- Porsche operating profit collapsed 92.7% to €413 million after €3.9 billion in one-off charges.
- Global deliveries fell 10.1% to 279,449 units as China sales plunged 26% to 41,938 cars.
- Porsche warns 2026 uncertainty may cut volumes further while relying on higher prices to hold revenue.
Porsche delivered 279,449 vehicles globally, down 10.1%, while China sales dropped 26% to 41,938 units.
Porsche’s financial report released yesterday shows that the company recorded revenue of €36.27 billion ($41.91 billion) in fiscal year 2025, representing a year-on-year decline of 9.5%.
Operating profit fell sharply to €413 million ($477 million), down 92.7% compared with the previous year. The return on sales dropped to just 1.1%, a decrease of 13 percentage points from 2024.
Cash flow also tightened significantly. By the end of 2025, Porsche’s automotive business generated net cash flow of €1.51 billion ($1.74 billion), a decrease of €2.22 billion ($2.56 billion) compared with the previous year.
The financial report shows that the sharp decline in profit was largely due to multiple one-off expenses. Porsche Chief Financial Officer Dr. Jochen Breckner said the company recorded about €3.9 billion ($4.50 billion) in special charges during 2025.
Among them, around €2.4 billion ($2.77 billion) was related to adjustments in product strategy and company restructuring, while approximately €700 million ($808 million) came from additional costs associated with battery-related business. Another roughly €700 million ($808 million) was linked to U.S. tariff factors.
In terms of sales volume, Porsche delivered a total of 279,449 vehicles globally in 2025, representing a year-on-year decline of 10.1%.
Within the product mix, pure electric models accounted for 22.2% of total deliveries.
From a regional perspective, the Chinese market faced the most pressure. Porsche delivered 41,938 vehicles in China in 2025, down 26% year-on-year.
This marked the first time sales fell below 50,000 units and represented the fourth consecutive year of decline.
In Germany, Porsche delivered 29,968 vehicles during the year, down 16%. Deliveries in the broader European market totaled 66,340 units, representing a decline of 13%.
North America remained relatively stable with 86,229 deliveries, only 312 units fewer than in 2024, making it the region with the smallest decline.
Regarding the Chinese market performance, Porsche CEO Oliver Blume said the local market environment remains complex.
The company will continue to tap into remaining demand for combustion-engine vehicles while advancing mass production of the all-new all-electric Cayenne.
Looking ahead to 2026, Porsche expects the overall market environment to remain highly uncertain.
In particular, luxury car demand in China is under pressure while price competition in the new energy vehicle sector continues to intensify. The company expects vehicle deliveries may decline further.
In terms of financial outlook, Porsche forecasts revenue for 2026 to remain between €35 billion ($40.43 billion) and €36 billion ($41.59 billion), broadly in line with last year.
With vehicle deliveries expected to decline, revenue growth will rely primarily on higher vehicle pricing.
At the same time, after factoring in U.S. tariffs, China’s luxury vehicle purchase tax and broader geopolitical risks, Porsche expects its group return on sales to reach between 5.5% and 7.5% in 2026, while net cash margin in its automotive business is expected to range between 3% and 5%.
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