Highlights
- Operating revenue increased 14% year on year to USD 1.09bn.
- Net profit after tax rose 39% to USD 213.0m.
- Interim dividend increased to 19.0 cents per share for first half.
Fisher & Paykel Healthcare Corporation Limited (ASX:FPH) reported higher earnings for the first half of the 2026 financial year, covering the six months ended 30 September 2025. The result reflected growth across both Hospital and Homecare product groups alongside improvements in gross margin.
Revenue and Earnings Overview
Total operating revenue for the period rose 14% year on year to USD 1.09bn, representing 12% growth in constant currency terms. Net profit after tax increased to USD 213.0m, up 39% from the prior corresponding period, or 28% on a constant currency basis. The company attributed the earnings outcome to sales growth across major product categories and ongoing efficiency initiatives.
Gross margin for the half year was reported at 63%, representing an increase of 110 basis points compared with the same period last year, or 60 basis points in constant currency terms. The result was achieved despite the impact of US tariffs on certain Hospital products manufactured in New Zealand.
Hospital Segment Performance
The Hospital product group delivered first-half revenue of USD 692.2m, an increase of 17% year on year, or 15% in constant currency. This segment includes humidification systems used across respiratory, acute, and surgical care settings.
Within the segment, hardware sales increased 21% in constant currency terms. Revenue from new applications consumables grew 16% in constant currency and represented 74% of total Hospital consumables revenue. New applications include products used in non-invasive ventilation, Optiflow nasal high flow, and surgical procedures.
Homecare Segment Trends
Homecare operating revenue reached USD 395.9m for the first half, marking a 10% increase year on year, or 8% growth in constant currency. The segment includes products used in obstructive sleep apnoea (OSA) treatment and respiratory support in residential settings.
Revenue from OSA masks and accessories increased 6% in constant currency terms during the period. Performance reflected continued uptake of newer mask offerings introduced during recent product cycles.
Costs, Investment, and Dividend
Investment in research and development totaled USD 114.1m, representing 10% of operating revenue for the half year. Continuous improvement initiatives were cited as contributing to margin performance.
An interim dividend of 19.0 cents per ordinary share was approved, compared with 18.5 cents per share in the prior first half. The dividend will be paid on 16 December 2025, with a record date of 4 December 2025, and carries full New Zealand imputation credits.
Updated Full-Year Outlook
Based on exchange rates at 31 October 2025, full-year operating revenue is now expected to be in the range of approximately USD 2.17bn to USD 2.27bn. Net profit after tax is expected in the range of approximately USD 410m to USD 460m. The outlook assumes current global tariff settings for the remainder of the financial year.
Share Price Snapshot
FPH was trading 5.65% higher at AUD 33.63 per share as of 26 November 2025.






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