Earlier this month,
Jaguar Land Rover Automotive plc (JLR) reported its financial results for the three months to 31 December 2025 (Q3 FY26). Commenting on the performance, P.B. Balaji, JLR’s CEO, said: “Q3 was a challenging quarter for JLR with performance impacted by the production shutdown we initiated in response to the cyber incident, the planned wind down of legacy Jaguar, and US tariffs. Thanks to the commitment of our teams, we returned vehicle production to normal levels by mid- November, and we are focused on building our business back stronger.
“While the external environment remains volatile, we expect performance to improve significantly in the fourth quarter, and we have clear plans to manage global challenges. We have a resilient business and remain focused on transformation. 2026 is set to be an exciting year for JLR as we develop our next-generation vehicles, including the launch of the Range Rover Electric and the unveiling of the first new Jaguar.”
JLR’s revenue for the quarter was £4.5 billion, down 39% versus Q3 FY25, and £16 billion YTD (year to date), down 24% year-on-year. 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 (variable marketing expense).
Loss before tax and exceptional items was £310 million in Q3 and £444 million YTD, down from a profit of £523 million and £1.6 billion respectively a year ago. Looking ahead, JLR says it remains resilient and well placed to address the economic, geopolitical and policy challenges the industry faces. Investment spend is expected to remain at £18 billion over the five-year period from FY24.