BMW Group posted FY2025 Group revenues of €133.45 billion (-6.3% YoY), with EPS (ordinary share) rising to €11.89 (+2.3%). Group EBT held above €10 billion at €10.24 billion despite tariff headwinds. Net profit stood at €7.45 billion. After-hours and next-session stock movement was mildly negative, with shares falling approximately 1.2% as 2026 guidance underwhelmed some investors.
About BMW Group
Bayerische Motoren Werke AG (BMW Group), trading as BMW.DE (Frankfurt/Xetra) and BMW.F on international platforms, is one of the world’s leading premium automotive and motorcycle manufacturers. Founded in 1916 and headquartered in Munich, Germany, the group operates under four iconic brands: BMW, MINI, Rolls-Royce, and BMW Motorrad. With a market capitalization of approximately €54.5 billion as of March 2026, BMW Group employs 154,540 people worldwide.
The group operates across three core segments: Automotive (by far the largest), Financial Services, and Motorcycles. BMW is recognized globally for its technology-neutral approach – offering combustion, hybrid, and battery-electric vehicles in parallel – with 18% of FY2025 deliveries comprising all-electric vehicles. The company’s trailing P/E ratio stood at approximately 6.9x, reflecting deep value positioning against its €133.5 billion revenue base. BMW Group delivered 2.46 million passenger vehicles and over 202,500 motorcycles in 2025.
Top Financial Highlights
- Total Group Revenue was €133,453 million (2024 was €142,380 million, down 6.3% YoY and down 3.9% adjusted for currency effects)
- Group EBT (Earnings Before Tax) came in at €10,236 million (2024 was €10,971 million, down 6.7%)
- Group EBT Margin held steady at 7.7%, unchanged from 2024 and in line with full-year guidance
- Group Net Profit reached €7,451 million (2024 was €7,678 million, down 3.0%), marking a second consecutive year above the €7 billion threshold
- EPS (Ordinary Share) was €11.89 (2024 was €11.62, up 2.3%)
- EPS (Preferred Share) was €11.91 (2024 was €11.64, up 2.3%)
- Gross Profit totalled €20,595 million (2024 was €22,895 million)
- Automotive Segment Revenue was €117,557 million (2024 was €124,917 million, down 6.0%)
- Automotive Segment EBIT was €6,259 million at an EBIT margin of 5.3% (2024 was €7.89 billion at 6.3%)
- Financial Services Segment EBT was €2,401 million (2024 was €2,538 million, down 5.4%) with an RoE of 14.3%, within the guided range of 13 to 16%
- Motorcycles Segment Revenue was €3,143 million with EBIT of €178 million and an EBIT margin of 5.7%
- Cash and Cash Equivalents (31 Dec 2025) stood at €18,854 million (2024 was €19,287 million)
- Automotive Free Cash Flow for FY2025 was €3,240 million, above the revised guidance of more than €2.5 billion and expected to exceed €4.5 billion in 2026
- Proposed Dividend is €4.40 per ordinary share (2024 was €4.30) and €4.42 per preferred share (2024 was €4.32)
- Cost Reduction of €2.5 billion was achieved during FY2025
- Vehicle Deliveries reached 2.46 million passenger vehicles (up 0.5% YoY), plus over 202,500 motorcycles
- BEV Share reached 18% of total deliveries for FY2025
- 2026 Guidance sets Automotive EBIT margin at 5 to 7%, Group EBT to slightly increase, and free cash flow (Automotive) to exceed €4.5 billion
Beat or Miss?
BMW Group met its own adjusted guidance for FY2025 but missed original analyst consensus targets on several metrics, primarily due to tariff headwinds and China softness.
| Metric | Reported (FY2025) | Consensus Estimate | Difference / Analysis |
| Group Revenue | €133,453M | ~€136,000M (consensus) | Miss: -1.9%; impacted by FX and China |
| Group EBT | €10,236M | ~€10,200M | In line; original guidance was “slightly decline” |
| Group EBT Margin | 7.70% | 7.7% (guided) | On target – matched guidance precisely |
| EPS (Ordinary) | € 11.89 | ~€11.62 (prior year) | Beat prior year by +2.3% |
| Automotive EBIT Margin | 5.30% | 5.0-7.0% (guided) | Within range; Q4 was 3.7%, below 5% floor |
| Net Profit | €7,451M | N/A | -3.0% YoY but second year above €7B |
| Auto Free Cash Flow | €3,240M | >€2.5B (revised guidance) | Beat revised guidance; missed original >€5B |
| Proposed Dividend | €4.40/share | ~€4.37 (consensus) | Slight beat; +2.3% raise |
What Leadership Is Saying?
CEO – Oliver Zipse (Chairman of the Board of Management):
“We achieved a solid financial result, with Group earnings of more than 10 billion euros. We grew in 2025 – selling more vehicles than the previous year and expanding our leadership of the global premium segment. Our flexible production network, technology-neutral strategy and focus on innovation set us apart from the competition.”
CFO – Walter Mertl (Member of the Board of Management, Finance):
“In 2025, the BMW Group achieved a stable EBT margin of 7.7%, with pre-tax earnings once again exceeding €10 billion. Thanks to a stable year-on-year profit attributable to shareholders of BMW AG, we are proposing a total dividend payment of €2,672 million, comparable to the previous year, with a stable payout ratio of 36.6%.”
Historical Performance (YoY Comparison)
| Category | FY2025 | FY2024 | Change (%) |
| Group Revenue | €133,453M | €142,380M | -6.3% |
| Group Net Profit | €7,451M | €7,678M | -3.0% |
| Group EBT | €10,236M | €10,971M | -6.7% |
| EPS (Ordinary Share) | € 11.89 | € 11.62 | +2.3% |
| Automotive Revenue | €117,557M | €124,917M | -5.9% |
| Automotive EBIT Margin | 5.30% | 6.30% | -1.0 pp |
| Financial Services EBT | €2,401M | €2,538M | -5.4% |
| Motorcycles Revenue | €3,143M | €3,220M | -2.4% |
| Group EBT Margin | 7.70% | 7.70% | Flat |
| Cost of Sales | €112,858M | €119,485M | -5.5% |
| Gross Profit | €20,595M | €22,895M | -10.0% |
| Cash & Equivalents (31 Dec) | €18,854M | €19,287M | -2.2% |
| Vehicle Deliveries | 2.46M units | 2.45M units | +0.5% |
| BEV Share of Deliveries | 18.00% | ~16.8% | +1.2 pp |
Competitor Comparison
FY2025 vs FY2024
The following table benchmarks BMW Group’s full-year 2025 performance against its closest premium/volume rivals across the same period.
| Company | FY2025 Revenue | FY2024 Revenue | Change (%) | FY2025 Net Profit | FY2024 Net Profit | Change (%) |
| BMW Group | €133,453M | €142,380M | -6.3% | €7,451M | €7,678M | -3.0% |
| Mercedes-Benz Group | €132,214M | €145,594M | -9.2% | €5,331M | €10,409M | -48.80% |
| Volkswagen Group | €321,913M | €324,656M | -0.8% | €7,323M | €11,351M | -35.5% |
| Stellantis | €153,508M | €156,878M | -2.1% | -€22,332M | €5,520M | n.m. |
BMW Group demonstrated stronger earnings resilience than any other major European automaker in 2025. Mercedes-Benz saw net profit nearly halve, Stellantis posted a massive net loss of €22.3 billion driven by €25.4 billion in unusual charges, and BMW maintained net profit above €7 billion for a second consecutive year while keeping its EBT margin flat at 7.7%.
How the Market Reacted?
BMW shares (BMW.DE) fell approximately 1.19% to €79.86 in the session following the March 12, 2026 Annual Conference announcement, closing at roughly €80. The muted negative reaction reflected investor disappointment not with FY2025 results per se, but with the 2026 guidance – particularly free cash flow targets and an Automotive EBIT margin corridor of 5-7% that left room for continued tariff drag.
The Q4 2025 standalone EPS of €1.83 also missed consensus of €2.41 by a significant margin, weighing on sentiment. On a relative basis, however, BMW’s stock has outperformed peers such as Mercedes-Benz and Volkswagen, which both saw sharper profit declines, reinforcing BMW’s position as the most resilient of Germany’s “Big Three” automakers heading into 2026.
