Volkswagen Group has just announced its 2025 full year earnings. The automaker brought in slightly more cash than it did in 2024, but made half as much money. Among its companies, Porsche was the hardest hit, with the ironic combination of record sales in the US but zero profits from it. Tariffs hit the brand hard, taking away half of the VW Group’s lost profits versus 2024.
Nine Million Sales, Less Than 1k Per Car
Volkswagen heritage group of carsVolkswagen
First, the big numbers. The Volkswagen Group, including Porsche, Audi, Seat, Skoda, and the rest of the portfolio, sold 9 million vehicles last year. That’s down slightly from the year before, by 0.2%, the company said.
Its share of electric vehicle sales grew in most of the world, with VW ending up at 11% of that market or just under 1 million vehicles. In Europe, it sold 19% of all EVs, up seven percentage points from a year earlier.
The group brought in 322 billion euros in sales in 2025, down from 325 billion in 2024. However, its profits from that tumbled 53%, dropping from 19.1 billion euros to just 8.9. 3.7 billion of that profit came from VW’s financial services, not cars, which was up 19%.
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Porsche took a real beating, though. “Last year, despite tariffs was a record year for Porsche in the United States, said VW Group CEO Oliver Blume. “We have lots of Porsche aficionados in the US. There are excellent – there is an excellent sales potential. But at the moment, we hardly earn any money there because Porsche is exporting 100% of its cars.”
Porsche made 5 billion euros in 2024, but just 90 million in 2025. Four years ago, it was delivering an 18.6% profit margin, and now it is just 0.3%.
“15% of tariffs come on top of the cars exported from Europe to the US. That’s something which Porsche is suffering from.”
-Porsche CEO Oliver Blume
VW Looking To Scout, Tiguan To Grow In US
2027 Scout Traveler Red Front Angle at Dusk in a FieldScout Motors
On the earnings call, Blume acknowledged that getting a 10% share of the US new vehicle market is no longer achievable in the short term. But company officials believe there is still room to grow. Currently, the company has around 4% of the market, but it believes that Scout can grab a 1% share. The new Tiguan is also expected to be integral to VW growing its US market share.
VW hasn’t ruled out building Audi vehicles in the US. Blume said that 27.5% tariffs on goods from Mexico make it no longer worth importing vehicles from there to the US, and that could have an impact on VW’s American lineup.
On a percentage basis, Skoda is now VW’s most profitable brand. It saw margins climb from 8.7% in 2024 to 9.5% in 2025. The VW brand had the highest outright returns, earning 991 million euros in profits, up from 171 million in 2024.
2026 Porsche Cayenne ElectricPorsche
On the call, officials said that despite back-tracking on electric vehicles, it still believes in electrification. The company is working with EU authorities, looking to have a longer transition period going to as far as 2040 to account for “market developments.”
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For 2026, the Volkswagen Group predicts figures will remain relatively flat. It expects a 4-5.5% operating margin and 3-6 billion euros in net cash flow. Arno Antlitz, group CFO, says that this year’s 4.6% “is not sufficient in the long run.” VW plans to keep investing in its gas engine vehicles, looking to keep them competitive to maintain market share.
