In the third quarter of fiscal year 2026 (ended June 30, 2026), Siemens’ orders rose by 14 percent on a comparable basis to a record €27.9 billion (Q3 2025: €24.7 billion)
Revenue increased by 8 percent on a comparable basis to €20.8 billion (Q3 2025: €19.4 billion)
Industrial Business profit rose by 25 percent to a record €3.5 billion (Q3 2025: €2.8 billion)
Industrial Business profit margin stood at 17.3 percent (Q3 2025: 14.9 percent)
Excellent free cash flow at Group level: up 42 percent to €4.1 billion (Q3 2025: €2.9 billion)
Net income increased by 15 percent to €2.6 billion (Q3 2025: €2.2 billion)
Siemens’ digital business grew by 18 percent in the first nine months of fiscal year 2026
Triple-digit order growth recorded in Smart Infrastructure’s data center business during the first nine months of fiscal year 2026
Outlook raised: basic earnings per share before purchase price allocation accounting (EPS pre PPA) raised to the following range:
€11.20 to €11.50 (previously: €10.70) ...to €11.10)
Continuing its trajectory of profitable growth, Siemens has delivered another successful quarter in the third quarter of the 2026 fiscal year, which ends on June 30, 2026. The company's strong operational performance and strategic direction were confirmed by record results in order intake and Industrial Business profit. Following a strong performance in the first nine months of the current fiscal year, Siemens is raising its guidance for basic earnings per share (EPS pre PPA) for fiscal year 2026 from the previous range of €10.70–€11.10 to a range of €11.20–€11.50. The company also confirms its other Group-level guidance for fiscal year 2026.
Roland Busch, President and CEO of Siemens AG, commented: “We have delivered another highly successful quarter, marked by record orders and profits. We have accelerated our innovation by implementing our ONE Tech Company program, enabling us to create additional value for our customers. Our technological leadership across all our businesses, our clear focus on industrial AI, and our strong position in attractive markets are driving our profitable growth. We possess the technologies our customers need to accelerate their innovation, boost productivity, and advance their digital transformations. We are on track to complete another successful fiscal year and are raising our outlook.”
Veronika Bienert, CFO of Siemens AG, added: “We generated an excellent free cash flow of €4.1 billion in the third quarter; this result reflects our strong operational performance. We are once again targeting a free cash flow in the double-digit percentage range relative to revenue for the full fiscal year. We are executing our strategy with determination, and our newly launched share buyback program continues to create value for our shareholders. As expected, we have received binding decisions from tax authorities clarifying the relevant tax matters. This allows the separation of Siemens Healthineers to proceed as planned.”
Significant growth across all key indicators
In the third quarter, Siemens increased orders by 14 percent on a comparable basis—excluding currency translation and portfolio effects—reaching a record €27.9 billion (Q3 2025: €24.7 billion); this increase was driven by a sharp rise in Smart Infrastructure and significant growth in Digital Industries. Revenue rose by 8% on a comparable basis to €20.8 billion (Q3 2025: €19.4 billion). All industrial businesses recorded revenue growth, driven by significant increases in Smart Infrastructure and Digital Industries. The book-to-bill ratio was very strong at 1.34. The order backlog reached a new record high of €132 billion at the end of Q3 2026.
Industrial Business profit also reached a record level, driven by Digital Industries, where profit rose by 25 percent to €3.5 billion (Q3 2025: €2.8 billion). Consequently, the Industrial Business profit margin stood at 17.3 percent (Q3 2025: 14.9 percent).
Net income increased by 15 percent to €2.6 billion (Q3 2025: €2.2 billion). As a result, basic earnings per share before purchase price allocation (EPS pre PPA) was €3.14 (Q3 2025: €2.78).
Total free cash flow from continuing and discontinued operations rose sharply
to €4.1 billion (Q3 2025: €2.9 billion). The primary driver of this increase was the generation of €4.2 billion in free cash flow within the Industrial Business, thanks to improvements across all industrial businesses.
Siemens' digital business grew by 18 percent in the first nine months of fiscal year 2026, clearly exceeding the 15 percent target announced last November. During the same period, Smart Infrastructure's data center business recorded triple-digit order growth, reaching a level of approximately €6 billion. Revenue growth across all industrial businesses
Digital Industries recorded significant increases in volume, profit, and profitability, driven by volume growth in both its automation and software businesses. Orders rose by 9 percent on a comparable basis to €4.9 billion (Q3 2025: €4.4 billion). Revenue increased by 10 percent on a comparable basis to €4.9 billion (Q3 2025: €4.4 billion), with the software business growing by 15 percent to reach €1.8 billion. Organic annual recurring revenue (ARR) saw a strong 11 percent increase, reaching €5.7 billion. Significant improvements in profit and profitability were observed. Profit rose by 44 percent to €923 million (Q3 2025: €642 million). The profit margin for Digital Industries stood at 18.7 percent (Q3 2025: 14.5 percent). The software business was the primary contributor to these improvements.
Smart Infrastructure sustained high-margin volume growth across all business units and reporting regions. Orders rose by 42 percent on a comparable basis to €8.0 billion (Q3 2025: €5.7 billion), setting a new quarterly record. The electrification and electrical products businesses, in particular, drove growth, fueled by major orders from data center customers in the U.S. and Europe. Revenue increased by 13 percent on a comparable basis to €6.4 billion (Q3 2025: €5.7 billion). Smart Infrastructure boosted its profit to €1.3 billion, driven by growth across all business units, resulting in a profit margin of 20.0 percent. In Mobility, order intake remained at a very high level, reaching €7.6 billion (Q3 2025: €7.9 billion); this included contract wins for double-decker trains in Switzerland (€2.2 billion), extended maintenance services in the UK (€2.0 billion), and a long-term service agreement for battery-powered trains in Germany (€0.6 billion). Revenue rose by 6 percent to €3.2 billion, primarily driven by significant growth in the rail infrastructure business. Profit and profitability also remained solid, at €280 million and 8.6 percent, respectively.