Rheinmetall stock cuts 2026 sales outlook to EUR 13.2 billion

Published on 11/05/2026 at 18:19 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Rheinmetall stock delivered record nine-month profitability despite delays in major defence projects. Demand remains strong as capacity expansion continues.

Strong growth meets lower guidance

Rheinmetall lifted nine-month sales by 38 percent and operating result by 69 percent.
Project delays reduced the 2026 sales target and operating margin outlook.
The order backlog reached EUR 78.0 billion at the end of September.

Rheinmetall, DE0007030009, Illustration mit AI erstellt.

Rheinmetall reported record profitability for the first nine months of 2026 on Thursday, November 5, but lowered its full-year outlook because major defence projects are being postponed. The company's Q3 financial report shows strong operating momentum alongside timing risks for investors.

The real-time quote of Rheinmetall stock was 838.75 euros on Lang & Schwarz at 18:09 CET on Thursday, November 5, 2026, 0.29 percent above the Xetra close of Thursday. The Xetra close was 836.30 euros, compared with 1,003.40 euros on the previous session, according to Yahoo Finance.

Record growth, weaker cash flow

Rheinmetall increased sales by 38 percent year on year to EUR 8.376 billion in the first nine months. Operating result rose 69 percent to EUR 1.339 billion, lifting the margin to 16.0 percent from 13.1 percent. Operating free cash flow fell to negative EUR 1.698 billion as inventories and working capital increased to support planned growth.

The order position remained a major strength. Rheinmetall Nomination reached EUR 19.1 billion, while the backlog stood at EUR 78.0 billion at September 30, up from EUR 56.7 billion a year earlier. The company also cited capacity expansion in the United Kingdom and Spain as part of its longer-term growth plan.

Project timing drives guidance cut

Rheinmetall now expects 2026 sales of around EUR 13.2 billion, below the previous range of EUR 13.7 billion to EUR 14.2 billion. The operating result margin is expected at around 18.5 percent, versus the earlier target of around 19 percent.

The company linked the change to delays in the German armed forces' Arminius project and in acceptance tests for artillery ammunition. The Arminius project is in the final negotiation phase and cannot be commissioned until next year, shifting related sales into 2027. Rheinmetall still expects an improved operating result for 2026, with the revised margin at the prior-year level.