Siemens (SIE) Q4 2026 (Media) earnings summary

Executive summary

• FY 2026 comparable revenue growth was 8%; EPS pre-PPA rose 14% and free cash flow reached a record €12.1bn; guidance was achieved.

• Q4 orders rose 58% to a record €34.8bn and revenue increased 11% to €23.7bn; Industrial Business profit rose 22% to a record €3.9bn.

• FY 2026 orders reached a record €108.2bn, revenue was €83.4bn and Industrial Business profit rose 13% to €13.3bn.

• Digital business revenue rose 16% to €10.9bn; Industrial AI and the ONE Tech Company program support the growth strategy.

Financial highlights

• FY 2026 net income was €9.5bn versus €10.4bn in FY 2025, which included a €2.1bn gain from the Innomotics sale; EPS pre-PPA was €11.76.

• Q4 net income rose 32% to €2.4bn; basic EPS was €2.80, up 35%, and EPS pre-PPA was €3.01, up 31%.

• FY 2026 income from continuing operations rose 13% to €9.4bn; reported revenue increased 6% to €83.4bn and comparable revenue grew 8%.

• Q4 free cash flow was €5.6bn; FY free cash flow reached €12.1bn, with a 14.5% margin and double-digit cash flow returns for seven consecutive years.

• FY 2026 EBITDA increased 15% to €15.3bn; Q4 EBITDA rose 23% to €3.9bn.

Outlook and guidance

• FY 2027 comparable revenue growth guidance is 9%-11%; EPS pre-PPA guidance is €10.20-€10.80, up 13% at the midpoint, excluding Healthineers.

• FY 2027 segment growth guidance: Digital Industries 8%-12%, Smart Infrastructure 11%-13%, and Mobility 6%-8%; Group book-to-bill is expected above 1.

• FY 2027 segment margin guidance: Digital Industries 20%-22%, Smart Infrastructure 19.5%-20.5%, and Mobility 8%-10%.

• Medium-term comparable revenue growth target rises to 7%-11% from 6%-9%; the EPS growth target is now double-digit.

• Growth expectations reflect AI and digital infrastructure investment, public investment programs and a further pickup in industrial activity; guidance excludes Healthineers and legal and regulatory burdens.