Porsche sold fewer cars and took in less money in the first nine months of 2026. Its operating profit still jumped. The figures, published by Porsche AG on 27 October 2026, show group revenue of €25.28 billion, down 5.9% from €26.86 billion a year earlier, and operating profit of €1.74 billion against just €0.04 billion in the same period of 2025.
Most of that swing comes from the comparison base. In 2025 Porsche booked roughly €2.7 billion in costs tied to its strategic realignment. For 2026 the company puts that figure at about €500 million. Operating return on sales climbs from 0.2% to 6.9% as a result.
The third quarter on its own
Strip out the first half and the picture is less rosy. According to figures reported by the dpa-AFX news agency on the day of publication, third-quarter revenue fell 7.5% to €8.05 billion. Operating profit for the quarter came in at €387 million, compared with a loss of €966 million in the third quarter of 2025. That works out to a 4.8% margin, in line with expectations, although analysts had pencilled in slightly higher revenue and profit.
The numbers line up with the half-year report. At the end of July, Porsche posted €1.35 billion in operating profit and a 7.8% margin for six months, as covered in our H1 2026 results story. The third quarter therefore added a little under €400 million, at a lower margin than the spring.
Cash is the headline
Automotive net cashflow reached €2.50 billion over nine months, up from €1.34 billion. The net cashflow margin almost doubled, from 5.6% to 11.3%. Net liquidity in the automotive segment stood at €8.23 billion on 30 September, €884 million higher than at the end of 2025.
A one-off deal did much of the lifting. Porsche completed the sale of its stakes in Bugatti Rimac and the Rimac Group in September, booking a €593 million gain and a €984 million cash inflow for the group.
Several items pulled the other way. The release lists the one-off effects that reduced automotive net cashflow in the third quarter:
- €100 to 200 million for the strategic realignment;
- €250 million in additional pension funding;
- €200 million in charges from US tariffs.
The sale of consulting subsidiary MHP to Tata Consultancy Services, signed in August, has not closed yet. Porsche expects it to complete within twelve months.
Deliveries still falling
Volumes match what Porsche announced on 9 October: 178,532 cars delivered by the end of September, against 212,509 a year earlier, a 16% drop. North America remains the largest region with 56,088 vehicles. For the model-by-model breakdown, with the 911 the only line in growth, see our nine-month deliveries analysis.
The share of fully electric cars slipped to 21.7%, from 23.1% a year earlier. Porsche’s confirmed target for the full year is 24 to 26%, which leaves the fourth quarter with ground to make up.
In China, the company is sticking with what it calls a « Value over Volume » approach, putting long-term brand value ahead of short-term sales in a market it still describes as challenging.
Guidance unchanged
Every 2026 target was confirmed:
- group revenue of €35 to 36 billion;
- group operating return on sales of 5.5 to 7.5%;
- automotive EBITDA margin of 15 to 17% (17.3% after nine months);
- automotive net cashflow margin of 5.5 to 7.5%, a range raised in September after the Rimac disposal.
« We are implementing our strategic realignment consistently and at a rapid pace, » said CEO Michael Leiters. CFO Jochen Breckner pointed to the balance between profit and cash: « We achieved a solid operating result in the first nine months while simultaneously generating strong net cashflow. »
Investors took it reasonably well. dpa-AFX reported the shares up 2.8% at €42.49 shortly after the open on 27 October, though still down around 7% since the start of the year. JPMorgan analyst José Asumendi called it a solid quarter that confirmed Porsche’s upward momentum.
Behind all this sits the « Sportwagenschmiede ’35 » plan unveiled in Weissach in early October: fewer variants, more profit per car, leaner costs. The release refers to it, along with the Mission S vision model. The medium-term targets are set out in our piece on the strategy to 2035.
The full-year accounts will show whether the margin stays inside the guided range once the Rimac gain is no longer flattering the numbers.
Sources: Porsche Newsroom press release, 27 October 2026; dpa-AFX via Der Aktionär, 27 October 2026.
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