Annual Report 2025

Consolidated Financial Statements

Statement of Comprehensive Income

Changes in comprehensive income for the period January 1 to December 31, 2025

Statement of Comprehensive Income of the Volkswagen Group – 2025

€ million

 

Total

 

Income attributable to Volkswagen AG shareholders

 

Income attributable to Volkswagen AG hybrid capital investors

 

Income attributable to non-controlling interests

 

 

 

 

 

 

 

 

 

Earnings after tax

 

6,904

 

6,673

 

650

 

−419

Pension plan remeasurements recognized in other comprehensive income

 

 

 

 

 

 

 

 

Pension plan remeasurements recognized in other comprehensive income, before tax

 

4,782

 

4,566

 

–

 

216

Deferred taxes relating to pension plan remeasurements recognized in other comprehensive income

 

−1,404

 

−1,351

 

–

 

−53

Pension plan remeasurements recognized in other comprehensive income, net of tax

 

3,378

 

3,216

 

–

 

162

Fair value valuation of equity instruments that will not be reclassified to profit or loss

 

 

 

 

 

 

 

 

Fair value valuation of equity instruments that will not be reclassified to profit or loss, before tax

 

1,441

 

1,377

 

–

 

64

Deferred taxes relating to fair value valuation of equity instruments that will not be reclassified to profit or loss

 

−264

 

−263

 

–

 

−1

Fair value valuation of equity instruments that will not be reclassified to profit or loss, net of tax

 

1,177

 

1,114

 

–

 

63

Share of other comprehensive income of equity-accounted investments that will not be reclassified to profit or loss, net of tax

 

−5

 

−5

 

–

 

0

Items that will not be reclassified to profit or loss

 

4,550

 

4,325

 

–

 

225

Exchange differences on translating foreign operations

 

 

 

 

 

 

 

 

Gains/losses on currency translation recognized in other comprehensive income

 

−3,371

 

−3,255

 

–

 

−116

Transferred to profit or loss

 

36

 

36

 

–

 

–

Exchange differences on translating foreign operations, before tax

 

−3,334

 

−3,219

 

–

 

−116

Deferred taxes relating to exchange differences on translating foreign operations

 

1

 

0

 

–

 

1

Exchange differences on translating foreign operations, net of tax

 

−3,333

 

−3,219

 

–

 

−115

Hedging

 

 

 

 

 

 

 

 

Fair value changes recognized in other comprehensive income (OCI I)

 

3,619

 

2,958

 

–

 

661

Transferred to profit or loss or inventories (OCI I)

 

−1,384

 

−1,165

 

–

 

−218

Cash flow hedges (OCI I), before tax

 

2,235

 

1,793

 

–

 

442

Deferred taxes relating to cash flow hedges (OCI I)

 

−617

 

−493

 

–

 

−124

Cash flow hedges (OCI I), net of tax

 

1,619

 

1,300

 

–

 

318

Fair value changes recognized in other comprehensive income (OCI II)

 

−475

 

−379

 

–

 

−96

Transferred to profit or loss or inventories (OCI II)

 

761

 

669

 

–

 

92

Cash flow hedges (OCI II), before tax

 

286

 

290

 

–

 

−4

Deferred taxes relating to cash flow hedges (OCI II)

 

−90

 

−89

 

–

 

−1

Cash flow hedges (OCI II), net of tax

 

197

 

201

 

–

 

−5

Fair value valuation of debt instruments that may be reclassified to profit or loss

 

 

 

 

 

 

 

 

Fair value changes recognized in other comprehensive income

 

68

 

68

 

–

 

–

Transferred to profit or loss

 

−9

 

−9

 

–

 

–

Fair value valuation of debt instruments that may be reclassified to profit or loss, before tax

 

59

 

59

 

–

 

–

Deferred taxes relating to fair value valuation of debt instruments recognized in other comprehensive income

 

−19

 

−19

 

–

 

–

Fair value valuation of debt instruments that may be reclassified to profit or loss, net of tax

 

40

 

40

 

–

 

–

Share of other comprehensive income of equity-accounted investments that may be reclassified to profit or loss, net of tax

 

−172

 

−156

 

–

 

−16

Items that may be reclassified to profit or loss

 

−1,650

 

−1,833

 

–

 

183

Other comprehensive income, before tax

 

5,292

 

4,706

 

–

 

586

Deferred taxes relating to other comprehensive income

 

−2,393

 

−2,214

 

–

 

−178

Other comprehensive income, net of tax

 

2,900

 

2,492

 

–

 

408

Total comprehensive income

 

9,804

 

9,165

 

650

 

−11

Changes in comprehensive income for the period January 1 to December 31, 2024

Statement of Comprehensive Income of the Volkswagen Group – 2024

€ million

 

Total

 

Income attributable to Volkswagen AG shareholders

 

Income attributable to Volkswagen AG hybrid capital investors

 

Income attributable to non-controlling interests

 

 

 

 

 

 

 

 

 

Earnings after tax

 

12,394

 

10,721

 

630

 

1,043

Pension plan remeasurements recognized in other comprehensive income

 

 

 

 

 

 

 

 

Pension plan remeasurements recognized in other comprehensive income, before tax

 

2,158

 

2,086

 

–

 

72

Deferred taxes relating to pension plan remeasurements recognized in other comprehensive income

 

−514

 

−497

 

–

 

−17

Pension plan remeasurements recognized in other comprehensive income, net of tax

 

1,644

 

1,589

 

–

 

55

Fair value valuation of equity instruments that will not be reclassified to profit or loss

 

 

 

 

 

 

 

 

Fair value valuation of equity instruments that will not be reclassified to profit or loss, before tax

 

−20

 

−18

 

–

 

−3

Deferred taxes relating to fair value valuation of equity instruments that will not be reclassified to profit or loss

 

29

 

28

 

–

 

1

Fair value valuation of equity instruments that will not be reclassified to profit or loss, net of tax

 

8

 

11

 

–

 

−2

Share of other comprehensive income of equity-accounted investments that will not be reclassified to profit or loss, net of tax

 

−60

 

−60

 

–

 

0

Items that will not be reclassified to profit or loss

 

1,592

 

1,540

 

–

 

52

Exchange differences on translating foreign operations

 

 

 

 

 

 

 

 

Gains/losses on currency translation recognized in other comprehensive income

 

893

 

988

 

–

 

−96

Transferred to profit or loss

 

286

 

286

 

–

 

–

Exchange differences on translating foreign operations, before tax

 

1,179

 

1,275

 

–

 

−96

Deferred taxes relating to exchange differences on translating foreign operations

 

1

 

1

 

–

 

0

Exchange differences on translating foreign operations, net of tax

 

1,180

 

1,275

 

–

 

−96

Hedging

 

 

 

 

 

 

 

 

Fair value changes recognized in other comprehensive income (OCI I)

 

−622

 

−453

 

–

 

−169

Transferred to profit or loss or inventories (OCI I)

 

−1,072

 

−957

 

–

 

−114

Cash flow hedges (OCI I), before tax

 

−1,694

 

−1,410

 

–

 

−284

Deferred taxes relating to cash flow hedges (OCI I)

 

490

 

404

 

–

 

85

Cash flow hedges (OCI I), net of tax

 

−1,204

 

−1,006

 

–

 

−198

Fair value changes recognized in other comprehensive income (OCI II)

 

−471

 

−420

 

–

 

−51

Transferred to profit or loss or inventories (OCI II)

 

1,121

 

990

 

–

 

131

Cash flow hedges (OCI II), before tax

 

650

 

569

 

–

 

81

Deferred taxes relating to cash flow hedges (OCI II)

 

−185

 

−161

 

–

 

−24

Cash flow hedges (OCI II), net of tax

 

465

 

409

 

–

 

56

Fair value valuation of debt instruments that may be reclassified to profit or loss

 

 

 

 

 

 

 

 

Fair value changes recognized in other comprehensive income

 

80

 

80

 

–

 

–

Transferred to profit or loss

 

−7

 

−7

 

–

 

–

Fair value valuation of debt instruments that may be reclassified to profit or loss, before tax

 

73

 

73

 

–

 

–

Deferred taxes relating to fair value valuation of debt instruments recognized in other comprehensive income

 

−22

 

−22

 

–

 

–

Fair value valuation of debt instruments that may be reclassified to profit or loss, net of tax

 

51

 

51

 

–

 

–

Share of other comprehensive income of equity-accounted investments that may be reclassified to profit or loss, net of tax

 

−113

 

−114

 

–

 

2

Items that may be reclassified to profit or loss

 

379

 

614

 

–

 

−236

Other comprehensive income, before tax

 

2,173

 

2,401

 

–

 

−228

Deferred taxes relating to other comprehensive income

 

−202

 

−246

 

–

 

45

Other comprehensive income, net of tax

 

1,971

 

2,154

 

–

 

−183

Total comprehensive income

 

14,365

 

12,875

 

630

 

860
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