Fresenius Medical Care AG & Co. KGaA (FMS) Income Statement
FMS 2025 at a glance
Fiscal year ended December 31, 2025 · eurosFMS revenue and net income
Where FMS's revenue goes
2025Each bar shows an amount and its share of revenue. FMS kept 5.0% of revenue as net income.
FMS profit margins
FMS growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +1.5% | +0.4% | +1.9% | +2.5% |
| Gross profit | +5.7% | +0.9% | −1.9% | +0.3% |
| Operating income | +24.5% | +6.5% | −4.5% | −1.5% |
| Net income | +81.9% | +13.3% | −3.4% | +0.4% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
FMS income statement in euros
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | €19.63B | €19.34B | €19.45B | €19.40B | €17.62B | €17.86B | €17.48B | €16.55B | €17.78B | €17.03B |
| Cost of revenue | €14.60B | €14.58B | €14.53B | €14.50B | €12.85B | €12.32B | €12.08B | €11.39B | €11.78B | €11.53B |
| Gross profit | €5.03B | €4.76B | €4.93B | €4.89B | €4.77B | €5.54B | €5.40B | €5.16B | €6.00B | €5.50B |
| Research & development | €158.0M | €183.5M | €232.0M | €228.6M | €220.8M | €193.8M | €168.0M | €134.0M | €131.0M | €154.0M |
| Sales, general & admin | €3.03B | €3.14B | €3.20B | €3.17B | €3.10B | €3.16B | €3.06B | €2.87B | €3.58B | €2.89B |
| Total operating expenses | €3.20B | €3.29B | €3.56B | €3.38B | €2.92B | €3.23B | €3.13B | €3.00B | €3.71B | €3.05B |
| Operating income | €1.83B | €1.47B | €1.37B | €1.51B | €1.85B | €2.30B | €2.27B | €3.04B | €2.36B | €2.51B |
| Interest income | €69.6M | €71.6M | €88.2M | €68.0M | €280.0M | €368.0M | €429.4M | €301.1M | €364.8M | €363.4M |
| Interest expense | €384.4M | €407.0M | €424.6M | €360.1M | €353.6M | €410.0M | €491.1M | €448.0M | €416.2M | €426.8M |
| Income before taxes | €1.51B | €1.06B | €1.03B | €1.22B | €1.57B | €1.94B | €1.84B | €2.74B | €2.01B | €2.12B |
| Income taxes | €321.0M | €316.1M | €300.6M | €325.0M | €352.8M | €500.6M | €401.6M | €511.0M | €454.0M | €649.4M |
| Net income | €978.4M | €537.9M | €499.0M | €673.4M | €969.3M | €1.16B | €1.20B | €1.98B | €1.28B | €1.18B |
| EBITDA | €3.40B | €3.21B | €3.21B | €3.42B | €3.55B | €4.13B | €3.92B | €2.92B | €3.15B | €3.17B |
| Gross margin | 25.6% | 24.6% | 25.3% | 25.2% | 27.1% | 31.0% | 30.9% | 31.2% | 33.8% | 32.3% |
| Operating margin | 9.3% | 7.6% | 7.0% | 7.8% | 10.5% | 12.9% | 13.0% | 18.4% | 13.3% | 14.7% |
| Net margin | 5.0% | 2.8% | 2.6% | 3.5% | 5.5% | 6.5% | 6.9% | 12.0% | 7.2% | 6.9% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Dec '24 | Mar '24 | Dec '23 | Sep '23 | Jun '23 | Mar '23 | Dec '22 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | €4.86B | €4.61B | €5.07B | €4.88B | €4.79B | €5.08B | €4.72B | €4.99B | €4.94B | €4.83B | €4.70B | €5.00B |
| Cost of revenue | €3.55B | €3.43B | €3.68B | €3.64B | €3.58B | €3.81B | €3.55B | €3.64B | €3.71B | €3.63B | €3.56B | €3.65B |
| Gross profit | €1.31B | €1.18B | €1.39B | €1.24B | €1.21B | €1.27B | €1.17B | €1.35B | €1.23B | €1.20B | €1.15B | €1.35B |
| Research & development | €39.6M | €38.3M | €38.6M | €37.7M | €38.1M | €50.1M | €47.8M | €66.0M | €53.0M | €57.0M | €56.0M | €62.0M |
| Sales, general & admin | €736.0M | €748.9M | €784.6M | €705.4M | €792.0M | €644.9M | €775.6M | €845.2M | €794.0M | €775.2M | €782.0M | €955.0M |
| Total operating expenses | €844.1M | €803.9M | €839.4M | €740.5M | €820.0M | €871.5M | €927.6M | €922.0M | €905.0M | €840.0M | €888.0M | €995.6M |
| Operating income | €465.9M | €375.6M | €549.0M | €501.7M | €394.4M | €398.9M | €246.0M | €427.6M | €324.0M | €357.0M | €261.0M | €351.9M |
| Interest income | €14.7M | €14.6M | €13.6M | €19.2M | €21.9M | €21.6M | €15.7M | €26.9M | €25.1M | €80.5M | €83.0M | €25.0M |
| Interest expense | €97.6M | €93.3M | €99.0M | €93.1M | €96.6M | €101.0M | €103.8M | €111.5M | €114.0M | €105.0M | €95.0M | €100.1M |
| Income before taxes | €383.0M | €207.5M | €508.5M | €402.6M | €350.6M | €179.1M | €157.8M | €343.1M | €235.0M | €276.0M | €178.0M | €276.6M |
| Income taxes | €89.8M | €42.8M | €106.4M | €75.2M | €78.3M | €61.0M | €39.5M | €86.5M | €88.0M | €81.0M | €45.0M | €83.0M |
| Net income | €218.4M | €117.5M | €327.1M | €274.8M | €225.3M | €66.9M | €71.0M | €187.9M | €84.0M | €140.0M | €86.0M | €138.8M |
| EBITDA | €829.0M | €763.8M | €981.0M | €852.9M | €822.4M | €757.1M | €774.1M | €880.4M | €741.4M | €815.0M | €710.8M | €871.4M |
| Gross margin | 27.0% | 25.6% | 27.4% | 25.4% | 25.3% | 25.0% | 24.8% | 27.1% | 24.9% | 24.8% | 24.4% | 27.0% |
| Operating margin | 9.6% | 8.1% | 10.8% | 10.3% | 8.2% | 7.8% | 5.2% | 8.6% | 6.6% | 7.4% | 5.5% | 7.0% |
| Net margin | 4.5% | 2.5% | 6.5% | 5.6% | 4.7% | 1.3% | 1.5% | 3.8% | 1.7% | 2.9% | 1.8% | 2.8% |
Quarterly columns are labeled by the month the quarter ended. Figures in euros as reported in FMS's financial statements (latest annual report filed February 24, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
FMS financial results
In fiscal year 2025 (ended December 31, 2025), Fresenius Medical Care AG & Co. KGaA reported revenue of €19.6 billion, up 1.5% from the year before. It had net income of €978.4 million (up 81.9%), a net profit margin of 5.0%. Over five years revenue grew at an average rate of 1.9% a year. Figures are in euros, the currency of its financial statements.
See the FMS stock overview for the latest quote and news, or the FMS chart for price history and technical indicators.
FMS income statement FAQ
What is Fresenius Medical Care AG & Co. KGaA's annual revenue?
Fresenius Medical Care AG & Co. KGaA reported total revenue of €19.6 billion for fiscal year 2025, which ended on December 31, 2025. That was up 1.5% from €19.3 billion the previous year.
Is Fresenius Medical Care AG & Co. KGaA profitable?
Yes. Fresenius Medical Care AG & Co. KGaA reported net income of €978.4 million in fiscal 2025, a net profit margin of 5.0%; its operating margin was 9.3%.
What is Fresenius Medical Care AG & Co. KGaA's gross margin?
Fresenius Medical Care AG & Co. KGaA's gross margin was 25.6% in fiscal 2025: for every $100 of revenue, Fresenius Medical Care AG & Co. KGaA kept $26 after the direct cost of its products and services.
How much does Fresenius Medical Care AG & Co. KGaA spend on research and development?
Fresenius Medical Care AG & Co. KGaA spent €158.0 million on research and development in fiscal 2025, 0.8% of revenue.
How fast is Fresenius Medical Care AG & Co. KGaA growing?
Revenue grew 1.9% a year on average over the last five fiscal years, from €17.9 billion to €19.6 billion.
When will Fresenius Medical Care AG & Co. KGaA report its next earnings?
Fresenius Medical Care AG & Co. KGaA is expected to report results for the quarter ending September 30, 2026 on November 3, 2026 before the market opens.
When does Fresenius Medical Care AG & Co. KGaA's fiscal year end?
Fresenius Medical Care AG & Co. KGaA's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 24, 2026.