Siemens joins the tracked set today, four weeks after it reported its June quarter on 6 August and ten weeks before it reports the September one on 12 November.
Two things have to be said before any number is quoted. Siemens is not an SEC registrant: it left the New York Stock Exchange on 15 May 2014, deregistered, and files no 10-K, 10-Q, 20-F or 6-K. There is no CIK and no XBRL to pull. Every figure below comes from the company's own quarterly earnings releases. And Siemens reports only in euros and publishes no dollar translation, so every dollar figure on this page is ours, converted from the filed euro amount at the Federal Reserve H.10 average EUR/USD rate for that fiscal quarter.
That second point is not a footnote. It is the story.
Eleven quarters, in both currencies
The fiscal year ends on 30 September, so the quarter to 30 June 2026 is fiscal 2026 Q3.
| Quarter | Revenue (USD) | YoY USD | YoY EUR | FCF | FCF margin | R40 |
|---|---|---|---|---|---|---|
| 2024 Q1 | $19.10B | – | – | $1.15B | 6.0% | – |
| 2024 Q2 | $20.05B | – | – | $1.57B | 7.9% | – |
| 2024 Q3 | $20.35B | – | – | $2.33B | 11.5% | – |
| 2024 Q4 | $22.87B | – | – | $5.54B | 24.2% | – |
| 2025 Q1 | $19.57B | +2.5% | +3.4% | $1.71B | 8.8% | 11.2 |
| 2025 Q2 | $20.80B | +3.7% | +6.9% | $1.19B | 5.7% | 9.4 |
| 2025 Q3 | $21.99B | +8.1% | +2.5% | $3.40B | 15.5% | 23.5 |
| 2025 Q4 | $25.04B | +9.5% | +3.0% | $6.15B | 24.6% | 34.1 |
| 2026 Q1 | $22.27B | +13.8% | +4.3% | $0.79B | 3.6% | 17.4 |
| 2026 Q2 | $23.13B | +11.2% | -0.0% | $2.02B | 8.7% | 20.0 |
| 2026 Q3 | $24.19B | +10.0% | +7.3% | $4.83B | 20.0% | 30.0 |
Read the two growth columns against each other. In fiscal 2026 Q2, Siemens' revenue in its own reporting currency was flat — €19,756 million against €19,757 million a year earlier, a difference of one million euros on twenty billion. In dollars the same quarter grew 11.2%. The euro went from an H.10 quarterly average of $1.053 to $1.171 in twelve months. That eleven points of growth is the currency, not the company.
The Rule of 40 score on this site is quarterly revenue growth plus quarterly free-cash-flow margin, computed on the stored dollar series. On that basis Siemens' best quarter in the window is 30.0, and on a trailing-four-quarter basis it is 25.6: $94.63 billion of revenue growing 11.0% against a 14.6% free-cash-flow margin. Strip the currency out and the trailing growth rate is 3.6%, which would put the trailing score near 18. Siemens has not cleared 40 in any quarter we can compute, in either currency, and on the shape of this business it is not going to.
What the June quarter actually did
It was a record, and the records are in euros. Orders reached €27.9 billion, up 14% on a comparable basis; revenue €20.8 billion, up 8% comparable; industrial business profit €3.5 billion at a 17.3% margin, 240 basis points better than a year earlier. Gross margin was 40.9%, 2.0 points better than the same quarter of 2025 and the second-highest of the eleven quarters stored here, a hair behind the 41.0% of fiscal 2024 Q3. Free cash flow from continuing operations was €4.16 billion, a cash conversion rate of 1.61, and management raised the fiscal 2026 outlook for earnings per share before purchase price allocation to €11.20–€11.50 from €10.70–€11.10.
The free-cash-flow column has a shape worth naming: 3.6%, 8.7%, 20.0% across the three quarters of fiscal 2026, and 8.8%, 5.7%, 15.5%, 24.6% across fiscal 2025. Siemens' cash lands in the second half. Any single-quarter R40 reading on this ticker is a reading of where you are in the fiscal year as much as of how the business is doing, which is why the trailing figure is the one to use.
The basis, stated plainly
Every series stored here is on continuing operations. Siemens sold Innomotics in fiscal 2025 and reports it as a discontinued operation, which put a €2,087 million gain into the first nine months of fiscal 2025 net income and €2.65 of it into basic EPS. Mixing that into the series would have produced a fiscal 2025 that looked extraordinary and a fiscal 2026 that looked like a collapse, for no operating reason. The fiscal 2024 comparatives here are the restated ones printed in the fiscal 2025 releases, on the same continuing-operations basis.
Earnings per share are diluted, from continuing operations, per ADR — Siemens quotes them per ordinary share, and two SIEGY receipts represent one ordinary share, so the euro figure is halved before it is converted. The June quarter's €2.90 diluted becomes $1.69 per ADR. Trailing four-quarter EPS is $5.84, and against the 30 June close of $160.91 that is a trailing GAAP P/E of 27.6.
No analyst rows
The ratings block on this ticker is empty, and it will stay empty until something changes. Siemens is covered heavily by the sell side, but against SIE.DE in Frankfurt, with targets quoted in euros per ordinary share. There is no separate dated, attributable analyst action on the over-the-counter receipt. Halving a euro target and multiplying by an exchange rate would produce a dollar number, but it would be our arithmetic and not an analyst's call, so no number is shown.
What the next print has to show
- Whether the euro growth rate holds at 7%. Fiscal 2026 Q3 was the first quarter in two years where comparable growth and dollar growth pointed the same way and were both mid-to-high single digits. The currency tailwind is already fading — the H.10 average went from $1.171 in the March quarter to $1.163 in the June quarter.
- Digital Industries. Revenue grew 10% comparable to €4.9 billion after two years of automation destocking, with the software business up 15% to €1.8 billion and organic annual recurring revenue up 11% to €5.7 billion. That is the segment the ONE Tech Company argument rests on.
- The fourth-quarter cash. Fiscal 2025 Q4 alone did €5.27 billion of free cash flow — 48% of the whole year. Fiscal 2026 has €6.56 billion in nine months against €5.74 billion at the same point last year, and the full-year double-digit free-cash-flow return on revenue that management is aiming for depends almost entirely on the September quarter.
Every figure here comes from Siemens AG's own quarterly earnings releases for fiscal 2024 Q1 through fiscal 2026 Q3 — revenue, cost of sales, gross profit, diluted EPS from continuing operations, free cash flow from continuing operations, additions to intangible assets and property, plant and equipment, and the balance-sheet figures — not from any SEC source, because Siemens files none. Euro amounts are converted to dollars at the Federal Reserve H.10 average EUR/USD rate for the fiscal quarter, one rate per quarter applied to every line including balance-sheet items; ratios such as gross margin are computed in euros and are therefore unaffected. Per-share figures are per ADR at the 2:1 receipt-to-ordinary-share ratio. Quarter-end prices are the last SIEGY close of the calendar month containing the fiscal quarter end.
