Siemens AG (SIEB) Q3 2026 Earnings Report

The call was decisively positive: Siemens reported a record quarter with strong order intake (EUR 27.9bn), a record backlog (EUR 132bn), broad-based revenue growth (8%), record industrial profit (EUR 3.5bn) and very strong free cash flow (EUR 4.1bn). Smart Infrastructure and data-center related businesses were standout contributors, and Digital Industries continued above-ambition digital growth; management raised FY EPS guidance and increased SI guidance. Challenges cited—commodity/component cost pressure, integration costs, an impairment in e-mobility charging, capacity and regional variability, and potential order lumpiness—appear manageable in the near term given strong backlog, productivity measures and balance sheet strength.

Siemens raised its fiscal 2026 financial outlook, narrowing EPS (pre‑PPA) to EUR 11.20–11.50 (up EUR 0.45 at the midpoint) and saying group revenue should reach the upper half of the 6–8% growth range; free cash flow after nine months was EUR 4.1bn (FCF return on revenue 11%) and the company remains on track for a double‑digit full‑year FCF return. Business‑level guidance was confirmed or tightened: Digital Industries revenue growth 7–10% with a profit margin of 17–19% (Q4 DI revenue 5–7% and margin flat sequentially), Smart Infrastructure raised its comparable revenue growth to 10–11% and lifted margin guidance to 18.5–19.5% (Q4 revenue expected near the lower end; margin in line with full year), and Mobility confirmed full‑year revenue growth of 5–7% with a margin target of 8–10% (Q4 revenue guidance 9–11%, with margin toward the lower end). The board also launched a new share buyback of up to EUR 6bn (EUR 400m repurchased in month one) and confirmed the Siemens Healthineers spin‑off timeline with shareholder approvals expected February 2027.