“We showed great order momentum. Our synergetic core was robust on both top and bottom lines. Due to the revenue weakness in Diagnostics we are decreasing our revenue growth outlook while raising the EPS outlook by the amount of the tariff refunds,” said Bernd Montag, CEO of Siemens Healthineers, as the company reported its third-quarter fiscal 2026 results and revised its full-year revenue outlook.
Siemens Healthineers recorded comparable revenue growth of 2.8 per cent in the third quarter of fiscal 2026, following particularly strong growth of 7.6 per cent in the prior-year quarter. The company reported an outstanding equipment book-to-bill ratio of 1.27, indicating continued strength in equipment demand.
Adjusted EBIT margin was 19.1 per cent, with refunds related to tariffs imposed under the US International Emergency Economic Powers Act (IEEPA) contributing positively across all segments. Adjusted basic earnings per share stood at €0.70, while free cash flow reached €1.0 billion, also supported by the tariff refunds.
Among the company’s businesses, Imaging reported comparable revenue growth of 2.3 per cent and an adjusted EBIT margin of 26.5 per cent. Precision Therapy delivered stronger comparable revenue growth of 9.2 per cent, with an adjusted EBIT margin of 17.5 per cent.
Diagnostics remained the key area of weakness, with comparable revenue declining 5.5 per cent and an adjusted EBIT margin of 4.1 per cent. The segment’s weaker revenue performance prompted Siemens Healthineers to revise its full-year growth expectations.
FY2026 Outlook Revised
For fiscal 2026, Siemens Healthineers now expects comparable revenue growth of between 3.5 per cent and 4.0 per cent, down from its previous forecast of 4.5 per cent to 5.0 per cent. At the same time, the company raised its adjusted basic EPS outlook to between €2.35 and €2.45, compared with the previous range of €2.20 to €2.30.
The company said the higher EPS outlook primarily reflects the impact of refunds related to US tariffs, while the lower revenue guidance is mainly attributable to weaker performance in Diagnostics.
Despite the revised revenue outlook, Siemens Healthineers continues to see strong order momentum, with Imaging and Precision Therapy providing support to overall performance as it progresses through fiscal 2026.
