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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Knorr-Bremse
Knorr-Bremse (KBX) investor relations material
Knorr-Bremse Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary29 Oct, 2026
Executive summary
Q3 operating EBIT rose 19.1% YoY to €299m, with a 14.6% margin—the second-highest quarterly operating EBIT and highest margin in over five years.
Q3 revenue increased 9.0% to €2,051m, up 5.6% organically; order intake was €2,053m and the order book reached €7,883m.
BOOST achieved its 2026 target; Growth Beyond is the next strategic phase, with growth a priority over the next three to five years while profitability and capital efficiency remain central.
Financial highlights
Q3 operating EBIT was €299m versus €251m; reported EBIT was €281m versus €219m, and EPS rose 22.5% to €1.09.
9M revenue increased 5.0% to €6,132m; operating EBIT rose 15.5% to €865m and reported EBIT rose to €806m.
9M net income was €528m versus €447m; EPS increased to €3.11 from €2.59.
Free cash flow was €238m in Q3 and €531m for 9M, versus €159m and €319m, respectively, in the prior year.
9M order intake was €6,484m; the €7,883m order book was €515m above prior year, supported in part by duagon consolidation.
Outlook and guidance
FY 2026 guidance: revenue €8,100m–€8,300m, operating EBIT margin 14.0%–14.5%, and FCF €750m–€850m; revenue and FCF are expected at the upper ends of their ranges.
Rail FY 2026 organic revenue growth is forecast at 3%–4%, with a 17.5% operating EBIT margin; 2027 growth is expected similar to or slightly better than 2026, reaching at least 7% in 2028.
Truck FY 2026 organic revenue growth is expected around 7%, with a 12% operating EBIT margin; 2027 margin improvement of up to 100 bps is targeted in an “okay-ish” market.
Outlook into 2027 is positive, supported by rail visibility and expected Truck momentum in North America and Europe; Rail Q4 order intake is expected to partially recover to ~€1.2bn.
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Latest events from Knorr-Bremse
- FY23 turnaround lifted margin to 11.3%, with record orders and stronger cash flow.KBX
Q4 2023 - Growth Beyond targets €10bn revenue and a 16% margin by 2030.KBX20th International Investment Forum (IIF)
- Raised 2026 guidance after strong Q2, record order book, and improved profitability.KBXQ2 2026
- Record Q1 EBIT margin and robust order book signal strong performance and outlook.KBXQ1 2026
- Global leader targets robust growth and margin gains, leveraging innovation and aftermarket strength.KBXGerman Select VII Conference
- Record 2025 profit, margin, and cash flow growth; 2026 outlook targets further expansion.KBXQ4 2025
- Strong Q3 with rail-driven growth, higher margins, and raised guidance after key acquisitions.KBXQ3 2024
- Margin and cash flow surged on rail strength, with guidance raised and portfolio actions ongoing.KBXQ2 2024
- Record order intake and strong rail growth support stable outlook for 2025.KBXQ1 2025
Next Knorr-Bremse earnings date
Q4 202618 Feb, 2027
Knorr-Bremse
Next Knorr-Bremse earnings date
Q4 202618 Feb, 2027
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Frequently asked questions
Knorr-Bremse develops, produces and maintains braking and other systems for rail and commercial vehicles. The Company's products include pneumatic braking systems, door systems, HVAC and driver advisory systems, couplers, and control electronics.