# Who are Siemens AG's customers? Who does Siemens AG earn revenue from?
Canonical: https://valuechain.wiki/siemens-ag · Facet: customers · Updated: 2026-09-24T05:25:42.869056+00:00 · Source: ValueChain.wiki (cited money-flow graph)

**Citable summary**: Siemens AG's confirmed revenue counterparties include Quest Diagnostics Incorporated plus 3 undisclosed/aggregate relationships. Per the valuechain.wiki graph: 4 revenue edges, backed by 5 dated sources, 1 of them primary filings (as of 2026-09-24).

### 스마트 인프라 고객 (데이터센터·그리드·유틸리티) (high)
- metric: Revenue 23 EUR_bn · FY2025 ended Sep2025
- note: As AI data centers devour power, Smart Infrastructure has become Siemens' profit engine — FY2025 revenue €23.0bn (+8%), profit €4.5bn, a 19.6% margin (+2.3pp), the group's best profitability. It supplies transformers, switchgear, distribution and building tech to hyperscalers and utilities but does not disclose customer names, so they stay anonymous. Demand running ahead of capacity — a supplier-favored phase — is what drove the margin.
- [mentions] JPMorgan·UBS (via ad-hoc-news) (EN, research, published 2026-06-30) https://www.ad-hoc-news.de/boerse/news/ueberblick/siemens-benefits-from-fresh-analyst-targets-as-siemens-ag-stock-firms-at/69661330: "JPMorgan Overweight €345, UBS Buy €310 — targets lifted on automation recovery and AI/data-center demand."
- [confirms] AI Times (KR) (KO, news, published 2026-03-01) https://www.aitimes.com/news/articleView.html?idxno=212440: "AI data-center buildout surges power-infrastructure demand; Siemens supplies data-center power solutions such as 800V DC."
- [confirms] Siemens AG (EN, filing, published 2025-11-13) https://assets.new.siemens.com/siemens/assets/api/uuid:7fdd21fb-c248-43a3-b475-f2e618fbae88/2025-q4-earnings-release-en.pdf: "Smart Infrastructure FY2025: Revenue €22,989m (+8%), Profit €4,506m, margin 19.6%."
- [mentions] Siemens (EN, ir, published 2025-06-01) https://press.siemens.com/global/en/pressrelease/siemens-launches-electrification-x-strengthening-siemens-xcelerator-portfolio-across: "Electrification X portfolio addresses grid and data-center electrification."

### 디지털 인더스트리 고객 (공장자동화·산업SW) (high)
- metric: Revenue 17.8 EUR_bn · FY2025 ended Sep2025
- note: Once Siemens' crown, factory automation was pressed by a destocking cycle — FY2025 revenue -4% and margin falling from 18.9% to 14.9%. But orders turned up +8%, and software — EDA (chip design), PLM, simulation (Altair, Dotmatics acquisitions) — is the structural growth axis inside the hardware weakness. This segment is a cyclical trough overlaid with software growth.
- [mentions] JPMorgan·UBS (via ad-hoc-news) (EN, research, published 2026-06-30) https://www.ad-hoc-news.de/boerse/news/ueberblick/siemens-benefits-from-fresh-analyst-targets-as-siemens-ag-stock-firms-at/69661330: "Analysts lifted targets partly on higher-than-expected automation profitability and industrial-software strength."
- [confirms] Siemens AG (EN, filing, published 2025-11-13) https://assets.new.siemens.com/siemens/assets/api/uuid:7fdd21fb-c248-43a3-b475-f2e618fbae88/2025-q4-earnings-release-en.pdf: "Digital Industries FY2025: Orders €18,377m (+8%), Revenue €17,788m (-4%), margin 14.9% (from 18.9%). Orders rose in EDA and PLM."

### 모빌리티 고객 (철도 운영사·인프라) (mid)
- metric: Revenue 12.4 EUR_bn · FY2025 ended Sep2025
- note: Rail rolling stock, signaling, infrastructure and services delivered FY2025 revenue of €12.4bn (+9%), but at an 8.8% margin — the thinnest in the group. A long-cycle, low-margin business whose orders swing hard on large-project timing (a -45% order quarter against a prior-year spike); a stable backlog gives revenue visibility while profitability stays structurally low.
- [confirms] Siemens AG (EN, filing, published 2025-11-13) https://assets.new.siemens.com/siemens/assets/api/uuid:7fdd21fb-c248-43a3-b475-f2e618fbae88/2025-q4-earnings-release-en.pdf: "Mobility FY2025: Revenue €12,444m (+9%), Orders €16,994m, margin 8.8%."

### 퀘스트 다이아그노스틱스 (mid)  → /quest-diagnostics.md
- note: Siemens, through Siemens Healthineers, was selected as Quest's preferred immunoassay supplier and announced a multi-year agreement covering up to 120 Atellica analyzers across 19 U.S. core and esoteric laboratories, but supplier-specific spending was not disclosed.
- [confirms] Siemens Healthineers (EN, ir, published 2020-02-04) https://www.siemens-healthineers.com/press/releases/pr-atellica-quest-diagnostics.html: "selected by Quest Diagnostics to be its preferred supplier for immunoassay testing."

Reverse side: https://valuechain.wiki/siemens-ag/suppliers.md · Ripple: https://valuechain.wiki/siemens-ag/ripple.md

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