Fresenius Medical Care reported its third‑quarter 2025 results, posting revenue of €4.885 billion, up 3 % year‑on‑year and 8 % at constant currency. Operating income rose 3 % to €477 million, giving a margin of 9.8 %. Operating income excluding special items increased 22 % to €574 million, with a margin of 11.7 %. Net income attributable to shareholders was €275 million, up 29 % from the same period last year, and basic earnings per share were €0.94.
Care Delivery generated €3.402 billion in revenue, with U.S. same‑market treatment growth of 0.1 %. Care Enablement revenue stood at €1.361 billion; its operating income grew 38 % to €87 million, a margin of 6.4 %. Value‑Based Care revenue rose 34 % to €576 million, but the segment posted an operating loss of €21 million, reflecting ongoing investment in its contract‑based model.
Capital allocation and balance‑sheet strength were highlighted. The company completed the first tranche of its €1 billion share‑buyback, repurchasing €151 million of shares. The FME25+ transformation delivered €47 million in sustainable savings in the quarter, and net leverage improved to 2.6×. Management reaffirmed its 2025 outlook, maintaining guidance for positive to low‑single‑digit revenue growth and high‑teens to high‑twenties operating‑income growth.
Prior‑year comparison shows that Q3 2024 revenue was €4.76 billion, operating income €463 million, net income €213 million, and basic EPS €0.73. The 2025 results represent a 3 % revenue lift, a 3 % increase in operating income, and a 29 % jump in net income, driven by higher pricing and volume in Care Delivery and improved cost discipline in Care Enablement. Value‑Based Care growth reflects expansion of contract‑based services despite short‑term investment costs.
Industry context: Fresenius competes with DaVita and other dialysis providers. The company’s focus on value‑based care and digital health aligns with industry trends to improve outcomes and manage costs. The share‑buyback and transformation savings signal confidence in long‑term profitability.
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