MUNICH, Germany — Siemens finished fiscal 2026 (ended September 30, 2026) with another record year and set new records for orders, profit and free cash flow after an outstanding Q4. This development was supported by high demand for electrification, digitalization and Industrial AI as well as the company’s strong position in rapidly growing markets like data centers.
The results demonstrate that the ONE Tech Company program is powering the scaling of Industrial AI – by combining the real and the digital worlds. The company is rigorously converting its technological leadership into higher, profitable growth. As a result, revenue at Siemens’ digital business grew 16 percent to €10.9 billion. Revenue at Digital Industries’ software business grew 13 percent on a comparable basis – that is, excluding currency translation and portfolio effects – to €7.2 billion, with comparable annual recurring revenue (ARR) climbing 12 percent to €6.1 billion.
Supported by strong long-term growth trends and the strength of its key markets, Siemens is raising its mid-term targets: comparable revenue growth is now expected to be between 7 percent and 11 percent (previously: 6 percent and 9 percent), while growth in EPS pre PPA is now projected to be in the double-digit range (previously: high single-digit range).
Shareholders are also to profit from Siemens’ success: the Managing and Supervisory Boards will propose to the Annual Shareholders’ Meeting an increase in the dividend to €5.50 per share (fiscal 2025: €5.35).
“Fiscal 2026 was an outstanding year for Siemens. We delivered strong profitable growth in our core markets – driven by innovation, competitiveness and strong execution of our strategy. With our expanded range of digital offerings from Siemens Xcelerator, our digital business grew 16 percent. Industrial AI is an exceptional growth opportunity, and Siemens is built to win in this space. By consistently scaling Industrial AI, we are unlocking our next phase of profitable growth. Given our ambition to outperform our core markets, we are providing an ambitious outlook for fiscal 2027 and are raising our Group-level mid-term targets,” said Roland Busch, President and Chief Executive Officer of Siemens AG.
“After an outstanding fourth quarter, we closed fiscal 2026 with records in orders, profit and free cash flow. We want our shareholders to benefit from this success. As a result, we propose raising the dividend to €5.50 per share, in line with our progressive dividend policy. In addition, as part of the previously announced spin-off, we plan to transfer 34.1 percent of our stake in Siemens Healthineers to our shareholders at a ratio of one Siemens Healthineers share for every two Siemens shares,” said Veronika Bienert, Chief Financial Officer of Siemens AG. “We are building on the strength of the past fiscal year as we turn our focus to the next phase of our profitable growth trajectory in fiscal 2027 and beyond.”
Record order intake – Free cash flow at record level
In fiscal 2026, Siemens increased revenue 8 percent on a comparable basis to €83.4 billion (fiscal 2025: €78.9 billion). Comparable orders surged 25 percent to €108.2 billion (fiscal 2025: €88.4 billion). The book-to-bill ratio was an excellent 1.30 (fiscal 2025: 1.12). At €143 billion, the order backlog also set a new record (fiscal 2025: €117 billion).
Profit Industrial Business grew 13 percent to €13.3 billion (fiscal 2025: €11.8 billion). The profit margin of the Industrial Business improved to 16.3 percent (fiscal 2025: 15.4 percent). Both figures were new record highs. Net income reached €9.5 billion (fiscal 2025: €10.4 billion). The prior-year figure had included a gain of €2.1 billion on the sale of Innomotics. Consequently, EPS pre PPA totaled €11.76 (fiscal 2025: €12.95) and exceeded the guidance that the company had raised in Q3 to between €11.20 and €11.50.
Free cash flow all-in from continuing and discontinued operations at Group level reached a record €12.1 billion (fiscal 2025: €10.8 billion). The Industrial Business also set a new record for free cash flow of €13.3 billion (fiscal 2025: €11.9 billion).
Outlook for fiscal 2027
For fiscal 2027, Siemens assumes that the global economy will continue to expand.
The company intends to reduce its stake in Siemens Healthineers through a direct spin-off during fiscal 2027 and to deconsolidate Siemens Healthineers. Before the transaction is completed, Siemens Healthineers’ results will be reported as discontinued operations on a comparable basis for all periods presented. The criteria for classifying Siemens Healthineers as discontinued operations are expected to be met in the course of the first quarter of fiscal 2027. To reflect this change, forecasts for fiscal 2027 for the Siemens Group exclude effects related to Siemens Healthineers. These include the non-cash gain from the transaction, spin-off-related transaction costs, Siemens Healthineers’ operating earnings contributions, and future earnings effects resulting from accounting for the remaining investment under the equity method.
On this basis, Siemens’ outlook for fiscal 2027 is as follows:
- Digital Industries expects comparable revenue growth − net of currency translation and portfolio effects − of 8 percent to 12 percent and a profit margin of 20 percent to 22 percent.
- Smart Infrastructure expects comparable revenue growth of 11 percent to 13 percent and a profit margin of 19.5 percent to 20.5 percent.
- Mobility expects comparable revenue growth of 6 percent to 8 percent and a profit margin of 8 percent to 10 percent.
For the Siemens Group, the company expects comparable revenue growth in the range of 9 percent to 11 percent and a book-to-bill ratio above 1.
Based on the expected profitable growth of its industrial businesses, Siemens anticipates basic EPS from net income before purchase price allocation accounting (EPS pre PPA) in a range of €10.20 to €10.80 in fiscal 2027. Comparable EPS pre PPA, that is excluding Siemens Healthineers, was €9.27 in fiscal 2026.
This outlook excludes burdens from legal and regulatory matters.