BMW Group (BMW) Q3 2026 (Q&A) earnings summary

Executive summary

• Q3 revenue was €30,452m (-5.8%) and EBT €2,083m (-10.6%), with a 6.8% EBT margin; 9M revenue was €92.7bn and EBT €6,128m, with a 6.6% margin.

• Accelerated portfolio and structural measures weigh on Q4 Automotive earnings; FY reported Automotive EBIT margin guidance was cut to -0.5% to +0.5%, while operational margin before measures remains expected above 2%.

Financial highlights

• Q3 EBIT was €1,589m (-29.7%), net profit €1,448m (-14.7%) and EPS €2.46 (-10.2%); 9M EBIT was €5,224m (-35.2%), net profit €4,320m (-24.4%) and EPS €7.19 (-19.8%).

• Automotive Q3 revenue was €26,669m (-6.5%); retail units fell 6.3% to 551,075.

• Q3 BEV retail units rose 7.2% to 110k and BEV share increased to 20.0% from 17.5%.

• FY2026 EBT is expected to decrease significantly; workforce size is expected to decrease slightly.

Outlook and guidance

• FY2026 Automotive free cash flow remains forecast above €2.5bn; deliveries are expected moderately below the prior year, while Motorcycles deliveries are expected slightly below 2025.

• Automotive EBIT margin targets are 3%–5% in 2028 and 8%–10% by the beginning of the 2030s.

• Financial Services FY2026 ROE guidance is 13%–16%; Motorcycles EBIT margin guidance is 4%–6% and RoCE 10%–14%.

• FY reported Automotive EBIT margin guidance includes ~1.25 percentage points of tariff headwinds, 1.2 points from BBA PPA amortization and ~2.5 points from portfolio and structural measures.

• Detailed 2027 P&L and free-cash-flow impacts from restructuring packages are due with 2027 guidance in March; the 2028 target has no earlier achievement commitment.