Top News > Siemens – Earnings release Q4 FY 2026 – July 1 to September 30, 2026

Siemens – Earnings release Q4 FY 2026 – July 1 to September 30, 2026

November 12, 2026
SIEMENS

Outstanding fiscal 2026 performance – Industrial AI to drive future growth

 

“Fiscal 2026 was an outstanding year for Siemens. We delivered strong profitable growth in our core markets – driven by innovation, competitiveness and strong execution of our strategy. With our expanded range of digital offerings from Siemens Xcelerator, our digital business grew 16 percent. Industrial AI is an exceptional growth opportunity, and Siemens is built to win in this space. By consistently scaling Industrial AI, we are unlocking our next phase of profitable growth. Given our ambition to outperform our core markets, we are providing an ambitious outlook for fiscal 2027 and are raising our Group-level mid-term targets,” said Roland Busch, President and Chief Executive Officer of Siemens AG.

 

 

“After an outstanding fourth quarter, we closed fiscal 2026 with records in orders, profit and Free cash flow. We want our shareholders to benefit from this success. As a result, we propose raising the dividend to €5.50 per share, in line with our progressive dividend policy. In addition, as part of the previously announced spin-off, we plan to transfer 34.1 percent of our stake in Siemens Healthineers to our shareholders at a ratio of one Siemens Healthineers share for every two Siemens shares,” said Veronika Bienert, Chief Financial Officer of Siemens AG. “We are building on the strength of the past fiscal year as we turn our focus to the next phase of our profitable growth trajectory in fiscal 2027 and beyond.”

 

  • Fourth-quarter orders surged 58% to a quarterly record of €34.8 billion, with growth in all industrial businesses led by particularly strong contributions from Mobility and Smart Infrastructure; revenue was up 11% to €23.7 billion, likewise supported by growth in all industrial businesses, with the largest contribution coming from Smart Infrastructure; very strong book-to-bill ratio of 1.47
  • On a comparable basis, excluding currency translation and portfolio effects, orders also rose 58%; comparable revenue increased 10%
  • Profit Industrial Business, up 22%, reached a record €3.9 billion, driven by improvements in most industrial businesses; the profit margin was 16.8%
  • Net income climbed 32% to €2.4 billion; corresponding basic earnings per share (EPS) were €2.80, and EPS before purchase price allocation accounting (EPS pre PPA) were €3.01
  • Excellent cash generation resulted in record Free cash flow of €5.6 billion for the Siemens Group

 

  • For the full 2026 fiscal year, orders reached a record €108.2 billion, and revenue was €83.4 billion, for a strong book-to-bill-ratio of 1.30; clear comparable revenue growth of 8% was at the upper end of our guidance range
  • Fiscal 2026 Profit Industrial Business climbed 13% to a record €13.3 billion; net income, at €9.5 billion, was below the fiscal 2025 level of €10.4 billion, which had included a €2.1 billion gain from the sale of Innomotics; corresponding basic EPS was €10.94
  • EPS pre PPA was €11.76, thus exceeding our guidance, which we had raised after the third quarter to a range of €11.20 to €11.50
  • Free cash flow for the Siemens Group rose significantly to a record €12.1 billion in fiscal 2026
  • Siemens proposes to increase the dividend to €5.50, up from €5.35 a year earlier

 

 

Siemens

  • Record-high order intake was driven by growth in all industrial businesses and led by sharp increases at Mobility, due to higher volume from large orders, and at Smart Infrastructure
  • Revenue grew in all industrial businesses, led by double-digit growth at Smart Infrastructure and Digital Industries
  • Currency translation effects added one percentage point each to order and revenue growth, while portfolio transactions reduced both by one percentage point
  • Profit Industrial Business rose to a record high; the increase was driven by strong operational performance at Smart Infrastructure and Digital Industries, with the latter also benefiting from lower severance charges
  • Results outside Industrial Business included higher earnings before taxes at Siemens Financial Services and lower negative results within the Reconciliation to Consolidated Financial Statements
  • Free cash flow from Industrial Business reached a record-high of €5.7 billion, up from €5.1 billion in Q4 FY 2025; increase driven by Smart Infrastructure due mainly to its higher profit
  • Payments not part of Free cash flow included cash inflows of €0.8 billion from the sale of a 0.7% stake in Siemens Energy AG (remaining stake held by Siemens as of September 30, 2026: 4.9%)
  • Provisions for pensions and similar obligations as of September 30, 2026, decreased to another historic low of €0.6 billion (June 30, 2026: €0.7 billion)
  • ROCE rose substantially as higher net income more than offset an increase in average capital employed

 

 

Digital Industries

  • Digital Industries again increased orders, revenue and profit in both its automation business and its software business
  • Order growth in the automation business was mainly driven by the short-cycle businesses; order growth in the software business included higher volume year-over-year from large contracts in the PLM and EDA businesses
  • Revenue growth in the software business was led by the EDA business; revenue increases in the automation business were strongest in the short-cycle businesses
  • On a geographic basis, volume rose in all reporting regions; the contribution from the U.S. was particularly strong
  • Sharply higher profit was mainly driven by the automation business, which delivered strong operational performance and recorded lower severance charges compared to Q4 FY 2025; profit in the current quarter included €36 million in integration costs related to the acquisitions of Altair and Dotmatics, reducing Digital Industries’ profit margin by 0.6 percentage points

 

 

Smart Infrastructure

  • All-time quarterly highs for orders, revenue and profit
  • Double-digit order growth in all three businesses and all reporting regions; sharply higher order intake in the electrification and electrical products businesses again included numerous larger contract wins from data center customers, predominantly in the U.S. and in Europe
  • Revenue growth was led by substantial increases in the electrical products and electrification businesses, which continued to execute strongly on their large order backlogs
  • Strong profit improvements in all three businesses; profit and profitability benefited from positive effects from tariff refunds in the U.S.

 

 

Mobility

  • Highest-ever quarterly order intake for Mobility driven by a number of large contract wins, among them a €2.4 billion order in Germany for high-speed trains, including full maintenance; orders also included Mobility’s €1.9 billion share of a contract for joint delivery of suburban trains and related service in Germany
  • Revenue growth was primarily due to significant increases in the customer service and the rolling stock businesses
  • Profit and profitability rose substantially, supported by higher revenue with a greater share from higher-margin business
  • In November 2026, Mobility acquired all shares in Mermec S.p.A., Italy, a provider of railway signaling, diagnostics, and measurement technologies, to strengthen its global rail portfolio and expand its signaling activities and market access in Italy

 

 

Siemens Healthineers

  • Volume increase driven by the imaging and precision therapy businesses; revenue decline in the diagnostics business resulted mainly from a structural change in the market environment in China
  • Profit increase in the imaging business was more than offset by a decline in the precision therapy business; both businesses were burdened by negative currency effects

 

 

Siemens Financial Services

  • Siemens Financial Services recorded a higher earnings contribution, driven by the equity business, which recorded improved results primarily due to the valuation of equity investments
  • Total assets increased slightly, primarily due to currency translation effects

 

 

Reconciliation to Consolidated Financial Statements

  • Reconciliation to Consolidated Financial Statements included severance charges of €99 million (Q4 FY 2025: €21 million)

 

 

Outlook 

For fiscal 2027, we assume that the global economy will continue to expand, with GDP growth driven mainly by ongoing investment in AI and digital infrastructure, public investment programs, and a further pickup in industrial activity.

We intend to reduce our stake in Siemens Healthineers through a direct spin-off during fiscal 2027 and to deconsolidate Siemens Healthineers. Before the transaction is completed, Siemens Healthineers’ results will be reported as discontinued operations on a comparable basis for all periods presented. The criteria for classifying Siemens Healthineers as discontinued operations are expected to be met in the course of the first quarter of fiscal 2027. To reflect this change, forecasts for fiscal 2027 for the Siemens Group exclude effects related to Siemens Healthineers. These include the non-cash gain from the transaction, spin-off-related transaction costs, Siemens Healthineers’ operating earnings contributions, and future earnings effects resulting from accounting for the remaining investment under the equity method.

On this basis, our outlook for fiscal 2027 is as follows:

Digital Industries expects comparable revenue growth − net of currency translation and portfolio effects − of 8% to 12% and a profit margin of 20% to 22%.

Smart Infrastructure expects comparable revenue growth of 11% to 13% and a profit margin of 19.5% to 20.5%.

Mobility expects comparable revenue growth of 6% to 8% and a profit margin of 8% to 10%.

For the Siemens Group, we expect comparable revenue growth in the range of 9% to 11% and a book-to-bill ratio above 1.

Based on the expected profitable growth of our industrial businesses, we anticipate basic EPS from net income before purchase price allocation accounting (EPS pre PPA) in a range of €10.20 to €10.80 in fiscal 2027. Comparable EPS pre PPA, that is excluding Siemens Healthineers, was €9.27 in fiscal 2026.

This outlook excludes burdens from legal and regulatory matters.

 

 

Notes and forward-looking statements 

Starting today at 08:00 a.m. CET, the press conference call on Siemens’ fourth-quarter results and the preliminary figures for fiscal 2026 will be broadcast live at www.siemens.com/conferencecall.

Starting today at 09:30 a.m. CET, you can also follow the conference call for analysts and investors live at www.siemens.com/analystcall.

Recordings of both conference calls will be made available afterwards.

The financial publications can be downloaded at: www.siemens.com/ir.

 

This document contains statements related to our future business and financial performance and future events or developments involving Siemens that may constitute forward-looking statements. These statements may be identified by words such as “expect,” “look forward to,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “estimate,” “will,” “project” or words of similar meaning. We may also make forwardlooking statements in other reports, in prospectuses, in presentations, in material delivered to shareholders and in press releases. In addition, our representatives may from time to time make oral forward-looking statements. Such statements are based on the current expectations and certain assumptions of Siemens’ management, of which many are beyond Siemens’ control. These are subject to a number of risks, uncertainties and factors, including, but not limited to those described in disclosures, in particular in the chapter Report on expected developments and associated material opportunities and risks in the Combined Management Report of the Siemens Report (siemens.com/siemensreport), and in the Interim Group Management Report of the Half-year Financial Report (provided that it is already available for the current reporting year), which should be read in conjunction with the Combined Management Report. Should one or more of these risks or uncertainties materialize, should decrees, decisions, assessments or requirements of regulatory or governmental authorities deviate from our expectations, should events of force majeure, such as pandemics, unrest or acts of war, occur or should underlying expectations including future events occur at a later date or not at all or assumptions prove incorrect, actual results, performance or achievements of Siemens may (negatively or positively) vary materially from those described explicitly or implicitly in the relevant forward-looking statement. Siemens neither intends, nor assumes any obligation, to update or revise these forward-looking statements in light of developments which differ from those anticipated.

This document includes – in the applicable financial reporting framework not clearly defined – supplemental financial measures that are or may be alternative performance measures (non-GAAP-measures). These supplemental financial measures should not be viewed in isolation or as alternatives to measures of Siemens’ net assets and financial positions or results of operations as presented in accordance with the applicable financial reporting framework in its Consolidated Financial Statements. Other companies that report or describe similarly titled alternative performance measures may calculate them differently.

Due to rounding, numbers presented throughout this and other documents may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.

 

 

 

Financial Results 

Fourth Quarter and Fiscal 2026

 

Key figures (in millions of €, except where otherwise stated)

 

 

 

Consolidated Statements of Income

 

 

 

Consolidated Statements of Comprehensive Income

 

 

Consolidated Statements of Financial Position

 

 

Consolidated Statements of Cash Flows

 

 

Overview of Segment figures

 

 

EBITDA Reconciliation

 

 

Orders & Revenue by region

 

 

 

SourceSiemens

EMR Analysis

More information on Siemens AG: See full profile on EMR Executive Services

More information on Dr. Roland Busch (President and Chief Executive Officer, Siemens AG): See full profile on EMR Executive Services

More information on Veronika Bienert (Member of the Managing Board and Chief Financial Officer, Siemens AG): See full profile on EMR Executive Services

More information on “ONE Tech Company” Program by Siemens AG: See full profile on EMR Executive Services

 

 

More information on Siemens Digital Industries (DI) by Siemens AG: See full profile on EMR Executive Services 

More information on Cedrik Neike (Member of the Managing Board and Chief Executive Officer, Siemens Digital Industries (DI), Siemens AG): See full profile on EMR Executive Services

More information on Siemens Digital Industries Software by Siemens Digital Industries (DI) by Siemens AG: https://www.sw.siemens.com/en-US/ + It is driving transformation to enable a digital enterprise where engineering, manufacturing and electronics design meet tomorrow. Our solutions help companies of all sizes create and leverage digital twins that provide organizations with new insights, opportunities and levels of automation to drive innovation. 

Siemens Digital Industries Software and Siemens Xcelerator are transforming the everyday by giving companies like yours the agility, flexibility and adaptability to turn ideas into innovation with greater efficiency and speed.

More information on Tony Hemmelgarn (President and Chief Executive Officer, Siemens Digital Industries Software, Siemens Digital Industries (DI), Siemens AG): See full profile on EMR Executive Services

More information on Siemens EDA (Electronic Design Automation) by Siemens Digital Industries Software by Siemens Digital Industries (DI) by Siemens AG: https://eda.sw.siemens.com/en-US/ + Streamline the design, verification and manufacturing of integrated circuits (ICs) and electronic systems. To help you deliver innovations faster and become market leaders, we are committed to delivering the world’s most comprehensive portfolio of electronic design automation (EDA) services.

More information on Mike Ellow (Chief Executive Officer, Siemens EDA, Siemens Digital Industries Software, Siemens Digital Industries (DI), Siemens AG): See full profile on EMR Executive Services

 

 

More information on Siemens Smart Infrastructure (SI) by Siemens AG: See the full profile on EMR Executive Services

More information on Dr. Peter Körte (Member of the Managing Board and Chief Technology and Chief Strategy Officer with responsibility for Siemens Xcelerator and Siemens Advanta, Siemens AG + Member of the Managing Board and Chief Executive Officer, Siemens Smart Infrastructure (SI), Siemens AG): See the full profile on EMR Executive Services

More information on Xcelerator by Siemens: https://www.sw.siemens.com/en-US/digital-transformation/ + Siemens Xcelerator is an open digital business platform where companies of any size can find, try, and buy the technologies they need to run better. It combines a curated marketplace of IoT-enabled hardware, software, and digital services with a partner ecosystem of 700+ certified sellers and a community of developers and integrators. It serves companies across manufacturing, buildings, energy grids, and mobility — from small businesses to global enterprises.

  • 1700+ Solutions
  • 400+ Certified sellers
  • 5 Core domains (industry, buildings, electrification, grids and transportation)

 

 

More information on Siemens Mobility by Siemens AG: See full profile on EMR Executive Services

More information on Michael Peter (Chief Executive Officer, Siemens Mobility, Siemens AG): See full profile on EMR Executive Services

 

 

More information on Siemens Healthineers AG (to become Healthineers starting in 2027 with 3-year transition period) by Siemens AG: https://www.siemens-healthineers.com/ + Siemens Healthineers pioneers breakthroughs in healthcare. For everyone. Everywhere. Sustainably. The company is a global provider of healthcare equipment, solutions and services, with activities in more than 180 countries and direct representation in more than 70. The group comprises Siemens Healthineers AG, listed as SHL in Frankfurt, Germany, and its subsidiaries. As a leading medical technology company, Siemens Healthineers is committed to improving access to healthcare for underserved communities worldwide and is striving to overcome the most threatening diseases. The company is principally active in the areas of imaging, diagnostics, cancer care and minimally invasive therapies, augmented by digital technology and artificial intelligence. In fiscal 2025, which ended on September 30, 2025, Siemens Healthineers had approximately 74,000 employees worldwide and generated revenue of around €23.4 billion.

Siemens AG owns currently circa 67 percent stake in Siemens Healthineers.

More information on Prof. Dr. Ralf P. Thomas (Special Advisor to the Supervisory Board and the Managing Board, Siemens AG as from May 13, 2026 till end of 2026 + Chairman of the Supervisory Board, Siemens Healthineers AG, Siemens AG): See full profile on EMR Executive Services

More information on Dr. Bernd Montag (President and Chief Executive Officer, Siemens Healthineers AG, Siemens AG): See the full profile on EMR Executive Services

 

 

More information on Siemens Financial Services (SFS) by Siemens AG: https://new.siemens.com/global/en/company/about/businesses/financial-services.html + Siemens Financial Services (SFS) – the B2B financing arm of Siemens – provides financing that makes a difference. At SFS, we empower customers around the globe to access technology with purpose and increase their competitiveness. Based on our unique combination of financial expertise, risk management and industry know-how we provide tailored financing solutions – including flexible leasing and working capital products, project-related and structured financing, corporate lending, equity investments, finance advisory, as well as trade and receivables financing. With highly experienced and passionate teams in 20+ countries, SFS paves the way for industrial productivity, smart infrastructure and sustainable mobility, facilitating the energy transition and enabling high-quality healthcare. Supporting the Siemens DEGREE framework, SFS is one of the leading providers in financing greenfield renewable projects.

More information on Dr. Kevin Zander (Chief Executive Officer, Siemens Financial Services (SFS) with responsibility for the service portfolio of Siemens Real Estate and Global Business Services, Siemens AG): See full profile on EMR Executive Services

 

 

More information on Altair Engineering Inc. by Siemens AG: See full profile on EMR Executive Services

More information on James R. Scapa (Founder, Chairman and Chief Executive Officer, Altair, Siemens AG): See full profile on EMR Executive Services

 

 

More information on Dotmatics by Siemens AG: See full profile on EMR Executive Services

More information on Thomas Swalla (Chief Executive Officer, Dotmatics, Siemens AG): See full profile on EMR Executive Services

 

 

 

More information on Innomotics (previously Siemens Large Drives Applications) by KPS Capital Partners: https://www.innomotics.com/hub/en/ + Innomotics GmbH is a globally leading provider of electric motors and large drive systems that combines deep technical expertise and leading innovation in electrical solutions across industries and regions. With its more than 150 years of experience in developing electric motors, the company is the backbone for reliable drive technology in industry and infrastructure worldwide. Innomotics is a thought leader in the areas of industrial efficiency, electrification, sustainability, and digitalization. The company is headquartered in Nuremberg (Germany) and employs around 15,000 people worldwide. Annual revenue exceeds 3 billion euros. With 17 production sites and a comprehensive sales and service network in 49 countries, Innomotics has a wellbalanced global presence in a growing market.

More information on Michael Reichle (Chief Executive Officer, Innomotics, KPS Capital Partners): https://www.innomotics.com/hub/en/company/about-innomotics + https://www.linkedin.com/in/michael-reichle/ 

 

 

 

More information on Siemens Energy AG (to be renamed “Omterra”): See the full profile on EMR Executive Services

More information on Dr. -Ing. Christian Bruch (President and Chief Executive Officer, Siemens Energy AG + President and Chief Executive Officer, Siemens Energy Management GmbH + Chief Sustainability Officer, Siemens Energy AG + Export Control, Siemens Energy AG): See the full profile on EMR Executive Services

 

 

 

More information on Angelo Holding: https://www.angelcompany.com/ + ANGEL is the Italian industrial holding company specialized in designing and developing high-tech solutions for the railway, digital mechatronics, and aerospace sectors.

The Group, led by Chairman and Order of Merit of Labor Vito Pertosa, employs more than 3,000 people – 1,400 of them are specialized engineers – with offices in 21 countries. The products and services of the Group’s companies are in use in 73 nations around the world. ANGEL invests approximately 12% of its total revenue in R&D every year.

ANGEL includes:

  • ANGELSTAR: specialized in the design, development, supply of ERTMS on-board signalling and control solutions for railways.
  • BLACKSHAPE: produces high-performance carbon-fiber aircrafts for leisure and training.
  • MATIPAY: a fintech company which has developed an innovative payment and telemetry system for vending machines.
  • MERMEC: active in advanced technologies for the world’s railways and rapid transits (signalling, measuring trains and systems, electric traction, telecommunication), urban electric mobility and industrial application.
  • MERMEC ENGINEERING: provides a range of survey, geographic and CAD data, including aerial photography, mapping, LiDAR. It also develops solutions in the strategic fields of computational science, artificial intelligence, applied electromagnetism, radio communications.
  • MERMEC STE: specialized in the design, development, and supply of signaling systems, electric traction infrastructure, and telecommunications solutions for railways.
  • SKYCOMM: develops cutting-edge solutions in the field of high-performance On-The-Move antennas for both LEO-MEO-GEO satellite communications and LTE/5G technology.
  • SITAEL: develops satellites, advanced propulsion systems, electronics for international space missions.
  • VAIMOO: develops and provides complete e-bike sharing solutions for urban mobility, consisting of electric bicycles, charging stations, and apps for using the service.

More information on Vito Pertosa (Founder and President, Angelo Holding): https://www.angelcompany.com/about-us/ 

More information on MERMEC Group by Angelo Holding: https://www.mermecgroup.com/ + MERMEC is an Italian group founded in 1970 and part of ANGEL, the largest private high-tech holding in Italy, led by Cav. Vito Pertosa, which includes the most innovative companies in the railway, aerospace, and digital mechatronics sectors.

The MERMEC Group is active in advanced technologies for railway transport (signalling, trains and measurement systems, electric traction, telecommunications) and industrial applications. The company’s headquarters are located in Italy, with subsidiaries, offices, and facilities in 21 countries that ensure a widespread presence in close contact with customers all over the world.

MERMEC today has over 2,500 highly specialized engineers and employees and, overall, ANGEL Holding exceeds 3,500 employees.

The Group boasts unparalleled technical know-how that has enabled it to develop and commercialize a well-structured portfolio of advanced solutions currently used in 73 countries worldwide, including the United States, Australia, and Japan, by more than 180 customers.

More information on Angelstar S.r.l. by MERMEC Group by Angelo Holding: https://www.angelstarcompany.com/ + AngelStar is an international engineering company specialized in the design, development and supply of ERTMS onboard signaling and control solutions for the world’s railways. AngelStar is a joint venture between the two leading railway companies, MERMEC and STADLER, which bring to the partnership complementary strengths, shared long-term visions, consistent business principles and a strong commitment to customer-driven innovation.

The cooperation between the two joint-venture partners is opening up new market opportunities and local knowledge while offering to AngelStar’s customers world-leading technologies and proven experience in delivering large-scale projects.

More information on Mont Saint Michel S.A.S. by MERMEC Group by Angelo Holding: No available website + Mont Saint Michel S.A.S. is a holding entity controlled at 78.72% by the Italian railway technology giant MERMEC Group. It serves as a major corporate vehicle for MERMEC’s strategic signaling operations in France. 

More information on Compagnie des Signaux S.A.S. by Mont Saint Michel S.A.S. by MERMEC Group by Angelo Holding: https://csignaux.com/en/ + World leader in high-speed signalling.  The specialist in rail signalling and integrated systems for passenger and freight rail networks for more than 120 years. In 2024, CSEE is joining MERMEC Group.

More information on Gilles Pascault (Chief Executive Officer, Compagnie des Signaux S.A.S., Mont Saint Michel S.A.S., MERMEC Group, Angelo Holding): https://csignaux.com/en/railway-signalling-company/about/ + https://www.linkedin.com/in/gilles-pascault-710a683b/ 

More information on MERMEC Deutschland by MERMEC Group by Angelo Holding: https://mermecgroup.de/ + MERMEC Deutschland was founded in 2007 and is headquartered in Munich, where activities in the Central European region are coordinated. The German subsidiary specializes in signaling and transportation solutions for ETCS (onboard and trackside) railway projects, railway interlocking installation projects, and general signaling projects of both greenfield and brownfield types.

MERMEC Deutschland recently joined the MERMEC group following the acquisition in which MERMEC took over Hitachi Rail’s mainline signaling business in France, Germany, the UK, and South Korea.

More information on Alessandro De Grazia (Chief Executive Officer, MERMEC Deutschland, MERMEC Group, Angelo Holding): https://mermecgroup.de/impressum/ + https://www.linkedin.com/in/alessandro-de-grazia-59b80752/ 

 

 

 

 

 

 

 

 

 

 

 

EMR Additional Financial Notes: