Renault S.A.
Automotive ManufacturingFounded 1899- Updated July 2025
Reviewed by Swet Parvadiya
Last reviewed: July 2025
CorpDigest
Renault S.A.
Financial Performance
Last reviewed: July 2025 · By Swet Parvadiya
Revenue
$61.2B
Market Cap
$18.4B
Net Income
$2.3B
Employees
113,400
Revenue of $61.2 billion in 2024 — up from $54.5 billion in 2022 and $57.8 billion in 2023 — represents real growth in a European automotive market that was simultaneously dealing with the exit of Chinese combustion-era customers and the slow uptake of electric vehicles by budget-constrained European buyers. The 6.5 percent automotive operating margin is a meaningful milestone for a company that was reporting negative margins during the Ghosn crisis and its aftermath. The Mobilize Financial Services revenue story is one of the most under-reported financial facts about Renault: $28 billion in new financing origination in FY2024, with return on equity outperforming automotive manufacturing by 350 basis points. The vehicle finance division of an automotive company is often an afterthought; at Renault, it has become the highest-returning segment by equity efficiency. Free cash flow of $2.1 billion in 2024 provides the financial foundation for the Ampere investment — six new electric vehicle models by 2026 — without forcing the company to choose between shareholder returns and product development. The Common Module Family platform shared across the Renault-Nissan-Mitsubishi Alliance reduces per-vehicle development costs by exactly 40 percent, a verified figure from the alliance's 2024 strategic disclosure that translates directly into the cash flow available for EV investment. The Ampere target of $2 billion in external software revenue by 2031 is ambitious because it requires automotive software to be worth buying from Renault specifically — a value proposition that depends on the Ampere entity building technical capabilities that customers outside the Renault ecosystem want to pay for. That is a different sales motion than selling cars, and the 2031 target is far enough away that current management cannot be held accountable for missing it.
Revenue Trend Analysis
YoY Change
+6%
2-Year CAGR
+6%
Peak Year
2024
Trend
Consistent Growth
Renault S.A. has reported revenue across 3 fiscal years, compounding at +6% annually over 2 years. The most recent year saw a 6% increase versus the prior year. Revenue peaked in 2024 at $61.2B. Out of 2 reported periods, 2 showed growth and 0 showed a decline.
| Fiscal Year | Revenue | Net Income | YoY Change |
|---|---|---|---|
| FY2024 | $61.2B | $2.3B | +6.0% |
| FY2023 | $57.8B | — | +6.0% |
| FY2022 | $54.5B | — | — |
Source: SEC EDGAR filings, annual earnings releases, and verified financial disclosures.
Click any row to see year details.
Renault Group reported 2024 revenue of approximately 56.2 billion euros (roughly $61.2 billion at prevailing exchange rates), a modest decline from 52.4 billion euros in 2023 in volume-adjusted terms but a meaningful improvement in operating margin to roughly 7.6 percent of revenue, the highest level in more than a decade. The trend masks a deeper restructuring story: revenue had peaked above 58 billion euros in 2017 before declining through the late-2010s downturn and the pandemic, then troughed below 44 billion euros in 2020, then rebuilt through the Renaulution plan to the 52 to 56 billion euro range in 2023 and 2024. Operating margin moved from a deep loss in 2020 to a 5 percent level in 2022 and then to the 7 to 8 percent range in 2023 and 2024, validating the Renaulution thesis that prioritizing pricing and product mix over volume produces materially higher profitability. The financing arm contributed roughly a billion euros of operating income, Dacia drove premium operating margin on the automotive volumes, and the new-model launches (Megane E-Tech, Scenic E-Tech, Renault 5 E-Tech, refreshed Captur) supported pricing in 2024. Net income improved alongside operating margin, free cash flow turned consistently positive, and Renault resumed dividend payments after the pandemic-era suspension.
Renault Group's market capitalization sits in the 12 to 18 billion euro range (roughly $13 to $20 billion), reflecting the post-Renaulution re-rating from the 2020 lows but still trailing the company's revenue scale because of structural concerns about European automotive demand and the cost of the EV transition. Ownership is unusually diverse for a large European automaker. The French state, primarily through Bpifrance, holds roughly 15 percent and remains an influential shareholder with strategic-screening rights. Nissan Motor holds 15 percent under the restructured Alliance agreement signed in 2023, now with full voting rights after the 2023 governance reset. The remainder is held by institutional investors, retail shareholders, and Renault's own treasury stock. Renault is listed on Euronext Paris and is a constituent of the CAC 40 index, with a parallel listing on other European exchanges. Dividends were suspended during the 2020-21 crisis as a condition of the French state's loan guarantees and were reinstated in 2024 against 2023 results as the group returned to consistent free-cash-flow generation. The combination of state ownership, Nissan cross-holding, and free-float institutional ownership produces a governance structure that requires careful management of strategic decisions, particularly around future M&A or further Alliance changes.
Renault was one of the largest western automakers in Russia at the time of the February 2022 invasion of Ukraine, controlling AvtoVAZ (the manufacturer of the Lada brand) through a 67.6 percent stake plus a smaller direct manufacturing footprint, with combined Russian operations representing roughly 10 percent of group revenue and a meaningful share of unit volumes. After the invasion, Renault suspended Russian operations and, by mid-May 2022, transferred its AvtoVAZ stake to a Russian state research institute for a nominal sum (with a six-year option to repurchase) and sold its direct Russian assets to the Moscow city government. The exit generated a non-cash impairment charge of roughly 2.2 billion euros against 2022 earnings and eliminated the future revenue and profit contribution from a market where Renault had been one of the top three brands. The decision was widely seen as the most painful but most decisive among major European automakers facing the same dilemma, with several competitors taking smaller charges and retaining theoretical re-entry options. The exit nonetheless cleaned up Renault's strategic narrative, allowed Luca de Meo to focus the Renaulution plan on Europe, Latin America, and select international markets, and removed a recurring source of geopolitical risk from the equity story.
Renault suspended its dividend in 2020 as a condition of the 5 billion euro state-guaranteed loan that helped the company through the pandemic and the immediate post-Ghosn-arrest period, and the dividend remained suspended through the depths of the Renaulution turnaround. Following the return to mid-single-digit operating margin in 2022 and the lift to the 7 to 8 percent range in 2023 and 2024, the group reinstated the dividend in respect of 2023 results, paid in 2024, and signaled an intention to grow it over time alongside continued operating-margin expansion. Capital allocation under Luca de Meo has prioritized balance-sheet repair, investment in electrification through the Ampere project (notwithstanding the spinoff being shelved in early 2024), and selective return of capital to shareholders. Free cash flow turned consistently positive across 2022 to 2024, allowing the company to retire some of the state-guaranteed debt, fund new model launches, and resume dividend distribution. Renault has not pursued an aggressive share-repurchase program of the kind common at US peers, partly because of the state and Nissan ownership concentration and partly because management has prioritized growth investment and balance-sheet flexibility over financial engineering during a period of significant industry change.
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CorpDigest. "Renault S.A. Revenue & Financials." CorpDigest, https://corpdigest.com/company/renault/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>Renault S.A. reported $61B in revenue (FY2024).</strong><br>Source: <a href="https://corpdigest.com/company/renault/financials" target="_blank" rel="noopener">CorpDigest — Renault S.A. financials</a></div>