Vestas Wind Systems Income Statement

Financials in millions EUR. Fiscal year is January - December.

Millions EUR. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Revenue	18,822	17,295	15,382	14,486	15,587
Revenue Growth (YoY)	8.83%	12.44%	6.19%	-7.06%	5.18%
Cost of Revenue	16,325	15,238	14,099	14,368	14,031
Gross Profit	2,497	2,057	1,283	118	1,556
Selling, General & Admin	1,006	938	876	813	739
Research & Development	424	380	371	457	389
Other Operating Expenses	52	-55	-256	444	103
Total Operating Expenses	1,482	1,263	991	1,714	1,231
Operating Income	1,015	794	292	-1,596	289
Interest Income	7	-3	-26	62	21
Interest Expense	-	-	-	-162	-122
Other Non-Operating Income (Expense)	17	-86	-164	-	-
Total Non-Operating Income (Expense)	24	-89	-190	-100	-101
Pretax Income	1,039	705	102	-1,696	224
Provision for Income Taxes	259	211	24	-124	81
Net Income	778	499	77	-1,572	134
Minority Interest in Earnings	2	-5	1	0	9
Net Income to Common	778	499	77	-1,572	134
Net Income Growth	55.91%	548.05%	-	-	-82.48%
Shares Outstanding (Basic)	999	1,006	1,006	1,006	1,005
Shares Outstanding (Diluted)	1,004	1,010	1,010	1,006	1,008
Shares Change (YoY)	-0.62%	0.03%	0.36%	-0.18%	2.54%
EPS (Basic)	0.78	0.50	0.08	-1.56	0.17
EPS (Diluted)	0.77	0.49	0.08	-1.56	0.17
EPS Growth	57.14%	512.50%	-	-	-78.20%
Shares Outstanding	990.42	1,006	1,006	1,006	1,005
Free Cash Flow	1,465	1,662	571	-566	480
Free Cash Flow Growth	-11.85%	191.07%	-	-	31.87%
Free Cash Flow Per Share	1.46	1.65	0.57	-0.56	0.48
Dividends Per Share	0.100	0.070	-	-	0.050
Dividend Growth	42.86%	-	-	-	-78.26%
Gross Margin	13.27%	11.89%	8.34%	0.81%	9.98%
Operating Margin	5.39%	4.59%	1.90%	-11.02%	1.85%
Profit Margin	4.14%	2.86%	0.51%	-10.85%	0.92%
FCF Margin	7.78%	9.61%	3.71%	-3.91%	3.08%
EBITDA	1,015	794	292	-1,596	289
EBIT	1,015	794	292	-1,596	289
EBIT Margin	5.39%	4.59%	1.90%	-11.02%	1.85%
Effective Tax Rate	24.93%	29.93%	23.53%	7.31%	36.16%

Updated Feb 5, 2026. Data Source: Fiscal.ai. Standard template. Financial Sources.