Rheinmetall: Growth, order backlog, and dividend 2025

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These are the Rheinmetall figures for 2025

Focusing on the continuing operations (excluding automotive supply), revenue increased by 29 percent last year compared to 2024, reaching 9.94 billion euros (approx. 11 billion USD). However, Rheinmetall had previously targeted growth between 30 and 35 percent. Operating profit improved by one-third to 1.84 billion euros (approx. 2 billion USD). The corresponding margin stood at 18.5 percent, meeting the defence company's goal of 18.5 to 19 percent. Net profit attributable to shareholders was lower at 696 million euros (approx. 802 million USD, compared to 717 million euros the previous year, approx. 725 million USD), primarily due to higher losses from discontinued operations. Shareholders are to receive a dividend of 11.50 euros per share (approx. 13 USD) for the past fiscal year, significantly exceeding analyst expectations. For the previous year, 8.10 euros per share (approx. 9 USD) had been distributed.

The sale of the auto business is dragging on

The sale of the automotive supply business is dragging on unexpectedly. Rheinmetall is now aiming for a contract to be signed by the third quarter at the latest. In December 2025, the defence company was still optimistic that everything could be finalised by the first quarter. At that time, it was stated that negotiations were underway with two bidders. However, they are now reportedly close to deciding on one of the two, commented Papperger at a press conference. According to Rheinmetall, the division is a burden for the company. Revenue fell by almost 13 percent in 2025, and the operating profit margin was only three percent.

New war in Iran boosts orders at Rheinmetall

In contrast, Rheinmetall expects excellent long-term prospects in the defence business. The Düsseldorf-based company confirmed its mid-term targets and aims to quintuple its revenue to around 50 billion euros (approx. 58 billion USD) by 2030. The operating margin is projected to exceed 20 percent by then. At the same time, the workforce is expected to more than double to 70,000 employees. Besides the massive tailwind from the Ukraine war, Rheinmetall is now also benefitting from the escalation in Iran. The defence company supplies the U.S. and its allies, among other things, with missiles and air defence systems. Papperger spoke of a significant growth boost from the new conflict. Rheinmetall systems are urgently needed, and the phones are ringing constantly.

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Date: 08.12.2025

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