Mercedes-Benz Q3 2026 results: Revenue slips 5% as BEV deliveries surge 61%

Mercedes-Benz Group reported a mixed set of results for the third quarter of 2026, with revenue falling slightly but net profit rising 28% year on year.

Electric vehicle deliveries also continued to grow, even as fierce competition in China and the transition between model generations weighed on the passenger car business.

Financial results

Mercedes-Benz Group generated revenue of €30.698 billion in the third quarter, down 5% year on year. Net profit, however, rose 28% to €1.518 billion.

For the first nine months of 2026, total revenue reached €94.361 billion, a 4% decline compared with the same period last year.

Segment performance

Mercedes-Benz Cars recorded third-quarter revenue of €22.374 billion, down 6% year on year.

Adjusted operating profit (EBIT) fell 51% to €560 million, while the adjusted return on sales (RoS) dropped from 4.8% a year earlier to 2.5%. Intense price competition in China and the transition between model generations were among the factors weighing on profitability.

Mercedes-Benz Vans delivered a stronger performance. Third-quarter revenue increased 4% year on year to €4.223 billion, with adjusted EBIT of €397 million and an adjusted return on sales of 9.4%.

Sales volume and electrification

Mercedes-Benz delivered 407,232 passenger cars worldwide in the third quarter, down 8% year on year. For the first nine months, deliveries fell 7% to 1,244,427 vehicles.

The decline was largely attributed to intense competition in China and the changeover between generations of premium models. Europe, particularly Germany and the UK, and North America continued to record growth.

Electrified vehicles continued to gain ground. Mercedes-Benz delivered 101,900 plug-in hybrid and battery electric passenger cars in the third quarter, up 6% year on year. They accounted for 25% of total passenger car deliveries.

Fully electric models performed particularly well, with BEV deliveries jumping 61% to 68,428 units. They made up 16.8% of total passenger car deliveries, while in Europe, almost one in three new Mercedes-Benz cars sold was fully electric.

2026 Outlook

Mercedes-Benz is expanding the use of artificial intelligence across its product lifecycle management processes, from research and development to purchasing, production and administration. The aim is to improve efficiency as competition intensifies.

The group has also launched a Productivity Offensive in Germany, focusing on streamlining organisational structures, improving processes and offering voluntary departure schemes to bring operating costs down.

Mercedes-Benz Cars has previously lowered its full-year adjusted return on sales forecast to between 2% and 3%, citing continued price competition in China and elevated material costs.

The group expects full-year EBIT to remain broadly in line with last year's result as it works to improve efficiency and manage the ongoing transition towards electric mobility.