Volkswagen Group (VOW) Q3 2026 earnings summary

Executive summary

• 9M 2026 revenue was €233.378bn, down 2.2% YoY; operating result fell to €71m from €5.408bn after €8.691bn of negative special items.

• Operating result before special items was €8.8bn, with a 3.8% margin; management stressed faster execution of a ~€31bn cost program.

• Deliveries fell 9.0% to 6.011m, while automotive net cash flow rose to €4.394bn and net liquidity was €32.982bn at September-end.

Financial highlights

• 9M earnings after tax were -€2.720bn versus €3.405bn; profit before tax was €2.5bn in one report.

• Q3 revenue was €75.277bn, down 6.3% YoY; operating result was -€5.860bn versus -€1.299bn, with €7.760bn of negative special effects.

• Gross profit declined to €33.3bn from €36.6bn and gross margin narrowed to 14.3% from 15.4%; preferred EPS was -€4.07.

• Automotive EBITDA rose 7.7% to €23.438bn; clean automotive net cash flow, before Diesel and M&A, increased 9.5% to €3.884bn.

Outlook and guidance

• FY2026 revenue outlook was ~€315bn, with reported operating margin up to 1%; deliveries were forecast at ~8.2m vehicles.

• Automotive investment ratio was forecast at 11%–12%, net cash flow at €3bn–€6bn and net liquidity at €32bn–€34bn; Q4 net cash flow expected positive.

• Financial Services operating result outlook was more than €3.5bn; Commercial Vehicles return on sales was forecast at 4.0%–6.0%.

• Guidance assumes current tariffs persist and excludes potential Middle East escalation, Group Target Picture 2030 effects and the majority-stake sale of Everllence.

• The 2027–2031 investment plan totals €135bn, aligned with a ~9% automotive investment-ratio target.