Jaguar Land Rover Automotive plc today reports its financial results for the three months to 31 December 2025 (Q3 FY26)
JLR’s revenue for the quarter was £4.5bn, down 39% versus Q3 FY25 and £16.0bn YTD, down 24% YoY. This was largely driven by a reduction in wholesale volumes, which were impacted following the cyber incident, with production only returning to normal levels by mid‑November, and time being required thereafter to distribute vehicles globally. Volumes and profitability were both impacted year‑on‑year by the continued planned wind down of legacy Jaguar models ahead of the new Jaguar launch, and the deterioration of market conditions in China. Profitability was also impacted by the ongoing incremental US tariffs and increased VME.
Loss before tax and exceptional items was £(310)m in Q3 and £(444)m YTD, down from a profit of £523m and £1.6bn respectively a year ago. EBIT margin was (6.8)% for the third quarter, down from 9.0% a year ago, and (2.9)% YTD, down from 7.8% YTD last year. This decrease in profitability was due to the cyber incident, the continuing impact of US tariffs, reduced Jaguar volumes as referenced above, a deterioration of market conditions in China and increased VME. Exceptional items of £74m in the quarter includes £64m of costs related to the cyber incident.
Loss after tax in the quarter was £(298)m, compared to a profit of £375m in the same quarter a year ago. YTD, the loss after tax was £(609)m compared to a profit of £1.2bn this time last year.
Free cash outflow for the quarter was £(1.5)bn and £(3.1)bn YTD. The closing cash balance was £1.9bn. Total liquidity as at 31 December 2025 was £6.6bn, including the undrawn £1.7bn RCF, an undrawn £1.5bn bridge facility and an undrawn £1.5bn UKEF guaranteed commercial loan.
Looking ahead, JLR remains resilient and well placed to address the economic, geopolitical and policy challenges the industry faces. Investment spend is expected to remain at £18bn over the five‑year period from FY24. In light of the challenges faced, FY26 guidance is reaffirmed, with EBIT margin in the range of 0% to 2% and free cash outflow of £2.2bn to £2.5bn.