Siemens Energy (ENR) Q2 2026 (Media) earnings summary

Executive summary

• Orders rose 26% year-over-year to €35.4 billion, with record Q2 orders of €17.7 billion driven by strong demand in the U.S., data centers, and robust performance across all segments.

• Revenue increased 6% year-over-year to €19.97 billion, with Q2 revenue up 8.9% to €10.3 billion, supported by all business segments.

• Net income more than doubled to €1.58 billion, with Q2 net income at €835 million, and basic EPS up 130% to €1.68.

• Free cash flow pre-tax surged 66% to €4.84 billion, with Q2 free cash flow at €1,975 million, driven by profit improvement and customer advance payments.

• Upgraded full-year outlook, expecting higher revenue growth, profit margin, net income, and free cash flow.

Financial highlights

• Orders: €35.4 billion (+26% year-over-year); Q2 orders: €17,749 million (+29.5%); Revenue: €19.97 billion (+6%); Q2 revenue: €10,294 million (+8.9%).

• Net income: €1.58 billion (+110% year-over-year); Q2 net income: €835 million (+66.6%); Basic EPS: €1.68 (+130%).

• Profit before special items: €2.32 billion (+68%); Q2 profit before SI: €1,164 million (+28.5%); Profit margin before SI: 12% (+4 p.p.); Q2 margin: 11.3%.

• Free cash flow pre-tax: €4.84 billion (+66%); Q2 free cash flow pre-tax: €1,975 million (+42.1%).

• Book-to-bill ratio: 1.77; Q2 book-to-bill: 1.72; Order backlog at record €154 billion.

Outlook and guidance

• Raised FY2026 guidance: comparable revenue growth 14–16%, profit margin before special items 10–12%.

• Net income expected around €4 billion; free cash flow pre-tax outlook raised to €8 billion.

• Grid Technologies revenue growth guidance raised to 25–27% with margin 18–20%; other segments unchanged.