ICU Medical (ICUI) FY2025 results: revenue $2.2 billion, down 6.3% on the year
ICU Medical Inc. (ICUI) reported revenue of $2.2 billion for fiscal 2025, the year ended 31 December 2025, down 6.3% on the year before. Net income was $732,000, and diluted earnings per share $0.03. The figures are the company's own, from the 10-K it filed with the SEC on 19 February 2026.
Revenue
$2.2 billion
-6.3% on the year
FY2018FY2025
Operating margin
1.9%
1.8% a year earlier
FY2018FY2025
Net income
$732,000
FY2018FY2025
Diluted EPS
$0.03
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 13 new.
Revenue fell 14% year on year: Fourth quarter 2025 revenue was $540.7 million against $629.8 million a year earlier, down 14%. The prior-year quarter included $103.3 million of revenue from the divested business.
GAAP net loss per share $(0.64): GAAP net loss was $(15.7) million, or $(0.64) per diluted share, against a $(23.8) million loss, or $(0.97), a year earlier. Adjusted diluted EPS was $1.91 against $2.11.
Adjusted EBITDA $98.2 million: Adjusted EBITDA was $98.2 million, compared with $105.5 million a year earlier. Income from operations was $5.6 million against $37.7 million.
Vital Care revenue fell 58%: Vital Care revenue was $79.7 million, down $110.3 million from $190.0 million. The release attributes the fall to the May 1, 2025 disposal of the IV Solutions business within Vital Care.
Fiscal 2026 GAAP net income guided: Fiscal 2026 GAAP net income is estimated at $26 million to $44 million, with GAAP EPS of $1.03 to $1.74.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
180
204
166
-11.9%
Capital expenditure
88.0
79.4
83.9
+10.9%
Free cash flow
91.8
125
82.3
-26.4%
Free cash flow margin
4.1%
5.2%
3.6%
Cash from investing
122
-89.0
-87.9
Cash from financing
-312
-55.8
-36.0
Depreciation and amortisation
201
220
229
-8.6%
Share-based compensation
55.8
46.9
40.6
+18.9%
Buybacks
8.8
12.0
9.3
-26.9%
Diluted shares, weighted
25m
24m
24m
+2.1%
Shares outstanding at period end
25m
25m
24m
+0.7%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
2,124
1,965
2,123
+8.1%
Debt
1,285
1,583
1,629
-18.8%
Operating lease liabilities
44.0
40.8
53.0
+7.8%
Finance lease liabilities
3.7
2.3
2.0
+59.9%
Other liabilities
594
613
571
-3.0%
Total liabilities and equity
4,051
4,204
4,378
-3.6%
Fixed assets
452
443
613
+2.0%
Goodwill
1,500
1,433
1,472
+4.7%
Intangible assets
634
741
871
-14.5%
Investments
n/a
0.0
0.5
Cash and equivalents
308
309
254
-0.2%
Receivables
181
183
162
-1.3%
Inventory
616
585
709
+5.3%
Other assets
361
512
297
-29.4%
Total assets
4,051
4,204
4,378
-3.6%
10-K for the year ended 31 December 2025, filed 19 February 2026: the filing.