Siemens (SIE) Q2 2026 (Media) earnings summary

Executive summary

• Achieved strong Q2 FY 2026 results with 18% comparable order growth and 6% comparable revenue growth, led by Digital Industries and Smart Infrastructure; order backlog reached a record €124 billion.

• Net income was €2.2 billion, with basic EPS at €2.60 and EPS pre PPA at €2.81, including a €0.17 gain from the U.S. airport logistics business divestment.

• Free cash flow increased to €1.7 billion, up 71% year-over-year, supporting accelerated share buybacks and a robust capital structure.

• Announced a new €6 billion share buyback program for up to five years, with 18 million shares retired in March 2026.

• Timeline for Siemens Healthineers spin-off set for AGM in February 2027.

Financial highlights

• Orders increased 18% year-over-year to €24.1 billion; revenue up 6% to €19.8 billion, driven by Digital Industries and Smart Infrastructure.

• Industrial Business profit was €3.0 billion (margin 15.4%), with book-to-bill ratio at 1.22.

• Americas revenue up 10%, EMEA up 2%, Asia/Australia up 8% (India +21%).

• Currency headwinds reduced profit margin by 80 basis points.

• Free cash flow for Industrial Business up 15% year-over-year to €1.7 billion.

Outlook and guidance

• Full-year guidance confirmed: comparable revenue growth of 6–8% and book-to-bill ratio above 1.

• EPS pre PPA expected in the range of €10.70–€11.10 for FY 2026.

• Digital Industries revenue growth guidance raised to 7–10%, margin 17–19%.

• Smart Infrastructure revenue growth guidance raised to 8–10%, margin in upper half of 18–19%.

• Mobility revenue growth outlook lowered to 5–7%, margin expected at lower end of 8–10%.