Siemens Energy (ENR) Q4 2026 (Media) earnings summary

Executive summary

• FY26 was a record year: revenue was €44.243bn, up 15.5% on a comparable basis, and orders reached €68.102bn, up 18.8%; all raised guidance targets were met or exceeded.

• Profit before Special items more than doubled to €5.486bn; net income was €4.129bn and pre-tax free cash flow was €8.799bn.

• Year-end backlog reached a record €164bn; Siemens Gamesa reached break-even on Profit before Special items after a €1.5bn FY25 loss.

Financial highlights

• FY revenue was €44.243bn, up 15.5% comparable; orders reached €68.102bn, up 18.8%, with book-to-bill of 1.54.

• Profit before Special items rose to €5.486bn from €2.355bn; reported Profit was €5.405bn versus €2.361bn.

• Net income was €4.129bn and basic EPS €4.44; FY25 figures were €1.685bn and €1.63, respectively.

• Pre-tax free cash flow climbed to €8.799bn from €4.663bn; operating cash flow was €9.958bn versus €5.821bn.

• Q4 revenue set a record at €12.826bn, up 21.5% comparable; Profit before Special items was €1.540bn and net income €1.360bn.

Outlook and guidance

• FY27 guidance: comparable revenue growth of 14%–16%, Profit margin before Special items of 14%–16%, net income near €5bn and pre-tax free cash flow near €10bn.

• FY30 targets: comparable revenue CAGR of 12%–14% across FY26–FY30 and Profit margin before Special items of 20%–22%; EPS is targeted to grow at double-digit annual rates.

• FY27 segment assumptions: Gas Services growth 24%–26% and margin 18%–20%; Grid Technologies growth 22%–24% and margin 21%–23%.

• FY27 segment assumptions: Transformation of Industry growth 0%–2% and margin 11%–13%; Siemens Gamesa growth negative 3% to negative 1% and margin 0%–2%.

• Book-to-bill is expected to stay above 1 through 2030; backlog covered 85% of FY27 revenue, declining to 65% the following year and 60% thereafter.