Rheinmetall stock: Record growth meets a lower 2026 outlook

Published on 11/12/2026 at 18:01 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Rheinmetall stock posted record nine-month growth, but project delays cut the company’s 2026 sales and margin outlook. Investors now weigh execution.

Growth stays strong as guidance resets

Rheinmetall lifted nine-month sales by 38% and operating result by 68%.
Project delays lowered the 2026 sales and margin outlook.
The backlog reached EUR 78.0 billion at the end of September.

Rheinmetall, DE0007030009, Illustration mit AI erstellt.

Rheinmetall reported record growth and profitability for the first nine months of 2026 on November 5, while delays to major projects forced the defense group to lower its full-year outlook. The company’s release said sales rose 38% to EUR 8.376 billion and operating result climbed 68% to EUR 1.339 billion.

Rheinmetall stock traded at 771.20 euros on Lang & Schwarz at 17:51 CET on Thursday, November 12, 2026, 0.18 percent below the Xetra close of Thursday, November 12. The current quote is 3.64 percent below the EUR 800.30 level in the latest relevant premarket report on Thursday morning, a separate comparison from the Xetra session move.

Record growth meets delayed projects

The Rheinmetall Q3 release said the operating margin increased to 16.0 percent from 13.1 percent. Operating free cash flow was negative EUR 1.698 billion as inventories built up to support targeted sales growth.

The company now expects 2026 sales of around EUR 13.2 billion, compared with its previous range of EUR 13.7 billion to EUR 14.2 billion. The projected operating margin is around 18.5 percent, down from the earlier expectation of about 19 percent.

Backlog supports the longer view

Rheinmetall attributed the outlook change to delays in the German armed forces’ Arminius project and in artillery ammunition acceptance tests. The Arminius project remains in final negotiations and cannot be commissioned until next year.

At September 30, Rheinmetall Backlog stood at EUR 78.0 billion, up from EUR 56.7 billion a year earlier. The company said higher volumes drove the record operating result, while capacity expansion and new production sites support its longer-term growth plans.