LVMH (MC) Q3 2025 earnings summary

Executive summary

• Q3 2025 showed improved trends across all business groups, driven by solid local demand and creative renewals, despite a challenging macroeconomic environment and negative currency impacts.

• Organic revenue grew 1% in Q3 2025 compared to the same quarter last year, but declined 2% for the first nine months year-over-year.

• Revenue for the first nine months was €58.1 billion, down 2% organically and 4% on a reported basis, with currency headwinds impacting results.

• Europe and the US remained stable year-over-year, while Asia (excluding Japan) saw improved trends; tourist spending was affected by currency fluctuations.

Financial highlights

• Q3 organic revenue growth was 1%, but reported revenue declined 4% due to a -5% currency impact.

• Nine-month 2025 revenue totaled €58.1bn, down from €60.8bn in 2024.

• Regional revenue mix: Europe 26% (up 1pt), U.S. 25% (stable), Asia 27% (down 2pt), Japan 8% (down 1pt), other markets 14% (up 2pt).

• Exchange rate fluctuations negatively impacted revenue by 2% for the nine months and 5% in Q3.

Outlook and guidance

• Q4 is expected to be tougher due to a challenging comp base, especially in Asia, Europe, and the U.S., but easier comps are anticipated in the first half of next year.

• Management remains confident but cautious, focusing on brand desirability, creative renewal, and selective investment amid ongoing macroeconomic volatility.