Volkswagen Aktiengesellschaft Revenue & Financials

The number that defines Volkswagen in 2026 isn't $347.7 billion in revenue. It's 2.8%. That's the FY2025 operating margin. On $347.7 billion in sales, Volkswagen generated roughly $9.6 billion in operating profit. For context, Porsche alone — one brand out of twelve — probably contributed $6-7 billion of that. Which means everything else in the group combined barely cleared $3 billion on $300+ billion in revenue. That's a rounding error dressed up as an industrial conglomerate. The revenue trajectory looks stable: $270B in 2021, $302B in 2022, $348B in 2023, $351B in 2024, $348B in 2025. But margins have compressed as EV transition costs, China pricing pressure, Cariad write-downs, and tariff impacts accumulated. Net income of approximately $7.5 billion on that revenue base gives you a net margin under 2.2%. Toyota, with similar revenue, earns roughly three times the net income. The market cap of $49 billion values Volkswagen at 0.14x revenue. That's not a normal auto-industry discount — it's the market saying the liabilities (pension obligations, restructuring costs, EV capex commitments, potential tariff exposure) roughly offset the asset value of everything except Porsche. The 75% Porsche stake alone would be worth ~$56 billion at Porsche's current market price, which technically makes the rest of Volkswagen worth negative $7 billion on a sum-of-parts basis. Either the market is wrong, or the restructuring costs ahead are larger than management has disclosed.