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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Michelin
Michelin (ML) investor relations material
Michelin Q3 2026 TU earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 TU earnings summary20 Oct, 2026
Executive summary
Nine-month revenue was €19.175bn, down 0.5% at current exchange rates and up 1.0% at constant exchange rates; Q3 revenue grew 2.2% at constant FX, including 0.8% organic growth.
Q3 growth accelerated as price-mix and acquisition scope gains outweighed lower tire volumes; FY2026 guidance was confirmed.
Financial highlights
Nine-month revenue bridge: scope +€179m, volumes -€159m, price-mix +€206m, non-tire businesses -€26m and currency -€300m.
Q3 revenue bridge: scope +€88m, volumes -€37m, price-mix +€105m, non-tire businesses +€6m and currency +€91m.
Nine-month price-mix added 1.1%, including +1.6% from mix; tire volumes declined 0.8%.
Q2 and Q3 price increases are expected to cover 80% of cost inflators, with contract indexation covering the balance in H1 2027; tariff refunds totaled €100m through Q3.
Outlook and guidance
FY2026 guidance confirmed: segment operating income at constant FX and scope above 2025’s 4.9%, and free cash flow before M&A above €1.6bn.
FY tire volumes are expected to be slightly negative, with no Q4 rebound anticipated; group operating performance is expected to be stable versus 2025, with H2 below H1.
FY market outlook: passenger car/light truck -1% to +1%; truck excluding China 0% to +2%; specialties 0% to +2%.
Raw materials are expected to provide a €50m–€100m FY2026 tailwind, then become a headwind in H1 2027.
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Latest events from Michelin
- 2026 guidance confirmed with margin growth, innovation, and strong shareholder returns.ML
Investor presentation - Operating income and cash flow improved, guidance reaffirmed, and acquisitions accelerated diversification.MLH1 2026
- All resolutions passed as innovation, sustainability, and acquisitions drive future growth.MLAGM 2026
- Stable Q1 2026 revenue, resilient markets, and strong cash flow support an unchanged outlook.MLInvestor presentation
- Q1 2026 revenue stable at constant FX, with premium and Replacement tire sales growth.MLQ1 2026 TU
- Operating income EUR 2.9B, free cash flow EUR 2.1B, PCS and non-tire growth offset market headwinds.MLH2 2025
- Operating margin rose to 13.2% as guidance was maintained despite sales and net income declines.MLH1 2024
- Strong 2024 results, €1.38 dividend, and all resolutions approved amid global challenges.MLAGM 2025
- Operating income €3.4B, margin 12.6%, strong cash flow, resilient amid volume and market declines.MLH2 2024
Next Michelin earnings date
Q4 202611 Feb, 2027
Michelin
Next Michelin earnings date
Q4 202611 Feb, 2027
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Frequently asked questions
Compagnie Générale des Établissements Michelin Société en commandite par actions, commonly known as Michelin, is a global manufacturer of tires and mobility-related products and services. The company produces a wide range of tires for vehicles such as passenger cars, trucks, motorcycles, bicycles, airplanes, and heavy machinery. In addition to its core tire business, Michelin offers navigation systems, fleet management solutions, and travel guides. The company is headquartered in Clermont-Ferrand, France, and its shares are listed on the Euronext Paris.