E 
5.07
+1.40%
Close of 9 Nov 2026, in EUR
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At a glance
Figures in EUR, from our data supplier.
Revenue
€15.61bn
FY2016FY2025
Net income
€1.15bn
FY2016FY2025
Free cash flow
−€1.00bn
FY2016FY2025
Shareholders' equity
€11.34bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | €15.61bn | €14.97bn | €16.20bn | €20.65bn | €14.98bn | €12.45bn | €14.33bn | €15.28bn | €15.75bn | €14.60bn |
| Gross profit | €5.86bn | €5.76bn | €5.82bn | €5.02bn | €4.46bn | €4.74bn | €4.82bn | €4.71bn | €5.00bn | €5.37bn |
| Operating income | €2.44bn | €1.74bn | €2.24bn | €1.47bn | €875.4m | €2.18bn | €1.22bn | €1.06bn | €2.42bn | €1.96bn |
| Net income | €1.15bn | €801.0m | €952.3m | €679.0m | €656.7m | €800.7m | €511.8m | €519.2m | €1.11bn | €960.6m |
| Diluted earnings per share | 0.28 | 0.19 | 0.23 | 0.17 | 0.17 | 0.20 | 0.14 | 0.14 | 0.34 | 0.29 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | €54.96bn | €56.43bn | €56.70bn | €58.82bn | €50.99bn | €42.95bn | €42.36bn | €41.63bn | €42.08bn | €44.08bn |
| Total liabilities | €38.45bn | €40.23bn | €40.04bn | €44.98bn | €37.02bn | €29.87bn | €29.73bn | €28.73bn | €28.59bn | €30.35bn |
| Debt | €23.23bn | €23.28bn | €22.25bn | €21.70bn | €18.02bn | €17.52bn | €17.39bn | €16.49bn | €17.37bn | €18.38bn |
| Shareholders' equity | €11.34bn | €11.55bn | €11.55bn | €8.88bn | €9.32bn | €9.58bn | €8.86bn | €8.97bn | €9.55bn | €9.41bn |
| Shares outstanding | 4,134m | 4,164m | 4,166m | 3,947m | 3,947m | 3,946m | 3,719m | 3,699m | 3,309m | 3,309m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | €3.27bn | €4.20bn | €2.19bn | €3.78bn | €2.02bn | €2.46bn | €2.22bn | €2.94bn | €2.24bn | €4.04bn |
| Capital spending | −€4.27bn | −€5.51bn | −€5.41bn | −€3.50bn | −€3.35bn | −€2.41bn | −€2.35bn | −€1.71bn | −€1.92bn | −€2.09bn |
| Free cash flow | −€1.00bn | −€1.31bn | −€3.22bn | €277.8m | −€1.33bn | €45.4m | −€130.7m | €1.23bn | €314.6m | €1.95bn |
| Dividends paid | −€826.5m | −€811.7m | −€791.4m | −€749.8m | −€749.8m | −€690.7m | −€690.7m | −€690.5m | −€690.6m | −€672.5m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | €3.71bn | €4.05bn | €4.16bn | €3.79bn | €3.57bn | €4.09bn | €4.15bn | €3.66bn |
| Gross profit | €1.47bn | €1.62bn | €1.41bn | €1.32bn | €1.37bn | €1.76bn | €1.31bn | €1.44bn |
| Operating income | €506.7m | €662.2m | €628.3m | €601.5m | €510.1m | €761.7m | −€264.7m | €806.6m |
| Net income | €354.0m | €377.8m | €197.5m | €243.2m | €280.9m | €428.1m | −€281.6m | €320.3m |
| Diluted earnings per share | 0.09 | 0.09 | 0.05 | 0.06 | 0.07 | 0.10 | -0.07 | 0.08 |
| Cash from operations | €890.0m | €642.0m | €1.14bn | €795.0m | €487.0m | €843.0m | €2.49bn | €668.0m |
| Capital spending | −€765.0m | −€1.17bn | −€1.19bn | −€965.0m | −€842.0m | −€1.28bn | −€1.39bn | −€1.32bn |
| Free cash flow | €125.0m | −€528.0m | −€44.0m | −€170.0m | −€355.0m | −€435.0m | €1.10bn | −€652.0m |
| Total assets | €55.91bn | €55.64bn | €54.96bn | €53.08bn | €53.63bn | €56.59bn | €56.43bn | €54.92bn |
| Debt | €19.50bn | €19.93bn | €19.12bn | €18.01bn | €18.05bn | €18.76bn | €18.91bn | €19.05bn |
| Shareholders' equity | €11.51bn | €11.75bn | €11.34bn | €11.06bn | €10.76bn | €11.84bn | €11.55bn | €11.53bn |
Financial ratios
Data as of 28 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Gross margin | 37.6% | 38.5% | 35.9% | 24.3% | 29.8% | 38.1% | — | — |
| Operating margin | 15.7% | 11.6% | 13.9% | 8.7% | 5.8% | 17.5% | — | — |
| Net margin | 7.4% | 5.4% | 5.9% | 3.3% | 4.4% | 6.4% | — | — |
| Return on equity | 10.1% | 6.9% | 8.2% | 7.6% | 7.0% | 8.4% | — | — |
| Return on assets | 2.1% | 1.4% | 1.7% | 1.2% | 1.3% | 1.9% | — | — |
| Free cash flow yield | — | — | 37.7% | 38.1% | 28.1% | 25.5% | 25.4% | 26.0% |
| Revenue growth | 4.3% | -7.6% | -21.5% | 37.8% | 20.4% | -13.2% | — | — |
| Earnings growth | 43.5% | -15.9% | 40.3% | 3.4% | -18.0% | 56.5% | — | — |
| Current ratio | 1.15x | 1.09x | 0.91x | 0.88x | 1.21x | 1.06x | — | — |
| Debt to equity | 1.69x | 1.64x | 1.50x | 1.86x | 1.68x | 1.51x | — | — |
| Equity ratio | 20.6% | 20.5% | 20.4% | 15.1% | 18.3% | 22.3% | — | — |
| Interest coverage | 1.95x | 1.59x | 1.91x | 1.70x | 1.30x | 3.39x | — | — |
| Buybacks as a share of market value | — | — | -5.5% | -0.0% | -0.0% | -6.1% | -0.6% | -11.8% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -8.9% | 4.6% | 0.1% |
| Operating income | 18.4% | 2.3% | 3.8% |
| Net income | 19.2% | 7.5% | 2.3% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 38.0% | 33.3% | 33.4% | 33.3% |
| Operating margin | 13.7% | 11.7% | 11.6% | 11.3% |
| Net margin | 6.4% | 5.3% | 5.3% | 5.3% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 14.0 | 16.1 | 19.9 | 27.1 | 29.0 | 25.4 | 28.1 | 21.7 | 8.6 | 10.0 |
| Price to sales | 1.0 | 0.9 | 1.2 | 0.9 | 1.3 | 1.6 | 1.0 | 0.7 | 0.6 | 0.7 |
Dividends and splits
Per share, in the currency the company pays
Paid for 28 years. Last went ex-dividend on 5 May 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.205 | 0.20 | 0.195 | 0.19 | 0.19 | 0.19 | 0.186 | 0.186 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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