Fresenius Medical Care (NYSE: FMS) reported second-quarter 2026 operating income of €466 million, up 10% from a year earlier, while operating income excluding special items rose 20% to €569 million, yielding a margin of 11.7%, compared with 9.9% in the prior-year period.

Group revenue for the quarter reached €4,861 million, a 1% increase year-on-year, or 5% on an organic basis. Reported net income attributable to shareholders fell 3% to €218 million, while net income excluding special items rose 13% to €303 million. Basic earnings per share excluding special items increased 24% to €1.13, supported by the company's share buyback program.

The company completed its first share buyback program on April 30, cancelling 24.8 million repurchased shares and reducing share capital by 8.5%. A second buyback program of approximately €1 billion was announced May 26 and is being executed in tranches over 12 months. As of June 30, 2,454,945 shares had been repurchased for €94 million under the new program.

Fresenius Medical Care said it exited approximately 100 U.S. dialysis clinics as part of a 2026 footprint optimization plan, retaining the majority of affected patients in neighboring facilities. The FME25+ transformation program delivered €67 million in additional savings during the quarter. The company expects €250 million in total FME25+ savings and €350 million in related one-time costs for full-year 2026, with cumulative savings projected to reach €1.2 billion by end of 2027.

The rollout of the 5008X CAREsystem in the U.S. reached 227 clinics, with more than 600,000 treatments performed as of July 24, 2026. Approximately 10% of U.S. dialysis machines have been replaced, against a full-year target of around 20%.

Operating cash flow for the quarter rose 11% to €860 million. Total net debt and lease liabilities stood at €9,902 million, with a net leverage ratio of 2.6x.

The company reaffirmed its full-year 2026 outlook, projecting revenue growth broadly flat versus the prior year and operating income growth in a range between a positive and negative mid-single digit percent, both at constant currency and excluding special items.