Volkswagen cuts 2026 margin outlook. Volkswagen stock sits 37.53 percent below its high

Volkswagen AG (ISIN DE0007664039) was trading at EUR 68.19 at Lang & Schwarz on October 2, 2026, 37.53 percent below its 52-week high of EUR 109.15. The company cut its 2026 operating return on sales outlook to up to 1.00 percent from 4.00 percent to 5.50 percent on September 18, 2026, according to Reuters.

Margin guidance falls below consensus

The revised ceiling is below the 4.10 percent average analyst forecast cited by Reuters, while Volkswagen also flagged EUR 10.0 billion in one-off costs, including EUR 6.0 billion linked to Porsche. The margin reset makes the October reporting date important because the company said the impairment would affect third-quarter operating profit.

Morningstar reported that Volkswagen expects an operating return on sales of up to 1.00 percent in 2026, compared with the former 4.00 percent to 5.50 percent range, and revenue of EUR 315.0 billion versus EUR 321.9 billion in 2025.

H1 revenue holds near prior year

Volkswagen reported EUR 158.1 billion in sales revenue for the first half of 2026, down from EUR 158.4 billion in the first half of 2025, a decline of 0.19 percent. The company also reported EUR 5.9 billion in operating profit, 11.60 percent below the EUR 6.7 billion recorded in the first half of 2025, with an operating margin of 3.80 percent.

The operating picture was weaker despite 4.0 million vehicle deliveries in the first half of 2026, which were 8.40 percent below the 4.4 million vehicles delivered in the first half of 2025. Volkswagen's investor-relations page also shows that automotive net liquidity stood at EUR 32.7 billion at the end of the first half of 2026, giving the balance sheet a concrete role in the next update.

October 29 brings the next test

Volkswagen's investor-relations calendar lists October 29, 2026, for the January to September 2026 interim report, according to Volkswagen Group. That report should show how much of the revised outlook is reflected in third-quarter operating profit and whether China-related pressure continues to weigh on the core vehicle business.

Stock remains below its yearly high

At Lang & Schwarz, Volkswagen stock was trading at EUR 68.19 on October 2, 2026, at 2:31 p.m. CEST, down 0.06 percent versus the prior close of EUR 68.23. The 52-week range was EUR 67.70 to EUR 109.15, while market capitalization stood at EUR 34.0 billion as of October 2, 2026. The further course of trading is shown by the continuously updated real-time quote of Volkswagen stock.

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