Rheinmetall AG increased sales by 38% in the first nine months of 2026 compared with the same period last year, to €8.376 billion. Operating profit rose by €544 million, or 68%, to a record €1.339 billion. The operating margin was 16%, up from 13.1% a year earlier.
Rheinmetall Nomination, the volume of orders and framework agreements, reached €19.1 billion. The Rheinmetall Backlog order book stood at €78 billion on 30 September.
The Düsseldorf-based company revised its 2026 forecast. Negotiations on the Arminius project for Germany’s armed forces are at the final stage, but an order cannot be placed before next year. Acceptance tests for batches of artillery ammunition have also been delayed. Rheinmetall now expects sales of about €13.2 billion, down from its previous forecast of €13.7 billion to €14.2 billion. It cut its operating margin forecast from about 19% to 18.5%, the same level as last year.
Free operating cash flow for the nine-month period was −€1.698 billion, compared with −€798 million a year earlier. The company attributed the decline to inventory build-up to support planned sales growth. High customer advance payments in the same period last year also affected the comparison.
Sales increased in all five segments reported for the nine-month period. Vehicle Systems generated the most revenue, at €3.898 billion, up 20%. Weapon and Ammunition sales rose 34% to €2.705 billion, Digital Systems increased 29% to €1.328 billion, and Air Defence grew 63% to €731 million. Naval Systems, reported as a separate segment for the first time after its acquisition in late February 2026, generated €679 million in revenue over seven months.
Rheinmetall said production had started at new facilities in the UK and Albacete, Spain. The company also cited investment in expanded capacity, including artillery barrel production in the UK, an artillery plant under construction in Lithuania, a medium-calibre ammunition plant in Albacete, and expanded propellant production in Aschau.
