Siemens (SIE) Q3 2026 (Media) earnings summary

Executive summary

• Achieved record third-quarter results with strong growth in orders, revenue, and profit across all industrial businesses, particularly in Digital Industries (DI) and Smart Infrastructure (SI), despite volatile geopolitical conditions.

• Order backlog reached a record €132 billion, with orders up 14% year-over-year to €27.9 billion.

• Free cash flow reached €4.1 billion, supporting a double-digit free-cash-flow return on revenue and ongoing share buyback program.

• Raised full-year and FY 2026 outlook following strong operational execution and innovation acceleration.

• Continued execution of digitalization and AI strategies, with strategic acquisitions and investments supporting future growth.

Financial highlights

• Orders up 14% year-over-year to €27.9 billion; book-to-bill ratio at 1.34; record backlog at €132 billion.

• Revenue up 8% year-over-year to €20.8 billion, led by DI and SI; Americas led with 11% growth, Asia-Australia up 10%, EMEA up 6%.

• Profit Industrial Business hit €3.5 billion, margin at 17.3%; EPS pre-PPA was €3.14.

• Free cash flow jumped 42% year-over-year to €4.1 billion; cash conversion rate improved to 1.61.

• Net income after nine months was €7.04 billion, down 18% due to prior year’s Innomotics sale; Q3 net income grew 15% to €2.6 billion.

Outlook and guidance

• Raised FY 2026 group outlook: EPS pre-PPA now €11.20–€11.50 (previously €10.70–€11.10).

• Expect to reach upper half of 6%-8% comparable revenue growth guidance; book-to-bill ratio above 1 for FY 2026.

• DI revenue growth guidance confirmed at 7%-10%, profit margin 17%-19%.

• SI revenue growth guidance raised to 10%-11%, profit margin to 18.5%-19.5%.

• Mobility revenue growth guidance at 5%-7%, profit margin expected at lower end of 8%-10%.