BMW Group (BMW) Q1 2026 earnings summary

Executive summary

• Group revenues for Q1 2026 were €31,007 million, down 8.1% year-over-year, with group EBT margin at 7.6% and EBT of €2,348 million, matching the previous full-year level despite challenging conditions and tariffs.

• Automotive EBIT margin stood at 5.0%, within the 4–6% guidance corridor, and free cash flow in the segment surged 88.1% to €777 million.

• Delivered 565,780 vehicles, down 3.5% year-over-year, with BEV demand in Europe driving record order intake, while U.S. and China sales declined.

• MINI brand sales grew 6.0%, BMW brand declined 4.6%, and Rolls-Royce deliveries fell 8.0%.

• Strategic focus remains on flexibility across powertrains and regions, and the roll-out of NEUE KLASSE technologies.

Financial highlights

• Group net profit for Q1 2026 was €1,672 million, down 23.1% year-over-year; earnings per share fell 20.7% to €2.68.

• Automotive segment revenues declined 7.0% to €27,159 million; adjusted for FX, down 2.9%.

• Financial Services segment profit before tax dropped 41.4% to €381 million, mainly due to UK risk provisions.

• Motorcycles segment EBIT margin improved to 11.4%, with deliveries down 4.2% year-over-year.

• Free cash flow in Automotive was €777 million, up 88.1% year-over-year.

Outlook and guidance

• Full-year 2026 outlook confirmed, with Automotive EBIT margin expected between 4% and 6% and ROCE at 6–10%.

• Free cash flow in Automotive targeted above €4.5 billion for 2026.

• Group earnings before tax expected to decrease moderately in 2026.

• Financial Services ROE expected at 13–16%; Motorcycles EBIT margin guidance at 8–10%.

• Global deliveries and BEV share projected to remain on par with 2025.