Siemens AG SIE.DE
Quarterly and annual results for Siemens stock (SIE.DE) since 2023: revenue, earnings, balance sheet, cash flow and management guidance from IR documents, every figure with its source. As of 08/2026, quarterly reporting. Latest reported (Q3 2026): ROCE, Order backlog, Cash conversion rate. Latest reading: Guidance raised, Order intake, Strategic pivot.
Guidance raised Order intake strategy: Strategic pivot
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Business Model#
What the company does and how it earns its money; written AI-editorially, exclusively from the company's original reports, without any assessment of our own.
Siemens AG is a diversified industrial and technology conglomerate headquartered in Munich, Germany, operating through three industrial segments – Smart Infrastructure, Digital Industries and Mobility – alongside Siemens Financial Services. Smart Infrastructure provides products, systems and services for the electrification, automation and digitalisation of buildings and electrical grids. Digital Industries supplies automation and software solutions for manufacturing customers, encompassing programmable logic controllers, drives and industrial software, including electronic design automation tools whose scope has been expanded through the acquisitions of Altair and Dotmatics. Mobility develops and delivers rail vehicles, rail automation and electrification systems, and traffic management solutions for passenger and freight transport operators worldwide. The group generates revenue through large capital project contracts, equipment and product sales, long-term service agreements and software licensing. The order backlog, consistently reflected in a book-to-bill ratio above 1.0, provides multi-year revenue visibility, while service agreements and software subscriptions contribute more predictable income streams. Siemens operates globally with material exposure to European and North American markets and significant presence in Asia, including China. The group is pursuing a planned spin-off of Siemens Healthineers, for which binding tax authority clearance was received in the third quarter of fiscal 2026.
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Current Status#
Summary of the most recent reporting period: core figures, drivers and management statements; written editorially from the current original report, every figure backed by a source number.
In fiscal Q3 2026, Siemens reported revenue of 20,794 million, with comparable revenue rising 8% driven by increases in all industrial businesses 31. Orders reached a nominal record of €27.9 billion, up 13%, and the book-to-bill ratio stood at 1.34, reflecting continued strong order momentum 31. Net income amounted to 2,583 million, described as rising 15% year on year, with EPS pre PPA of 3.14 31. The company raised its fiscal 2026 EPS pre PPA outlook and received binding tax authority clearance enabling the planned spin-off of Siemens Healthineers to proceed as intended 31.
Management commentary on the 2026-Q3 results (IR-Quarter):
„We delivered another very successful quarter with record orders and profit. By executing our ONE Tech Company program, we've been accelerating our innovation, which is enabling us to create additional value for our customers. Our technological leadership in all businesses, clear focus on industrial AI, and strong positioning in attractive markets are driving our profitable growth. We have exactly the technologies our customers need to speed up their innovation, increase their productivity and drive their digital transformations.“ – Roland Busch, President and Chief Executive Officer of Siemens AG 31
„We delivered excellent free cash flow of €4.1 billion in the third quarter, which reflects our strong operational performance. For the full fiscal year, we once again aim to achieve a double-digit free-cash-flow return on revenue. We're executing our strategy consistently, and our newly launched share-buyback program continues to create value for our shareholders. As expected, we've now received binding decisions from the tax authorities clarifying the relevant tax topics. As a result, we can proceed with the spin-off of Siemens Healthineers as planned.“ – Veronika Bienert, Chief Financial Officer of Siemens AG 31
Revenue · 2026-Q320,794€m+7.3 % vs. 2025-Q3
Net profit · 2026-Q32,583€m+15.2 % vs. 2025-Q3
EPS · 2026-Q33.14€+12.9 % vs. 2025-Q3
Revenue trend
Guidance
For FY2026, the company guides EPS (GAAP) to €11.20 and €11.50 (raised); comparable revenue growth to 5% to 10% (confirmed); profit margin to 15% to 19% (confirmed). 30.
ProfitabilityIndustrial Business profit reached 3,500 million, described as surging 25% to a record level, with a profit margin of 17.3% compared with 14.9% in the prior-year period 31. Net income was 2,583 million, with Siemens Financial Services contributing a gain of €156 million from the sale of a stake in a UK equity investment through its equity business 31. Free cash flow of 4,148 million was characterised as excellent by management, supported by a cash conversion rate of 1.61 31.
LeverageNet debt at the end of Q3 2026 stood at 38,994 million, while cash and cash equivalents amounted to 10,930 million 132. Net debt was lower than the 45,498 million position at the end of the prior quarter, consistent with the strong cash generation of the period. The group's leverage reflects cumulative capital deployment in acquisitions alongside ongoing operating cash flow generation.
Management viewThe fiscal 2026 EPS pre PPA guidance range was raised to €11.20 to €11.50, and the full-year Smart Infrastructure profit margin expectation was lifted to 18.5%-19.5% from the prior range of 18%-19% 31. Binding tax authority decisions received during the quarter clarified relevant tax topics, enabling the planned spin-off of Siemens Healthineers to proceed as planned 31. Smart Infrastructure orders reached a new quarterly record with double-digit growth across all three of its businesses, expanding the segment's backlog position 31.
ChangeThe acquisitions of Altair and Dotmatics had a €2.23 per share impact on EPS pre PPA and reduced Digital Industries' profit margin by 2.0 percentage points in the period 25. Positive effects from US tariff refunds during the quarter were partly offset by an impairment in the electric-vehicle charging infrastructure business 31. Severance charges of €0.2 billion were also incurred, mainly related to capacity adjustments in the automation business, and sharply higher negative results in the Reconciliation to Consolidated Financial Statements further weighed on net income 25.
Risks (current)China revenue declined in the diagnostics business due to structural changes in the market environment 31. Pension provisions decreased to a historic low of €0.7 billion as of September 30, 2025, reflecting the current funding position of post-employment obligations 25. Legal and regulatory matters may create burdens and liabilities, and the group noted that strong competitive positioning in attractive markets is required to sustain profitable growth 31.
New this reporting periodMobility signed an agreement in May 2026 to acquire several businesses from MERMEC Group, targeting a stronger rail portfolio and expanded market access in Italy 31. The Altair and Dotmatics acquisitions contributed to software revenue growth in Digital Industries through expanded electronic design automation capabilities, as reflected in the segment's Q3 results 31. A share buyback program was launched during the quarter as part of the group's capital return activities 31.
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Price & Chart#
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Share-Price Drivers#
Factors the company itself names as material for its business development (IR-based); reproduced neutrally, no price forecast and no assessment of our own.
Digital Industries automation and industrial software, extended by the Altair and Dotmatics acquisitions
Digital Industries is the group's largest earnings pillar and carries a high segment margin; its revenue is growing 10% and the added simulation/scientific-software assets broaden the industrial software offering 31, 11
Digital Industries is the group's largest earnings pillar and carries a high segment margin; its revenue is growing 10% and the added simulation/scientific-software assets broaden the industrial software offering 31, 11
Digital Industries automation and industrial software
Segment revenue up 10% at an 18.3% margin, supported by large license contracts and the integration of Altair (acquired) and Dotmatics (acquired) into the software portfolio 31, 11
Segment revenue up 10% at an 18.3% margin, supported by large license contracts and the integration of Altair (acquired) and Dotmatics (acquired) into the software portfolio 31, 11
Smart Infrastructure electrification and grid demand
Segment revenue up 7% at a 19.2% margin, the group's highest reported segment margin 31
Segment revenue up 7% at a 19.2% margin, the group's highest reported segment margin 31
Mobility rail order intake
Steady inflow of large rail orders – French dual-mode locomotives (~€0.4 billion), fully automated trains in Denmark, battery-powered and double-deck trains, plus the planned MERMEC rail acquisition; segment revenue up 2% at an 8.2% margin 29, 30, 31
Steady inflow of large rail orders – French dual-mode locomotives (~€0.4 billion), fully automated trains in Denmark, battery-powered and double-deck trains, plus the planned MERMEC rail acquisition; segment revenue up 2% at an 8.2% margin 29, 30, 31
AI and software partnerships
Expanded Microsoft and AWS partnerships for artificial intelligence and the planned Siemens Eigen Engineering Agent point to growing traction in AI-enabled industrial software 15, 32
Expanded Microsoft and AWS partnerships for artificial intelligence and the planned Siemens Eigen Engineering Agent point to growing traction in AI-enabled industrial software 15, 32
Portfolio actions and capital returns
Ongoing share-buyback program alongside portfolio moves such as the Fluence Energy share contribution and additional Siemens Limited India stakes 31, 27, 33
Ongoing share-buyback program alongside portfolio moves such as the Fluence Energy share contribution and additional Siemens Limited India stakes 31, 27, 33
Group profitability and cash generation
Reported quarterly revenue reached 20,794 with operating income of 3,500 and free cash flow of 4,148; management change flags show accelerating growth, improving profitability and raised guidance 132
Reported quarterly revenue reached 20,794 with operating income of 3,500 and free cash flow of 4,148; management change flags show accelerating growth, improving profitability and raised guidance 132
Sector trend: Segment KPIs point higher: automation and electrification demand is lifting Digital Industries and Smart Infrastructure, which carry margins near 18-19%, while rail order intake keeps Mobility's backlog filling 31. Overall momentum is described as accelerating with profitability improving 132.
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Event Timeline#
This timeline collects the material events from the original reports: guidance changes, revenue and margin signals, strategy shifts, product and M&A announcements. Events are grouped by quarter (most recent first); the grey tag before each event names the event type, the date is the publication date of the source. Management quotes open the quarter block as direct quotes. Per quarter we show the three most defining events; more can be expanded per quarter, older years are collapsed. Every event carries its source as a superscript, clickable number.
Overview: one dot per event · click jumps to the period
2026 · 10 events
2026-Q3 · Apr – Jun 2026
„We delivered another very successful quarter with record orders and profit. By executing our ONE Tech Company program, we've been accelerating our innovation, which is enabling us to create additional value for our customers. Our technological leadership in all businesses, clear focus on industrial AI, and strong positioning in attractive markets are driving our profitable growth. We have exactly the technologies our customers need to speed up their innovation, increase their productivity and drive their digital transformation. We are on track to complete another successful fiscal year, and we raise our outlook.“ – Roland Busch, President and Chief Executive Officer 30
„We delivered another very successful quarter with record orders and profit. By executing our ONE Tech Company program, we've been accelerating our innovation, which is enabling us to create additional value for our customers. Our technological leadership in all businesses, clear focus on industrial AI, and strong positioning in attractive markets are driving our profitable growth. We have exactly the technologies our customers need to speed up their innovation, increase their productivity and drive their digital transformations.“ – Roland Busch, President and Chief Executive Officer of Siemens AG 31
earnings 2026-08-06
Profit Industrial Business surged 25% to a record 3,500 in Q3 2026 with a profit margin of 17.3% 30
Profit Industrial Business surged 25% to a record 3,500 in Q3 2026 with a profit margin of 17.3% 30
Guidance raised 2026-08-06
EPS pre PPA guidance for fiscal 2026 raised to €11.20-€11.50 from prior range of €10.70-€11.10 30
EPS pre PPA guidance for fiscal 2026 raised to €11.20-€11.50 from prior range of €10.70-€11.10 30
Strategic pivot 2026-08-06
Tax authorities provided binding decisions clarifying relevant tax topics, enabling the planned spin-off of Siemens Healthineers to proceed as planned 30
Tax authorities provided binding decisions clarifying relevant tax topics, enabling the planned spin-off of Siemens Healthineers to proceed as planned 30
2026-Q2 · Jan – Mar 2026
„With our Eigen Engineering Agent, we're further expanding our leadership position in industrial AI, and we see AI as a clear growth driver for our hardware, software and services business.“ – Roland Busch, President and Chief Executive Officer of Siemens AG 29
revenue 2026-06-30
Orders climbed 18% on a comparable basis with double-digit increases in most industrial businesses; comparable revenue rose 6% to 19,756 29
Orders climbed 18% on a comparable basis with double-digit increases in most industrial businesses; comparable revenue rose 6% to 19,756 29
Margin expanding 2026-06-30
Digital Industries profit margin expanded to 18.5%, with profit and profitability rising substantially 29
Digital Industries profit margin expanded to 18.5%, with profit and profitability rising substantially 29
Guidance cut 2026-06-30
Mobility comparable revenue growth guidance cut to 5-7% from previously 8-10% 29
Mobility comparable revenue growth guidance cut to 5-7% from previously 8-10% 29
2026-Q1 · Oct – Dec 2025
„Our strong first-quarter performance shows that we're delivering on our strategy. Siemens is very well positioned in its growth markets. Artificial intelligence is a strong growth driver for our businesses. We're scaling industrial AI in our core industries together with world-class partners. By integrating AI deeply into design, development, products and operations, we're adding measurable value for our customers. After a strong start to the fiscal year, we raise our outlook.“ – Roland Busch, President and Chief Executive Officer of Siemens AG 27
„We delivered a successful second quarter despite the geopolitical environment, which remains very demanding. Siemens is benefiting from its technological strength and strong positioning in key growth markets. Digital Industries and Smart Infrastructure posted impressive overall performance – clear evidence that we're on a path of profitable growth. With our Eigen Engineering Agent, we're further expanding our leadership position in industrial AI, and we see AI as a clear growth driver for our hardware, software and services business.“ – Roland Busch, President and Chief Executive Officer of Siemens AG 32
Revenue accelerating 2026-06-30
Comparable revenue rose 8% to 19,139 in Q1 2026, with growth across all industrial businesses 27
Comparable revenue rose 8% to 19,139 in Q1 2026, with growth across all industrial businesses 27
Guidance raised 2026-06-30
EPS pre PPA guidance for FY 2026 raised to €10.70-€11.10 from €10.40-€11.00 27
EPS pre PPA guidance for FY 2026 raised to €10.70-€11.10 from €10.40-€11.00 27
Acquisition 2026-06-30
Acquisitions of Altair and Dotmatics contributed new revenue volume to Digital Industries, with integration costs weighing on the segment's profit margin 27
Acquisitions of Altair and Dotmatics contributed new revenue volume to Digital Industries, with integration costs weighing on the segment's profit margin 27
2025 · 12 events
2025-Q4 · Jul – Sep 2025
„Fiscal 2025 was a milestone for Siemens: For the third consecutive year, we achieved a record in net income, with growth in orders and revenue at a mid-single-digit rate. With our ONE Tech Company program, we are laying the foundation for even stronger customer focus, faster innovations and higher profitable growth. Through our acquisition of Altair and Dotmatics, we are expanding our leadership in software and artificial intelligence. At the same time, with the planned deconsolidation of Siemens Healthineers, we are entering the next stage of growth by elevating a highly synergistic core portfolio to a new level.“ – Roland Busch, President and Chief Executive Officer of Siemens AG 25
„Our strong first-quarter performance shows that we're delivering on our strategy. Siemens is very well positioned in its growth markets. Artificial intelligence is a strong growth driver for our businesses. We're scaling industrial AI in our core industries together with world-class partners. By integrating AI deeply into design, development, products and operations, we're adding measurable value for our customers. After a strong start to the fiscal year, we raise our outlook.“ – Roland Busch, President and CEO 28
earnings 2025-06-30
Full-year net income reached 10,387 million, up 16% year-over-year, marking the third consecutive annual record 25
Full-year net income reached 10,387 million, up 16% year-over-year, marking the third consecutive annual record 25
Divestiture 2025-06-30
Planned deconsolidation of Siemens Healthineers announced as part of strategic portfolio evolution 25
Planned deconsolidation of Siemens Healthineers announced as part of strategic portfolio evolution 25
Strategic pivot 2025-06-30
ONE Tech Company program launched to strengthen customer focus, innovation, and profitable growth 25
ONE Tech Company program launched to strengthen customer focus, innovation, and profitable growth 25
2025-Q3 · Apr – Jun 2025
„Our third-quarter performance demonstrates that Siemens is delivering robust results despite the volatile global market. We're posting sustained growth momentum in orders, revenue and net income. Digitalization and sustainability continue to be our growth drivers. In addition, with the closing of our acquisition of Dotmatics, we're opening up new markets in life sciences and are combining scientific intelligence with our industrial AI technologies.“ – Roland Busch, President and Chief Executive Officer of Siemens AG 24
earnings 2025-06-30
Free cash flow from continuing and discontinued operations reached 2,918 million, compared to €2.1 billion in the prior-year quarter 24
Free cash flow from continuing and discontinued operations reached 2,918 million, compared to €2.1 billion in the prior-year quarter 24
Margin compressing 2025-06-30
Industrial Business profit margin declined to 14.9% from 16.5% in the prior-year quarter; Digital Industries software revenue fell significantly against an exceptionally strong prior-year quarter that included large licensed software contract wins 24
Industrial Business profit margin declined to 14.9% from 16.5% in the prior-year quarter; Digital Industries software revenue fell significantly against an exceptionally strong prior-year quarter that included large licensed software contract wins 24
New market 2025-06-30
Mobility orders more than tripled, including a €3.5 billion rail system order for Egypt and a €1.7 billion high-speed train order for the U.S. 24
Mobility orders more than tripled, including a €3.5 billion rail system order for Egypt and a €1.7 billion high-speed train order for the U.S. 24
2025-Q2 · Jan – Mar 2025
„We've achieved another successful quarter, with orders, revenue and net income all showing clear growth. Our customers continue to rely on our technology, and our global footprint demonstrates our resilience. With our ONE Tech Company program, we're making bold moves to scale our technologies. The acquisition of Altair and the planned acquisition of Dotmatics will bring new AI offerings to our customers and open up new opportunities in growth markets such as life sciences.“ – Roland Busch, President and Chief Executive Officer of Siemens AG 19
„Our third-quarter performance demonstrates that Siemens is delivering robust results despite the volatile global market. We're posting sustained growth momentum in orders, revenue and net income. Digitalization and sustainability continue to be our growth drivers. In addition, with the closing of our acquisition of Dotmatics, we're opening up new markets in life sciences and are combining scientific intelligence with our industrial AI technologies.“ – Roland Busch, President and Chief Executive Officer 26
Revenue accelerating 2025-06-30
Revenue grew 7% to 19,757 million with orders up 10% and book-to-bill ratio of 1.10 19
Revenue grew 7% to 19,757 million with orders up 10% and book-to-bill ratio of 1.10 19
Acquisition 2025-06-30
Altair Engineering acquisition closed for €9.5 billion in March 2025, expanding industrial simulation and analysis software capabilities 19
Altair Engineering acquisition closed for €9.5 billion in March 2025, expanding industrial simulation and analysis software capabilities 19
Acquisition 2025-06-30
Agreement signed to acquire Dotmatics for US$5.1 billion, with closing expected in the first half of fiscal 2026, expanding into life sciences 19
Agreement signed to acquire Dotmatics for US$5.1 billion, with closing expected in the first half of fiscal 2026, expanding into life sciences 19
2025-Q1 · Oct – Dec 2024
„With a promising start to fiscal 2025, we are creating clear momentum for continued value creation for our stakeholders. Our technologies enable our customers to combine the real and digital worlds to improve competitiveness, resilience and sustainability. We see strong traction in bringing real world impact with our leadership in industrial AI.“ – Roland Busch, President and Chief Executive Officer 21
„We've achieved another successful quarter, with orders, revenue and net income all showing clear growth. Our customers continue to rely on our technology, and our global footprint demonstrates our resilience. With our ONE Tech Company program, we're making bold moves to scale our technologies. The acquisition of Altair and the planned acquisition of Dotmatics will bring new AI offerings to our customers and open up new opportunities in growth markets such as life sciences.“ – Roland Busch, President and CEO of Siemens AG 23
earnings 2025-06-30
Net income reached 3,868 million, benefiting from a €2.1 billion after-tax gain from the sale of Innomotics 21
Net income reached 3,868 million, benefiting from a €2.1 billion after-tax gain from the sale of Innomotics 21
Margin expanding 2025-05-15
Smart Infrastructure profit margin rose to 24.0% from 16.6% in the prior-year quarter, driven by execution on large order backlogs from data center and energy customers 23
Smart Infrastructure profit margin rose to 24.0% from 16.6% in the prior-year quarter, driven by execution on large order backlogs from data center and energy customers 23
Guidance confirmed 2025-05-15
Fiscal 2025 outlook confirmed despite increased uncertainty in the economic environment 23
Fiscal 2025 outlook confirmed despite increased uncertainty in the economic environment 23
2024 · 12 events
2024-Q4 · Jul – Sep 2024
„In another successful fiscal year, we delivered record profit and stringently executed our strategy. In particular, we benefited from continuing strong demand for electrification, transportation and our industrial software offerings while our automation business remained challenging. Starting in fiscal 2025, we will take Siemens to the next level of value creation. We will continue to invest in R&D and M&A to secure faster growth based on our technological strengths and ability to scale across industries. Our planned acquisition of Altair reinforces our leadership in industrial software and AI. Our ability to combine the real and digital worlds is unmatched.“ – Roland Busch, President and CEO of Siemens AG 17
„In another successful fiscal year, we delivered record profit and stringently executed our strategy. In particular, we benefited from continuing strong demand for electrification, transportation and our industrial software offerings while our automation business remained challenging. Starting in fiscal 2025, we will take Siemens to the next level of value creation. We will continue to invest in R&D and M&A to secure faster growth based on our technological strengths and ability to scale across industries. Our planned acquisition of Altair reinforces our leadership in industrial software and AI. Our ability to combine the real and digital worlds is unmatched.“ – Roland Busch, President and Chief Executive Officer 16
„With a promising start to fiscal 2025, we are creating clear momentum for continued value creation for our stakeholders. Our technologies enable our customers to combine the real and digital worlds to improve competitiveness, resilience and sustainability. We see strong traction in bringing real world impact with our leadership in industrial AI“ – Roland Busch, President and CEO of Siemens AG 20
earnings 2024-11-14
Full-year net income 8,992 million reached historic high, up 5% from prior year 16 17
Full-year net income 8,992 million reached historic high, up 5% from prior year 16 17
Strategic pivot 2024-11-14
ONE Tech Company program launched to drive next level of performance and value creation 17
ONE Tech Company program launched to drive next level of performance and value creation 17
Acquisition 2024-11-14
Planned acquisition of Altair Engineering to strengthen leadership in industrial software and AI 17
Planned acquisition of Altair Engineering to strengthen leadership in industrial software and AI 17
2024-Q3 · Apr – Jun 2024
„We grew profitably in the third quarter, continuing to benefit from the high demand in electrification. Another growth driver was our particularly strong industrial software business, which won several large license contracts. The industrial automation business remains challenging. We confirm our company's full-year outlook.“ – Roland Busch, President and Chief Executive Officer of Siemens AG 14
„We grew profitably in the third quarter, continuing to benefit from the high demand in electrification. Another growth driver was our particularly strong industrial software business, which won several large license contracts. The industrial automation business remains challenging. We confirm our company's full-year outlook“ – Roland Busch, President and Chief Executive Officer of Siemens AG 11
earnings 2024-08-08
Net income rose 48% to 2,133 million; prior-year quarter impacted by €0.6 billion loss from Siemens Energy AG stake, absent in current period 14
Net income rose 48% to 2,133 million; prior-year quarter impacted by €0.6 billion loss from Siemens Energy AG stake, absent in current period 14
Margin expanding 2024-08-08
Profit Industrial Business margin improved to 16.5 percent, above prior-year quarter 14
Profit Industrial Business margin improved to 16.5 percent, above prior-year quarter 14
Guidance confirmed 2024-08-08
Full-year outlook confirmed with comparable revenue growth at lower end of 4% to 8% range and profit margins at respective target ranges 14
Full-year outlook confirmed with comparable revenue growth at lower end of 4% to 8% range and profit margins at respective target ranges 14
2024-Q2 · Jan – Mar 2024
„We continued to benefit from strong demand for digitalization and sustainability during our second quarter, particularly in the data center and semiconductor industries. Siemens proved its resilience with strong revenue performance in Smart Infrastructure, Mobility and industrial software; this nearly offset currently muted demand in Digital Industries' automation business. With the right strategy, the right technologies and the right team, we are well positioned for profitable growth.“ – Roland Busch, President and Chief Executive Officer of Siemens AG 10
earnings 2024-06-30
Net income of 2,196 million lower year-over-year; prior-year quarter included €1.6 billion tax-free gain from reversal of Siemens Energy impairment, absent in current period 10
Net income of 2,196 million lower year-over-year; prior-year quarter included €1.6 billion tax-free gain from reversal of Siemens Energy impairment, absent in current period 10
Guidance raised 2024-06-30
Smart Infrastructure comparable revenue growth guidance raised to 8% to 10% (previously 7% to 10%) 10
Smart Infrastructure comparable revenue growth guidance raised to 8% to 10% (previously 7% to 10%) 10
Divestiture 2024-06-30
Innomotics divestiture closing expected in FY 2025, classified as held for disposal and discontinued operations 10
Innomotics divestiture closing expected in FY 2025, classified as held for disposal and discontinued operations 10
2024-Q1 · Oct – Dec 2023
„Siemens again delivered a strong quarter, maintaining a trajectory of profitable growth. We expanded our partnerships with Microsoft and AWS to make artificial intelligence even more accessible. Our customers have full confidence in us as their technology partner to support them with their digital and sustainability transformations“ – Roland Busch, President and Chief Executive Officer 15
„We continued to benefit from strong demand for digitalization and sustainability during our second quarter, particularly in the data center and semiconductor industries. Siemens proved its resilience with strong revenue performance in Smart Infrastructure, Mobility and industrial software; this nearly offset currently muted demand in Digital Industries' automation business. With the right strategy, the right technologies and the right team, we are well positioned for profitable growth.“ – Roland Busch, President and CEO 12
earnings 2024-06-30
Net income climbed 56% to 2,548 million, including €0.5 billion from Siemens Energy Investment 15
Net income climbed 56% to 2,548 million, including €0.5 billion from Siemens Energy Investment 15
Divestiture 2024-06-30
Siemens transferred 8.0% stake in Siemens Energy AG to Siemens Pension-Trust e.V. and ceased equity method accounting 15
Siemens transferred 8.0% stake in Siemens Energy AG to Siemens Pension-Trust e.V. and ceased equity method accounting 15
Guidance cut 2024-05-16
Digital Industries comparable revenue guidance revised to minus 8% to minus 4% due to continued customer destocking in automation businesses, particularly in China 12
Digital Industries comparable revenue guidance revised to minus 8% to minus 4% due to continued customer destocking in automation businesses, particularly in China 12
2023 · 14 events
2023-Q4 · Jul – Sep 2023
„Fiscal 2023 was a year of multiple records: In our Industrial Business, profit and profit margin reached their highest levels ever, and we nearly doubled our net income to a historic high. I would like to thank all our colleagues around the world for their tremendous contribution to these outstanding results. Our strategy is paying off, and we continue to accelerate the digital and sustainability transformations of our customers“ – Roland Busch, President and Chief Executive Officer 3
„Fiscal 2023 was a year of multiple records: In our Industrial Business, profit and profit margin reached their highest levels ever, and we nearly doubled our net income to a historic high. I would like to thank all our colleagues around the world for their tremendous contribution to these outstanding results. Our strategy is paying off, and we continue to accelerate the digital and sustainability transformations of our customers.“ – Roland Busch, President and Chief Executive Officer of Siemens AG 2
earnings 2023-11-16
Net income of 8,529 nearly doubled to historic high; Profit Industrial Business reached record high of €11.4 billion with margin improving to 15.4 percent 3
Net income of 8,529 nearly doubled to historic high; Profit Industrial Business reached record high of €11.4 billion with margin improving to 15.4 percent 3
Guidance initiated 2023-11-16
Fiscal 2024 outlook initiated with comparable revenue growth of 4 to 8 percent and EPS pre PPA excluding Siemens Energy Investment of €10.40 to €11.00 3
Fiscal 2024 outlook initiated with comparable revenue growth of 4 to 8 percent and EPS pre PPA excluding Siemens Energy Investment of €10.40 to €11.00 3
Divestiture 2023-11-16
Innomotics carve-out executed successfully and preparations for standalone options initiated 3
Innomotics carve-out executed successfully and preparations for standalone options initiated 3
2023-Q3 · Apr – Jun 2023
„We again achieved profitable growth and showed our competitive strength across all our businesses. We have seen normalization of demand, particularly in China and in short-cycle business. I'm very pleased that our financial performance was again strong and resilient. We continue to execute our strategy of creating high-value growth and accelerating our customers' digital transformation and sustainability journeys.“ – Roland Busch, President and Chief Executive Officer of Siemens AG 1
revenue 2023-06-30
Mobility achieved record-high quarterly orders driven by large contract wins including €2.5 billion Egypt rail system order 1
Mobility achieved record-high quarterly orders driven by large contract wins including €2.5 billion Egypt rail system order 1
Margin expanding 2023-06-30
Profit Industrial Business reached margin of 15.3 percent, with substantial increases in Digital Industries and Smart Infrastructure 1
Profit Industrial Business reached margin of 15.3 percent, with substantial increases in Digital Industries and Smart Infrastructure 1
Guidance cut 2023-06-30
Digital Industries comparable revenue growth guidance for fiscal 2023 reduced to 13 to 15 percent, from prior range of 17 to 20 percent 1
Digital Industries comparable revenue growth guidance for fiscal 2023 reduced to 13 to 15 percent, from prior range of 17 to 20 percent 1
2023-Q2 · Jan – Mar 2023
„We again achieved profitable growth and showed our competitive strength across all our businesses. We have seen normalization of demand, particularly in China and in short-cycle business. I'm very pleased that our financial performance was again strong and resilient. We continue to execute our strategy of creating high-value growth and accelerating our customers' digital transformation and sustainability journeys.“ – Roland Busch, President and Chief Executive Officer 5
„Siemens continues its outstanding performance, delivering several records, including impressive margin increases and all-time highs in profit for Digital Industries and Smart Infrastructure, as well as another record in order backlog. Our very strong results show that we have the right strategy, the right technology, and the right team to support our customers in becoming more competitive, resilient and sustainable.“ – Roland Busch, President and Chief Executive Officer of Siemens AG 8
Revenue accelerating ◦ 2023-08-10
Mobility achieved record-high quarterly order intake of €8.3 billion; book-to-bill ratio reached 1.28 with order backlog at record high of €110 billion 5
Mobility achieved record-high quarterly order intake of €8.3 billion; book-to-bill ratio reached 1.28 with order backlog at record high of €110 billion 5
Margin expanding 2023-08-10
Smart Infrastructure profit increased 37 percent to €769 million; Digital Industries profit grew 24 percent to €1.1 billion driven by automation businesses 5
Smart Infrastructure profit increased 37 percent to €769 million; Digital Industries profit grew 24 percent to €1.1 billion driven by automation businesses 5
2023-Q1 · Oct – Dec 2022
„Siemens continues its outstanding performance, delivering several records, including impressive margin increases and all-time highs in profit for Digital Industries and Smart Infrastructure, as well as another record in order backlog. Our very strong results show that we have the right strategy, the right technology, and the right team to support our customers in becoming more competitive, resilient and sustainable.“ – Roland Busch, President and CEO of Siemens AG 7
Revenue accelerating ◦ 2023-05-17
Revenue rose 15 percent on comparable basis to 19,416; order backlog reached record €105 billion with book-to-bill ratio of 1.22 7
Revenue rose 15 percent on comparable basis to 19,416; order backlog reached record €105 billion with book-to-bill ratio of 1.22 7
Margin expanding 2023-05-17
Digital Industries achieved record quarterly profit of €1.3 billion with 23.5 percent profit margin; Smart Infrastructure profit climbed 75 percent to €779 million with 15.9 percent profit margin, both at all-time quarterly highs 7
Digital Industries achieved record quarterly profit of €1.3 billion with 23.5 percent profit margin; Smart Infrastructure profit climbed 75 percent to €779 million with 15.9 percent profit margin, both at all-time quarterly highs 7
Guidance raised 2023-05-17
Full-year fiscal 2023 guidance raised to comparable revenue growth of 9 to 11 percent and EPS pre PPA of €9.60 to €9.90, from prior ranges of 7 to 10 percent and €8.90 to €9.40 respectively 7
Full-year fiscal 2023 guidance raised to comparable revenue growth of 9 to 11 percent and EPS pre PPA of €9.60 to €9.90, from prior ranges of 7 to 10 percent and €8.90 to €9.40 respectively 7
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Key Figures (€m)#
The company's core financial figures in three views, one below the other: fiscal years (as reported; after restatements the table shows the most recent filing version, marked), half-years (6-month basis, H2 = second half on its own) and quarters (3-month basis, not cumulative). Each row is one period, most recent first. Values with a dotted underline are clickable and show the raw value, the exact source location, the scale evidence and the source; derived values additionally show their formula and inputs. All values are extracted automatically from the filings; errors are possible; please verify decision-relevant figures yourself by clicking through to the linked original.
All figures serve only to support your own investment decision and are not a recommendation; the company's original reports are authoritative.
Revenue (€m) · annual basis, as reported
Net income (€m) · annual basis, as reported
EPS (€) · annual basis, as reported
Revenue (€m) · quarterly basis, as reported
Net income (€m) · quarterly basis, as reported
EPS (€) · quarterly basis, as reported
Operating cash flow (€m) · quarterly basis, as reported
Cash (€m) · annual basis, as reported
Debt (€m) · annual basis, as reported
Net Debt (€m) · annual basis, as reported
Cash (€m) · quarterly basis, as reported
Debt (€m) · quarterly basis, as reported
Net Debt (€m) · quarterly basis, as reported
Capex (€m) · quarterly basis, as reported
FCF (€m) · quarterly basis, as reported
Shown: the most recent fiscal years. Full history since FY2022 is on record.
Fiscal years
Amounts in €m · EPS in € per share · as reported
| Period | Calendar quarter | Revenue | Op. income | Net income | EPS (€) | OCF | Source |
|---|---|---|---|---|---|---|---|
| FY2025 | Q4/2024–Q3/2025 | 78,914 | 11,766 | 10,387 | 12.25 | 13,257 | 126 |
| FY2024 | Q4/2023–Q3/2024 | 75,930 | 11,390 | 8,992 | 10.53 | 11,665 | 126 |
| FY2023 | Q4/2022–Q3/2023 | 74,882 | 11,316 | 8,529 | 10.04 | – | 117 |
Quarters
Amounts in €m · EPS in € per share · as reported
| Period | Calendar quarter | Published | Revenue | Op. income | Net income | EPS (€) | FCF | Cash | Net Debt | Source |
|---|---|---|---|---|---|---|---|---|---|---|
| 2026-Q3* | Q2/2026 | 2026-06-30 | 20,794 | 3,500 | 2,583 | 3.14≈ | 4,148 | 10,930 | 38,994 | 132 |
| 2026-Q2* | Q1/2026 | 2026-05-13 | 19,756 | 2,969 | 2,236 | 2.58 | 1,716 | 8,664 | 45,498 | 130 |
| 2026-Q1* | Q4/2025 | 2026-02-12 | 19,139 | 2,904 | 2,222 | 2.60≈ | 677 | 15,263 | 41,202 | 27 |
| 2025-Q4* | Q3/2025 | 2025-06-30 | 21,427 | 3,190 | 1,837 | 2.07 | 5,307 | 14,495 | 41,520~ | 126 |
| 2025-Q3* | Q2/2025 | 2025-06-30 | 19,377 | 2,800 | 2,243 | 2.78 | 2,918 | 14,641 | 42,047 | 132 |
| 2025-Q2* | Q1/2025 | 2025-05-15 | 19,757 | 3,200 | 2,439 | 2.83 | 1,003 | 12,686 | 44,835 | 32 |
| 2025-Q1* | Q4/2024 | 2025-02-13 | 18,353 | 2,517 | 3,868 | 4.66 | 1,583 | 13,926 | 35,958 | 27 |
| 2024-Q4* | Q3/2024 | 2024-06-30 | 20,811 | 3,120 | 2,115 | 2.42 | 5,027 | 9,156 | 38,762~ | 126 |
| 2024-Q3* | Q2/2024 | 2024-06-30 | 18,900 | – | 2,133 | 2.51 | 2,168 | 7,758 | 42,144 | 125 |
| 2024-Q2* | Q1/2024 | 2024-05-16 | 18,474 | 2,364 | 2,196 | 2.57 | 1,355 | 7,715 | 42,736 | 120 |
| 2024-Q1* | Q4/2023 | 2024-06-30 | 17,745 | 2,700 | 2,548 | 2.99 | 1,056 | 10,769 | 38,552 | 122 |
| 2023-Q4* | Q3/2023 | 2023-06-30 | 2,878~ | 3,364 | 1,902 | 2.17 | 4,668 | 10,084 | 36,512~ | 117 |
| 2023-Q3* | Q2/2023 | 2023-06-30 | 18,145 | 2,700 | 1,440~ | 1.78 | 2,951 | 9,802 | 39,088 | 112 |
| 2023-Q2* | Q1/2023 | 2023-05-17 | 19,416 | 2,600 | 3,551 | 4.39 | 2,350 | 9,186 | 40,844 | 12 |
| 2023-Q1 | Q4/2022 | 2023-06-30 | 18,070 | – | 1,636 | – | – | – | – | 116 |
* derived: values with formula provenance (hover); Q4 = FY − 9M · H2 = FY − H1 · EPS via implied shares · net debt = financial debt − cash · FCF = OCF − |capex|.
The publication date of individual rows is a publisher placeholder (not the actual publication date).
Columns not reported in this reporting cadence are hidden: Op. income (adj.), EBITDA (adj.), EPS adj. (not reported in any source for these periods).
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Balance Sheet & Cash Flow (€m)#
Point-in-time balance sheet items (e.g. cash, financial debt) and cash flow items (operating cash flow, investments/capex) per fiscal year, half-year and quarter. Balance sheet values are as of the period end, flow items cover the period. Derived values are marked and are calculated, for example, as: net debt = financial debt − cash; free cash flow = operating cash flow − capex; the click popover shows formula and inputs. All values are extracted automatically from the filings; errors are possible; please verify decision-relevant figures yourself by clicking through to the linked original.
Fiscal years
Amounts in €m · as reported
| Period | Calendar quarter | Published | Cash | Debt | Net Debt | OCF | Capex | FCF | Source |
|---|---|---|---|---|---|---|---|---|---|
| FY2025 | Q4/2024–Q3/2025 | 2025-06-30 | 14,495 | 56,015 | 41,520~ | 13,257 | 2,445 | 10,812 | 126 |
| FY2024 | Q4/2023–Q3/2024 | 2024-06-30 | 9,156 | 47,918 | 38,762~ | 11,665 | 2,088 | 9,577 | 126 |
| FY2023 | Q4/2022–Q3/2023 | 2023-06-30 | 10,084 | 46,596 | 36,512~ | – | – | – | 117 |
Quarters
Amounts in €m · as reported
| Period | Calendar quarter | Published | Cash | Debt | Net Debt | OCF | Capex | FCF | Source |
|---|---|---|---|---|---|---|---|---|---|
| 2026-Q3 | Q2/2026 | 2026-06-30 | 10,930 | 49,924 | 38,994 | 4,784 | 636 | 4,148 | 132 |
| 2026-Q2 | Q1/2026 | 2026-05-13 | 8,664 | 54,162 | 45,498 | 2,241 | 525 | 1,716 | 130 |
| 2026-Q1 | Q4/2025 | 2026-02-12 | 15,263 | 56,465 | 41,202 | 1,171 | 494 | 677 | 27 |
| 2025-Q4 | Q3/2025 | 2025-06-30 | 14,495 | 56,015 | 41,520~ | 6,143 | 836 | 5,307 | 126 |
| 2025-Q3 | Q2/2025 | 2025-06-30 | 14,641 | 56,688 | 42,047 | 3,472 | 554 | 2,918 | 132 |
| 2025-Q2 | Q1/2025 | 2025-05-15 | 12,686 | 57,521 | 44,835 | 1,554 | 551 | 1,003 | 32 |
| 2025-Q1 | Q4/2024 | 2025-02-13 | 13,926 | 49,884 | 35,958 | 2,087 | 504 | 1,583 | 27 |
| 2024-Q4 | Q3/2024 | 2024-06-30 | 9,156 | 47,918 | 38,762~ | 5,705 | 678 | 5,027 | 126 |
| 2024-Q3 | Q2/2024 | 2024-06-30 | 7,758 | 49,902 | 42,144 | 2,687 | 519 | 2,168 | 125 |
| 2024-Q2 | Q1/2024 | 2024-05-16 | 7,715 | 50,451 | 42,736 | 1,843 | 488 | 1,355 | 120 |
| 2024-Q1 | Q4/2023 | 2024-06-30 | 10,769 | 49,321 | 38,552 | 1,459 | 403 | 1,056 | 122 |
| 2023-Q4 | Q3/2023 | 2023-06-30 | 10,084 | 46,596 | 36,512~ | 5,392 | 724 | 4,668 | 117 |
| 2023-Q3 | Q2/2023 | 2023-06-30 | 9,802 | 48,890 | 39,088 | 3,448 | 497 | 2,951 | 112 |
| 2023-Q2 | Q1/2023 | 2023-05-17 | 9,186 | 50,030 | 40,844 | 2,878 | 528 | 2,350 | 12 |
Debt = long-term + current · Net debt = debt − cash · FCF = OCF − capex.
The publication date of individual rows is a publisher placeholder (not the actual publication date).
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Revenue by Type (as of 2026-Q3 · EURm · 4/5)#
Revenue split by segment or product type, exactly as the company itself reports it. The basis is stated next to each value (3, 6 or 12 months); segment totals can deviate from group revenue (reconciliation/consolidation items). If the company changes its segment structure, older structures are kept in the expandable part. Rows in grey are no longer reported separately by the company; they show the last available figures and are never extrapolated.
| Segment | Since | Period | Basis | Revenue | Growth | Margin | Source |
|---|---|---|---|---|---|---|---|
| Industrial Business | 2025-H1 | 2026-H1 | 6M | 37,906 | 2% | 15.5% | 33 |
| Smart Infrastructure | 2022-H1 | 2026-Q3 | 9M? | 17,849 | 7% | 19.2% | 31 |
| Digital Industries | 2022-H1 | 2026-Q3 | 9M? | 14,083 | 10% | 18.3% | 31 |
| Mobility | 2022-H1 | 2026-Q3 | 9M? | 9,454 | 2% | 8.2% | 31 |
| Portfolio Companies | 2023-Q2 | 2023-Q2 | 6M | 1,525 | 3% | 14.9% | 8 |
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Products & M&A (2/8 active+recent)#
Product announcements from the reports; market launches, approvals, partnerships; with first mention (date) and source. “Active/current” means: still mentioned in the most recent reports; what the company no longer mentions moves to the expandable part but is never deleted. Rows in grey are discontinued products.
| Product/Line | Since | Status | Source |
|---|---|---|---|
| Share buyback program | 2026-06 | Launched | 31 |
| Siemens Eigen Engineering Agent | 2026-03 | Launched | 32 |
| Large license contracts won by industrial software business | 2024-06 | Launched | 14 |
| Two large orders in Austria for rolling stock totaling €1.3 billion | 2024 | Launched | 15 |
| Train control system order for metro lines | 2024 | Launched | 11 |
| Digital Industries large license contracts | 2024 | Launched | 11 |
| Innomotics public listing preparation | 2023-09 | Launched | 3 |
| Turnkey rail system order in Egypt (Q3 2023) (2×) | 2023-06 | Launched | 14 |
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M&A (40)#
All recorded acquisitions (purchases) and divestitures/exits with date, short description and source; deliberately including smaller transactions that summaries often miss. Purchase prices appear only where the company itself has disclosed them. Rows in grey are cancelled transactions; the cancellation date is shown in the row.
Acquisitions · 28Divestitures/exits · 11older: 1 (in the table)
Acquisitions
| Transaction / stake | Date | Type | Source |
|---|---|---|---|
| Order for delivery of dual-mode electric-battery locomotives in France worth €0.4 billion | 2026-06 | Completed | 29 |
| Extension of contract for delivery of light rail vehicles in the U.S. worth €0.3 billion | 2026-06 | Completed | 29 |
| Extended maintenance contract in UK | 2026-06 | Completed | 30 |
| Double-deck trains contract in Switzerland | 2026-06 | Completed | 30 |
| Consortium contract for delivery of fully automated trains in Denmark | 2026-06 | Completed | 29 |
| Acquisition of MERMEC Group businesses for rail portfolio | 2026-05 | Completed | 31 |
| Contribution of shares in Fluence Energy, Inc. | 2026-03 | Completed | 27 |
| Syndicated credit facility extension | 2026-02 | Completed | 33 |
| Sale of 5% equity interest in Siemens Energy India Limited (2×) | 2025-12 | Completed | 33 |
| Battery-powered regional trains contract in Germany (2×) | 2025-12 | Completed | 30 |
| Automatic metro trains contract extension in France | 2025-12 | Completed | 27 |
| Siemens Energy stake transfer to pension trust (3×) | 2025-10 | Completed | 1 |
| Acquisition of Insightful Science Holdings, LLC (Dotmatics) (2×) | 2025-04 | Completed | 19 |
| Rail infrastructure and maintenance order in the U.K. | 2025 | Completed | 21 |
| Framework agreement for delivery of trains in Austria | 2025 | Announced | 21 |
| Dotmatics acquisition | 2025 | Completed | 31 |
| Altair acquisition (2×) | 2024-09 | Completed | 31 |
| Major orders for locomotives in Europe | 2024-06 | Completed | 12 |
| Contract for light rail systems in the U.S. | 2024-06 | Completed | 12 |
| Microsoft and AWS partnerships expansion for artificial intelligence | 2024 | Completed | 15 |
| Siemens Limited, India acquisition (18% stake) (2×) | 2023-12 | Completed | 15 |
| US intercity trains and service order | 2023-09 | Completed | 1 |
| UK rail vehicles service contract | 2023-09 | Completed | 1 |
| Egypt rail system order | 2023-09 | Completed | 1 |
| €2.9 billion locomotive and maintenance order (2×) | 2023-06 | Completed | 8 |
| Germany suburban trains order (3×) | 2023-06 | Completed | 14 |
| Siemens Energy AG capital increase | 2023-03 | Completed | 4 |
| €0.3 billion order for signaling system and station infrastructure in Singapore | 2023 | Completed | 8 |
Divestitures / exits
| Transaction / stake | Date | Type | Source |
|---|---|---|---|
| Siemens Healthineers spin-off | 2026-06 | Divested | 31 |
| Sale of stake in equity investment in India by Siemens Financial Services | 2025-06 | Divested | 19 |
| Sale of wiring accessories business in China | 2025-03 | Divested | 22 |
| Smart Infrastructure wiring accessories business exit (3×) | 2025 | Divested | 23 |
| Sale of airport logistics business (5×) | 2025 | Divested | 29 |
| Sale of 6% stake in Siemens Energy AG (3×) | 2025 | Divested | 33 |
| Planned deconsolidation of Siemens Healthineers | 2025 | Divested | 25 |
| Innomotics divestiture | 2024-06 | Divested | 10 |
| Sale of Innomotics to KPS Capital Partners | 2024-05 | Divested | 12 |
| Sale of Innomotics | 2024 | Divested | 22 |
| Innomotics carve-out | 2024 | Divested | 11 |
| Commercial Vehicles business sale | 2022-11 | Divested | 4 |
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Reported KPIs (as disclosed) (199)#
Figures the company discloses itself in addition to the standard financials; order intake, recurring revenue, user or unit counts, adjusted measures. These “story KPIs” usually slip through standard databases; here they are collected as reported, with no calculation of our own. Important: the definition comes from the company itself and can differ from firm to firm; period and source are stated next to every value.
Company-specific KPIs verbatim from the filings (English, as disclosed; not normalised). Balance-sheet and boilerplate items filtered.
| Date | Period | KPI | Value / change | Source |
|---|---|---|---|---|
| – | 2026-Q3 | ROCE | 14.8% | 31 |
| – | 2026-Q3 | Profit margin Industrial Business | 17.3% | 31 |
| – | 2026-Q3 | Order backlog | 132 billion € | 31 |
| – | 2026-Q3 | Industrial net debt / EBITDA | 0.6 (EUR millions) | 31 |
| – | 2026-Q3 | Cash conversion rate | 1.61 | 31 |
| – | 2026-Q3 | Book-to-bill ratio | 1.34 | 31 |
| – | 2026-H1 | Order backlog | €124 billion | 33 |
| – | 2026-H1 | Cash conversion rate | 0.54 | 33 |
| – | 2026-H1 | Book-to-bill ratio | 1.17 | 33 |
| – | 2026-H1 | ROCE | 13.3% | 33 |
| 2026-08-06 | 2026-Q2 | Order backlog | €132 billion | 30 |
| 2026-08-06 | 2026-Q2 | Digital business growth | 18 percent | 30 |
| 2026-08-06 | 2026-Q2 | Data center business order value | around €6 billion | 30 |
| 2026-08-06 | 2026-Q2 | Data center business order growth | triple-digit | 30 |
| 2026-08-06 | 2026-Q2 | Book-to-bill ratio | 1.34 | 30 |
| 2026-08-06 | 2026-Q2 | Smart Infrastructure profitability | 20.0 percent | 30 |
| 2026-08-06 | 2026-Q2 | Profit margin Industrial Business | 17.3 percent | 30 |
| 2026-08-06 | 2026-Q2 | Organic ARR growth | 11 percent | 30 |
| 2026-08-06 | 2026-Q2 | Organic ARR | €5.7 billion | 30 |
| 2026-08-06 | 2026-Q2 | Mobility profitability | 8.6 percent | 30 |
| 2026-08-06 | 2026-Q2 | Digital Industries profit margin | 18.7 percent | 30 |
| – | 2026-Q2 | ROCE | 13.0% | 29 |
| – | 2026-Q2 | Profit margin Industrial Business | 15.4% | 29 |
| – | 2026-Q2 | Order backlog | 124 (EUR in billions of €) | 29 |
| – | 2026-Q2 | Industrial net debt / EBITDA | 1.2 (EUR millions) | 29 |
| – | 2026-Q2 | Cash conversion rate | 0.77 | 29 |
| – | 2026-Q2 | Book-to-bill ratio | 1.22 | 29 |
| 2026-05-13 | 2026-Q1 | Order backlog | €124 billion | 32 |
| 2026-05-13 | 2026-Q1 | Book-to-bill ratio | 1.22 | 32 |
| 2026-05-13 | 2026-Q1 | Smart Infrastructure profitability | 18.6 percent | 32 |
| 2026-05-13 | 2026-Q1 | Organic ARR | €5.5 billion | 32 |
| 2026-05-13 | 2026-Q1 | Mobility profit margin | 6.9 percent | 32 |
| 2026-05-13 | 2026-Q1 | Industrial Business profit margin | 15.4 percent | 32 |
| 2026-05-13 | 2026-Q1 | Digital Industries software business growth | 14 percent | 32 |
| 2026-05-13 | 2026-Q1 | Digital Industries profit margin | 18.5 percent | 32 |
| – | 2026-Q1 | Profit margin Industrial Business | 15.6% | 27 |
| – | 2026-Q1 | Order backlog | 120 (EUR in billions of €) | 27 |
| – | 2026-Q1 | Cash conversion rate | 0.30 | 27 |
| – | 2026-Q1 | Book-to-bill ratio | 1.12 | 27 |
| – | 2026-Q1 | ROCE | 13.5% | 27 |
| – | FY2025 | ROCE (prior year) | 17.2% | 25 |
| – | FY2025 | ROCE | 11.8% | 25 |
| – | FY2025 | Profit margin Industrial Business (prior year) | 15.5% | 25 |
| – | FY2025 | Profit margin Industrial Business | 15.3% | 25 |
| – | FY2025 | Order backlog | 117 (€ in billions of €) | 25 |
| – | FY2025 | Dividend per share (prior year) | €5.20 | 25 |
| – | FY2025 | Dividend per share | €5.35 | 25 |
| – | FY2025 | Cash conversion rate (prior year) | 2.35 | 25 |
| – | FY2025 | Cash conversion rate | 2.89 | 25 |
| – | FY2025 | Book-to-bill ratio (full year) | 1.12 | 25 |
| – | FY2025 | Book-to-bill ratio | 1.02 | 25 |
| 2026-02-12 | 2025-Q4 | Profit margin Smart Infrastructure (prior year) | 16.9% | 28 |
| 2026-02-12 | 2025-Q4 | Profit margin Smart Infrastructure | 19.0% | 28 |
| 2026-02-12 | 2025-Q4 | Profit margin Mobility (prior year) | 8.4% | 28 |
| 2026-02-12 | 2025-Q4 | Profit margin Mobility | 9.0% | 28 |
| 2026-02-12 | 2025-Q4 | Profit margin Industrial Business (prior year) | 14.1% | 28 |
| 2026-02-12 | 2025-Q4 | Profit margin Industrial Business | 15.6% | 28 |
| 2026-02-12 | 2025-Q4 | Profit margin Digital Industries (prior year) | 14.5% | 28 |
| 2026-02-12 | 2025-Q4 | Digital Industries profit margin | 17.8% | 28 |
| 2026-02-12 | 2025-Q4 | Order backlog | €120 billion | 28 |
| 2026-02-12 | 2025-Q4 | dividend per share | €5.35 | 28 |
| 2026-02-12 | 2025-Q4 | book-to-bill ratio | 1.12 | 28 |
| – | 2025-Q3 | Profit margin Industrial Business | 14.9% | 24 |
| – | 2025-Q3 | Order backlog | 117 (EUR in billions of €) | 24 |
| – | 2025-Q3 | industrial net debt to EBITDA | 1.0 (EUR millions) | 24 |
| – | 2025-Q3 | Cash conversion rate | 1.30 | 24 |
| – | 2025-Q3 | book-to-bill ratio | 1.28 | 24 |
| – | 2025-Q3 | ROCE | 14.6% | 24 |
| 2025-08-07 | 2025-Q2 | Smart Infrastructure profit margin | 18.8 percent | 26 |
| 2025-08-07 | 2025-Q2 | Smart Infrastructure profit | 1.1 billion | 26 |
| 2025-08-07 | 2025-Q2 | Profit margin Industrial Business | 14.9 percent | 26 |
| 2025-08-07 | 2025-Q2 | Order backlog | 117 billion | 26 |
| 2025-08-07 | 2025-Q2 | Mobility profit margin | 9.3 percent | 26 |
| 2025-08-07 | 2025-Q2 | Mobility profit | 286 million | 26 |
| 2025-08-07 | 2025-Q2 | Digital Industries profitability | 14.5 percent | 26 |
| 2025-08-07 | 2025-Q2 | Digital Industries profit | 642 million | 26 |
| 2025-08-07 | 2025-Q2 | Book-to-bill ratio | 1.28 | 26 |
| – | 2025-H1 | Order backlog | €117 billion | 22 |
| – | 2025-H1 | Book-to-bill ratio | 1.09 | 22 |
| – | 2025-Q2 | ROCE | 16.9% | 19 |
| – | 2025-H1 | ROCE | 22.8% | 22 |
| – | 2025-Q2 | Order backlog | 117 (EUR in billions of €) | 19 |
| – | 2025-Q2 | industrial net debt / EBITDA | 1.1 (EUR millions) | 19 |
| – | 2025-Q2 | Industrial Business profit margin | 16.9% | 19 |
| – | 2025-Q2 | Cash conversion rate | 0.41 | 19 |
| – | 2025-Q2 | book-to-bill ratio | 1.10 | 19 |
| 2025-05-15 | 2025-Q1 | Profit margin Industrial Business | 16.9 percent | 23 |
| 2025-05-15 | 2025-Q1 | Order backlog | €117 billion | 23 |
| 2025-05-15 | 2025-Q1 | book-to-bill ratio | 1.10 | 23 |
| – | 2025-Q1 | ROCE | 29.7% | 21 |
| – | 2025-Q1 | Profit margin Industrial Business | 14.1% | 21 |
| – | 2025-Q1 | Industrial Business profit | 2,517 (EUR in millions of €) | 21 |
| – | 2025-Q1 | Orders | 20,065 (EUR in millions of €) | 21 |
| – | 2025-Q1 | Order backlog | 118 (EUR in billions of €) | 21 |
| – | 2025-Q1 | Cash conversion rate | 0.41 | 21 |
| – | 2025-Q1 | Book-to-bill ratio | 1.09 | 21 |
| 2025-02-13 | 2024-Q4 | Smart Infrastructure profit margin | 16.8% | 20 |
| 2025-02-13 | 2024-Q4 | Mobility profit margin Q1 2024 | 9.3% | 20 |
| 2025-02-13 | 2024-Q4 | Mobility profit margin | 8.4% | 20 |
| 2025-02-13 | 2024-Q4 | Industrial Business profit margin Q1 2024 | 15.8% | 20 |
| 2025-02-13 | 2024-Q4 | Profit margin Industrial Business | 14.1% | 20 |
| 2025-02-13 | 2024-Q4 | Digital Industries profit margin Q1 2024 | 19.6% | 20 |
| 2025-02-13 | 2024-Q4 | Digital Industries profit margin | 14.5% | 20 |
| 2025-02-13 | 2024-Q4 | Order backlog | €118 billion | 20 |
| 2025-02-13 | 2024-Q4 | Book-to-bill ratio | 1.09 | 20 |
| – | 2024-Q4 | total equity | 56,231 (EUR in millions of €) | 16 |
| – | 2024-Q4 | Profit Margin Industrial Business Q4 | 15.5% | 16 |
| – | 2024-Q4 | Profit Margin Industrial Business FY | 15.5% | 16 |
| – | 2024-Q4 | Order backlog | 113 (EUR billions of €) | 16 |
| – | 2024-Q4 | Industrial Net Debt to EBITDA | 0.7 (EUR millions) | 16 |
| – | 2024-Q4 | Employees Continuing Operations | 312 | 16 |
| – | 2024-Q4 | Dividend Yield | 2.9 percent | 16 |
| – | 2024-Q4 | dividend per share | €5.20 | 16 |
| – | 2024-Q4 | Cash Conversion Rate Q4 | 2.35 | 16 |
| – | 2024-Q4 | Cash Conversion Rate FY | 1.06 | 16 |
| – | 2024-Q4 | Book-to-Bill Ratio FY | 1.11 | 16 |
| – | 2024-Q4 | book-to-bill ratio | 1.10 | 16 |
| – | 2024-Q4 | ROCE Q4 | 17.2% | 16 |
| – | 2024-Q4 | ROCE FY | 19.1% | 16 |
| 2024-11-14 | 2024-Q3 | Profit margin Industrial Business | 15.5 percent | 17 |
| 2024-11-14 | 2024-Q3 | Gain from Sale Innomotics | €2.0 billion | 17 |
| 2024-11-14 | 2024-Q3 | Employees Continuing Operations | 312,000 | 17 |
| 2024-11-14 | 2024-Q3 | Dividend Yield | 2.9 percent | 17 |
| 2024-11-14 | 2024-Q3 | Dividend per Share Proposed | €5.20 | 17 |
| 2024-11-14 | 2024-Q3 | Dividend per Share FY2023 | €4.70 | 17 |
| 2024-11-14 | 2024-Q3 | Book-to-Bill Ratio FY2023 | 1.19 | 17 |
| 2024-11-14 | 2024-Q3 | book-to-bill ratio | 1.11 | 17 |
| 2024-11-14 | 2024-Q3 | Q4 Profit Margin Industrial Business | 15.5 percent | 17 |
| – | 2024-Q3 | Order backlog | 113 billion | 11 |
| – | 2024-Q3 | Cash conversion rate | 0.99 | 11 |
| – | 2024-Q3 | book-to-bill ratio | 1.05 | 11 |
| – | 2024-Q3 | ROCE | 17.3% | 11 |
| – | 2024-Q3 | Industrial Net Debt to EBITDA | 1.0 (EUR millions) | 11 |
| – | 2024-Q3 | EPS pre PPA | 2.66 | 11 |
| 2024-08-08 | 2024-Q2 | Profit margin Smart Infrastructure | 17.0 percent | 14 |
| 2024-08-08 | 2024-Q2 | Profit margin Mobility | 8.7 percent | 14 |
| 2024-08-08 | 2024-Q2 | Profit margin Industrial Business | 16.5 percent | 14 |
| 2024-08-08 | 2024-Q2 | Digital Industries profit margin | 22.9 percent | 14 |
| 2024-08-08 | 2024-Q2 | book-to-bill ratio | 1.05 | 14 |
| – | 2024-Q2 | Profit margin Industrial Business | 14.0% | 10 |
| – | 2024-Q2 | Order backlog | 114 billion | 10 |
| – | 2024-H1 | Order backlog | €114 billion | 13 |
| – | 2024-Q2 | Industrial Net Debt to EBITDA | 1.1 (EUR millions) | 10 |
| – | 2024-Q2 | Cash conversion rate | 0.61 | 10 |
| – | 2024-H1 | Cash conversion rate | 0.50 | 13 |
| – | 2024-Q2 | book-to-bill ratio | 1.07 | 10 |
| – | 2024-H1 | book-to-bill ratio | 1.14 | 13 |
| – | 2024-Q2 | ROCE | 19.0% | 10 |
| – | 2024-H1 | ROCE | 20.8% | 13 |
| 2024-05-16 | 2024-Q1 | Smart Infrastructure profit margin | 16.6 percent | 12 |
| 2024-05-16 | 2024-Q1 | Mobility profit margin | 8.4 percent | 12 |
| 2024-05-16 | 2024-Q1 | Profit margin Industrial Business | 14.0 percent | 12 |
| 2024-05-16 | 2024-Q1 | Digital Industries profit margin | 16.5 percent | 12 |
| 2024-05-16 | 2024-Q1 | Order backlog | €114 billion | 12 |
| 2024-05-16 | 2024-Q1 | book-to-bill ratio | 1.07 | 12 |
| – | 2024-Q1 | Profit margin Industrial Business | 15.8% | 15 |
| – | 2024-Q1 | Order backlog | 113 (EUR in billions of €) | 15 |
| – | 2024-Q1 | Cash conversion rate | 0.41 | 15 |
| – | 2024-Q1 | book-to-bill ratio | 1.21 | 15 |
| – | 2024-Q1 | ROCE | 23.0% | 15 |
| – | 2023-Q4 | total equity | 53,060 (EUR in millions of €) | 2 |
| – | 2023-Q4 | Total Assets | 145,067 (EUR in millions of €) | 2 |
| – | 2023-Q4 | ROCE Prior Year | 24.6% | 2 |
| – | 2023-Q4 | ROCE | 16.9% | 2 |
| – | 2023-Q4 | Profit Margin Industrial Business Q4 | 16.5% | 2 |
| – | 2023-Q4 | Profit Margin Industrial Business FY | 15.4% | 2 |
| – | 2023-Q4 | Order backlog | 111 billion | 2 |
| – | 2023-Q4 | Industrial Net Debt to EBITDA | 0.6 (EUR millions) | 2 |
| – | 2023-Q4 | Cash Conversion Rate Q4 | 2.44 | 2 |
| – | 2023-Q4 | Cash Conversion Rate FY | 1.17 | 2 |
| – | 2023-Q4 | Book-to-bill ratio Q4 | 1.02 | 2 |
| – | 2023-Q4 | Book-to-Bill Ratio FY | 1.19 | 2 |
| 2023-11-16 | 2023-Q3 | Profit margin Industrial Business Q4 2023 | 16.5 percent | 3 |
| 2023-11-16 | 2023-Q3 | Profit margin Industrial Business | 15.4 percent | 3 |
| 2023-11-16 | 2023-Q3 | Order backlog | €111 billion | 3 |
| 2023-11-16 | 2023-Q3 | Dividend Yield | 3.5 percent | 3 |
| 2023-11-16 | 2023-Q3 | dividend per share | €4.70 | 3 |
| 2023-11-16 | 2023-Q3 | Book-to-bill ratio | 1.19 | 3 |
| – | 2023-Q3 | Profit margin Industrial Business | 15.3% | 1 |
| – | 2023-Q3 | Order backlog | 110 billion | 1 |
| – | 2023-Q3 | industrial net debt to EBITDA | 0.8 (EUR millions) | 1 |
| – | 2023-Q3 | Cash conversion rate | 2.05 | 1 |
| – | 2023-Q3 | book-to-bill ratio | 1.28 | 1 |
| – | 2023-Q3 | ROCE | 12.8% | 1 |
| 2023-08-10 | 2023-Q2 | Order backlog | 110 billion | 5 |
| 2023-08-10 | 2023-Q2 | book-to-bill ratio | 1.28 | 5 |
| – | 2023-H1 | ROCE | 22.2% | 4 |
| – | 2023-Q2 | ROCE | 30.5% | 8 |
| – | 2023-H1 | Order backlog | €105 billion | 4 |
| – | 2023-H1 | Cash conversion rate | 0.47 | 4 |
| – | 2023-Q2 | Cash conversion rate | 0.66 | 8 |
| – | 2023-H1 | Book-to-bill ratio | 1.23 | 4 |
| – | 2023-Q2 | book-to-bill ratio | 1.22 | 8 |
| 2023-05-17 | 2023-Q1 | Profit margin Smart Infrastructure | 15.9 percent | 7 |
| 2023-05-17 | 2023-Q1 | Profit margin Mobility | 9.2 percent | 7 |
| 2023-05-17 | 2023-Q1 | Profit margin Industrial Business | 14.2 percent | 7 |
| 2023-05-17 | 2023-Q1 | Digital Industries profit margin | 23.5 percent | 7 |
| 2023-05-17 | 2023-Q1 | Order backlog | €105 billion | 7 |
| 2023-05-17 | 2023-Q1 | book-to-bill ratio | 1.22 | 7 |
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Guidance Tracking (latest per metric/period · 37/69)#
All management forecasts (guidance) and their later outcome. Types: fiscal-year targets as well as quarterly/half-year targets; per metric and period the most recent statement applies, older versions can be expanded. The status is checked automatically against the actuals reported later: open (period still running), met, beaten, missed. For ranges (“X to Y”) reaching the range counts. Logged neutrally, no estimate of our own, no assessment.
Actuals: revenue in €m · EPS in € per share · ratios in %
| For period | Guided on | Metric | Guided | Actual | Verdict | Direction | Source |
|---|---|---|---|---|---|---|---|
| FY2026 | 2026-08-06 | EPS (GAAP) | 11.2–11.5 | – | pending | raised | 30 |
| FY2026 | – | Comparable revenue growth | 5–10% | – | pending | confirmed | 27 |
| FY2026 | – | Profit margin | 15–19% | – | pending | confirmed | 27 |
| FY2026 | – | Book-to-bill ratio | 1 | – | pending | confirmed | 27 |
| FY2026 | – | Digital Industries comparable revenue growth | 7–10% | – | pending | raised | 29 |
| FY2026 | – | Digital Industries profit margin | 17–19% | – | pending | raised | 29 |
| FY2026 | – | Smart Infrastructure comparable revenue growth | 8–10% | – | pending | raised | 29 |
| FY2026 | – | Smart Infrastructure profit margin | 18–19% | – | pending | confirmed | 29 |
| FY2026 | – | Mobility comparable revenue growth | 5–7% | – | pending | cut | 29 |
| FY2026 | – | Mobility profit margin | 8–10% | – | pending | confirmed | 29 |
| FY2026 | – | Revenue growth (comparable) | 6–8% | – | pending | confirmed | 31 |
| FY2026 | – | Revenue growth (comparable) Digital Industries | 7–10% | – | pending | confirmed | 31 |
| FY2026 | – | Profit margin Digital Industries | 17–19% | – | pending | confirmed | 31 |
| FY2026 | – | Revenue growth (comparable) Smart Infrastructure | 10–11% | – | pending | raised | 31 |
| FY2026 | – | Profit margin Smart Infrastructure | 18.5–19.5% | – | pending | raised | 31 |
| FY2026 | – | Revenue growth (comparable) Mobility | 5–7% | – | pending | confirmed | 31 |
| FY2026 | – | Profit margin Mobility | 8–10% | – | pending | confirmed | 31 |
| FY2026 | – | Revenue (comparable basis) | 6–8% | – | pending | initiated | 25 |
| FY2026 | – | Digital Industries revenue (comparable basis) | 5–10% | – | pending | initiated | 25 |
| FY2026 | – | Smart Infrastructure revenue (comparable basis) | 6–9% | – | pending | initiated | 25 |
| FY2026 | – | Mobility revenue (comparable basis) | 8–10% | – | pending | initiated | 25 |
| FY2025 | 2024-11-14 | EPS (GAAP) | 10.4–11 | 12.25 | beat | initiated | 17 |
| FY2025 | 2024-11-14 | Comparable revenue growth | 3–7 | – | – | initiated | 17 |
| FY2025 | 2024-11-14 | Digital Industries comparable revenue change | -6–1 | – | – | initiated | 17 |
| FY2025 | 2024-11-14 | Digital Industries profit margin | 15–19% | – | – | initiated | 17 |
| FY2025 | 2024-11-14 | Smart Infrastructure comparable revenue growth | 6–9 | – | – | initiated | 17 |
| FY2025 | 2024-11-14 | Smart Infrastructure profit margin | 17–18% | – | – | initiated | 17 |
| FY2025 | 2024-11-14 | Mobility comparable revenue growth | 8–10 | – | – | initiated | 17 |
| FY2025 | 2024-11-14 | Mobility profit margin | 8–10% | – | – | initiated | 17 |
| FY2025 | – | Revenue growth (YoY) | 3–7% | 3.9 | in line | confirmed | 21 |
| FY2025 | – | Revenue (comparable, excl. currency translation and portfolio effects) | 3–7% | – | – | confirmed | 19 |
| FY2025 | – | Digital Industries comparable revenue growth | -6–1% | – | – | confirmed | 19 |
| FY2025 | – | Book-to-bill ratio | 1 | – | – | confirmed | 19 |
| FY2025 | – | Digital Industries revenue growth | -6–1% | – | – | confirmed | 21 |
| FY2025 | – | Smart Infrastructure revenue growth | 6–9% | – | – | confirmed | 21 |
| FY2025 | – | Mobility revenue growth | 8–10% | – | – | confirmed | 21 |
| FY2025 | – | Profit margin | 15–19% | – | – | confirmed | 24 |
| FY2024 | 2024-08-08 | Profit margin at Digital Industries | 18–21% | – | – | confirmed | 14 |
| FY2024 | 2024-08-08 | Profit margin at Smart Infrastructure | 16–17% | – | – | confirmed | 14 |
| FY2024 | 2024-05-16 | Comparable revenue growth | 4–8 | – | – | confirmed | 14 |
| FY2024 | 2024-05-16 | Book-to-bill ratio | 1 | – | – | confirmed | 12 |
| FY2024 | 2024-05-16 | Comparable revenue Digital Industries | 4–8 | – | – | cut | 12 |
| FY2024 | 2024-05-16 | Digital Industries profit margin | 18–21% | – | – | cut | 12 |
| FY2024 | 2024-05-16 | Comparable revenue growth Smart Infrastructure | 8–10 | – | – | raised | 12 |
| FY2024 | 2024-05-16 | Smart Infrastructure profit margin | 16–17% | – | – | raised | 12 |
| FY2024 | 2024-05-16 | Comparable revenue growth Mobility | 8–11 | – | – | confirmed | 12 |
| FY2024 | 2024-05-16 | Mobility profit margin | 8–10% | – | – | confirmed | 12 |
| FY2024 | 2023-11-16 | Revenue | 4,000–8,000 | 75,930 | – | confirmed | 3 |
| FY2024 | 2023-11-16 | EPS (GAAP) | 10.4–11 | 10.53 | in line | confirmed | 12 |
| FY2024 | 2023-11-16 | Digital Industries comparable revenue development | 0–3 | – | – | confirmed | 3 |
| FY2024 | 2023-11-16 | Digital Industries profit margin | 20–23% | – | – | confirmed | 3 |
| FY2024 | 2023-11-16 | Smart Infrastructure comparable revenue growth | 7–10 | – | – | confirmed | 3 |
| FY2024 | 2023-11-16 | Smart Infrastructure profit margin | 15–17% | – | – | confirmed | 3 |
| FY2024 | 2023-11-16 | Mobility comparable revenue growth | 8–11 | – | – | confirmed | 3 |
| FY2024 | 2023-11-16 | Mobility profit margin | 8–10% | – | – | confirmed | 3 |
| FY2024 | – | Revenue (comparable) | 4–8% | – | – | confirmed | 10 |
| FY2024 | – | Digital Industries comparable revenue | 4–8% | – | – | cut | 10 |
| FY2024 | – | Comparable revenue development | 0–3% | – | – | confirmed | 15 |
| FY2024 | – | Profit margin | 20–23% | – | – | confirmed | 15 |
| FY2023 | 2023-05-17 | Revenue | 9,000–11,000 | 74,882 | beat | confirmed | 5 |
| FY2023 | 2023-05-17 | EPS (GAAP) | 9.6–9.9 | 10.04 | beat | confirmed | 5 |
| FY2023 | – | Comparable revenue growth | 9–11% | – | – | confirmed | 1 |
| FY2023 | – | Book-to-bill ratio | 1 | – | – | confirmed | 4 |
| FY2023 | – | Digital Industries comparable revenue growth | 17–20% | – | – | raised | 8 |
| FY2023 | – | Digital Industries profit margin | 22.5–23.5% | – | – | raised | 8 |
| FY2023 | – | Smart Infrastructure comparable revenue growth | 14–16% | – | – | raised | 8 |
| FY2023 | – | Smart Infrastructure profit margin | 14.5–15.5% | – | – | raised | 8 |
| FY2023 | – | Mobility comparable revenue growth | 10–12% | – | – | raised | 8 |
| FY2023 | – | Mobility profit margin | 8–10% | – | – | confirmed | 8 |
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Development#
A condensed summary per reporting period as running text: what changed operationally, which drivers management names, how earnings and cash flow developed. Most recent period first, grouped by year; each text is written from the original report of that period, superscript numbers lead to the source.
FY2026
In fiscal year 2026, Siemens reported group revenue of 19,139 in Q1 128, 19,756 in Q2 130, and 20,794 in Q3 132, with comparable revenue increasing 8% 27, 6% 32, and 8% 31 in the respective periods. Profit of Industrial Business rose progressively to a record 3,500 in Q3 with a profit margin of 17.3%, up from 2,969 in Q2 and 2,904 in Q1 31. First-half net income of €4.5 billion was lower year-over-year, primarily because the prior year had benefited from a €2.1 billion gain from the sale of Innomotics; income from continuing operations before taxes increased 4% in H1 2026 33. Free cash flow strengthened over the course of the year, reaching 4,148 in Q3, up 42% versus the prior year period 30. EPS pre PPA guidance for fiscal 2026 was raised twice during the year, reaching €11.20-€11.50 by the time of the Q3 report 31, supported by an order backlog at a record high of €132 billion 30.
FY2025
In fiscal year 2025, Siemens AG reported revenue of 78,914 million, growing 4% on a reported basis and 5% on a comparable basis in line with guidance 25. Net income reached 10,387 million, up 16% year-over-year and a third consecutive annual record, supported in part by gains from portfolio transactions including the sale of Innomotics 21 25. Orders grew 5% to €88.4 billion with a book-to-bill ratio of 1.12, and free cash flow came in at 10,812 million, also a record 25. The year was shaped by the completed acquisitions of Altair Engineering and Dotmatics, which broadened software and artificial intelligence capabilities, alongside the announced planned deconsolidation of Siemens Healthineers as part of strategic portfolio evolution 25. The profit margin for Industrial Business was broadly stable at 15.4% versus 15.5% in the prior year 25.
FY2024
Siemens AG generated full-year revenue of 75,930 million in fiscal 2024, with comparable revenue growth of 3 percent 17. Net income reached a historic high of 8,992 million 17, and free cash flow at Group level was 9,577 million 17. Digital Industries weighed on results as comparable revenue declined 10 percent due to weak automation demand and prolonged customer destocking particularly in China 16, while Smart Infrastructure delivered comparable revenue growth of 7 percent driven by electrification demand 16. The fiscal year included the announced acquisition of Altair Engineering to strengthen leadership in industrial software and AI, and the sale of Innomotics completed after year-end with a preliminary after-tax gain of €2.0 billion 17.
FY2023
In fiscal year 2023, Siemens AG reported full-year revenue of 74,882 117, with comparable revenue growth of 11 percent reaching the upper end of the raised guidance range 2. Net income of 8,529 nearly doubled to a historic high, with second-quarter results materially boosted by a €1.6 billion tax-free gain from reversal of an impairment on Siemens' stake in Siemens Energy AG, while Mobility returned to profitability following charges related to Russia sanctions in the prior year 3 7. The Industrial Business delivered record-high profit, driven by strong performance in Digital Industries and Smart Infrastructure, with the full-year Industrial Business profit margin reaching 15.4 percent 3. Free cash flow exceeded €10 billion for the first time in company history, and the Innomotics carve-out was executed successfully during the year 2 3.
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Glossary#
- Revenue: Revenue from contracts with customers, net of sales deductions, as the company itself reports it; not total output, gross revenue, GMV or order intake.
- Op. income: The operating line of the income statement; EBIT only as a marked fallback, never pre-tax or ordinary income.
- Net income: Net income attributable to the shareholders of the parent, after discontinued operations; not the result including minority interests, not comprehensive income.
- EPS: Diluted earnings per share attributable to the shareholders of the parent; a printed figure always beats a calculated one, calculated values are marked.
- FCF: Free cash flow = operating cash flow minus capital expenditure on property, plant and equipment; the company's own free cash flow figure is shown separately.
- OCF: Cash flow from operating activities as reported; IFRS companies may show interest paid in financing cash flow, so the figure is not always comparable.
- Cash: Cash and cash equivalents, without securities unless the company reports them as part of the position.
- Net Debt: Net debt = financial debt excluding lease liabilities minus cash at the same reporting date; the company's own net position may differ.
- *: derived, the formula is in the hover
- ≈: calculated, approximation
- ~: uncertain; the value stays visible, verdicts do not use it
- °: repaired by a targeted query against the document, or curated with documentary evidence
- EBIT: EBIT as a fallback: the income statement carries no operating line
- basic: basic earnings per share as a fallback when diluted is missing
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Sources: official investor relations documents#
All original documents used, with type (e.g. quarterly, half-year, annual report), publication date and a direct link to the filing (EDINET/SEC/IR). Every superscript number in the report points to an entry in this list; so every figure can be traced back to its place in the original.
33 documents · 2023 – 2026 · IR
| # | Document type | Published | Link |
|---|---|---|---|
| #1 / #101 | IR-Quarter | – | Open |
| #2 / #102 | IR-Quarter | – | Open |
| #4 | IR-Quarter | – | Open |
| #6 / #106 | IR-Quarter | – | Open |
| #8 / #108 | IR-Quarter | – | Open |
| #9 | IR-Report | – | Open |
| #10 / #111 | IR-Quarter | – | Open |
| #11 / #112 | IR-Quarter | – | Open |
| #13 / #114 | IR-Quarter | – | Open |
| #15 / #116 | IR-Quarter | – | Open |
| #16 / #117 | IR-Quarter | – | Open |
| #18 | IR-Report | – | Open |
| #19 / #120 | IR-Quarter | – | Open |
| #21 / #122 | IR-Quarter | – | Open |
| #22 / #123 | IR-Quarter | – | Open |
| #24 / #125 | IR-Quarter | – | Open |
| #25 / #126 | IR-Quarter | – | Open |
| #27 / #128 | IR-Quarter | – | Open |
| #29 / #130 | IR-Quarter | – | Open |
| #31 / #132 | IR-Quarter | – | Open |
| #33 / #134 | IR-Quarter | – | Open |
| #7 | IR-Quarter | 2023-05-17 | Open |
| #5 | IR-Quarter | 2023-08-10 | Open |
| #3 | IR-Quarter | 2023-11-16 | Open |
| #12 | IR-Quarter | 2024-05-16 | Open |
| #14 | IR-Quarter | 2024-08-08 | Open |
| #17 | IR-Quarter | 2024-11-14 | Open |
| #20 | IR-Quarter | 2025-02-13 | Open |
| #23 | IR-Quarter | 2025-05-15 | Open |
| #26 | IR-Quarter | 2025-08-07 | Open |
| #28 | IR-Quarter | 2026-02-12 | Open |
| #32 | IR-Quarter | 2026-05-13 | Open |
| #30 | IR-Quarter | 2026-08-06 | Open |
FAQ#
Is there a management forecast (guidance) for FY2026?
Yes. Management has issued targets for FY2026, including EPS (GAAP). The guidance tracking chapter shows all targets and checks them against the actuals reported later; neutral, with no estimate of our own.
Which additional key figures does Siemens AG report?
As reported for Q3 2026: ROCE, Order backlog, Cash conversion rate, Book-to-bill ratio, Profit margin Industrial Business, Industrial net debt / EBITDA. The chapter Reported KPIs lists every value with its source. Revenue is broken down by Industrial Business, Portfolio Companies, Smart Infrastructure, Digital Industries.
Does Siemens AG pay a dividend?
The filings report on the dividend; most recent entry: dividend per share €5.35 (2025-Q4) (as reported, no assessment of our own). Details with source links are in the report chapters.
Where can I find the official investor relations documents of Siemens AG?
The sources chapter links all 51 original filings used (IR documents) with type, publication date and a direct link; every figure in the report carries a source number.
More reports#
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