Volkswagen earnings
MyStockButler's October 2026 analysis: In the third quarter of 2026, Volkswagen reported a €5.860 billion operating loss and revenue of €75.277 billion; Volkswagen shareholders’ net loss widened to €4.648 billion. The next release should show whether Volkswagen can turn cash generation into a durable recovery.
What has Volkswagen guided for fiscal 2026?
On October 29, 2026, management forecast 8.2 million deliveries, €315 billion of sales and Group operating return on sales of up to 1% for fiscal 2026. Automotive net cash flow guidance was €3–6 billion. Volkswagen’s Promises kept record is 2/5. Its Group operating-margin forecast came in below the original range in 2023, 2024 and 2025.
| Period | Low | High | Given on | |
|---|---|---|---|---|
| Deliveries to customers (million units) | FY 2026 | 8.2 | 8.2 | Oct 29, 2026 |
| Volkswagen Group Sales revenue (EUR billions) | FY 2026 | 315 | 315 | Oct 29, 2026 |
| Volkswagen Group Operating return on sales | FY 2026 | 1.0% | Oct 29, 2026 | |
| Automotive investment ratio | FY 2026 | 11.0% | 12.0% | Oct 29, 2026 |
| Net cash flow in the Automotive Division (EUR billions) | FY 2026 | 3 | 6 | Oct 29, 2026 |
| Net liquidity in the Automotive Division (EUR billions) | FY 2026 | 32 | 34 | Oct 29, 2026 |
What this means. Volkswagen's total revenue includes its financial services business, but the automotive investment, cash flow, and liquidity figures leave that business out, so they are not directly comparable.
Has Volkswagen kept its past promises?
| What management forecast | Checked | Above | Within | Below |
|---|---|---|---|---|
| Volkswagen Group sales revenue | 4 years | 1 | 2 | 1 |
| Volkswagen Group operating return on sales | 5 years | 1 | 1 | 3 |
| Passenger Cars Business Area operating return on sales | 4 years | 1 | 1 | 2 |
How have Volkswagen revenue and profit changed over the last eight reported periods?
Revenue fell from €80.305 billion in the third quarter of 2025 to €75.277 billion in the third quarter of 2026. Operating income moved from a €1.299 billion loss to a €5.860 billion loss. Volkswagen AG shareholders’ net loss widened to €4.648 billion in the later quarter.
| Sep 2026 | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 75,277 | 82,444 | 75,657 | 83,245 | 80,305 | 80,806 | 77,558 | 87,377 |
| Gross margin | 12.1% | 15.1% | 15.5% | 17.5% | 12.8% | 16.8% | 16.5% | 19.7% |
| Operating income | -5,860 | 3,469 | 2,463 | 3,460 | -1,299 | 3,834 | 2,873 | 6,248 |
| Net income | -4,648 | 1,284 | 1,290 | 3,150 | -482 | 2,175 | 1,831 | 3,212 |
| EPS, diluted | -9.24 | 2.56 | 2.61 | 6.29 | -0.96 | 4.34 | 3.69 | 6.41 |
| = Free cash flow | 1,719 | 3,257 | 3,507 | 6,525 | 5,113 | 1,772 | 1,568 | 2,968 |
What should Volkswagen investors watch next?
Finally, watch the 2027 ID.EVERY1 launch and the Valencia battery ramp. A working car delivered on time, followed by stable production and fewer defects, will say more than a prototype. Actual saleable battery output will matter more than announced capacity, leading directly to Volkswagen’s software and platform test.