-- Results: Mercedes-Benz Group delivered results within expectations and
guidance. 2025 revenues reach EUR132.2 billion, adjusted EBIT EUR8.2
billion, shaped by global tariffs, foreign exchange headwinds and intense
competition in China, and mitigated by cost savings of more than EUR3.5
billion at Mercedes-Benz Cars.
-- Return on Sales: Adjusted RoS of 5.0% for Mercedes-Benz Cars, adj. RoS
of 10.2% at Mercedes--Benz Vans and an adj. RoE of 9.7% at Mercedes-Benz
Financial Services.
-- Cash generation: Solid free cash flow of EUR5.4 billion from the
industrial business in 2025.
-- Attractive returns: Mercedes-Benz delivered a total shareholder return
of more than 20% in 2025. Dividend proposal of EUR3.50 per share.
-- FY 2026 Guidance: Group revenue seen at the prior-year level, Group
EBIT seen significantly above the previous year's level and free cash
flow of the Industrial Business seen slightly below 2025. Return on Sales
adj. Mercedes-Benz Cars seen at 3--5%, Mercedes-Benz Vans 8--10%, Return
on Equity adj. at Mercedes-Benz Financial Services 10--12%.
-- Mid-term targets: In the mid-term, Mercedes-Benz Cars sales are seen at
approximately 2 million vehicles, including a more than 15% increase in
Top-End sales and a doubling of the xEV share.
STUTTGART, Germany--(BUSINESS WIRE)--February 12, 2026--
Mercedes-Benz Group (ticker symbol: MBG) delivered annual results within guidance, supported by sales of Top-End Vehicles and rigorous cost discipline, driving cash generation and enabling the company to navigate a complex and dynamic global landscape in 2025. Top--End cars reached 15% of overall sales for Mercedes-Benz Cars in 2025. Leveraging this solid foundation, 140 years after Carl Benz registered his patent for the first motor car, Mercedes-Benz is accelerating the rollout of new products to drive future growth.
"The Mercedes-Benz Team did an outstanding job in 2025 as we successfully kicked off our biggest-ever product and tech launch program. We debuted class-leading innovations such as the MB.OS operating system, our new point-to-point assisted driving system and unveiled a new level of electric performance with the Concept AMG GT XX. Amid a dynamic market environment, our financial results remained within our guidance, thanks to our sharp focus on efficiency, speed, and flexibility. Now we are all set for 2026: The launch of more than 40 new models over only three years continues at an even higher pace. Strong demand for our new CLA, GLC or S-Class proves that our customers are excited about our new models. We are moving forward with a clear game plan and a very competitive product portfolio."
Ola Källenius, Chairman of the Board of Management, Mercedes-Benz Group AG
Mercedes--Benz successfully kicked off 2025 with the all--new CLA and closed the year with the presentation of the all--new GLB -- both entry points into the Mercedes--Benz brand -- as well as the all--new GLC, a key core segment vehicle. The all-new CLA's recognition as Europe's "Car of the Year 2026" and the award of Euro NCAP's "Best Performer" among vehicles tested in 2025 underlines its competitive strength. All three vehicles set the pace in their respective segments as part of a campaign to introduce more than 40 new models by 2027. All models have received exceptional market feedback, with order books filled well into the second half of 2026 and production running on three shifts to meet high demand, which helped drive a strong sequential uplift in quarterly BEV volumes.
Mercedes-Benz also unveiled a significant upgrade to its flagship S-Class, including a comprehensive powertrain update with a new V8 and the Mercedes-Benz Operating System (MB.OS), extending the technology rollout further into Mercedes-Benz's Top-End vehicles and ICE segments. For elevated intelligence, the new S-Class features an updateable MB.OS Supercomputer and fourth-generation MBUX and MB.DRIVE ASSIST PRO point--to--point assisted driving, first in China, followed by the U.S. later in 2026.
2025 results
Mercedes-Benz Group delivered adjusted earnings before interest and taxes $(EBIT)$ of EUR8.2 billion (2024: EUR13.7 billion). Group revenues came in at EUR132.2 billion (2024: EUR145.6 billion). The free cash flow of the industrial business reached EUR5.4 billion (2024: EUR9.2 billion), mainly due to positive effects from lighter inventories and negative effects from net investments in property, plant & equipment and intangible assets. The net liquidity of the industrial business stood at EUR32.2 billion (end of 2024: EUR31.4 billion).
FY FY Change
Mercedes-Benz Group 2025 2024 25/24
------------------------------------------- ------- ------- ------
Revenue* 132,214 145,594 -9.2%
---------------------------------------------- ------- ------- ------
Earnings before interest and taxes (EBIT)* 5,820 13,599 -57.2%
---------------------------------------------- ------- ------- ------
Adjusted earnings before interest and taxes
(EBIT)* 8,235 13,713 -39.9%
---------------------------------------------- ------- ------- ------
Net profit/loss* 5,331 10,409 -48.8%
---------------------------------------------- ------- ------- ------
Free cash flow industrial business $(FCF)$* 5,414 9,152 -40.8%
---------------------------------------------- ------- ------- ------
Earnings per share (EPS) in EUR 5.34 10.19 -47.6%
---------------------------------------------- ------- ------- ------
* in millions of EUR
Divisional results
The adjusted EBIT at Mercedes-Benz Cars reached EUR4.8 billion (2024: EUR8.7 billion) as efficiency measures helped to mitigate the impact of lower volumes, particularly in China, negative net pricing, tariffs and foreign exchange headwinds. The adjusted Return on Sales in 2025 was 5.0% (2024: 8.1%), or 6.1% excluding tariffs, remaining within the guidance range. Research and Development costs, focused on investments into future architectures and technologies, particularly for MB.OS, decreased year-over-year. Investments in PP&E rose in line with the above-mentioned product launches and start of production. Cost efficiencies related to Next Level Performance, including material cost savings and efficiencies in production as well as Selling, General and Administrative Expenses $(SGA)$, resulted in a positive EBIT contribution of more than EUR3.5 billion in 2025.
FY FY Change
Mercedes-Benz Cars 2025 2024 25/24
------------------------------------- --------- --------- --------
Unit Sales 1,801,291 1,983,403 -9.2%
---------------------------------------- --------- --------- --------
thereof xEV 368,700 367,610 +0.3%
---------------------------------------- --------- --------- --------
thereof BEV 168,823 185,059 -8.8%
---------------------------------------- --------- --------- --------
Share of xEV in unit sales in % 20.5 18.5 -
---------------------------------------- --------- --------- --------
Revenue* 96,407 107,761 -10.5%
---------------------------------------- --------- --------- --------
Earnings before interest and taxes
(EBIT)* 3,564 8,460 -57.9%
---------------------------------------- --------- --------- --------
Adjusted earnings before interest and
taxes (EBIT)* 4,773 8,677 -45.0%
---------------------------------------- --------- --------- --------
Adjusted return on sales (RoS) in % 5.0 8.1 -3.1%pts
---------------------------------------- --------- --------- --------
Cash flow before interest and taxes
(CFBIT)* 5,227 8,963 -41.7%
---------------------------------------- --------- --------- --------
Adjusted cash conversion rate $(CCR)$ 1.2 1.0 -
---------------------------------------- --------- --------- --------
* in millions of EUR
Mercedes-Benz Vans continued to deliver a double-digit adjusted Return on Sales in 2025 for the fourth year in a row, with 10.2% (2024: 14.6%), slightly above full-year guidance, keeping profitability at a healthy level even in a competitive market environment. Full-year EBIT adjusted reached EUR1.75 billion (2024: EUR2.8 billion) while heavily investing into the new Van Architecture and worldwide production footprint, thus laying the foundation for the future success of Mercedes-Benz Vans. Lower unit sales were offset by a favorable product mix, supported by improved product substance. Mercedes-Benz Vans sold 359,136 units in 2025, with eVans up by 46% in the full year, leading to a global EV share of 8% and of 11% in Europe.
Mercedes-Benz Vans FY 2025 FY 2024 Change 25/24 ------------------------------------- ------- ------- ------------ Unit Sales 359,136 405,610 -11.5% ---------------------------------------- ------- ------- ------------ thereof BEV 28,488 19,516 46.0% ---------------------------------------- ------- ------- ------------ Share of BEV in unit sales in % 7.9 4.8 - ---------------------------------------- ------- ------- ------------ Revenue* 17,148 19,320 -11.2% ---------------------------------------- ------- ------- ------------ Earnings before interest and taxes
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February 12, 2026 01:02 ET (06:02 GMT)
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