EarningsQ3 2026 Earnings Report
MX:MBGN Q3 2026 EPS Results
Actual EPS$34.52
Consensus EPS$26.46
Beat/MissBeat by +$8.06
One Year Ago EPS$25.68
MX:MBGN Q3 2026 Revenue Results
Actual Revenue$646.25B
Expected Revenue$651.19B
Beat/MissMissed by -$4.94B
YoY Revenue Growth-4.51%
Earnings Announcement Details
QuarterQ3 2026
Date10/28/2026
TimeBefore Open
Conference CallWednesday, October 28, 2026
MX:MBGN Upcoming Earnings
Mercedes-Benz Group's next earnings date is estimated for February 18, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
MX:MBGN Q3 2026 Earnings Call
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Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Neutral
The call was mixed and operationally pressured. Mercedes-Benz highlighted strong product momentum, record BEV growth, resilient Vans and Financial Services performance, cost efficiencies, healthy liquidity, and growth outside China. However, these positives were offset by a severe and continuing Chinese market downturn, lower car sales and margins, reduced full-year profitability and free-cash-flow guidance, approximately break-even expected Q4 car profitability, German competitiveness challenges, and ongoing macroeconomic uncertainty.Company Guidance
Group EBIT and EPS Increased
Group revenue came in slightly below the prior year, while EBIT and EPS were both significantly higher, mainly because the prior-year period was affected by restructuring charges and legal proceedings. Group return on sales was 5.8%.
Healthy Liquidity and Shareholder Returns
Net industrial liquidity remained healthy at EUR 31 billion after Mercedes-Benz returned more than EUR 5 billion to shareholders year-to-date. The company generated more than EUR 3.1 billion of industrial free cash flow in the first nine months and started a further share buyback program of up to EUR 1 billion, with roughly EUR 280 million repurchased at the time of the call.
Growth Outside China
Mercedes-Benz car sales excluding China grew by 1%, driven by Europe, up 5%, and the U.S., up 6%. The company expects full-year sales outside China to reach their highest level since 2019 and intends to continue growth outside China in Q4.
Strong BEV and Electrification Momentum
BEV sales increased by around 60% year-on-year, setting a new quarterly record. European BEV sales increased by almost 80%, while GLC BEV sales more than tripled compared with Q2. The xEV share reached 25% in the quarter, and almost every second vehicle sold in Europe was electrified.
Positive Response to New Products
Mercedes-Benz products have won more than 180 awards and accolades since 2025. More than 20 new models made their world debut in 2026, and management said the products are resonating positively with customers.
Product Momentum in Europe and the U.S.
The company expects continued positive sales development in Europe, supported by improved GLC availability, and in the U.S., supported by increased availability of new models including the S-Class, GLS, and GLE. Management also stated that Mercedes-Benz was the clear premium leader for battery-electric vehicles in Germany for the third consecutive month, with the electric GLC reportedly the best-selling vehicle in the month referenced.
Automated Driving and Technology Leadership
Together with NVIDIA, Mercedes-Benz plans to bring point-to-point automated driving to Germany by the end of 2026, making it the first OEM to offer such a system in Germany, in addition to systems already launched in China and the U.S. Management also highlighted the company's Level 2++ launch, automated-driving systems, and smart-cockpit technology.
AI to Accelerate Product Development
Mercedes-Benz announced that the use of AI is expected to speed up product development by up to 30%. The company is also applying agentic AI broadly to drive efficiencies.
Cost and Efficiency Improvements
Industrial performance provided strong support to car earnings. Total material costs were positive due to efficiencies, production-cost efficiencies provided further support, and R&D expenses reflected further efficiencies following the 2025 funding peak. Management said commercial and technical efficiencies are expected to continue in 2027.
Vans Delivered Strong Results
Mercedes-Benz Vans delivered a solid quarter, with sales stable at around 84,000 units. Sales outside China increased by 6% year-on-year, eVan sales increased by 12%, revenue rose slightly to EUR 4.2 billion, and adjusted EBIT was around EUR 400 million. Adjusted return on sales was 9.4% in Q3 and 9.9% for the first nine months.
Vans Product and Investment Cycle
Mercedes-Benz Vans is at the beginning of its biggest product and investment cycle in 25 years. The future lineup is planned to include 100% BEV variants and 100% high-tech electrified ICE variants, with every vehicle software-defined. The new electric VLE is now in series production, with VLS and VLS Maybach expected to expand the lineup.
Financial Services Profitability Improved
Financial Services adjusted EBIT increased by 42% to around EUR 450 million. The improvement was supported by portfolio margin, better cost of credit risk due to improved portfolio quality, and further efficiencies. Adjusted return on equity was 13.8% in Q3 and 14% for the first nine months.
Financial Services Portfolio Streamlining
The Athlon sale and Blacklane divestment further streamlined the portfolio and sharpened the focus on the core financial services business. Despite lower car sales and the absence of Athlon since the end of July, a significant increase in penetration largely offset those effects and resulted in broadly flat new business.
China Operating Model Adjustments
Mercedes-Benz is adapting capacity and fixed-cost structures in China, monitoring dealer profitability, and moving toward sourcing almost everything in China for Chinese production. The electric E-Class, planned for launch in the second half of 2027, will be the first vehicle under this new sourcing strategy. Management said the company will continue to treat China as one of the pillars of its global strategy.
Working-Capital and Cash-Conversion Opportunities
Management expects the inventory buildup from Q3 to unwind in Q4 as sales ramp up. Investments were down 11% year-to-date, equivalent to around EUR 900 million, and are expected to decline further for the full year. Management said the relationship between lower investments and higher depreciation should support cash conversion, with cars expected to have cash conversion of at least one moving forward.
Capital Allocation Flexibility
Management said Mercedes-Benz is operating from a position of strength with a healthy balance sheet, despite the challenging environment. It stated that potential M&A would be considered only if it strengthens the core business or represents a meaningful adjacency, rather than as a reaction to current difficulties.
MX:MBGN Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed