AB Volvo Group reported net income of approximately SEK 52 billion ($4.9 billion USD) for fiscal year 2024, down slightly from the record SEK 58 billion in 2023. The dip reflects truck volume normalization after two exceptional years. Operating margins remained healthy at around 13%, well above the group's historical average of 8–9% before the post-pandemic pricing cycle.
Earnings of Volvo
AB Volvo Group net income in USD equivalent from 1960 through 2024. SEK/USD at approximate annual averages. Red point marks the 2009 GFC loss. The 2022–2023 record cycle reflects peak truck pricing and strong fleet replacement demand.
Annual Earnings Of Volvo
| Year | Net Income (USD equiv.) | YoY Change |
|---|---|---|
| 2015 | $2.02B | — |
| 2016 | $1.88B | −6.9% |
| 2017 | $2.72B | +44.7% |
| 2018 | $3.48B | +27.9% |
| 2019 | $3.20B | −8.0% |
| 2020 | $2.16B | −32.5% |
| 2021 | $3.52B | +63.0% |
| 2022 | $4.56B | +29.5% |
| 2023 | $5.46B | +19.7% |
| 2024 | $4.90B | −10.3% |
Note: Converted from SEK at approximate annual average rates. The 2020 decline reflects pandemic-era fleet order cancellations and production disruptions. Volvo's earnings cycles closely track global freight and construction activity, which drives truck replacement demand.
Volvo P/E Ratio
| Year | P/E Ratio | Note |
|---|---|---|
| 2015 | 11.1x | — |
| 2016 | 11.9x | Earnings decline |
| 2017 | 11.3x | Earnings recovery |
| 2018 | 6.9x | Record earnings, depressed multiple |
| 2019 | 9.1x | Earnings dip, stable multiple |
| 2020 | 15.9x | Pandemic earnings drop, share price resilient |
| 2021 | 13.1x | Recovery earnings |
| 2022 | 7.6x | Peak earnings, low multiple |
| 2023 | 8.1x | Record earnings |
| 2024 | 9.6x | Normalizing earnings |