Fresenius Medical Care AG & Co. KGaA (FMS) quarterly cash flow statement — complete operating, investing & financing history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|
| Cash from Operations | 226.89M | 974.54M | 741.56M | 774.93M | 162.82M | 831.7M | 984.71M | 442.42M | 127.31M | 719.07M | 759.76M | 1.01B | 142.84M | 599.66M | 657.61M | 751.41M | 158.7M | 669.05M | 691.68M | 921.12M |
| Operating CF Margin % | 4.92% | 19.22% | 15.18% | 16.17% | 3.34% | 16.36% | 20.69% | 9.28% | 2.69% | 14.42% | 15.39% | 20.87% | 3.04% | 12% | 12.9% | 15.8% | 3.49% | 14.4% | 15.57% | 21.32% |
| Operating CF Growth % | 39.34% | 17.17% | -24.69% | 75.16% | 27.9% | 15.66% | 29.61% | -56.07% | -10.87% | 19.91% | 15.53% | 34.03% | -10% | -10.37% | -4.93% | -18.42% | -23.57% | 14.53% | -7.24% | -60.28% |
| Net Income | 164.76M | 327M | 274.8M | 272.3M | 189.61M | 66.9M | 213.03M | 187.03M | 118.31M | 256.6M | 84.35M | 140.36M | 133.85M | 193.58M | 282.93M | 147.14M | 211.81M | 303.74M | 331.24M | 279.72M |
| Depreciation & Amortization | 462.94M | 369.5M | 382.23M | 375.24M | 394.36M | 391.94M | 372.09M | 383.76M | 512.44M | 425.93M | 392.64M | 379.86M | 437.81M | 494.67M | 501.98M | 422.02M | 418.96M | 437.11M | 402.83M | 395.53M |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 38.46M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -10.28M | 3.07M | 0 | -22.62M | -30.49M | 0 | 0 | 0 | -44.37M | -32.63M | 0 | 0 | -22.37M | 18.61M | 3.06M | 0 | -9.29M | 80.09M | 23.99M | -30.76M |
| Other Non-Cash Items | -32.5M | 130.68M | 362.86M | -131.84M | -5.64M | 329.88M | -101.06M | -41.3M | -38.25M | -53.08M | 279.91M | 112.61M | -68.78M | -163.31M | -205.84M | 108.67M | -55.07M | -18.48M | -100.04M | -114.4M |
| Working Capital Changes | -358.04M | 147.36M | -278.32M | 281.86M | -385.02M | 4.52M | 500.65M | -87.07M | -420.83M | 122.24M | 2.86M | 374.32M | -337.67M | 56.11M | 75.48M | 73.59M | -407.7M | -133.41M | 33.66M | 391.03M |
| Change in Receivables | -382.18M | 94.53M | -58.38M | 183.53M | -293.14M | 25.68M | 464.43M | -10.87M | -552.72M | -75.81M | -48.01M | 328.82M | -356.85M | -3.76M | -20.04M | 227.61M | -250.5M | -73.32M | 118.68M | 271.97M |
| Change in Inventory | -146.78M | -58.04M | -102.98M | -15.56M | -70.95M | 95.66M | 68.39M | -15.16M | -40.99M | 42.49M | 55.05M | -22.29M | -88.39M | -35.23M | -50.73M | -56.29M | -62.06M | 105.11M | -37.94M | -74.28M |
| Change in Payables | 108.17M | -100.47M | 0 | -84.87M | -105.18M | 0 | 0 | 0 | 126.6M | -26.65M | 0 | 0 | 36.13M | -113.04M | 59.3M | 0 | -214.88M | -225.38M | -63.95M | 30.68M |
| Cash from Investing | -169.48M | -396.31M | -54.01M | -142.05M | -108.24M | -119.19M | -219.93M | 322.55M | -68.37M | -96.5M | -151.1M | -133.34M | -163.28M | -224.94M | -100.79M | -197.67M | -211.32M | -422.79M | -300.26M | -249.13M |
| Capital Expenditures | -190.07M | -410.42M | -192.21M | -154.38M | -145.76M | -240.69M | -165.35M | -159.42M | -133.9M | -250.28M | -136.78M | -155.41M | -142.13M | -229.38M | -160.34M | -172.18M | -162.09M | -266.16M | -194.54M | -209.36M |
| CapEx % of Revenue | 4.12% | 8.1% | 3.93% | 3.22% | 2.99% | 4.73% | 3.47% | 3.34% | 2.83% | 5.02% | 2.77% | 3.22% | 3.02% | 4.59% | 3.15% | 3.62% | 3.56% | 5.73% | 4.38% | 4.85% |
| Acquisitions | -3.13M | 54.64M | -3.17M | -8.17M | 12.68M | 18.33M | -12.74M | -6.66M | 40.58M | 132.52M | -6.83M | -10.06M | 8.07M | -15.53M | 37.5M | -24.62M | -22.27M | -113.71M | -141.19M | -22.18M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 3.08M | -4.5M | 141.38M | 7.88M | 3.46M | 103.16M | -41.84M | 488.63M | 4.41M | 11.41M | -7.5M | 32.12M | 1.64M | 27.4M | 3.68M | -873K | 2.23M | -2.54M | 13.48M | 8.11M |
| Cash from Financing | -436.09M | -215.65M | -1.14B | 79.22M | -138.79M | -965.18M | -477.08M | -837.37M | -289.66M | -745.65M | -412.33M | -702.56M | 2.01M | -119.92M | -502.53M | -728.27M | -266.64M | -357.53M | -288.53M | -342.4M |
| Debt Issued (Net) | -16.3M | 424.49M | -669.38M | 547.17M | -79.01M | -737.01M | -172.44M | -670.12M | -514.14M | -680.04M | 13.55M | -516.57M | -148.84M | -148.42M | -276.45M | -611.69M | -731.64M | -287.5M | -214.18M | 118.91M |
| Equity Issued (Net) | -347.33M | -419.41M | -151.12M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | -2.19M | 0 | -422.51M | 0 | 0 | 0 | -349.16M | 0 | 0 | 0 | -328.62M | 0 | 0 | 0 | -395.56M | 0 | 0 | 0 | 0 |
| Share Repurchases | -347.33M | -419.41M | -151.12M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -72.45M | -218.54M | -314.75M | -45.44M | -59.78M | -228.18M | -304.64M | 181.91M | 224.48M | -65.62M | -425.88M | 142.63M | 150.85M | 28.5M | -226.08M | 278.98M | 465M | -70.03M | -74.35M | -461.32M |
| Net Change in Cash | -359.97M | 342.43M | -463.92M | 641.45M | -106.64M | -201.88M | 275.33M | -80.12M | -235.23M | -147.13M | 213.06M | 137.41M | -49.9M | 160.24M | 88.88M | -148.67M | -308.31M | -80.18M | 153.88M | 334.48M |
| Free Cash Flow | 36.82M | 564.11M | 549.35M | 620.55M | 17.06M | 591.01M | 819.36M | 283.01M | -6.59M | 468.79M | 622.98M | 851.74M | 704K | 370.27M | 497.27M | 579.23M | -3.39M | 402.88M | 497.14M | 711.76M |
| FCF Margin % | 0.8% | 11.13% | 11.25% | 12.95% | 0.35% | 11.62% | 17.21% | 5.94% | -0.14% | 9.4% | 12.62% | 17.65% | 0.01% | 7.41% | 9.76% | 12.18% | -0.07% | 8.67% | 11.19% | 16.48% |
| FCF Growth % | 115.78% | -4.55% | -32.95% | 119.27% | 358.86% | 26.07% | 31.52% | -66.77% | -1036.36% | 26.61% | 25.28% | 47.05% | 120.77% | -8.09% | 0.03% | -18.62% | -114.52% | 45.02% | -0.61% | -66.12% |
| FCF per Share | 0.07 | 0.99 | 0.94 | 1.06 | 0.03 | 0.50 | 0.70 | 0.24 | -0.01 | 0.53 | 0.71 | 0.97 | 0.00 | 0.32 | 0.42 | 0.49 | -0.00 | 0.45 | 0.56 | 0.80 |
| FCF Conversion (FCF/Net Income) | 1.89x | 2.98x | 2.70x | 3.44x | 1.08x | 12.43x | 4.62x | 2.37x | 1.79x | 3.83x | 9.04x | 7.19x | 1.66x | 4.32x | 2.86x | 5.11x | 1.01x | 2.92x | 2.53x | 4.21x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 104.45M | 79.8M | 113.55M | 0 | 0 | 98.56M | 109.21M | 0 | 0 | 0 | 58.55M | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |