Daimler Truck (DTG) Q4 2025 earnings summary

Executive summary

• Revenue reached €49.4 billion in 2025, down 9% year-over-year, with adjusted EBIT at €3.8 billion and net profit at €2.0 billion, reflecting resilience amid market and geopolitical volatility.

• Free cash flow from industrial business was €1.8 billion, down 42% year-over-year, with net industrial liquidity at €7.7 billion.

• Strategic focus on cost discipline, R&D investment, and service growth initiatives supported performance.

• Book-to-bill ratio improved to 101%, with incoming orders up 2% and Q4 order intake up 13%.

• Dividend proposal of €1.90 per share and share buyback program to start in March 2026.

Financial highlights

• Industrial business posted a 7.8% adjusted return on sales, with group revenue at €45.9 billion (down 10%) and adjusted EBIT at €3.6 billion (down 21%).

• Daimler Buses achieved a record 10% adjusted return on sales and €599 million EBIT.

• Financial Services segment saw contract volume rise to €32.2 billion and adjusted ROE improve to 6.1%.

• Group liquidity increased to €11.4 billion by year-end, while group net debt improved to €-18.5 billion.

• Free cash flow of industrial business was €1.8 billion, with €1.5 billion in dividends and €600 million in share buybacks.

Outlook and guidance

• 2026 guidance: group revenue €42–46 billion, adjusted EBIT €3.2–3.7 billion, adjusted return on sales 6–8%, and free cash flow €2.7–3.2 billion (including €1.5 billion from Fuso-Hino integration).

• Unit sales expected at 330,000–360,000 for industrial business; North America and Mercedes-Benz Trucks guided at 150,000–170,000 units each, Daimler Buses at 25,000–30,000 units.

• Dividend proposal of €1.90 per share and share buyback program to start in March.

• Guidance reflects planned deconsolidation of Mitsubishi Fuso and focus on continuing operations.

• Outlook assumes current USMCA and tariff framework, excludes impacts from Middle East conflict.