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LVMH (MC) investor relations material

LVMH Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Logotype for LVMH Moët Hennessy - Louis Vuitton, Société Européenne
Q4 2025 earnings summary27 Jan, 2026

Executive summary

  • Revenue for 2025 reached €80.8 billion, doubling over the past decade, with organic growth slightly negative for the year but positive in H2, showing resilience amid global economic and geopolitical disruptions.

  • Operating margin stood at 22%, well above the 20-year average, with profit from recurring operations at €17.8 billion, down 9% mainly due to currency impacts.

  • Free cash flow rose 8% to €11.3 billion, reflecting strong cost control and disciplined capital allocation.

  • Net profit group share was €10.9 billion, down 13% year-over-year, mainly due to negative currency effects and higher taxes.

  • Major economic and social contributions included over 211,000 employees and €5.5 billion in corporate tax paid.

Financial highlights

  • Revenue declined 5% reported, 1% organic, with Q4 organic growth of +1%; gross margin fell to €53.5 billion.

  • Operating profit dropped 9%, with most of the decline attributed to currency headwinds; net profit group share down 13%.

  • Operating expenses fell 4%, with G&A down 5% and marketing expenses reduced.

  • Net debt decreased to €6.9 billion, below 10% of sales, and net debt to equity ratio was 9.9% at year-end.

  • Dividend proposed at €13 per share, stable year-over-year.

Outlook and guidance

  • Confidence for 2026 remains high despite ongoing macroeconomic and geopolitical uncertainties.

  • Focus on expanding global leadership, innovation, and operational efficiency, with continued commitment to environmental protection and corporate social responsibility.

  • Currency and tariff headwinds are expected to persist into 2026, with the full impact of tariffs to be felt next year.

Regional demand drivers for 2025 revenue
Key factors for profit changes by business group
2026 strategy to reinforce market leadership
Tiffany transformation: product mix & store impact
Sustain 2025's cost control and margin resilience
Sephora's global expansion strategy and potential
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Q1 202613 Apr, 2026
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Frequently asked questions

Luxury Powerhouse

Moët Hennessy Louis Vuitton SE is a French luxury conglomerate spearheaded by the legendary entrepreneur Bernard Arnault. The conglomerate owns and operates over 60 brands in fashion, jewelry, wines & spirits, and other luxury sectors. The company is headquartered in Paris, France, and is traded on Euronext Paris. A list of brands owned by LVMH includes names such as Louis Vuitton, Hennessy, Fendi, Moët, and many more.

Bernard Arnault and the Founding of LVMH

LVMH Moët Hennessy Louis Vuitton emerged in 1987 from the merger of two big names in the luxury sector: fashion house Louis Vuitton and drinks producer Moët Hennessy.

The merger process was facilitated by Bernard Arnault, who acquired a share in the textile group that owned Christian Dior during the 1980s. His vision was clear: unifying powerful luxury brands under one umbrella while preserving their identities and legacies. The merger of Louis Vuitton and Moët Hennessy, which was finalized in 1987, was a strategic move facilitated by Arnault who went on to become chairman and CEO in 1989. Under Arnault's leadership, LVMH not only solidified its position in the luxury market but also diversified its portfolio through acquisitions of reputable brands within the industry.

Further reading: Inside LVMH: The Arnault Family and the Empire's Next Generation

LVMH Moët Hennessy Louis Vuitton operates across six distinct market segments, a testament to the company’s reach within the luxury industry.

  • Fashion & Leather Goods: This segment houses some of the world's most iconic fashion brands which primarily produce clothing, handbags, and leather accessories.

  • Selective Retailing: LVMH has a presence in high-end retail through department stores and duty-free shops, primarily in Paris

  • Perfumes & Cosmetics: LVMH offers a range of premium fragrances, skincare, and makeup products through its brands.

  • Watches & Jewelry: The company owns several high-end luxury watch brands, as well as companies focusing on other types of jewelry.

  • Wines & Spirits: LVMH has a broad portfolio of high-end wine and spirit brands, and sells a wide array of various types of champagne, cognac, and other alcoholic beverages.

  • Other Activities: The broadest of all the different market segments the company is active in. Other Activities include yachting, hotels, amusement parks, and other things.

A Behemoth of the Industry

LVMH can truly be considered a behemoth of the luxury industry. Apart from the companies we’ve already mentioned, LVMH also owns names such as Dom Pérignon, TAG Heuer, Bulgari, Kenzo, Sephora, and many, many more. Some of the closest peers to LVMH would be Kering and Richemont.

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