Key financial figures
Selected key performance indicators for the Brand Group Progressive
Januar – September 2026
Deliveries Brand Group Progressive
1,056,103 cars
Previous Year: 1,191,141 cars
Operating profit
EUR 1.2 billion
Previous Year: EUR 1.6 billion
Operating return on sales
2.7%
Previous Year: 3.2%
In the first nine months of 2026, deliveries by the Brand Group Progressive with the Audi, Lamborghini and Bentley brands fell by 11.3 percent. The market environment deteriorated considerably in the third quarter – especially in China, where the overall market is declining (especially for vehicles with combustion engines) and intense competition prevails. US tariffs and the escalation in the Middle East were further negative factors.
Compared with the previous year, operating profit was impacted by lower sales – especially in China – as well as negative residual value effects; this was partially offset by lower expenses in connection with CO2 provisions and restructuring.
The operating return on sales declined as a result of lower operating profit and declining revenue.
Revenue
EUR 42.1 billion
Previous Year: EUR 48.4 billion
Net cash flow
EUR 2.4 billion
Previous Year: EUR 2.1 billion
Investment ratio
10.9%
Previous Year: 10.5%
Revenue fell by 13.1 percent year-on-year, mainly due to lower sales volumes, negative product mix effects and the highly competitive market environment.
Net cash flow amounted to EUR 2.4 billion. The year-on-year increase is mainly due to improved working capital and lower capital expenditure.
The investment ratio increased compared with the same period of the previous year due to declining sales despite lower investment.
Regional delivery structure
Delivery figures for the Brand Group Progressive in the core regions Q1-Q3/2026
Europe
518,070
+1.4%
China
329,185
-24.5%
USA
111,350
-16.3%
Other Markets
97,498
-12.3%
“The key figures make it clear: the need for action at Audi is high and brooks no delay. The environment deteriorated significantly again, especially in the third quarter. Our measures are having an effect, but given the enormous competitive pressure, we need to strengthen them further. That is why we are focusing on consistent cost discipline, reducing complexity, and increasing the efficiency of our structures. This is how we make Audi sustainably future-proof.”
Jürgen Rittersberger, Member of the Board of Management for Finance, Legal Affairs and IT, AUDI AG
Forecast
Anticipated development in the key performance indicators of the Brand Group Progressive 2026
| Key performance indicators | Current forecast for FY2026 | Adjustments | FY2025 |
| Deliveries to customers | between 1.35 and 1.45 million cars | adjusted | 1,644,429 cars |
| Revenue | between EUR 55 and 59 billion | adjusted | EUR 65.5 billion |
| Operating return on sales | between 3 and 5% | adjusted | 5.1% |
| Net cash flow | between EUR 2.5 and 3.5 billion | adjusted | EUR 3.4 billion |
| Investment ratio | between 11 and 13% | 11.5% |
Multi-year comparison
Key figures of the Brand Group Progressive
| 2023 | 2024 | 2025 | |
| Deliveries of cars to customers [¹] | 1,918,912 | 1,692,548 | 1,644,429 |
|---|---|---|---|
| Revenue (EUR million) | 69,865 | 64,532 | 65,503 |
| Operating profit (EUR million) | 6,280 | 3,903 | 3,371 |
| ROS | 9.0 | 6.0 | 5.1 |
| Net cash flow (EUR million) | 4,740 | 3,072 | 3,422 |
| Investment ratio (percent) | 12.4 | 12.5 | 11.5 |
[¹] includes Audi models built locally by associated Chinese companies as well as deliveries of AUDI brand models, developed in the strategic partnership between Audi and its Chinese partner SAIC, available and sold exclusively in China.
Explanation of the key performance indicators
The basis for the management of the Brand Group Progressive is a value-oriented corporate management approach in combination with the following key performance indicators, which are important drivers of our corporate development and support the goals of our strategy.
The non-financial indicator of deliveries to customers reflects the number of new vehicles of the Brand Group Progressive handed over to customers. This performance indicator reflects demand from customers for our products and reveals our competitive and image position in the various markets worldwide. Strong demand for our products has a major impact on production, and consequently also on the capacity utilization of our sites and the deployment of our workforce. In addition, a continuing high level of vehicle deliveries reflects high customer satisfaction.
The financial key performance indicators include revenue of the Audi Group, which is a financial reflection of our market success.
Another key performance indicator is the operating profit of the Audi Group. This key figure represents the economic performance of our core business as well as the economic performance of our fundamental operational activity, and is defined as follows:
Revenue
– Cost of goods sold
– Distribution costs
– Administrative expenses
+ Other operating income
– Other operating expenses
= Operating profit
Our financial key performance indicators also include the operating return on sales of the Audi Group:
Operating return on sales = Operating profit / Revenue
Net cash flow, which serves as a benchmark of the Audi Group’s level of self-financing, is calculated as follows:
Cash flow from operating activities
– Investing activities attributable to operating activities
= Net cash flow
The investment ratio describes research and development activities and capex as a proportion of revenue.
The research and development ratio expresses Audi’s innovative strength and also ensures that it maintains competitive cost structures.
Research and development ratio = Research and development activities / Revenue
Capex includes investments in property, plant and equipment, investment property and other intangible assets according to the cash flow statement. Here, capital investment in essence comprises financial resources for modernizing and expanding our range of products and services, for optimizing our capacities and for improving the Audi Group’s production processes. Investment decisions are requested by the specialist areas, then scrutinized and prioritized by Investment Controlling and the “Investment Group” corporate committee. Major decisions affecting investment policy are also approved by the Company’s Supervisory Board.
Capex ratio = Capex according to the cash flow statement / Revenue
