Siemens earnings: next results and guidance
MyStockButler's October 2026 analysis: Siemens reports its next results on November 12, 2026. Watch whether Siemens turns data-center demand and raised earnings into repeatable cash after exceptional benefits.
What has Siemens guided for FY2026?
Management guides to FY2026 EPS pre PPA of €11.20–€11.50 and comparable group revenue growth of 6.0%–8.0%. Book-to-bill, orders relative to sales, is guided at least 1.00x.
| Period | Low | High | Given on | |
|---|---|---|---|---|
| EPS pre PPA (EUR per share) | Year to Sep 2026 | 11.20 | 11.50 | Aug 6, 2026 |
| Siemens Group, comparable revenue growth (%) | Year to Sep 2026 | 6.0% | 8.0% | Aug 6, 2026 |
| Book-to-bill ratio | Year to Sep 2026 | 1.00x | Aug 6, 2026 | |
| Digital Industries, comparable revenue growth (%) | Year to Sep 2026 | 7.0% | 10.0% | Aug 6, 2026 |
| Smart Infrastructure, comparable revenue growth (%) | Year to Sep 2026 | 10.0% | 11.0% | Aug 6, 2026 |
| Mobility, comparable revenue growth (%) | Year to Sep 2026 | 5.0% | 7.0% | Aug 6, 2026 |
What promises has Siemens kept?
The upgrade also included roughly €200 million of positive tariff effects, mainly at Siemens Healthineers. A refund can improve profit without increasing future customer demand, just as selling an asset can create a one-time disposal gain. The record therefore looks mixed: book-to-bill met its minimum every year assessed, while EPS was less dependable.
| What management forecast | Checked | Above | Within | Below |
|---|---|---|---|---|
| Basic EPS from net income before purchase price allocation accounting (EPS pre PPA) | 4 years | 1 | 1 | 2 |
| Book-to-bill ratio — Siemens Group | 4 years | 0 | 4 | 0 |
| Smart Infrastructure — profit margin | 4 years | 3 | 1 | 0 |
How have Siemens revenue and profit been trending?
Revenue rose to €20,794 million, with comparable growth of 8%. Gross margin reached 40.9%, and operating income rose to €3,098 million. Continuing earnings attributable to shareholders reached €2,266 million, while diluted EPS from continuing operations was €2.90.
Cash nevertheless supported the direction of travel. June operating cash flow reached €4,791 million, while management raised EPS pre PPA guidance to €11.20–€11.50. The eight-quarter record matters because it shows improvement beyond one period, but the next test is whether margins and collections hold after refunds and disposals.
| Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 20,794 | 19,756 | 19,139 | 21,427 | 19,377 | 19,757 | 18,353 | 20,811 |
| Gross margin | 40.9% | 38.9% | 39.9% | 37.8% | 38.9% | 38.8% | 38.6% | 38.1% |
| Operating income | 3,098 | 2,685 | 2,494 | 2,249 | 2,614 | 2,667 | 2,064 | 2,652 |
| Income from continuing operations attributable to Siemens AG shareholders | 2,266 | 1,925 | 2,033 | 1,647 | 2,025 | 2,252 | 1,638 | 1,961 |
| EPS from continuing operations, diluted | 2.90 | 2.45 | 2.58 | 2.08 | 2.55 | 2.83 | 2.06 | 2.46 |
What should I watch in Siemens’s next results?
Siemens reports on November 12, 2026. That result will test the raised earnings promise, show the September cash position and reveal how much data-center demand became revenue. Management also promised an update on Healthineers and retained shareholder votes for February 2027 after binding tax decisions cleared the transaction questions.