BMW Group (BMW) Q3 2026 earnings summary

Executive summary

• Q3 revenue was €30.452bn, down 5.8% YoY; EBT was €2.083bn, down 10.6%, and 9M EBT was €6.128bn, down 23.9%.

• Q3 Automotive EBIT margin was 3.4% and 9M margin was 3.5%; excluding BBA PPA, margins were 4.5% and 4.7%, respectively.

• FY2026 reported Automotive EBIT margin guidance was cut to -0.5% to +0.5% as portfolio and structural actions expanded; Neue Klasse ramp-up continues.

Financial highlights

• 9M revenue was €92.718bn, down 7.3%; Q3 EBIT was €1.589bn, down 29.7%, and 9M EBIT was €5.224bn, down 35.2%.

• Q3 net profit was €1.448bn, down 14.7%; 9M net profit was €4.320bn, down 24.4%, with 9M EPS of €7.19 versus €8.97.

• Automotive Q3 revenue was €26.669bn, down 6.5%; EBIT was €901m, down 39.7%. The Integrated Braking System settlement positively affected Q3 results.

• Automotive free cash flow was -€566m in Q3 and €724m for 9M, versus €343m and €2.688bn in the comparable periods.

• R&D expenditure was €1.790bn in Q3 and €5.504bn for 9M, down 6.8% and 7.4%; 9M capital expenditure was €3.657bn, down 17.1%.

Outlook and guidance

• FY2026 reported Automotive EBIT margin guidance is -0.5% to +0.5%, versus prior guidance of 1% to 3%; margin before structural measures is expected above 2%.

• Portfolio and structural measures are expected to burden the Automotive margin by ~2.5 percentage points; tariffs are estimated at ~1.25 points and BBA PPA amortisation at 1.2 points.

• FY2026 Automotive RoCE is forecast at -1% to +1%; Automotive free cash flow is still expected above €2.5bn. Deliveries are expected to decline moderately.

• FY2026 pretax income is expected to decline significantly; Motorcycle EBIT margin is forecast at 4% to 6% and Financial Services ROE at 13% to 16%.

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