6.92% | -10.43% | 8.58% | 12.33% | 18.29% | 5.9% | 19.41% | 20.94% | 5.87% | 29.53% | 12.77% | -4.78% | 287.84% | -68.47% | 191.42% | -1616.66% | - |
| Net Income (Continuing) | 1.08B | 1.19B | 740.87M | 732.46M | 894.33M | 1.22B | 1.44B | 1.44B | 2.23B | 1.55B | 1.42B | 1.21B | 1.04B | 909.3M | 1B | 908.32M | 801.07M | 673.68M | 617.76M | 518.04M | 419.3M | 384.12M | 296.55M | 262.97M | 287.38M | 71.2M | 225.8M | -247M | 112.22M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 813.12K | 287.09K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 964.81M | 0 | 1.19B | 1.21B | 1.46B | 1.28B | 1.12B | 1.27B | 1.14B | 1.01B | 616.47M | 556.9M | 481.13M | 181.38M | 200.19M | 316.34M | 110.27M | 145.71M | 0 | 72.57M | 56.95M | 12.16M | 13.3M | 11.2M | 21.46M | 22.74M | 22.65M | 21.64M | 16.97M |
| EPS (Diluted) | 1.57 | 1.68 | 0.92 | 0.85 | 0.57 | 0.83 | 1.31 | 1.35 | 3.23 | 2.08 | 1.87 | 1.57 | 1.43 | 1.33 | 1.47 | 1.35 | 1.22 | 1.04 | 0.98 | 0.83 | 0.69 | 0.65 | 0.51 | 0.63 | 0.66 | 0.17 | 0.42 | -0.52 | 0.04 |
| EPS Growth % | 27.97% | 82.61% | 8.24% | 49.12% | -31.33% | -36.64% | -2.96% | -58.2% | 55.29% | 11.23% | 19.11% | 9.79% | 7.52% | -9.52% | 8.89% | 10.66% | 17.31% | 6.12% | 18.07% | 20.29% | 6.15% | 27.45% | -19.05% | -4.55% | 288.24% | -59.52% | 180.77% | -1436.76% | - |
| EPS (Basic) | - | 1.68 | 0.92 | 0.85 | 0.57 | 0.83 | 1.31 | 1.35 | 3.23 | 2.08 | 1.87 | 1.57 | 1.43 | 1.33 | 1.48 | 1.37 | 1.22 | 1.04 | 0.99 | 0.83 | 0.69 | 0.66 | 0.51 | 0.63 | 0.66 | 0.17 | 0.42 | -0.52 | 0.04 |
| Diluted Shares Outstanding | 524M | 582.38M | 586.83M | 586.83M | 1.17B | 1.17B | 887.33M | 887.33M | 614.45M | 614.57M | 612.66M | 610.53M | 605.74M | 608.98M | 613.77M | 610.34M | 604.02M | 596.65M | 595.81M | 593.75M | 592.02M | 588.3M | 644.11M | 420M | 420M | 420M | 539.17M | 473.42M | 420M |
| Basic Shares Outstanding | 525.9M | 582.38M | 586.83M | 586.83M | 1.17B | 1.17B | 887.33M | 887.33M | 614.45M | 614.57M | 612.66M | 610.19M | 605.95M | 608.16M | 613.34M | 605.95M | 596.24M | 596.52M | 594.06M | 591.34M | 588.39M | 583.27M | 466.67M | 420M | 420M | 420M | 536.9M | 473.42M | 420M |
| Dividend Payout Ratio | - | 41.48% | 64.91% | 65.86% | 58.74% | 40.49% | 30.16% | 29.56% | 16.39% | 22.97% | 20.67% | 25.16% | 30.42% | 26.68% | 22.9% | 26.2% | 23.71% | 0.04% | 30.87% | 26.27% | 28.64% | 30.22% | 30.37% | 32.54% | 26.48% | 103.83% | 24.16% | - | 257.59% |
Quick answers to the most common questions about buying FMS stock.
For fiscal year 2025, Fresenius Medical Care AG & Co. KGaA (FMS) reported total revenue of $19.63B. This represents a 556.6% increase compared to $2.99B in 1998.
Fresenius Medical Care AG & Co. KGaA (FMS) is profitable, generating $978.4M in net income for the fiscal year ending 2025 with a net profit margin of 5.0%.
Fresenius Medical Care AG & Co. KGaA (FMS) reported an operating income of $1.83B, resulting in an operating profit margin of 9.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Fresenius Medical Care AG & Co. KGaA (FMS) generated $5.03B in gross profit for the year, representing a gross profit margin of 25.6%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Labor cost inflation pressuring margins
Top-Line Growth Flattening at Low Single Digits
Based on reported quarterly figures, FMS revenue has grown roughly 1.1% year over year in 2026Q3 and 1.4% in 2026Q2, a pace that sits well below the 6.5% one-year growth reported for peer DaVita and suggests limited organic volume momentum.
The quarterly series shows revenue clustering around $4.6B to $5.1B with no sustained acceleration, which points to same-market treatment growth stabilizing rather than re-accelerating. Growth in this range may indicate that patient volume gains are being offset by pricing constraints under fixed government reimbursement. Investors should monitor whether the reported slowdown reflects demographic saturation in core markets or a loss of share to competitors.
Gross Margin Oscillating Within a Narrow Band
As reported in the income statement, FMS gross margin moved between 24.1% and 27.4% across the ten quarters, with 2026Q3 at 25.8%, a range that appears structurally constrained relative to DaVita's 27.0%.
The narrow oscillation suggests the company has limited ability to expand gross margin independently of reimbursement changes, consistent with the fixed-rate structure of its clinical revenue. The gap to DaVita may reflect the heavier weighting of the lower-margin manufacturing and enablement business within the consolidated mix. Sustained margin improvement would likely depend on mix shift toward home dialysis rather than on pricing power alone.
Operating Margin Compression Signals Cost Pressure
Operating margin fell from 10.8% in 2025Q4 to 7.6% in 2026Q3 according to reported figures, while SG&A remained near $740M per quarter, indicating that overhead did not flex down as revenue plateaued.
SG&A holding roughly flat in absolute dollars while gross profit stalled produces negative operating leverage, which appears to be the dominant driver of recent margin erosion. This pattern is consistent with the labor-intensive cost base described in the company profile. The trend warrants monitoring to determine whether the FMG25 cost program translates into visible SG&A reduction in coming periods.
Volatile Net Income Obscures Underlying Trend
Reported EPS swung from $0.57 in 2025Q4 to $0.31 in 2026Q3 and $0.06 in 2024Q4, with the 2024Q4 figure carrying $38.5M of stock-based compensation, suggesting that headline earnings are sensitive to discrete items.
The gap between operating income and net income across quarters, combined with lumpy SBC and non-operating items, makes period-to-period EPS comparisons unreliable without normalization. Non-controlling interests from joint-venture clinics also reduce the portion of earnings attributable to shareholders, which the reported net margin does not fully reflect. Analysts should adjust for these items before drawing conclusions about earnings power.
Margin Erosion Could Persist Beyond Current Cycle
If net margin continues trending from 6.5% in 2025Q4 to 3.2% in 2026Q3, the bear case would argue that reimbursement constraints and labor inflation have structurally impaired the earnings base rather than temporarily depressing it.
A bear analyst would point to the compression across gross, operating, and net margins occurring simultaneously while revenue stalls, which is the pattern most associated with pricing power erosion rather than timing effects. Without explicit management guidance in the latest period, the absence of a forward framework may be read as reduced visibility into cost recovery. This view remains an analytical inference from the reported figures and would require confirmation through reimbursement and labor-cost disclosures.