Volkswagen earnings deteriorated in the third quarter of 2026, with a Porsche-related impairment and lower vehicle volumes contributing to a net loss of €4.648 billion. The German automaker also reaffirmed its recently reduced full-year outlook.

Key Takeaways

  • The third-quarter net loss widened from €482 million a year earlier, while revenue fell 6.3%.
  • Volkswagen maintained its 2026 revenue forecast of around €315 billion and operating return on sales of up to 1%.
  • CFO Arno Antlitz said electric vehicles made up 40% of the order bank but currently earn less than combustion-engine vehicles.

Volkswagen earnings and vehicle volumes

The net loss was €9.29 per share, compared with a loss of €0.96 per share in the third quarter of 2025. The operating loss widened to €5.860 billion from €1.299 billion, and the operating margin fell to negative 7.8% from negative 1.6%.

Revenue declined to €75.277 billion from €80.305 billion. Deliveries to customers fell 14.3% to 1.885 million vehicles, while vehicle sales dropped 15.1% to 1.883 million. Production declined 15.9% to 1.786 million vehicles.

Outlook remains below earlier expectations

Volkswagen confirmed its forecast for full-year 2026 sales revenue of around €315 billion and an operating return on sales of up to 1%. These are management expectations, not reported full-year results.

The company lowered its outlook in September, citing an approximately €6 billion goodwill impairment related to Porsche AG, a challenging market environment, particularly in China, and additional restructuring expenses.

Electric vehicles and cost plans

In Volkswagen’s nine-month results presentation, CFO and COO Arno Antlitz said electric vehicles accounted for 40% of the order bank, with 150,000 orders for the Electric Urban Car Family. He said the vehicles currently earn less than combustion-engine models, putting additional pressure on earnings.

Antlitz also cited US tariffs, a shrinking Chinese market and increasing competitive pressure in Europe. He said Volkswagen’s Future Plan includes a cost program of around €31 billion, covering a streamlined model range, lower overheads, more efficient plants and faster technology development.

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