Batteries · Oct 22, 2026, 10:53
CATL Q3 Profit Rises 14.5% to 21.25B Yuan as Revenue Jumps 58.6%
CATL's third-quarter profit grew far slower than revenue, with margins down and a VAT rebate cut ahead. It still sees 2027 demand holding on larger packs, averaging 69.5 kWh per vehicle.
CATL's third-quarter results as reported by CnEVPost and TechNode.
Illustration (AI-generated)
CATL reported third-quarter (Q3) net profit of 21.25 billion yuan ($3.16 billion), up 14.54% from a year earlier, while revenue jumped 58.58% to 165.22 billion yuan, according to results the company released on October 20.
CATL's Q3 net profit grew 14.54% year on year, well below the 58.58% rise in revenue, according to CnEVPost.
Illustration (AI-generated)
Profit grew far more slowly than sales. CnEVPost calculated that the quarterly figure was 5.77% below the 22.55 billion yuan CATL earned in the second quarter.
Margins and cash flow
For the first nine months, net profit attributable to shareholders rose 31.60% to 64.53 billion yuan and revenue rose 56.19% to 442.14 billion yuan. Cost of sales rose faster than revenue, up 61.61% to 341.7 billion yuan. CnEVPost calculated a nine-month gross margin of 22.72%, down about 2.59 percentage points from 25.31% a year earlier.
Sources
- CATL: Rising Electrification Rate and Average Battery Capacity per Vehicle to Support 2027 Growth · Google News · battery makers
- CATL’s Slower Profit Growth Fans Fears for China Battery Rivals · Google News · battery makers