LVMH earnings
MyStockButler's October 2026 analysis: LVMH reported third-quarter revenue of €18,504 million against €18,280 million a year earlier and organic growth of 1%, while Fashion & Leather Goods fell 5%. The next release should show whether Fashion & Leather Goods can recover and Chinese demand can improve.
What has LVMH guided for 2026?
Management has promised to strengthen LVMH’s brands, but it has set no numerical target for 2026.
Has LVMH kept its past promises?
LVMH also reported achieving its target for women to hold half of key positions by 2025, while its community-participation goal reached 98%. These promises provide clearer tests than confidential bonus scores. Capital allocation requires the same kind of evidence.
What do LVMH’s last eight reported periods show?
Third-quarter revenue reached €18,504 million, against €18,280 million a year earlier, and organic growth was 1%. Wines & Spirits and Watches & Jewelry each grew 6%, while Selective Retailing grew 8%. Fashion fell 5%, reversing the improvement reported in the second quarter.
The first-half accounts give the latest complete profit and cash comparison. Revenue fell from the first half of 2025 to the first half of 2026, while net income was almost unchanged and diluted EPS edged higher. That combination shows why share-count movements can improve per-share results without stronger trading.
| 6 months to Jun 2026 | 6 months to Dec 2025 | 6 months to Jun 2025 | 6 months to Dec 2024 | 6 months to Jun 2024 | 6 months to Dec 2023 | 6 months to Jun 2023 | 6 months to Dec 2022 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 38,644 | 40,997 | 39,810 | 43,006 | 41,677 | 43,913 | 42,240 | 42,455 |
| Gross margin | 67.1% | 65.7% | 66.8% | 65.3% | 68.8% | 68.2% | 69.4% | 68.0% |
| Operating income | 8,714 | 8,101 | 8,998 | 8,283 | 10,624 | 10,996 | 11,564 | 10,874 |
| Net income | 5,697 | 5,180 | 5,698 | 5,283 | 7,267 | 6,693 | 8,481 | 7,552 |
| EPS, diluted | 11.51 | 10.43 | 11.42 | 10.58 | 14.54 | 13.40 | 16.93 | 15.04 |
What this means. Free cash flow is lower than cash from operations because it also subtracts spending on equipment and buildings and lease payments.
What should investors watch in LVMH’s next results?
The commercial test is the fourth quarter of 2026, followed by the full-year accounts. Investors need to see Fashion & Leather Goods recover from its third-quarter decline and Chinese demand improve. The accounts will also show whether sales become cash after investment, inventory needs and shareholder payments.