Volkswagen Aktiengesellschaft
CorpDigest
Volkswagen Aktiengesellschaft
Financial Performance
Last reviewed: June 2026 · By Swet Parvadiya
Revenue
$347.7B
Market Cap
$49.0B
Net Income
$7.5B
Employees
684,000
Revenue grew from $293 billion in 2022 to $350.7 billion in 2024, then retreated slightly to $347.7 billion in 2025 — a decline that reflects China market pressure more than any single factor. Net income of $7.45 billion on $347.7 billion in revenue implies a margin of roughly 2.1 percent, which is what large-scale volume automotive economics look like in a difficult year. The market capitalization of $49 billion against $347.7 billion in revenue is a ratio that would be alarming in most industries. For Volkswagen, it reflects the market pricing in sustained margin pressure from China, the ongoing cost of the EV transition, and a cost structure that employs 684,000 people with German labor protections that make rapid headcount reduction legally and politically difficult. Porsche AG's partial public listing in 2022 provided a capital infusion and a benchmark valuation — Porsche's standalone market cap has at times exceeded Volkswagen Group's own, a reflection of how the market values a premium margin business versus a conglomerate with volume exposure. The restructuring announced in 2024, which included plant closure threats in Germany for the first time in the company's history, represents a break from the post-war compact between Volkswagen management and its workforce. The outcome of that negotiation will determine whether the group can reduce its fixed cost base enough to remain competitive as the transition to electric vehicles pressures unit economics across all twelve brands simultaneously.
Revenue Trend Analysis
YoY Change
-0.9%
4-Year CAGR
+6.5%
Peak Year
2024
Trend
Consistent Growth
Volkswagen Aktiengesellschaft has reported revenue across 5 fiscal years, compounding at +6.5% annually over 4 years. The most recent year saw a 0.9% decline versus the prior year. Revenue peaked in 2024 at $350.7B. Out of 4 reported periods, 3 showed growth and 1 showed a decline.
| Fiscal Year | Revenue | Net Income | YoY Change |
|---|---|---|---|
| FY2025 | $347.7B | $7.5B | -0.9% |
| FY2024 | $350.7B | — | +0.7% |
| FY2023 | $348.1B | — | +15.4% |
| FY2022 | $301.5B | — | +11.6% |
| FY2021 | $270.2B | — | — |
Source: SEC EDGAR filings, annual earnings releases, and verified financial disclosures.
Click any row to see year details.
Volkswagen Group reported sales revenue of €322.3 billion for the financial year ended 31 December 2023, up from €279.2 billion the prior year, driven by an 11.8% increase in vehicle deliveries to 9.24 million units and a richer mix as supply-chain constraints eased. Operating result before special items was €22.6 billion, an operating margin of 7.0%, down slightly from 7.1% in 2022 as inflation in raw materials, energy, and labor compressed margins despite higher volumes. Earnings after tax attributable to shareholders were €17.9 billion, supporting a proposed dividend of €9.00 per ordinary share and €9.06 per preference share. Net cash flow from the automotive division was €10.7 billion, and net liquidity in the automotive segment ended the year at €40.3 billion. Porsche AG contributed roughly €40.5 billion of revenue at 18% operating margin, accounting for a disproportionate share of group profit. China equity-method earnings of €2.6 billion were below historical levels. By region, Western Europe contributed 38% of unit sales, China 32%, and North America 11%. Capital expenditure on property, plant, and equipment plus capitalized development cost totaled roughly €37 billion.
The diesel emissions scandal that broke on 18 September 2015 has cost Volkswagen approximately €32 billion in fines, settlements, vehicle buybacks, and remediation through 2023, making it the most expensive corporate scandal in automotive history. The trigger was the U.S. Environmental Protection Agency's notice of violation alleging that roughly 11 million diesel vehicles worldwide contained "defeat device" software designed to detect emissions testing and reduce nitrogen oxide output only during tests. In the United States, Volkswagen paid $14.7 billion in a June 2016 civil settlement (vehicle buybacks plus environmental remediation), pleaded guilty to three federal felonies and paid $4.3 billion in criminal and civil penalties in January 2017, and faced additional consumer settlements totaling roughly $25 billion in U.S. costs alone. In Germany, prosecutors fined Volkswagen €1 billion in June 2018 and Audi €800 million in October 2018. South Korea, Australia, Canada, and multiple European countries imposed additional penalties. Former CEO Martin Winterkorn was indicted in 2019 and convicted in absentia. The financial drag was largest in 2015 (€16.2 billion in provisions) but recurring legal accruals continued through 2023.
Volkswagen listed approximately 25% of the preference shares of Dr. Ing. h.c. F. Porsche AG on the Frankfurt Stock Exchange on 29 September 2022, in the largest German IPO since Deutsche Telekom in 1996. The placement priced 113.875 million preference shares at €82.50 per share, the top of the indicated range, raising gross proceeds of €9.4 billion and valuing Porsche AG at €75 billion at flotation. Volkswagen AG retained 75% plus one share of the ordinary (voting) shares and 50% of the preference shares, ensuring continued full consolidation in group accounts. Porsche Automobil Holding SE, the Porsche-Piech family vehicle, acquired 25% plus one share of the ordinary voting shares for a separate €10.1 billion paid to Volkswagen AG, giving the family a direct blocking minority in Porsche AG. After the IPO, Volkswagen AG distributed an extraordinary dividend of €19.06 per preference share and €19.00 per ordinary share in early 2023, returning approximately €9.5 billion to its own shareholders. The transaction strengthened group liquidity and freed Porsche AG to raise dedicated capital, but the shares have since traded well below their listing price as China demand and EV margins weakened.
Volkswagen's enterprise value sits at a striking discount to its operating scale, a long-running puzzle in European equity markets. With 2023 revenue of €322.3 billion and 9.24 million vehicles delivered, the group is by sales volume one of the three largest automakers in the world, on par with Toyota. Yet the combined market capitalization of its ordinary and preference shares hovered around €45–55 billion through 2024, implying a price-to-sales ratio close to 0.15 and a forward price-to-earnings multiple typically in the 4–5 range. Several factors compress the multiple: 75% ownership of separately listed Porsche AG (which itself has roughly €60–80 billion in market value) means much of group profit is already valued externally; the Volkswagen Law and Lower Saxony's veto rights reduce control-premium potential; China joint-venture profits are deteriorating and not consolidated; labor representation and codetermination constrain restructuring speed; and Dieselgate-era legal overhangs lingered for years. The 2024 cost-cutting plan and first-ever serious discussion of closing German plants reflects investor pressure to lift the namesake Volkswagen brand's mid-single-digit operating margin closer to peers.
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CorpDigest. "Volkswagen Aktiengesellschaft Revenue & Financials." CorpDigest, https://corpdigest.com/company/volkswagen/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>Volkswagen Aktiengesellschaft reported $348B in revenue (FY2025).</strong><br>Source: <a href="https://corpdigest.com/company/volkswagen/financials" target="_blank" rel="noopener">CorpDigest — Volkswagen Aktiengesellschaft financials</a></div>