- Porsche reported a notable profit rebound in Jan–Sep 2026 while accepting weaker unit sales, shifting emphasis from volume to preserving premium mix amid intensifying competition in China and elsewhere.
- Jan–Sep revenue fell to €25.28 billion with operating profit €1.74 billion and operating return on sales 6.9%, automotive EBITDA margin 17.3%, and net liquidity €8.23 billion.
- China deliveries plunged 33% to 21,493, pressuring global volumes down 16% to 178,532, exposing risks from local premium EV competition, lower factory utilization, and potential 2027 volume declines.
Porsche reported revenue of €25.28 billion ($28.25 billion) in the first nine months of 2026, down 5.9% year on year, according to its third-quarter financial results released on October 27.
Operating profit rose to €1.74 billion ($1.94 billion), from €40 million ($44.7 million) in the same period last year, lifting the operating return on sales to 6.9%, compared with just 0.2% a year earlier.
Other profitability indicators also improved. Porsche’s automotive EBITDA margin reached 17.3% in the first nine months, up from 11.9% a year earlier.
Meanwhile, the automotive net cash flow margin rose to 11.3%, compared with 5.6% in the same period last year.
As of September 30, net liquidity in the automotive business stood at €8.23 billion ($9.19 billion), an increase of €884 million ($988 million) from the end of fiscal 2025.
The company said the increase was mainly driven by cash inflows from automotive net cash flow.
However, falling deliveries remain a key challenge for Porsche, particularly in China.
Porsche’s global deliveries fell 16% year on year to 178,532 vehicles in the first nine months. Deliveries in China totaled 21,493, down 33%, a steeper decline than in other regions.
Over the same period, deliveries fell 13% in North America and 11% in Europe, including a 7% decline in Porsche’s home market of Germany. Deliveries in overseas and emerging markets dropped 19%.
The weakness in China is not a short-term disruption.
Porsche’s deliveries in the country have declined for several consecutive years, as intensifying competition from domestic premium EV brands continues to weigh on demand.
Despite lower sales, Porsche’s profitability has been supported primarily by its product mix.
The company said demand for the 911 sports car and its higher-priced derivatives remained relatively resilient.
This cushioned the impact of weaker demand in China and lower factory capacity utilization.
Porsche is maintaining its full-year guidance, forecasting 2026 revenue of €35 billion to €36 billion ($39.1 billion to $40.2 billion) and an operating margin of 5.5% to 7.5%.
CEO Michael Leiters said during the third-quarter earnings call that the company would continue to prioritize value over volume. He also expects Porsche’s deliveries in 2027 to fall below 2026 levels.
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