Siemens (SIE) Q4 2026 earnings summary

Executive summary

• FY26 orders rose 25% on a comparable basis to €108.2bn and revenue grew 8% to €83.4bn; Industrial Business profit reached a record €13.292bn, up 13%.

• Q4 orders surged 58% to €34.8bn; revenue reached €23.7bn, up 10% comparable and 11% nominal, while Industrial Business profit was €3.9bn at a 16.8% margin.

• FY26 free cash flow reached a record €12.096bn, up 12%; Industrial AI was identified as a key growth opportunity.

Financial highlights

• FY26 net income was €9.474bn, down from €10.387bn; FY25 included a €2.1bn gain from the Innomotics sale.

• FY26 EPS pre PPA was €11.76, above the raised €11.20–€11.50 guidance; basic EPS was €10.94.

• Q4 net income rose 32% to €2.434bn; EPS pre PPA was €3.01.

• FY26 Digital Business comparable revenue grew 16%; DI Software revenue rose 13% to €7.2bn.

Outlook and guidance

• FY27 comparable revenue growth is expected at 9%–11%, book-to-bill above 1, and EPS pre PPA of €10.20–€10.80, excluding Healthineers.

• FY27 segment outlook: Digital Industries revenue growth 8%–12%, margin 20%–22%; Smart Infrastructure 11%–13%, margin 19.5%–20.5%; Mobility 6%–8%, margin 8%–10%.

• Assumptions include global expansion supported by AI, digital infrastructure and public investment, a pickup in industrial activity, moderately higher R&D intensity, SG&A clearly below FY26 as a share of revenue, and no material FX impact.

• Outlook excludes legal and regulatory burdens, transaction gain and spin-off costs, Healthineers operating earnings, and future equity-method effects from the remaining investment.

• Mid-term targets rose to 7%–11% comparable revenue growth and double-digit nominal EPS pre PPA growth.