Analyst Consensus ?
ConsensusHold21 ratings
Bullish523.8%
Neutral1466.7%
Bearish29.5%
Fresenius Medical Care AG & Co. KGaA · FMS · FY2026 Q2 · Calendar Q3 2026
Fresenius Medical Care: Operating Income Growth Meets U.S. Volume Pressure
The supplied analysis points to operating-income growth supported by cost savings and the 5008X rollout, but weaker U.S. treatment growth and regulatory uncertainty in China qualify the growth picture. Execution on clinic referrals, transformation savings and product adoption will be important to sustaining the reported improvement.
Reported Before market openNYSEHealthcare
$11.99B market cap
80quality score
Earnings scorecard
Reported versus consensus
Reported EPS
—
Consensus $0.61
EPS surprise
—
Reported versus consensus
Reported revenue
—
Consensus $5.47B
Revenue surprise
—
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
-4.9%
Event window
SPY move
+1.8%
Same window
Abnormal move
-6.8%
Stock minus SPY
Volume
2.8×
Versus trailing sessions
Subsequent drift
-5.3%
Up to 20 sessions
FMSSPY benchmark
Ask FN2 about FMS FY2026 Q2
Transcript, numbers and history already loaded
What drove FMS's -4.9% move after FY2026 Q2 earnings?What changed in FMS's guidance and outlook in FY2026 Q2?Give me the bull and bear case for FMS after FY2026 Q2 earnings.
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Transcript intelligence
What changed
Compared with the prior-quarter analysis, the Q2 analysis emphasizes 23% year-over-year operating-income growth and reports 227 clinics converted to 5008X, representing 10% of the machine base. It also identifies a 0.9% decline in U.S. same-market treatment growth tied to a referral-capture gap.
Guidance delta
Management maintained its outlook and reaffirmed flat revenue for the year; the supplied analysis reports no guidance change.
Key takeaways
- Operating income grew 23% year over year, with margin expansion supported by FME25+ savings.
- The 5008X rollout reached 227 converted clinics, or 10% of the machine base; the analysis also cites clinical benefits from high-volume HDF.
- U.S. same-market treatment growth declined 0.9%, with management analysis identifying a referral-capture gap.
Management priorities
- Continue the 5008X conversion and expand high-volume HDF treatments.
- Advance FME25+ cost-saving work and the SAP S/4HANA transformation.
- Scale TherapyWise and kinexus digital offerings and continue value-based care growth.
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$21.73Current
$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 $21.73. 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 | +10.4% | Sep 29, 2026 |
| Bernstein | Susannah Ludwig | $25.8 | $24.19 | +18.7% | Aug 6, 2026 |
| Truist Financial | Analyst unavailable | $25 | $23.58 | +15.0% | Aug 5, 2026 |
| BNP Paribas | Analyst unavailable | $19.9 | $24.87 | -8.4% | Jul 28, 2026 |
| Truist Financial | Analyst unavailable | $28 | $23.51 | +28.9% | Jan 5, 2026 |
| Truist Financial | David MacDonald | $24 | $22.48 | +10.4% | May 15, 2024 |
| Jefferies | James Vane-Tempest | $11.7 | $16.34 | -46.2% | Jan 2, 2023 |
| Truist Financial | Analyst unavailable | $27 | $23.64 | +24.3% | 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 |
|---|---|---|---|---|
| HSIC Henry Schein, Inc. | FY2026 Q3 · Calendar Q4 2026 | +0.7% | -4.8% | Henry Schein Raises FY2026 EPS Outlook After Volume-Led Dental Growth |
| PHG Koninklijke Philips N.V. | FY2026 Q3 · Calendar Q4 2026 | +24.3% | +3.2% | Philips Q3: Orders Rise and Margin Expands; Full-Year Outlook Unchanged |
| BNTX BioNTech SE | FY2026 Q3 · Calendar Q4 2026 | — | -0.7% | BioNTech raises 2026 revenue outlook as oncology pipeline advances |
| PFE Pfizer Inc. | FY2026 Q3 · Calendar Q4 2026 | — | -2.0% | Pfizer raises 2026 guidance as launched portfolio growth offsets longer-term pressures |
| TEVA Teva Pharmaceutical Industries Limited | FY2026 Q3 · Calendar Q4 2026 | — | +3.3% | Teva’s innovative portfolio grows as revenue guidance rises |
| RVTY Revvity, Inc. | FY2026 Q3 · Calendar Q4 2026 | — | +10.8% | Revvity Raises FY2026 Outlook After 7% Q3 Organic Growth |
Latest beats and misses
Who reports nextBeat on EPS
- HSICFY2026 Q3 · November 3, 2026+0.7% EPS-4.8% move
- LDOSFY2026 Q3 · November 3, 2026+19.5% EPS-6.5% move
- KDPFY2026 Q3 · November 3, 2026+6.8% EPS-5.6% move
- APTVFY2026 Q3 · November 3, 2026+6.8% EPS-6.5% move
- PHGFY2026 Q3 · November 3, 2026+24.3% EPS+3.2% move
- FANGFY2026 Q3 · November 2, 2026+2.4% EPS-3.7% move
Get the FMS recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-08-04T18:09:06.471000+00:00
- FN2 earnings calendar · 2026-08-03T01:23:30.186086+00:00
- Polygon adjusted daily market bars · 2026-11-04T02:50:44.228358+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-11-04T02:50:44.225548+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.