Analyst Consensus ?
ConsensusHold21 ratings
Bullish523.8%
Neutral1466.7%
Bearish29.5%
Fresenius Medical Care AG & Co. KGaA · FMS · FY2025 Q4 · Calendar Q1 2026
Fresenius Medical Care Maintains Outlook, Prioritizes 5008X Rollout
The FY2025 Q4 call presents an execution-focused story: management is relying on the 5008X rollout, continued FME25+ savings and value-based care to support profitability, while its flat-revenue 2026 outlook and regulatory exposures limit the near-term growth case. Evidence for the hypothesis is execution on rollout and cost savings; evidence against it is muted revenue expectations and identified headwinds.
Reported Before market openNYSEHealthcare
$11.99B market cap
90quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$0.83
Consensus $0.65
EPS surprise
+28.3%
Reported versus consensus
Reported revenue
$5.97B
Consensus $5.67B
Revenue surprise
+5.3%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
-7.8%
Event window
SPY move
+0.7%
Same window
Abnormal move
-8.6%
Stock minus SPY
Volume
2.7×
Versus trailing sessions
Subsequent drift
-2.8%
Up to 20 sessions
FMSSPY benchmark
Ask FN2 about FMS FY2025 Q4
Transcript, numbers and history already loaded
Why did FMS fall 7.8% after beating EPS estimates in FY2025 Q4?What changed in FMS's guidance and outlook in FY2025 Q4?Give me the bull and bear case for FMS after FY2025 Q4 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Management highlighted the soft launch of the 5008X CAREsystem ahead of a larger U.S. rollout and said FME25+ had delivered cumulative savings, with further savings targeted. It also noted that Value-Based Care reached breakeven, while China tender and regulatory delays weighed on Care Enablement revenue. The supplied analysis does not provide prior-quarter analysis for comparison.
Guidance delta
Guidance sentiment was maintained. Management's 2026 outlook calls for flat revenue and modest margin pressure from the TDAPA phase-out; its longer-term plan includes a 3–7% operating-income CAGR through 2028.
Key takeaways
- Management characterized 2025 profitability as strong and reported a 13.9% Q4 margin and 27% operating-income growth.
- The 5008X CAREsystem rollout is a key 2026 execution priority, with management targeting replacement of about 20% of the U.S. clinic base.
- FME25+ savings and value-based care are supporting elements of the strategy, but flat 2026 revenue frames the near-term outlook cautiously.
Management priorities
- Scale the 5008X CAREsystem rollout in the U.S. and encourage high-volume HDF adoption.
- Accelerate FME25+ savings toward its end-2027 target.
- Continue portfolio optimization and focus on core markets.
- Implement SAP S/4HANA and other IT platform upgrades.
- Expand value-based care while addressing operational and regulatory pressures.
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$23.12Current
$11.7Low
$21.73Average
$25.8High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Nov 4, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Truist Securities | Hold | Hold | Maintain | Oct 12, 2026 |
| Bernstein | Market Perform | Market Perform | Maintain | Aug 6, 2026 |
| Goldman Sachs | Neutral | Buy | Downgrade | Jan 20, 2026 |
| B of A Securities | Underperform | Neutral | Downgrade | Oct 15, 2025 |
| UBS | Sell | Neutral | Downgrade | Sep 2, 2025 |
| HSBC | Hold | Reduce | Upgrade | Nov 24, 2023 |
| RBC Capital | Sector Perform | Sector Perform | Maintain | Nov 17, 2021 |
| Jefferies | Hold | Underperform | Upgrade | Nov 11, 2021 |
| SunTrust Robinson Humphrey | Buy | Buy | Maintain | May 21, 2020 |
| CFRA | Buy | Hold | Upgrade | Feb 21, 2020 |
| Redburn Partners | Neutral | Buy | Downgrade | Oct 23, 2019 |
| Redburn | Neutral | Buy | Downgrade | Oct 23, 2019 |
| BTIG | Neutral | Buy | Downgrade | Aug 1, 2019 |
| Barclays | Overweight | Equal Weight | Upgrade | Jun 20, 2019 |
| DZ Bank | Hold | Buy | Downgrade | Oct 18, 2018 |
| Deutsche Bank | Buy | Hold | Upgrade | Apr 24, 2018 |
| PiperJaffray | Neutral | Neutral | Maintain | Oct 30, 2015 |
| Piper Sandler | Neutral | Neutral | Maintain | Oct 30, 2015 |
| Societe Generale | Hold | Buy | Downgrade | Aug 13, 2015 |
| Morgan Stanley | Overweight | Equal Weight | Upgrade | Dec 2, 2013 |
| Exane BNP Paribas | Neutral | Outperform | Downgrade | Jul 3, 2013 |
Named analyst price targets
Upside is calculated against the persisted current price $23.12. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Berenberg Bank | Harry Gillis | $24 | $22.95 | +3.8% | Sep 29, 2026 |
| Bernstein | Susannah Ludwig | $25.8 | $24.19 | +11.6% | Aug 6, 2026 |
| Truist Financial | Analyst unavailable | $25 | $23.58 | +8.1% | Aug 5, 2026 |
| BNP Paribas | Analyst unavailable | $19.9 | $24.87 | -13.9% | Jul 28, 2026 |
| Truist Financial | Analyst unavailable | $28 | $23.51 | +21.1% | Jan 5, 2026 |
| Truist Financial | David MacDonald | $24 | $22.48 | +3.8% | May 15, 2024 |
| Jefferies | James Vane-Tempest | $11.7 | $16.34 | -49.4% | Jan 2, 2023 |
| Truist Financial | Analyst unavailable | $27 | $23.64 | +16.8% | Jun 22, 2022 |
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Start freeCompany context
Snapshot as of publicationFresenius Medical Care AG & Co. KGaA specializes in comprehensive kidney dialysis treatment and associated services, operating across Germany, North America, and numerous international territories. Through an extensive network of outpatient clinics, it delivers essential dialysis therapy along with laboratory and diagnostic support. For home-based care, the company supplies necessary equipment, provides comprehensive training, and offers ongoing patient assistance, including clinical oversight and coordinating supply deliveries directly to patients. In the United States, Fresenius Medical Care also contracts with hospitals to provide vital dialysis interventions for hospitalized individuals suffering from end-stage renal disease (ESRD) and acute kidney failure. Beyond services, it is a prominent developer, manufacturer, and distributor of a broad range of dialysis products.…
Historical context
All FMS earningsHealthcare peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| AMGN Amgen Inc. | FY2026 Q3 · Calendar Q4 2026 | +11.4% | +1.6% | Amgen Q3: Growth Drivers, Pipeline Progress and Higher 2026 Guidance |
| BNTX BioNTech SE | FY2026 Q3 · Calendar Q4 2026 | +168.2% | -0.7% | BioNTech lifts 2026 revenue outlook as oncology pipeline advances |
| PFE Pfizer Inc. | FY2026 Q3 · Calendar Q4 2026 | +18.4% | -2.2% | Pfizer raises 2026 revenue outlook as acquired portfolio expands |
| TEVA Teva Pharmaceutical Industries Limited | FY2026 Q3 · Calendar Q4 2026 | +19.4% | +3.0% | Teva raises FY2026 revenue guidance as innovative portfolio grows |
| RVTY Revvity, Inc. | FY2026 Q3 · Calendar Q4 2026 | +6.2% | +7.8% | Revvity raises FY2026 outlook after 7% organic Q3 growth |
| WAT Waters Corporation | FY2026 Q3 · Calendar Q4 2026 | +2.5% | +2.3% | Waters posts double-digit organic growth, raises FY2026 revenue outlook |
Latest beats and misses
Who reports nextBeat on EPS
- AIZFY2026 Q3 · November 3, 2026+29.5% EPS+4.2% move
- AIZNFY2026 Q3 · November 3, 2026+36.0% EPS+0.5% move
- SMCIFY2027 Q1 · November 3, 2026+47.2% EPS-4.2% move
- XYZFY2026 Q3 · November 3, 2026+9.7% EPS+14.9% move
- AMGNFY2026 Q3 · November 3, 2026+11.4% EPS+1.6% move
- SWKSFY2026 Q4 · November 3, 2026+0.8% EPS-6.9% move
Missed on EPS
- TXFY2026 Q3 · November 3, 2026-24.9% EPS-0.0% move
- CHTFY2026 Q3 · November 4, 2026-55.7% EPS+0.9% move
- TOSTFY2026 Q3 · November 3, 2026-20.1% EPS+5.9% move
- CPNGFY2026 Q3 · November 3, 2026-90.3% EPS+13.3% move
- TLNFY2026 Q3 · November 3, 2026-65.4% EPS+7.3% move
- APOSFY2026 Q3 · November 3, 2026-5.5% EPS-0.5% move
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Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-11-04T14:50:45.797909+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-11-04T14:50:45.795060+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-11-04. For educational purposes only; not investment advice.