Siemens Posts Record €34.8 Billion in Quarterly Orders as Data Center Bookings Double; Raises Mid-Term Targets

Siemens reported record fourth-quarter orders and profit on Thursday, Nov. 12, 2026, and raised its mid-term growth targets, as demand for equipment used in artificial intelligence data centers and large rail contracts lifted results across its industrial businesses. Orders rose 58% to a quarterly record of €34.8 billion in the three months ended Sept. 30, while revenue increased 11% to €23.7 billion, the company said.

Profit at the Industrial Business rose 22% to a record €3.89 billion, about $4.31 billion, beating the €3.71 billion analysts had expected in a company-compiled consensus, Reuters reported. Revenue of €23.68 billion also topped a €23.39 billion forecast. Net income climbed 32% to €2.4 billion, and basic earnings per share were €2.80. Free cash flow reached a quarterly record of €5.6 billion.

Data centers and rail drive orders

The order surge came mainly from large contract wins in the Mobility division and the Smart Infrastructure unit, which supplies power distribution equipment, cooling gear and digital simulation tools for data centers. Siemens said its data center orders doubled during the quarter, according to Reuters. The book-to-bill ratio, which compares new orders with revenue, was 1.47.

Smart Infrastructure revenue rose 16% to €7.24 billion, with orders up 40% on large data center projects, particularly in the United States and Europe, Investing.com reported. Mobility orders more than quadrupled, helped by major German rail contracts including a €2.4 billion high-speed train order. Digital Industries, the factory automation and software business, grew revenue 11% and lifted profit 50%, mainly through operational improvements, the report said.

Siemens' order backlog stands at €143 billion, including €7 billion for data center products, Reuters said. Chief Executive Roland Busch said the company's digital business grew 16% in the fiscal year on its expanded Siemens Xcelerator offerings and called industrial AI "an exceptional growth opportunity."

Full-year results and dividend

For fiscal 2026, orders reached a record €108.2 billion and revenue was €83.4 billion, with comparable revenue growth of 8% at the upper end of guidance. Industrial Business profit rose 13% to a record €13.3 billion. Net income fell to €9.5 billion from €10.4 billion, as the prior year included a €2.1 billion gain from the sale of Innomotics. Earnings per share before purchase price allocation accounting were €11.76, above the €11.20 to €11.50 range Siemens had guided after the third quarter. Free cash flow rose to a record €12.1 billion.

The board proposed raising the dividend to €5.50 a share from €5.35. Siemens also said it plans to transfer 34.1% of its stake in Siemens Healthineers directly to shareholders, at a ratio of one Healthineers share for every two Siemens shares, as part of a previously announced spin-off.

Outlook

Siemens now expects mid-term comparable annual revenue growth of 7% to 11%, up from 6% to 9% previously, Reuters reported. For fiscal 2027, it forecasts comparable revenue growth of 9% to 11% and a book-to-bill ratio above 1, with EPS before purchase price allocation of €10.20 to €10.80. That guidance excludes Siemens Healthineers, which is to be reported as discontinued operations; on that comparable basis, fiscal 2026 EPS pre-PPA was €9.27.

By division, Digital Industries expects comparable revenue growth of 8% to 12% with a profit margin of 20% to 22%; Smart Infrastructure expects growth of 11% to 13% and a margin of 19.5% to 20.5%; and Mobility expects growth of 6% to 8% with a margin of 8% to 10%. The company said it assumes global growth will be driven mainly by investment in AI and digital infrastructure, public spending programs and a further pickup in industrial activity.

Comments on data centers and Nvidia

Busch told reporters he was not worried about a slowdown in data center construction, after concerns over political scrutiny of such projects contributed to a selloff in technology stocks last week. "Having those dynamics in mind, there's nothing that worries us, at least not for the next couple of years," he said, according to Reuters. He also said uncertainty over the future of Nvidia CEO Jensen Huang would not affect Siemens' collaboration with the chipmaker.

Share reaction

Siemens shares rose 4.44% to €289.30 in Frankfurt after touching €291.45, their highest level since Aug. 28, Investing.com reported. Germany's DAX index crossed 27,000 for the first time in morning trading, with Siemens among the leading gainers, Euronews reported.