- In the fourth quarter, revenue grew 6% on a comparable basis, excluding currency translation and portfolio effects; comparable orders rose in all industrial businesses except Mobility, which had recorded a sharply higher volume from large orders in Q4 FY 2024; as a result, orders for Siemens overall came in 1% lower year-over-year
- On a nominal basis, revenue rose 3% to €21.4 billion, and orders declined 4% to €21.9 billion; the book-to-bill ratio was 1.02
- Profit Industrial Business increased 2% to €3.2 billion, with a profit margin of 15.3%
- Net income came in 13% lower at €1.8 billion; corresponding basic earnings per share (EPS) were €2.07, and EPS before purchase price allocation accounting (EPS pre PPA) were €2.30; effects related to Altair and Dotmatics burdened EPS pre PPA by €0.21
- At €5.3 billion, Free cash flow from continuing and discontinued operations reached the highest level ever achieved in a quarter
- For the full fiscal year, on a comparable basis, orders grew 6% and revenue growth of 5% met our guidance; on a nominal basis, orders were up 5% to €88.4 billion and revenue increased 4% to €78.9 billion for a strong book-to-bill ratio of 1.12
- Fiscal 2025 Profit Industrial Business grew 3% to a record-high €11.8 billion; net income climbed 16% to a historic high of €10.4 billion; corresponding basic EPS increased to €12.25, and EPS pre PPA reached €12.95; excluding the gain from the sale of Innomotics and effects related to Altair and Dotmatics, which together totaled €2.23 per share, EPS pre PPA was €10.71 and thus also fulfilled our guidance
- Free cash flow from continuing and discontinued operations for fiscal 2025 rose significantly and came in at a record high of €10.8 billion
- Siemens proposes to increase the dividend from €5.20 a year earlier to €5.35 per share
“Fiscal 2025 was a milestone for Siemens: For the third consecutive year, we achieved a record in net income, with growth in orders and revenue at a mid-single-digit rate. With our ONE Tech Company program, we are laying the foundation for even stronger customer focus, faster innovations and higher profitable growth. Through our acquisition of Altair and Dotmatics, we are expanding our leadership in software and artificial intelligence. At the same time, with the planned deconsolidation of Siemens Healthineers, we are entering the next stage of growth by elevating a highly synergistic core portfolio to a new level.”
Roland Busch, President and Chief Executive Officer of Siemens AG
“Since cash generation is the ultimate yardstick for business performance, I’m extremely pleased that our fourth-quarter and fiscal- 2025 results broke records for Free cash flow. Profitable growth and stringent portfolio management form the basis of our success. Our shareholders benefit directly from an increased dividend proposal and a successful, accelerated share-buyback program. We enter fiscal 2026 strengthened with an ambitious outlook.”
Ralf P. Thomas, Chief Financial Officer of Siemens AG
Please read the complete Earnings Release and Financial Results:
Earnings Release Q4 FY 2025, July 1 to September 30, 2025: Record results for fiscal 2025
The financial publications can be downloaded at www.siemens.com/ir
Outlook
For fiscal 2026, we assume that the global economic environment will stabilize and that global GDP growth will remain near the prior-year level.
We also anticipate that in fiscal 2026 negative currency effects will strongly burden nominal growth rates in volume as well as profit for our industrial businesses and earnings per share (EPS).
For fiscal 2026, Digital Industries expects comparable revenue growth − net of currency translation and portfolio effects − of 5% to 10% and a profit margin of 15% to 19%.
Smart Infrastructure expects for fiscal 2026 comparable revenue growth of 6% to 9% and a profit margin of 18% to 19%.
Mobility expects for fiscal 2026 comparable revenue growth of 8% to 10% and a profit margin of 8% to 10%.
For the Siemens Group, we expect comparable revenue growth in the range of 6% to 8% and a book-to-bill ratio above 1 for fiscal 2026.
Based on the expected profitable growth of our industrial businesses and substantial burdens from currency effects, we anticipate basic EPS from net income before purchase price allocation accounting (EPS pre PPA) in a range of €10.40 to €11.00 in fiscal 2026.
This outlook excludes burdens from legal and regulatory matters.
