Hermès
RMS.PA · Euronext Paris. Prices to 23 Oct 2026. Updated 25 Oct 2026.
The most exclusive of the big houses. Leather goods carry the group and growth is reported at constant exchange rates.
Company health
Stable
- Sales. Constant currency growth, Q3 2026: +4.3%recovering
- Shares. −41.6% YTD vs STOXX Europe 600 +7.3%: −48.9 ptsweakening
Same method as the Luxury Health Check: growth above 3% scores +1, below 0% scores −1; shares more than 5 points ahead of the STOXX Europe 600 year to date score +1, more than 5 points behind score −1. Total 0. Watch exports are a sector signal, so they are left out here.
Key numbers
| Quarter | Revenue | Growth | Released |
|---|---|---|---|
| Q4 2025 | €4,087m | +9.8% | 12 Feb 2026 |
| Q1 2026 | €4,070m | +5.6% | 15 Apr 2026 |
| Q2 2026 | €4,094m | +6.7% | 29 Jul 2026 |
| Q3 2026 | €4,096m | +4.3% | 22 Oct 2026 |
Growth is constant currency, as the company reports it. Download CSV
| Margin and valuation | Value | Source |
|---|---|---|
| Recurring operating margin, H1 2026 | 41.0% | source |
| Recurring operating margin, FY 2025 | 41% | source |
| Valuation (P/E, yield) | not yet verified |
Reporting lines
Revenue by métier, € million (constant currency growth)
| Q4 2025 | Q1 2026 | Q2 2026 | Q3 2026 | |
|---|---|---|---|---|
| Leather Goods and Saddlery | 1,792 (+14.6%) | 1,849 (+9.4%) | 1,912 (+10.2%) | 1,912 (+10.8%) |
| Ready-to-wear and Accessories | 1,113 (+7.1%) | 1,076 (+0.4%) | 1,123 (+3.6%) | 1,141 (−2.0%) |
| Silk and Textiles | 308 (+7.1%) | 257 (+7.8%) | 212 (+12.2%) | 214 (+1.4%) |
| Other Hermès sectors | 516 (+12.9%) | 540 (+6.8%) | 525 (+4.0%) | 486 (−1.1%) |
| Perfume and Beauty | 122 (−14.6%) | 127 (+0.2%) | 107 (−9.5%) | 128 (+7.5%) |
| Watches | 138 (+3.2%) | 135 (−3.7%) | 134 (+4.4%) | 125 (−6.0%) |
| Other products | 98 (−1.7%) | 86 (+3.6%) | 82 (+1.9%) | 92 (+10.5%) |
| Total | 4,087 (+9.8%) | 4,070 (+5.6%) | 4,094 (+6.7%) | 4,096 (+4.3%) |
Quarterly tables from each release: FY 2025 (Q4), Q1, H1 (Q2) and Q3 2026. Source. Download CSV
Revenue by region, € million (constant currency growth)
| Q4 2025 | Q1 2026 | Q2 2026 | Q3 2026 | |
|---|---|---|---|---|
| France | 432 (+7.8%) | 347 (−2.8%) | 407 (+6.2%) | 417 (+3.6%) |
| Europe excl. France | 641 (+10.6%) | 538 (+9.7%) | 627 (+8.3%) | 687 (+9.5%) |
| Japan | 387 (+11.2%) | 404 (+9.6%) | 394 (+12.3%) | 402 (+9.6%) |
| Asia Pacific excl. Japan | 1,539 (+8.0%) | 1,881 (+2.2%) | 1,651 (+2.5%) | 1,650 (0.0%) |
| Americas | 906 (+12.1%) | 739 (+17.2%) | 846 (+13.7%) | 791 (+8.8%) |
| Other (Middle East) | 182 (+13.5%) | 160 (−5.9%) | 170 (−2.4%) | 149 (−4.5%) |
Hermès is a single brand, so there is no brand split. Source. Download CSV
What management said
Outlook: “group confirms an ambitious goal for revenue growth at constant exchange rates” Same wording in all four releases. source
Q3 2026 Tone: steady, a touch softer
Released 22 Oct 2026. Tone vs prior quarter: Slowest quarter of the four, but the same confident language. Release.
- Leather Goods and Saddlery +10.8%, an acceleration. source
- Asia Pacific excluding Japan flat at 0.0%; Middle East −4.5%. source
- Medium term revenue growth goal confirmed. source
“Despite a complex environment, Hermès continues its profitable growth and maintains its course.”
Axel Dumas, Executive Chairman, source
“we look to the future with confidence”
Axel Dumas, Executive Chairman, source
Call: No public call recording or transcript found for this release. Not available.
Q2 2026 Tone: confident
Released 29 Jul 2026. Tone vs prior quarter: A slight acceleration from Q1. Release.
- Growth of 6.7% at constant currency, up from 5.6% in Q1. source
- First half recurring operating margin 41.0%. source
- Japan +12.3% and Americas +13.7% in the quarter. source
“In the first half of 2026, Hermès delivered a solid performance, which reflects the strong desirability of its 16 métiers and the trust of its clients.”
Axel Dumas, Executive Chairman, source
Call: No public call transcript reviewed. Not available.
Q1 2026 Tone: cautious
Released 15 Apr 2026. Tone vs prior quarter: Tourist flows slowed with the Middle East situation. Release.
- Americas +17.2% at constant currency. source
- Middle East −5.9% and France −2.8%. source
- Reported sales down 1.4% because of currency. source
“In a tense geopolitical environment, Hermès maintains its course, true to its long-term strategy.”
Axel Dumas, Executive Chairman, source
Call: No public call recording or transcript found. Not available.
Q4 2025 Tone: confident
Released 12 Feb 2026. Tone vs prior quarter: Strong close to 2025. Release.
- Q4 up 9.8% at constant currency against a high base. source
- 2025 recurring operating profitability 41%. source
- Leather Goods +14.6% in the quarter. source
“In an uncertain environment, Hermès is moving into 2026 with confidence, underpinned by its creativity and exceptional savoir-faire.”
Axel Dumas, Executive Chairman, source
Call: No public call transcript reviewed. Not available.
Annual report. FY 2025 results (12 Feb 2026). The full year release is used here as the annual summary. The Universal Registration Document has not been reviewed for this version.
Not yet verified: Valuation: not yet verified. Earnings call commentary: no public recording or transcript reviewed.
Sources
- Q3 2026 release
- Q2 2026 release
- Q1 2026 release
- Q4 2025 release
- Share prices: Yahoo Finance daily closes
See also: alternative luxury indicators and the data hub.
Last updated 25 Oct 2026. Quotes are copied verbatim from the linked releases.