LVMH
MC.PA · Euronext Paris. Prices to 23 Oct 2026. Updated 25 Oct 2026.
The biggest luxury group by revenue. Six business groups, from Louis Vuitton and Dior to Sephora and Hennessy.
Company health
Weakening
- Sales. Organic growth, Q3 2026: +1%stable
- Shares. −40.6% YTD vs STOXX Europe 600 +7.3%: −47.9 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 −1. Watch exports are a sector signal, so they are left out here.
Key numbers
| Quarter | Revenue | Growth | Released |
|---|---|---|---|
| Q4 2025 | €22,717m | +1% | 27 Jan 2026 |
| Q1 2026 | €19,121m | +1% | 13 Apr 2026 |
| Q2 2026 | €19,524m | +3% | 27 Jul 2026 |
| Q3 2026 | €18,504m | +1% | 12 Oct 2026 |
Growth is organic, as the company reports it. Download CSV
| Margin and valuation | Value | Source |
|---|---|---|
| Operating margin, H1 2026 | 22.5% | source |
| Operating margin, FY 2025 | 22% | source |
| Valuation (P/E, yield) | not yet verified |
Reporting lines
Revenue by business group, € million (organic growth)
| Q4 2025 | Q1 2026 | Q2 2026 | Q3 2026 | |
|---|---|---|---|---|
| Wines & Spirits | 1,441 (−9%) | 1,273 (+5%) | 1,324 (+5%) | 1,429 (+6%) |
| Fashion & Leather Goods | 10,159 (−3%) | 9,247 (−2%) | 8,899 (+1%) | 8,245 (−5%) |
| Perfumes & Cosmetics | 2,134 (−1%) | 2,038 (0%) | 1,876 (−1%) | 2,008 (+1%) |
| Watches & Jewelry | 3,077 (+8%) | 2,443 (+7%) | 2,782 (+11%) | 2,500 (+6%) |
| Selective Retailing | 5,735 (+7%) | 4,048 (+4%) | 4,358 (+6%) | 4,070 (+8%) |
| Total | 22,717 (+1%) | 19,121 (+1%) | 19,524 (+3%) | 18,504 (+1%) |
Q4 2025 from the full year release appendix; 2026 quarters from the Q3 2026 release appendix. Source. Download CSV
What management said
Q3 2026 Tone: cautious
Released 12 Oct 2026. Tone vs prior quarter: China weaker again after a stronger Q2. Release.
- Fashion & Leather Goods fell 5% organic in the quarter, hit by slower demand in China. source
- Watches & Jewelry +6% and Selective Retailing +8% kept the group positive. source
- Outlook kept the word confident despite an uncertain environment. source
“In the third quarter, organic revenue growth reflected the impact on business activity of a less buoyant environment in China, while the United States, Europe and Japan saw good growth.”
Company release, source
“Despite an economic and geopolitical environment that remains uncertain, the Group remains confident”
Outlook, source
Call: Revenue webcast listed by the company on lvmh.com. Not reviewed for this version, so no call commentary here.
Q2 2026 Tone: more confident
Released 27 Jul 2026. Tone vs prior quarter: Growth accelerated and the CEO spoke of renewed confidence. Release.
- Organic growth accelerated to 3% from 1% in Q1. source
- Watches & Jewelry +11%, with Tiffany and Bvlgari singled out. source
- First half operating margin 22.5%. source
“Accelerating growth in the second quarter arose in particular from the success of Jonathan Anderson’s first designs for Christian Dior”
Bernard Arnault, Chairman and CEO, source
“we are entering the second half of the year with renewed confidence in the long-term potential of our Maisons”
Bernard Arnault, Chairman and CEO, source
Call: Results presentation listed by the company. Not reviewed for this version.
Q1 2026 Tone: cautious
Released 13 Apr 2026. Tone vs prior quarter: Middle East conflict cost about 1 point of growth. Release.
- The Middle East conflict had a negative impact of around 1% on organic growth. source
- Asia excluding Japan saw strong growth; Fashion & Leather Goods −2%. source
“The conflict had a negative impact of around 1% on organic growth for the quarter.”
Company release, source
“LVMH remains vigilant yet confident at the start of the year”
Outlook, source
Call: Revenue webcast listed by the company. Not reviewed for this version.
Q4 2025 Tone: steady
Released 27 Jan 2026. Tone vs prior quarter: Growth in line with Q3, full year margin 22%. Release.
- Organic growth 1% in Q4, in line with Q3. source
- 2025 profit from recurring operations €17.8bn, operating margin 22%. source
- Fashion & Leather Goods margin stayed at 35%. source
“Once again in 2025, LVMH demonstrated its solidity and effective strategy upheld by its highly engaged teams.”
Bernard Arnault, Chairman and CEO, source
“In the fourth quarter, organic revenue growth came to 1%, in line with the third quarter.”
Company release, source
Call: Results presentation listed by the company. Not reviewed for this version.
Annual report. FY 2025 results (27 Jan 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: Revenue by region: LVMH does not publish a quarterly regional split in its releases. Revenue by brand: not reported. Valuation: not yet verified.
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.