LVMH dividend: history, cash cover and yield
MyStockButler's October 2026 analysis: LVMH pays €13 per share annually; its declared interim payment is €5.50. LVMH generated €12,049 million of free cash flow in 2025 against €8,327 million of shareholder payments, so cash covered dividends and buybacks that year.
How much does LVMH pay per share over the years shown?
Dividends remain stable before rising gradually in the base case. The forecast uses €13, €13.50 and €14 per share because the annual dividend has stayed at €13 since 2023 and the declared interim payment is €5.50. The bear case cuts and then holds the dividend at €10, reflecting weaker cash generation. The bull case reaches €14, €15 and €16 as recovery supports higher shareholder payments; free cash flow was €12,049 million in 2025.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Revenue | 80,807 | 84,683 | 86,153 | 79,184 | 64,215 |
| Net income | 10,878 | 12,550 | 15,174 | 14,084 | 12,036 |
| EPS, diluted | 21.85 | 25.12 | 30.33 | 28.03 | 23.89 |
| Dividend per share | 13.00 | 13.00 | 13.00 | 12.00 | 10.00 |
What this means. LVMH calls its gross profit number “gross margin,” but here it means the money left after direct production costs, not a percentage.
Is LVMH's dividend covered by its cash?
Free cash flow is the cash left after the operating and investment spending included in the calculation. From 2021 through 2025, LVMH generated €56,323 million of it. Shareholders received €35,823 million through dividends and buybacks, about 64% of the total. The remainder funded other owners, acquisitions, financial investments and financing movements.
By 2025, free cash flow was €12,049 million and shareholder payments were €8,327 million. Debt repayments exceeded new borrowing, and bridge net debt ended at €6,841 million. LVMH therefore created more financial room while continuing to distribute cash. Whether its buybacks created value still depends on the prices paid.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Free cash flow | 12,049 | 11,294 | 8,775 | 10,685 | 13,520 |
| − Dividends paid | 6,465 | 6,492 | 6,251 | 6,025 | 3,527 |
| − Share buybacks | 1,862 | 592 | 1,878 | 1,944 | 787 |
| = Free cash flow not paid out | 3,308 | 3,639 | 114 | 2,295 | 8,798 |
What could change LVMH's dividend?
The view would move toward the bear case in 2027–2028 if Fashion & Leather Goods remains weak, Chinese demand deteriorates across destinations, or recurring operating margins continue to fall. By October 2029, falling recovery expectations would compress the multiple and restrict buybacks.
| October 2027 | October 2028 | October 2029 | |
|---|---|---|---|
| Earnings | 10,758 (9,875 / 11,830) | 11,508 (9,360 / 13,350) | 12,110 (9,420 / 14,415) |
| Shares (millions) | 491 (494 / 490) | 487 (493 / 486) | 484 (492 / 482) |
| Dividends per share | 13.00 (10.00 / 14.00) | 13.50 (10.00 / 15.00) | 14.00 (10.00 / 16.00) |
| Price to earnings | 18.00 (14.00 / 21.00) | 18.00 (13.00 / 23.00) | 19.00 (12.00 / 25.00) |
What is LVMH's dividend yield at today's price?
At €387.80 on 22 October 2026, one share buys a small piece of the group. Market capitalization is €190,688.16 million, while enterprise value is €198,971.16 million. Enterprise value estimates what the operating business costs after considering debt and cash. LVMH’s reported net financial debt excludes lease liabilities, so the €8,283 million gap is not automatically debt.