Income Statement

of the Volkswagen Group for the period January 1 to December 31, 2025

**Income Statement of the Volkswagen Group**
€ million	Note	2025	2024

Sales revenue	1	321,913	324,656
Cost of sales	2	−270,671	−265,184
Gross result		51,243	59,472
Distribution expenses	3	−22,804	−22,320
Administrative expenses	4	−12,541	−12,754
Other operating income	5	13,615	14,974
Other operating expenses	6	−20,644	−20,312
Operating result		8,868	19,060
Share of the result of equity-accounted investments	7	930	375
Interest income	8	1,824	2,419
Interest expenses	8	−3,245	−3,446
Other financial result	9	930	−1,602
Financial result		439	−2,255
Earnings before tax		9,307	16,806
Income tax income/expense	10	−2,403	−4,411
Current		−3,837	−5,858
Deferred		1,434	1,447
Earnings after tax		6,904	12,394
of which attributable to
Non-controlling interests		−419	1,043
Volkswagen AG hybrid capital investors		650	630
Volkswagen AG shareholders		6,673	10,721

Basic/diluted earnings per ordinary share in €	11	13.29	21.36
Basic/diluted earnings per preferred share in €	11	13.35	21.42

Annual Report 2025