Volvo Group Results Q3 2026: Revenue, Profit and Margins
In Q3 2026, Volvo Group’s revenue was SEK 119,525.0 million, up 8.0% from Q3 2025. Operating profit was SEK 14,354.0 million, an operating margin of 12.0% (Q3 2025: 11.3%). Net income for the period was SEK 10,768.0 million and earnings per share SEK 5.29.
Volvo Group income statement Q3 2026: where the revenue went
Of every SEK 100 of revenue in Q3 2026, SEK 12.0 was left as operating profit and SEK 9.0 as net income.
Key figures for Q3 2026
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Revenue, SEKM | 119,525.0 | 110,692.0 | +8.0% |
| Gross profit, SEKM | 31,573.0 | 27,478.0 | +14.9% |
| Gross margin | 26.4% | 24.8% | +1.6 pp |
| Operating profit, SEKM | 14,354.0 | 12,517.0 | +14.7% |
| Operating margin | 12.0% | 11.3% | +0.7 pp |
| Net income, SEKM | 10,768.0 | 7,583.0 | +42.0% |
| Net margin | 9.0% | 6.9% | +2.2 pp |
| Earnings per share | SEK 5.29 | SEK 3.71 | +42.6% |
Volvo Group in charts
Volvo Group from revenue to net income, Q3 2026
Net income was SEK 10,768.0 million on revenue of SEK 119,525.0 million, a net margin of 9.0%.
What drove Volvo Group’s operating profit
Operating profit rose from SEK 12,517.0 million in Q3 2025 to SEK 14,354.0 million in Q3 2026. The chart shows which lines of the income statement made up the change.
Volvo Group profitability: profit margins by quarter
In Q3 2026, Volvo Group’s gross margin was 26.4% (Q3 2025: 24.8%), operating margin 12.0% (Q3 2025: 11.3%) and net margin 9.0% (Q3 2025: 6.9%). From Q1 2023 to Q3 2026, the operating margin ranged from 8.1% (Q2 2025) to 14.5% (Q2 2024).
Volvo Group revenue growth by quarter
Revenue was SEK 119,525.0 million in Q3 2026, up 8.0% from Q3 2025. The highest quarter from Q1 2023 to Q3 2026 was Q4 2023, with SEK 147,988.0 million.
Volvo Group operating profit by quarter
Operating profit was SEK 14,354.0 million in Q3 2026 (Q3 2025: SEK 12,517.0 million).
Volvo Group revenue and earnings, last twelve months
In the twelve months to the end of Q3 2026, revenue was SEK 480,366.0 million (−2.7% on a year earlier) and net income SEK 39,072.0 million.
Volvo Group earnings per share (EPS)
Earnings per share were SEK 5.29 in Q3 2026 (Q3 2025: SEK 3.71).
Quarterly results
| Quarter | Revenue | Change y/y | Operating profit | Operating margin | Net income | EPS |
|---|---|---|---|---|---|---|
| Q3 2026 | 119,525.0 | +8.0% | 14,354.0 | 12.0% | 10,768.0 | SEK 5.29 |
| Q2 2026 | 126,273.0 | +2.7% | 13,478.0 | 10.7% | 10,373.0 | SEK 5.10 |
| Q1 2026 | 110,765.0 | −9.1% | 10,678.0 | 9.6% | 8,317.0 | SEK 4.09 |
| Q4 2025 | 123,803.0 | −10.6% | 12,769.0 | 10.3% | 9,614.0 | SEK 4.73 |
| Q3 2025 | 110,692.0 | −5.4% | 12,517.0 | 11.3% | 7,583.0 | SEK 3.71 |
| Q2 2025 | 122,896.0 | −12.4% | 9,961.0 | 8.1% | 7,525.0 | SEK 3.64 |
| Q1 2025 | 121,792.0 | −7.2% | 13,258.0 | 10.9% | 9,984.0 | SEK 4.86 |
| Q4 2024 | 138,413.0 | −6.5% | 14,039.0 | 10.1% | 10,817.0 | SEK 5.28 |
Annual results
| Year | Revenue | Operating profit | Operating margin | Net income | EPS |
|---|---|---|---|---|---|
| 2025 | 479,183.0 | 48,506.0 | 10.1% | 34,707.0 | SEK 16.94 |
| 2024 | 526,816.0 | 66,611.0 | 12.6% | 50,576.0 | SEK 24.78 |
| 2023 | 552,252.0 | 67,301.0 | 12.2% | 49,932.0 | SEK 24.50 |
Dividends
| Financial year | Dividend per share | EPS | Payout ratio | Status | Source |
|---|---|---|---|---|---|
| 2025 | SEK 13.00 | SEK 16.94 | 76.7% | Board proposal | Release |
| 2024 | SEK 18.50 | SEK 24.78 | 74.7% | Board proposal | Release |
“Board proposal” is the dividend the board proposed in the financial statements release. The annual general meeting usually approves it, but check the company’s AGM release for the final decision. Payout ratio is dividend per share divided by basic earnings per share (payout ratio); N/M means not meaningful (loss).
Calculate it yourself
- Operating margin calculatorVolvo Group in Q3 2026: 12.0%
- Net margin calculatorVolvo Group in Q3 2026: 9.0%
- Gross margin calculatorVolvo Group in Q3 2026: 26.4%
- Earnings per share calculatorVolvo Group in Q3 2026: SEK 5.29
About Volvo Group
The Volvo Group (AB Volvo) is a Swedish maker of trucks, buses, construction equipment and marine and industrial engines. It is a separate company from Volvo Cars.
- Volvo Group interim report Jan–Sep 2026, published Oct 23, 2026
- Volvo Group half-year report Jan–Jun 2026, published Jul 17, 2026
- Volvo Group interim report Jan–Mar 2026, published Apr 24, 2026
- Volvo Group financial statements release 2025, published Jan 28, 2026
- Volvo Group interim report Jan–Sep 2025, published Oct 17, 2025
- Volvo Group half-year report Jan–Jun 2025, published Jul 17, 2025
- Volvo Group interim report Jan–Mar 2025, published Apr 23, 2025
- Volvo Group financial statements release 2024, published Jan 29, 2025
- Volvo Group interim report Jan–Sep 2024, published Oct 18, 2024
- Volvo Group half-year report Jan–Jun 2024, published Jul 18, 2024
About these figures. All figures come from Volvo Group’s published interim reports and financial statements releases, linked above, and are checked against them before publication. Errors are still possible, so confirm any figure in the original report before relying on it. Amounts are in millions of the reporting currency. Quarters reported only cumulatively (for example the fourth quarter) are derived by subtraction, and when a company restates earlier figures, older quarters on the previous basis are left out of comparisons. Margins and changes are calculated by Finpendium. This page is for information only and is not investment advice or a recommendation to buy or sell any security. See how the figures are checked and our Disclaimer. Spotted an error? Let us know.