LVMH (MC) Q3 2026 earnings summary

Executive summary

• Nine-month revenue was €57.148bn, up 2% organically and down 2% reported; Q3 revenue was €18.504bn, with organic growth of 1%.

• Q3 growth in Europe, the U.S. and Japan offset weaker demand in China; Watches & Jewelry and Selective Retailing led nine-month segment growth, while Fashion & Leather Goods contracted.

• Priorities include brand desirability, product quality, retail excellence, agility and efficiency amid an uncertain economic and geopolitical environment.

Financial highlights

• Nine-month revenue was €57.148bn versus €58.090bn in 2025; organic growth of 2% was offset by a 3% currency impact and a 1% perimeter impact, for a 2% reported decline.

• Q3 revenue was €18.504bn versus €18.280bn a year earlier; currency added 2% and changes in consolidation scope reduced revenue by 2%.

• Nine-month geographic revenue mix was stable: Asia ex-Japan 27%, U.S. 25%, Europe ex-France 18%, other markets 14%, France 8% and Japan 8%.

Outlook and guidance

• 2026 priorities include reinforcing icons and brand desirability through creative renewal, new in-store experiences, craftsmanship, quality and targeted investment.

• H2 FX is expected to weigh on margins by around 70 bps, similar to H1; cost discipline and sustainable efficiency remain priorities, though short-term actions may not fully offset near-term revenue pressure.

• Q4 Watches & Jewelry growth is expected to continue, with tougher comparison bases for Bvlgari and Tiffany; FX headwinds should ease next year, with a delayed Wine & Spirits margin benefit.