BMW Group (BMW) Q2 2026 earnings summary

Executive summary

• Q2 and H1 2026 saw significant declines in earnings and margins due to a sharp downturn in China and intensified global competition, despite growth in Europe (+5.4% H1, +7.6% Q2) and the USA (+3.9% H1, +11.9% Q2).

• Group deliveries in H1 2026 fell 4.2% year-over-year to 1,156,727 units, with all-electric vehicles accounting for 17.7% of total deliveries.

• Management accelerated efficiency measures and workforce restructuring, including voluntary severance in Germany, to address market challenges.

• The company maintained a diversified product and drivetrain strategy, with BEV and MINI sales showing resilience.

Financial highlights

• Q2 2026 group revenues were €31,259 million, down 7.9% year-over-year; H1 revenues were €62,266 million, down 8.0%.

• Q2 group EBT was €1,697 million, down 35.1% year-over-year; H1 EBT was €4,045 million, down 29.4%.

• Net profit for H1 2026 was €2,872 million, down 28.5% year-over-year; earnings per share were €4.73, down 24.1%.

• Automotive segment EBIT margin in H1 2026 was 3.6%, down from 6.2% in H1 2025.

• Free cash flow in the Automotive segment for H1 2026 was €1,290 million, down 45.0% year-over-year.

Outlook and guidance

• Full-year 2026 group profit before tax is expected to decrease significantly, with Automotive deliveries slightly below the previous year.

• Automotive EBIT margin is forecasted at 1-3%, with ROCE at 1-5%.

• Motorcycles segment EBIT margin expected at 4-6%; Financial Services ROE at 13-16%.

• Targeting a return to 8-10% EBIT margin corridor by the next decade.