Porsche results: €1.74bn operating profit as deliveries fall 16%

Porsche is selling less but earning more. According to the accounts published on 27 October 2026, the Stuttgart carmaker delivered 16% fewer cars over nine months, while its operating profit rose from 40 million to 1.74 billion euros. The rebound comes mainly from the fading of 2025’s one-off costs, not from a recovery in sales.

1.74 billion euros, up from 40 million

Revenue fell 5.9% to 25.28 billion euros, less steeply than deliveries. The operating return on sales recovered to 6.9%, from 0.2% a year earlier. Most of the gap comes from the strategic realignment costs : around 500 million euros over nine months, against 2.7 billion in 2025. Cash flow also benefits from the sale of the stakes in Bugatti Rimac and the Rimac Group, completed in September: 984 million euros received and a gain of 593 million.

Chairman of the Executive Board Michael Leiters says the realignment is being implemented “consistently and at a rapid pace”. Jochen Breckner, in charge of finance, describes Porsche as “financially robust” in a challenging market.

Why are deliveries down 16%?

Porsche delivered 178,532 cars from January to September, against 212,509 a year earlier. The carmaker points first to its line-up: production of the 718 Boxster and Cayman ended in October 2025, and that of the combustion Macan in summer 2026, leaving availability gaps. 718 deliveries therefore plunged 79% to 3,291 cars. The Macan fell 21% (51,025 units, 23,029 of them electric), the Taycan 31% and the Panamera 35%. The Cayenne held up (-2%, 59,586 cars), helped by its new electric version, with 7,002 delivered since the summer.

China down by a third

Every region declined, but China slumped: 21,493 cars delivered, 33% fewer. Porsche says the market there “remains challenging” and sticks to its “value over volume” strategy, putting long-term brand value ahead of short-term volume.

• North America: 56,088 cars (-13%), the carmaker’s largest region.
• Europe excluding Germany: 44,949 (-11%).
• Overseas and emerging markets: 35,048 (-19%).
• China: 21,493 (-33%).
• Germany: 20,954 (-7%).

Tariffs: 200 million euros

US tariffs cost 200 million euros in the third quarter alone, according to the carmaker. The same quarter also carried a one-off payment of 250 million euros to fund pensions. North America is still Porsche’s largest market; its 13% decline is mainly due, the brand says, to the end of the 718 and a high 2025 base for the electric Macan.

The 911, the only model in growth

The only model in the range to grow, the 911 rose 12% to 42,217 units. GTS, Turbo and GT versions account for a significant share of its sales: for Matthias Becker, in charge of sales, “our customers are deliberately choosing the exclusive and most emotionally engaging versions”. A confirmation of the “Sportwagenschmiede ’35” strategy, focused on sports cars and personalisation, and illustrated by the Mission S concept.

Electric: 21.7% of deliveries

Fully electric models accounted for 21.7% of deliveries over nine months, against 23.1% a year earlier. Porsche is still targeting 24 to 26% electric cars for the whole of 2026, and confirms its other targets: revenue of 35 to 36 billion euros, an operating return on sales of 5.5 to 7.5% and an automotive EBITDA margin of 15 to 17%. To compare the market, see our selection of luxury electric cars, and for context, the luxury market in the third quarter of 2026.

Information checked on 31 October 2026. Sources: Porsche AG nine-month 2026 results (27 October 2026), Porsche nine-month 2026 deliveries (9 October 2026).