Siemens (SIE) Q2 2026 (Media) earnings summary

Executive summary

• Achieved strong Q2 FY 2026 results with 18% year-over-year order growth and a record order backlog of €124 billion, led by double-digit growth in Digital Industries and Smart Infrastructure.

• Revenue grew 6% year-over-year, with all regions contributing positively, though currency translation effects negatively impacted growth.

• Net income was €2.2 billion for Q2, with basic EPS at €2.60 and EPS pre PPA at €2.81; net income declined year-over-year due to prior-year divestment gains.

• Free cash flow rebounded to €1.7 billion in Q2, up 71% year-over-year, with Smart Infrastructure making the highest contribution.

• Announced a new share buyback program after retiring 18 million treasury shares, continuing disciplined capital allocation.

Financial highlights

• Orders reached €24.1 billion in Q2, up 18% year-over-year; book-to-bill ratio at 1.22.

• Revenue up 6% year-over-year; Americas up 10%, EMEA up 2%, Asia/Australia up 8% (India +21%).

• Profit in Industrial Business was €3.0 billion (margin 15.4%), with currency headwinds reducing margin by 80 bps.

• Basic EPS pre PPA at €2.81, including a gain from the U.S. airport logistics business divestment.

• Free cash flow at €1.7 billion, well above prior year.

Outlook and guidance

• Group revenue growth expected at the upper half of 6%-8% guidance range for fiscal 2026; book-to-bill ratio above 1.

• Basic EPS pre PPA forecasted at €10.70–11.10 for fiscal 2026.

• Digital Industries revenue growth guidance raised to 7%-10%, profit margin expected at 17%-19%.

• Smart Infrastructure revenue growth guidance raised to 8%-10%, profit margin expected in upper half of 18%-19%.

• Mobility revenue growth outlook lowered to 5%-7%, profit margin expected at lower end of 8%-10%.