Siemens Healthineers AG Q4 2026 Earnings Recap

Siemens Healthineers reported 4% comparable growth for fiscal 2026, at the upper end of its amended guidance, while Q4 growth was led by the synergetic core. The stock was nearly flat after earnings, down 0.4%; Diagnostics still declined year over year, and group margins faced foreign-exchange, inflation and one-off headwinds.

Key Takeaways

• Q4 group revenue grew 5.9%; the synergetic core grew 8.1%, with growth across the Americas, Asia Pacific and Japan, and EMEA. China revenue fell 2%.
• Diagnostics revenue declined 4.2% year over year in Q4, though it stabilized sequentially; management said its margin improved sequentially, partly due to one-off effects. The company extended its Quest Diagnostics relationship by five years.
• Adjusted EPS was €2.42, slightly above the prior year. Excluding tariff refunds and certain sizable negative one-offs, EPS was €2.30, within the initial €2.20–€2.40 guidance range.
• Imaging revenue rose 10%, supported by Photon-counting CT, radiopharmaceuticals and MR. Its margin faced about 150 basis points of FX pressure and a net 200-basis-point impact from one-offs.
• Precision Therapy grew 7% at Varian. The decision to focus ultrasound on procedural applications, and the resulting slowdown in general imaging ultrasound sales, weighed on segment growth.