Volkswagen Group reports 98.7% fall in nine-month operating profit and an after-tax loss
In short
Volkswagen Group said revenue for the first nine months of 2026 was 233.4 billion euros, down 2.2% on the year, while operating profit fell 98.7%. CLS reported an after-tax loss of 2.72 billion euros, including a 6.4 billion euro goodwill impairment on Porsche. The company expects full-year revenue of about 315 billion euros and an operating return on sales of at most 1%.
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Volkswagen Group published results for the first nine months of 2026 on 29 October. Revenue was 233.4 billion euros, down 2.2% year on year, and operating profit fell 98.7%. CLS put operating profit at 71 million euros, while 36Kr and Jiemian gave 100 million euros. CLS reported an after-tax loss of 2.72 billion euros, compared with a profit of 3.41 billion euros a year earlier. Special items totalled 8.7 billion euros, including a 6.4 billion euro goodwill impairment on Porsche, CLS said. [ 1 , 2 , 3 , 4 ]
36Kr and Jiemian reported sales of 5.9 million vehicles, down 10.6%. CLS reported that automotive net cash flow rose 145% to 4.4 billion euros and automotive net liquidity stood at 33 billion euros at the end of September. The company attributed the cash flow improvement mainly to lower investment spending and portfolio adjustments, CLS reported. [ 1 , 3 , 4 ]
For the full year the company expects revenue of about 315 billion euros and an operating return on sales of at most 1%. CLS said the return forecast is significantly below the 4% to 5.5% previously expected. [ 2 , 3 , 4 ]
Why it matters
CLS reported that the expected operating return on sales of at most 1% is significantly below the 4% to 5.5% the company previously expected. CLS also reported that automotive net cash flow rose despite the group's after-tax loss.
Key facts
- Volkswagen Group revenue for the first nine months of 2026 was 233.4 billion euros, down 2.2% year on year. [ 2 , 3 , 4 ]
- Operating profit fell 98.7% year on year; CLS gave it as 71 million euros, while 36Kr and Jiemian gave 100 million euros. [ 2 , 3 , 4 ]
- The group posted an after-tax loss of 2.72 billion euros, against a profit of 3.41 billion euros a year earlier, CLS reported. [ 1 , 2 ]
- Special items came to 8.7 billion euros, including a 6.4 billion euro goodwill impairment on Porsche, CLS reported. [ 2 ]
- Sales were 5.9 million vehicles, down 10.6%, according to 36Kr and Jiemian. [ 3 , 4 ]
- Automotive net cash flow was 4.4 billion euros, up 145%, and automotive net liquidity at the end of September was 33 billion euros, CLS reported. [ 1 ]
- The company expects 2026 revenue of about 315 billion euros and an operating return on sales of at most 1%. [ 2 , 3 , 4 ]
Confirmed by several sources
Still unclear
- The size of the nine-month operating profit. CLS gave 71 million euros, while 36Kr and Jiemian gave 100 million euros; all describe it as down 98.7%.
- The 5.9 million vehicle sales figure and its 10.6% fall. Only 36Kr and Jiemian give it, and 36Kr's text credits Jiemian.
- The after-tax loss, the Porsche impairment and the cash flow figures. Only CLS reports them in the documents.