Highlights

  • Fisher & Paykel Healthcare reported FY26 total Operating Revenue of $2.31 billion, up 14% (12% in constant currency)
  • Net profit after tax for FY26 was $468.5 million, a 24% increase over FY25 (28% in constant currency)
  • The company invested $235.5 million in Research and Development during the 2026 financial year
  • Products and therapies supported the care of around 24 million patients during the year, according to the company

Fisher & Paykel Healthcare Corporation Limited (NZX: FPH, ASX:FPH) is a New Zealand-based designer, manufacturer and marketer of medical devices for respiratory care, surgery and the treatment of obstructive sleep apnea. This article reviews the company's FY26 full-year results, its core operations, sector context and developments shareholders are monitoring for the year ahead.

The share price was AUD 35.55 during the Trading session on 17 September 2026. The stock moved down by 0.03% during the trading session on 17 September 2026.

Company Business

Fisher & Paykel Healthcare designs, manufactures and markets products and systems for acute and chronic respiratory care, surgery and the treatment of obstructive sleep apnea. The company's operations are organised around two main product groups: Hospital, which includes systems for noninvasive ventilation, humidification, Optiflow nasal high flow therapy and surgical applications, and Homecare, which includes continuous positive airway pressure devices and related products for people with sleep apnea and other breathing conditions. Its products are sold in over 120 countries through direct sales offices and a network of distributors serving hospitals, clinics, homecare providers and other medical device manufacturers. The company is headquartered in Auckland and operates a Manufacturing campus at East Tāmaki, where it is constructing a fifth building to add manufacturing, Warehousing and product development capacity.

Sector Context

The respiratory care and medical device sector in which Fisher & Paykel Healthcare operates is shaped by hospital Capital Expenditure cycles, clinical Demand for acute and chronic respiratory therapies, and regulatory approval processes in markets including the United States, Europe and Asia. Currency movements are a relevant Factor for the company given its global sales base and manufacturing footprint. The company has also noted the evolving landscape around International Trade measures, including Tariff structures and Free Trade Agreement provisions, as a factor it continues to monitor across its Supply chain and export markets.

Recent Developments

Fisher & Paykel Healthcare released its financial results for the year ended 31 March 2026 on 26 May 2026, accompanied by a conference call and webcast. Ahead of the full-year release, the company had updated its FY26 revenue and Earnings guidance, citing currency movements, to approximately $2.30 billion in operating revenue and net profit after tax in the range of approximately $450 million to $470 million. The company also stated it continued to work through matters relating to United States tariff rulings, refund processes and the application of free trade agreements and the Nairobi Protocol to its products, noting it did not consider these matters to have a material impact on its long-term direction or strategy.

Financial Performance

For the year ended 31 March 2026, Fisher & Paykel Healthcare reported total operating revenue of $2.31 billion, an increase of 14% on the prior financial year, or 12% in constant currency. Net profit after tax was $468.5 million, up 24% over FY25, or 28% in constant currency. For the first half of FY26, operating revenue was $1.09 billion, up 14%, with Hospital operating revenue of $692.2 million, up 17%, and Homecare operating revenue of $395.9 million, up 10%. Interim Dividend was increased to 19.0 cents per share, compared with 18.5 cents per share in the prior corresponding period. Research and development Investment for the full financial year was $235.5 million.

Risks to Consider

The company's disclosures point to risks including foreign currency movements, given its global revenue base and manufacturing operations, and the evolving application of United States tariff measures, refund processes and trade agreement provisions to its products. Continued Capital Investment in manufacturing capacity, including the fifth building at its East Tāmaki campus, carries execution and funding considerations. Demand for hospital hardware and consumables is also linked to broader hospital capital expenditure cycles and clinical adoption trends, which can vary by region and over time.

What to Watch Next

Fisher & Paykel Healthcare has indicated it will continue to provide updates on tariff-related impacts as matters progress. Continued construction of the fifth building on its East Tāmaki manufacturing campus, ongoing research and development investment, and the company's half-year results covering the six months to 30 September 2026 represent upcoming points of disclosure for shareholders.

Key Insights

Fisher & Paykel Healthcare's FY26 results reflect double-digit growth in both revenue and net profit after tax, supported by demand across its Hospital and Homecare product groups. The company continues to invest in research and development and manufacturing capacity expansion while monitoring the evolving international trade and tariff environment. These factors, together with currency movements, are likely to remain relevant to the company's future reporting periods.