Siemens Energy (ENR) Q4 2026 earnings summary

Executive summary

• FY26 comparable revenue reached a record €44.243bn, up 15.5%; Profit before Special items was €5.486bn, net income €4.129bn, and free cash flow pre-tax €8.799bn.

• Year-end order backlog reached a record €164bn, up from €138bn; FY book-to-bill was 1.54.

• Results exceeded commitments: margin was 1.4pp above the top of the CMD 2025 target range and free cash flow pre-tax €3.8bn above its top end.

Financial highlights

• Q4 revenue was €12.826bn, up 21.5% comparable; Profit before Special items rose to €1.540bn, with a 12.0% margin.

• FY orders were €68.102bn, up 18.8% comparable; revenue was €44.243bn, up 15.5% comparable, and reported revenue rose 13.2%.

• FY net income was €4.129bn; basic EPS was €4.44, and free cash flow pre-tax was €8.799bn, versus €4.663bn in FY25.

• Proposed FY26 dividend was €2.30 per share; €3.1bn of shares were repurchased during the year.

Outlook and guidance

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

• FY30 targets: >€70bn revenue, 12–14% comparable revenue CAGR from FY26–30 and 20–22% Profit margin before Special items; double-digit EPS growth through FY30 and continued growth beyond.

• FY27 segment margin guidance: Gas Services 18–20%, Grid Technologies 21–23%, Siemens Gamesa 0–2% and Transformation of Industry 11–13%.

• FY30 segment margin targets: Gas Services 25–27%, Grid Technologies 24–26%, Siemens Gamesa 8–10% and Transformation of Industry 14–16%.