For Jaguar enthusiasts, the latest figures from Jaguar Land Rover (JLR) make for sobering reading — but the passion for the marque’s future remains undimmed.
The company’s third quarter to 31 December 2025 was marked by sharp declines in sales, production, and profit. Revenues of £4.5 billion were down around 39 per cent year-on-year, while pre-tax losses hit £310 million, compared with a £523 million profit in the same period last year. EBIT margins swung deeply into the red at -6.8 per cent. Free cash flow was negative at about £1.5 billion for the quarter — reflecting both the disrupted production cycle and ongoing global pressures.
Production only returned to normal levels in mid-November after the cyberattack forced an extended pause earlier in the autumn. That disruption, alongside the planned wind-down of legacy Jaguar models ahead of the all-new electric Jaguar, rising US tariffs and weakening conditions in China, left wholesale and retail volumes sharply lower than a year earlier.
There’s no sugar-coating it: this was a hard quarter. But, from Gaydon to Solihull, the belief in JLR’s engineering and style remains strong. New Jaguar prototypes are garnering attention from the automotive press, the Range Rover SV Black Edition is making waves in the US, and Defender variants showed grit in the Dakar Rally — underlining the brand’s capability even in adversity.
And then there’s this from PB Balaji, JLR’s CEO — a message that will resonate with every Jaguar enthusiast which he shared on LinkedIn earlier this week:
“JLR today announced its Q3 FY26 results. Our Q3 FY26 performance was impacted by previously indicated challenges, including the cyber incident, the planned wind down of legacy Jaguar models ahead of the launch of new Jaguar, and ongoing US tariffs. Market conditions in China also deteriorated further.
Thanks to our dedicated teams, we are back to doing what we do best – producing outstanding luxury vehicles. Production reached normal levels from mid-November and we are focused on building back better following the cyber incident.
While the external environment remains volatile, we expect our performance to improve significantly in the fourth quarter, and we have clear plans to manage the global challenges.
The year ahead marks the culmination of an extensive period of product development and testing, as we prepare to launch the Range Rover Electric and unveil the first new Jaguar.”
For fans of the Jaguar marque, that’s the line that matters. JLR isn’t just counting losses — it’s building for a new era. The winds of change may have buffeted the company in late 2025, but the next generation of Jaguars and the imminent Range Rover Electric promise a comeback that’s faithful to the brand’s spirit.
