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Edge12 Jul 2023
The Porsche Family’s Race to the Top
Porsche's history, the family's wealth, the connections to Volkswagen, and how this German-Austrian dynasty traces back to pre-World War II Germany.
Volkswagen (VOW) investor relations material
Volkswagen Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary30 Oct, 2025
Executive summary
Deliveries rose 1–1.2% year-over-year to 6.6 million vehicles, with BEV share rising to 11% globally and 20% in Western Europe; global market share stable above 10%.
Operating result in Q3 was negative at -€1.3 billion, and for nine months fell 58–60% to €5.4 billion, mainly due to €4.7–7.5 billion in Porsche-related costs, US tariffs, and restructuring.
Group sales revenue for nine months was €238.7–239 billion, up 1% year-over-year, but operating margin dropped to 2.3%.
Net cash flow in the automotive division was €1.8 billion, supported by improved working capital but down 47% year-over-year.
Earnings after tax fell 61% to €3.4 billion, with EPS down to €7.00–€7.06 per share.
Financial highlights
BEV deliveries surged 41.7–42% to 718,000 units, now 10.9% of total deliveries; BEV order intake in Western Europe up 64%, representing 25% of the order book.
Operating margin for nine months was 2.3% (reported), 5.4% excluding special effects.
Net liquidity in the automotive division was €31 billion at September end.
Gross margin was 15.4%, down from 17.8%.
Automotive investment ratio at 11.4%, with R&D ratio at 7.0%.
Outlook and guidance
Full-year operating return on sales confirmed/guided at 2–3%, with sales revenue expected around prior year level.
Automotive investment ratio expected at 12–13%; net cash flow for the year expected around zero, with net liquidity around €30 billion.
Ongoing cost reduction and efficiency programs to counteract margin headwinds from tariffs and BEV mix.
Quantify Porsche strategy impact on operating result
Explain regional BEV delivery divergence
What is the full financial impact of US import tariffs?
What specific actions mitigate the $5bn US tariff impact?
How will cost programs offset BEV margin dilution?
How will VW achieve 10% R&D/CapEx target by 2027?
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Next Volkswagen earnings date
Q4 202513 Mar, 2026
Next Volkswagen earnings date
Q4 202513 Mar, 2026
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Frequently asked questions
Das Auto
Volkswagen AG, recognized globally for its iconic "VW" logo, is one of the most well-known automotive manufacturers in the world. Founded in 1937 and headquartered in Wolfsburg, Germany, Volkswagen has grown to be a leading global automotive company. With a wide array of vehicle models and brands under its umbrella, Volkswagen’s portfolio ranges from economy vehicles to luxury cars and commercial vehicles.
The People’s Car
Volkswagen's inception was rooted in the desire to create a car that was affordable and practical for the German public. The result was the creation of the "Volkswagen," literally translated as the "people's car." The first model produced was the now-iconic Volkswagen Beetle, a car that is synonymous with the brand and one of the best-selling cars of all time. Over the years, Volkswagen expanded its product line, introducing classic models such as the Golf, Polo, and Passat, each finding significant success in global markets.
Global Reach and Diverse Portfolio
Today, Volkswagen is a brand rooted in Europe but with an extensive network of manufacturing and assembly facilities that span the globe, with plants in more than 27 countries. Apart from its core Volkswagen Passenger Cars brand, the Volkswagen Group also owns several high-profile automotive brands, including Audi, SEAT, ŠKODA, Bentley, Bugatti, Lamborghini, Porsche, and more. The company also owns several brands operating toward commercial customers with names such as MAN and Scania under their ownership. This means that regardless of whether a customer is looking for a high-performance supercar or a family vehicle, Volkswagen has several models available under its umbrella. Operating as a conglomerate is nothing unique in the automotive industry, and examples of this include Stellantis and General Motors.
The Future of The Industry
Volkswagen has always been committed to innovation and technology in its pursuit to create advanced vehicles. The company invests heavily in Research & Development, working on the continuous improvement of its internal combustion engines, while also focusing on the development of innovative and sustainable drive technologies. Like the rest of the automobile industry, Volkswagen will need to transform its business for an electrified future. This is something that they have begun to do, most notably with their line of “ID” models.
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