Wolfsburg. The Volkswagen Group has released its results for the first nine months of 2026.
“The nine-month results make one thing clear: We cannot afford to lose any time and must act quickly and decisively. We are bringing exciting vehicles featuring state-of-the-art technology to market. We are leading the way in electric mobility in Europe. Electric vehicles account for 40 percent of our order bank. Our Electric Urban Car Family, with 150,000 orders, is making a major contribution to this. At the same time, US tariffs weigh on us, the Chinese market is shrinking, and competitive pressure in Europe is increasing significantly. The market success of our electric vehicles is putting additional pressure on our earnings, as we currently earn less from electric vehicles than from combustion-engine vehicles. After nine months, our operating return on sales before special items stands at 3.8 percent. That is too low to continue investing strongly in our future. With our Future Plan, we have defined the key measures to sustainably improve our profitability: a streamlined model range, simpler structures, improved vehicle costs, lower overhead costs, greater efficiency in our plants, and faster technology development. Together, these form a comprehensive cost program of around 31 billion euros. What matters now is swift and consistent implementation.”
Due to the increasingly challenging market environment, vehicle sales excluding Chinese joint ventures were slightly below the prior-year level (-1%). Growth in the Financial Services Division (+8%) partially offset the decline in the automotive business (-4%). As a result, Group sales revenue declined slightly by 2%.
The decline in Operating Result was primarily attributable to special items of €8.7 billion, of which €7.8 billion arose in the third quarter. The weak market environment in China, increasing global pricing and competitive pressure, and the increased share of lower-margin electric vehicles in vehicle sales also weighed on earnings.
Adjusted for special items amounting to €8.7 billion, in particular non-cash impairment charges on Porsche goodwill (€6.4 billion), non-cash impairment adjustments on assets of fully consolidated companies in China (around €1 billion), and additional expenses in connection with the planned sale of Volkswagen Osnabrück GmbH, operating return on sales amounted to 3.8%.
Positive development was driven in particular by lower investments and portfolio measures. Net cash flow adjusted for M&A effects amounted to around €3.9 billion (9M 2025: €3.5 billion). This includes payments of €0.5 billion to increase the funding of pension obligations. Net liquidity as of September 30 stood at a solid €33.0 billion (December 31, 2025: €34.5 billion).
Vehicle sales in 9M 2026 were affected by declining markets, particularly China, and further intensifying global pricing and competitive pressure. Vehicle sales excluding Chinese joint ventures were only slightly below the prior-year level (-1%). Trade restrictions and tariffs also had an additional impact on vehicle sales.
Order intake in Europe increased by 4% to 3.0 million vehicles in the first nine months (9M 2025: 2.9 million). BEV order intake increased by 39%. The European order bank grew by 11% compared with year-end 2025 to around 1.1 million vehicles. Electric vehicles accounted for around 40% of the European order bank at the end of September. Around 150,000 orders had already been received for the Electric Urban Car Family.
The Volkswagen Group expects Group sales revenue in 2026 of around €315 billion. The Group’s operating return on sales is expected to reach up to 1 percent.
In the Automotive Division, the company expects an investment ratio of between 11 and 12 percent and net cash flow of between €3 billion and €6 billion for 2026. Net liquidity in the Automotive Division is expected to range between €32 billion and €34 billion in 2026. The Volkswagen Group continues to pursue its objective of maintaining a solid financing and liquidity policy.
Uncertainties are expected in particular from the macroeconomic environment, restrictions in international trade and geopolitical tensions, increasing competitive intensity, volatile commodity, energy and foreign exchange markets, as well as changing requirements resulting from emissions-related regulations.
The forecast is based on the assumption that the current tariff situation in international trade remains unchanged. The potential future impact of an escalation in the Middle East still cannot be reliably assessed and is therefore not reflected in the forecasted figures. The forecast is based on the Volkswagen Group’s current structure; potential effects arising from the implementation of Group Target Picture 2030, as well as the sale of a majority stake in Everllence, are not included.
Operating Result stood at €4.3 billion, compared with €4.7 billion in the prior year. Operating return on sales declined from 4.4% to 4.1%. Vehicle sales and revenue remained almost stable. Strong performance by Škoda offset the weak Operating Result of the Volkswagen brand. The challenging market environment and rapid BEV ramp-up weighed on earnings. Volumes and earnings contributions from more profitable combustion-engine vehicles declined. In addition, special items related to restructuring costs, the already completed discontinuation of ID.4 production in the US, and the planned sale of Volkswagen Osnabrück also had a negative impact.
The Progressive brand group’s Operating Result declined by 26% to €1.2 billion, with an operating return on sales of 2.7% (prior year: 3.2%). Compared with the prior-year period, earnings were affected in particular by declining volumes in China and North America as well as negative residual value effects. This was partially offset by lower expenses related to CO₂ provisions and restructuring measures.
Earnings and cash flow remain robust despite a challenging environment. In the first nine months, Porsche generated revenue of €22.1 billion (9M 2025: €23.8 billion) and an Operating Result of €1.5 billion (9M 2025: €-0.2 billion, impacted by special items), with an operating return on sales of 6.7%. Despite lower volumes, a higher share of high-margin models as well as positive price and mix effects supported business performance.
Following a subdued start to the year, the Trucks brand group’s business gained momentum in the third quarter. Order intake increased by 25% to 253,100 vehicles in the first nine months, while revenue increased by 2% to €31.9 billion. Operating Result amounted to €1.7 billion (-2%), weighed down by special items and US tariffs and supported by volume effects. Operating return on sales reached 5.2% (-0.2 percentage points).
CARIAD improved its Operating Result by €0.2 billion in the reporting period. Revenue increased by 31% to €1.3 billion in the first nine months. This development was supported by continued implementation of the transformation program and sustained cost discipline.
Operating Result came in at €2.7 billion (-7%) due to higher risk provisions. Positive development in the existing contract portfolio: 27.85 million contracts (+2%).
Q3 | 9M | ||||||
2026 | 2025 | % | 2026 | 2025 | % | ||
Volume Data1 in thousands | |||||||
Deliveries to customers (units) | 1,885 | 2,199 | -14.3 | 6,011 | 6,604 | -9.0 | |
Vehicle sales (units) | 1,883 | 2,218 | -15.1 | 5,880 | 6,581 | -10.6 | |
Production (units) | 1,786 | 2,125 | -15.9 | 5,957 | 6,644 | -10.3 | |
Employees (on Sep. 30, 2026/Dec. 31, 2025) | 648.1 | 662.9 | -2.2 | ||||
Financial Data (IFRS), € million | |||||||
Sales revenue | 75,277 | 80,305 | -6.3 | 233,378 | 238,669 | -2.2 | |
Operating result | -5,860 | -1,299 | – | 71 | 5,408 | -98.7 | |
Operating return on sales (%) | -7.8 | -1.6 | 0.0 | 2.3 | |||
Earnings before tax | -4,230 | -364 | – | 544 | 6,059 | -91.0 | |
Return on sales before tax (%) | -5.6 | -0.5 | 0.2 | 2.5 | |||
Earnings after tax | -5,822 | -1,072 | – | -2,720 | 3,405 | – | |
Automotive Division | |||||||
Cash flows from operating activities | 4,905 | 8,521 | -42.4 | 17,868 | 18,931 | -5.6 | |
Cash flows from investing activities attributable to operating activities2 | 3,678 | 5,374 | -31.6 | 13,475 | 17,134 | -21.4 | |
Net cash flow | 1,228 | 3,147 | -61.0 | 4,394 | 1,797 | +144.5 | |
Net liquidity at Sep. 30 | 32,982 | 31,008 | 6.4 | ||||
Investment ratio | 11.5 | 11.4 | 10.9 | 11.4 | |||
1) Including the equity-accounted joint ventures in China. The prior-year deliveries have been updated based on statistical extrapolation.
2) Excluding acquisitions and disposals of equity investments: Q3 €4,704 (5,230) million; 9M €14,090 (15,627) million.
Vehicle sales | Sales revenue | Operating result | Operating margin | |||||
Thousand vehicles/ | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 |
Core brand group | 3,753 | 3,771 | 106,417 | 106,950 | 4,326 | 4,719 | 4.1 | 4.4 |
Progressive brand group | 771 | 848 | 42,063 | 48,380 | 1,150 | 1,555 | 2.7 | 3.2 |
Sport Luxury brand group1 | 176 | 198 | 22,143 | 23,833 | 1,493 | -228 | 6.7 | -1.0 |
CARIAD | - | - | 1,257 | 960 | -1,316 | -1,500 | – | – |
Battery | - | - | 237 | 26 | -1,049 | -1,054 | – | – |
Brand group Trucks | 231 | 225 | 31,943 | 31,188 | 1,655 | 1,685 | 5.2 | 5.4 |
Equity-accounted companies in China2 | 1,224 | 1,882 | – | – | – | – | – | – |
Volkswagen Group Mobility | – | – | 47,594 | 44,140 | 2,693 | 2,893 | 5.7 | 6.6 |
Other3 | -274 | -344 | -18,276 | -16,810 | -8,881 | -2,662 | - | - |
Volkswagen Group | 5,880 | 6,581 | 233,378 | 238,669 | 71 | 5,408 | 0.0 | 2.3 |
1) Including Porsche Financial Services: sales revenue €25,282 (26,864) million, operating result €1,735 (40) million.
2) The sales revenue and operating result of the equity-accounted companies in China are not included in the consolidated figures; the share of the operating result generated by these companies amounted to €-113 (744) million.
3) In the operating result, mainly intragroup items recognized in profit or loss, in particular from the elimination of intercompany profits; the figure includes depreciation and amortization of identifiable assets as part of purchase price allocation, as well as companies not allocated to the brands.
On October 29, 2026 the Volkswagen Group has published the results of the first nine months 2026.
1. What were the Volkswagen Group’s revenue and operating profit for the first nine months of 2026?
In the first nine months of 2026, the Volkswagen Group generated revenue of 233.4 billion euros and an operating profit of 0.1 billion euros. Excluding special items, operating profit was 8.8 billion euros and the operating profit margin was 3.8 percent.
2. Why is the Volkswagen Group under economic pressure after the first nine months of 2026?
The Volkswagen Group’s earnings are being weighed down by special items totaling 8.7 billion euros, the weak market environment in China, increasing price and competitive pressure, and the higher proportion of lower-margin electric vehicles. With a cost-cutting program totaling around 31 billion euros, the Group aims to sustainably increase its profitability, among other things through simpler structures, lower costs, and more efficient plants.
3. What is the Volkswagen Group’s forecast for revenue and return on sales in 2026?
For 2026, the Volkswagen Group expects consolidated revenue of approximately 315 billion euros and an operating return on sales of up to 1 percent. In the Automobiles division, the company anticipates net cash flow of between 3 and 6 billion euros.
