Rheinmetall stock slips as Q2 revenue hits EUR 3.29 billion
Published on 08/21/2026 at 18:16 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS
Rheinmetall AG (ISIN DE0007030009) stock is trading just below recent highs on August 21, 2026, after Q2 2026 revenue reached EUR 3.29 billion and earnings came in at EUR 124 million.
That snapshot also showed EPS of EUR 7.52 versus an estimated EUR 6.6, a clear beat that kept attention on the company's defense pipeline and backlog conversion.
Q2 numbers stay in view
Per a current market-data overview as of August 20, 2026, the second quarter of fiscal 2026 marked one of Rheinmetall's strongest periods on record. Revenue rose to EUR 3.29 billion, and the same overview put earnings at EUR 124 million.
The comparison matters: EPS of EUR 7.52 exceeded the EUR 6.6 estimate by EUR 0.92. That gap is large enough to support the view that execution remains ahead of market expectations even as the share price cools from its peak.
Orders and backlog
The same reporting set says the order backlog stood at EUR 80.4 billion at the end of the second quarter, up 44 percent year over year, with an operating margin of 17.1 percent. Those figures give investors a concrete base for the revenue debate around 2026 and beyond.
A recent defense order for 149 mobile rescue stations, valued at more than EUR 500 million, adds another near-term contract reference point. The order flow is still large, but the market is weighing it against guidance pressure after the F126 frigate program ended.
Price and valuation
A fresh intraday snapshot from Tradegate on August 21, 2026 showed a bid of EUR 1,144.40 and an ask of EUR 1,145.00, with 4,631 shares traded and a day-on-day change of minus 1.57 percent. Another session print on August 20, 2026 placed the stock at EUR 1,172.20 in Frankfurt, down 0.73 percent on the day.
The same market view listed an average analyst target of EUR 1,679.38, with a low of EUR 1,050.00 and a high of EUR 2,380.00. Against that range, the current quote zone shows how much of the defense rerating is already reflected in the stock.
Skyranger 30
Skyranger 30 is the representative product at the center of Rheinmetall's air-defense push. The modular turret system is built to counter drones and other low-flying threats on a Boxer platform and remains a reference point for the company's land-systems business.
Recent reporting says series deliveries are now expected from mid-2027 through 2028. That schedule keeps the program relevant as a future revenue source while the market focuses on the latest quarterly numbers.
Shares hold below the peak
Rheinmetall stock trades below the August 20, 2026 Frankfurt level of EUR 1,172.20 and well under the 52-week high of EUR 2,007.00 reached on October 3, 2025. The latest quote action suggests consolidation after a strong run, not a change in the underlying contract story.
For investors, the key tension is simple: EUR 3.29 billion in quarterly revenue, EUR 124 million in earnings and EUR 80.4 billion of backlog on one side, and a share price around EUR 1,145.00 on the other.
Fact box
Company: Rheinmetall AG
ISIN: DE0007030009
Ticker: RHM
Exchange: Xetra
Price: EUR 1,145.00
Price date: August 21, 2026
Market cap: EUR 50.1 billion
Sector / Industry: Industrials / Aerospace and Defense
Index membership: DAX
More on Rheinmetall stock
More on Rheinmetall stock at the company's investor relations page.
