Alstom SA

ALO: XPAR (FRA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	yHX	LOCK\|L$Df	LOCK\|w&c$R#Z

Alstom Earnings: Record Orders, but Equity Case Hinges on Rolling Stock Execution and Cash

Loredana Muharremi

May 14, 2026

Alstom reported record order intake of EUR 27.6 billion (book/bill 1.4) for fiscal 2025/26, lifting the backlog to EUR 104.4 billion. Rolling stock issues cut car output by about 100 units and contributed to a 110‑basis‑point negative impact on gross margin, which came in at 13.3%.

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Alstom SA

Alstom Earnings: Record Orders, but Equity Case Hinges on Rolling Stock Execution and Cash

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