- Net sales119,525 SEKm +8% reported, +7% organic
- Adjusted operating income14,693 SEKm SEK 11,707m in Q3 2025
- Adjusted operating margin12.3 % 10.6% in Q3 2025
- Operating income (reported)14,354 SEKm 12.0% margin; Q3 2025: SEK 12,517m
- Earnings per share5.29 SEK SEK 3.71 in Q3 2025
- Operating cash flow, Industrial Operations7,195 SEKm SEK -1,739m in Q3 2025
- Trucks11.1%+2.0 pp
- Construction Equipment16.1%+1.7 pp
- Buses7.7%−4.9 pp
- Volvo Penta21.1%+2.5 pp
- Volvo Group12.3%+1.7 pp
Q3 2026Q3 2025
Source: Volvo Group report on the third quarter 2026, 23 October 2026, Q3 2026.
IEEPA tariff refunds of SEK 1.2bn more than offset U.S. tariff costs in Q3 2026, leaving a net U.S. tariff impact of SEK 0.2bn positive, against net tariff costs of SEK 0.5bn in Q3 2025, Volvo said. Currency movements had a positive impact of SEK 970m on operating income compared with Q3 2025.
From adjusted to reported operating income, Q3 2026
- Adjusted operating income14,693 SEKm
- Claims costs, EC 2016 antitrust settlement decision (Trucks)−339 SEKm
- Operating income (reported)14,354 SEKm
Source: Volvo Group report on the third quarter 2026, 23 October 2026, Note 6, Q3 2026.
Adjusted operating income rose 26% year on year; reported operating income rose 15%. The gap comes from the items Volvo excludes: in Q3 2025 it excluded a positive effect of SEK 811m from the divestment of SDLG, which was included in that quarter's reported figure, and in Q3 2026 it excluded the costs relating to claims arising from the European Commission's 2016 antitrust settlement decision shown above. The provision previously recognized for these claims was fully utilized in Q3 2026, Volvo said. The effective tax rate was 23.6%, against 37.5% a year earlier; Volvo said the high rate in Q3 2025 was mainly related to the taxable gain from the sale of the SDLG shares in China.
- Truck net order intake46,918 trucks+26% year on year
- Truck deliveries49,611 trucks+11% year on year
- Truck order intake, North America11,150 trucks+18% year on year
- Truck order intake, Europe25,989 trucks+22% year on year
- Construction equipment deliveries7,435 machines11,198 in Q3 2025, of which 3,987 SDLG
Source: Volvo Group report on the third quarter 2026, 23 October 2026, Q3 2026.
“Capacity utilization in our European production system was high, and we are gradually increasing production capacity in North America on the back of the good order intake during the year.”
Trucks grew net sales 10% year on year to SEK 81,583m and adjusted operating income 34% to SEK 9,050m. Construction Equipment's adjusted operating income rose 18% to SEK 3,214m; Volvo attributed a 31% year-on-year fall in its total net order intake to the divestment of SDLG on 1 September 2025, while Volvo-brand net order intake rose 16%. Buses' net sales were SEK 5,836m, against SEK 6,009m in Q3 2025; Volvo said demand in some key markets, including Brazil and Mexico, continued to be lower than a year earlier, and bus deliveries fell 9% to 1,273 units.
For Q4 2026, Volvo expects currency movements to have a positive impact of approximately SEK 1.3bn on operating income compared with Q4 2025, based on exchange rates as of 30 September 2026.
- AB Volvo, Volvo Group - the third quarter 2026 (press release via PR Newswire/Cision), 23 Oct 2026, 07:42 CEST
- Volvo Group, Report on the third quarter 2026 (PDF), 23 Oct 2026, 07:20 CEST