Porsche (P911) Q3 2026 earnings summary

Executive summary

• Q1–Q3 2026 revenue fell 5.9% YoY to €25.282bn and deliveries declined 16.0% to 178,532 vehicles; operating profit rose to €1.735bn from €40m.

• Sportwagenschmiede ’35 focuses on core products, cost reduction and lower capital intensity; lower realignment expenses and a €593m disposal gain supported the results.

Financial highlights

• Gross profit rose 49.2% to €4.883bn; gross margin was 19.3% versus 12.2%, and Group return on sales was 6.9% versus 0.2%.

• Profit after tax was €1.815bn versus €114m; EPS was €2.06 per ordinary share and €2.07 per preferred share.

• Automotive sales revenue fell 7.1% to €22.1bn, less than the 11.1% decline in vehicle sales; revenue per vehicle rose to €126,000 from €120,000.

• Automotive operating profit was €1.493bn versus a €228m loss; return on sales was 6.7% and EBITDA margin was 17.3%.

• Q3 operating profit was €387m with a 4.8% return on sales; 9M cost of sales fell €3.2bn to €20.4bn, mainly on lower strategic realignment expenses.

Outlook and guidance

• FY 2026 guidance: Group revenue €35–36bn, return on sales 5.5%–7.5%, Automotive EBITDA margin 15%–17%, Automotive net cash flow margin 5.5%–7.5% and BEV share 24%–26%.

• FY26 profitability guidance includes €800m–€900m of net extraordinary burdens; Q4 will include further Zukunftspaket and other strategic realignment costs.

• Automotive cash-flow outlook includes Bugatti Rimac/Rimac Group proceeds and pension-funding outflows; ~€1.3bn of strategic realignment outflows are also expected.

• 2027 is expected to be a lower-volume, lower-profit transition-year trough, with €300m–€400m of Zukunftspaket/restructuring costs; precise guidance is due in March 2027.

• Midterm return-on-sales ambition remains 10%–15%, with current macro and FX assumptions pointing to the lower end.