Volkswagen (VOW) Q4 2025 (Media) earnings summary

Executive summary

• Delivered nearly 9 million vehicles in 2025, maintaining previous year's level despite global headwinds, geopolitical tensions, and market volatility.

• Achieved strong growth in Europe with a 4% sales increase and over 25% market share; BEV sales in Europe rose by 66%, securing market leadership.

• Launched 30 new models and made visible progress with restructuring and transformation programs.

• Revenue reached EUR 322 billion, nearly flat year-over-year; net liquidity remained stable.

• Net cash flow in the automotive division improved to EUR 6.4 billion, up 24% from the prior year.

Financial highlights

• Operating profit fell by 53% year-over-year to EUR 8.9 billion, with a margin of 2.8%.

• Special effects totaled EUR 5.9 billion, including EUR 2.7 billion Porsche goodwill impairment and EUR 2 billion for Porsche product strategy adaptation.

• Adjusted operating margin before special items and tariffs was 4.6%.

• Dividend proposal: EUR 5.26 per preferred share for 2025, down 17% from prior year.

• BEV order intake in Europe up 55%, with BEV order bank share at 22%.

Outlook and guidance

• Revenue expected to grow 0%-3% in 2026; operating margin forecasted between 4% and 5.5%.

• Net cash flow guidance for 2026 is EUR 3-6 billion; net liquidity expected between EUR 32-34 billion.

• Investment ratio in Automotive Division expected at 11–12%.

• Continued high competitive pressure and volatile global economy anticipated.

• Focus remains on cost reduction, leveraging synergies, and increasing profitability.