LVMH: Accelerating growth in the second quarter; solid first-half results
. Revenue: €38.6 billion . Profit from recurring operations: €8.7 billion . Free cash flow: €4.1 billion
Paris, July 27, 2026
LVMH Moët Hennessy Louis Vuitton, the world’s leading high-quality products group, recorded revenue of €38.6 billion in the first half of 2026. LVMH maintained its innovative momentum and remained very solid in a geopolitical and economic environment that remained disrupted, amplified by the conflict in the Middle East. Growth accelerated in the second quarter, with organic revenue growth for the Group of 3% (4% excluding the impact of the conflict in the Middle East). The United States saw growth accelerate and had a good first half of the year. Asia (excluding Japan) saw strong growth, confirming the improvement in trends observed starting in the second half of 2025. Japan posted growth for the half-year period and Europe showed good resilience.
Profit from recurring operations for the first half of 2026 came to €8.7 billion, equating to an operating margin that remained high at 22.5%. The Group share of net profit amounted to €5.7 billion, stable year on year.
Bernard Arnault, Chairman and CEO of LVMH, commented: “LVMH demonstrated its solidity and effective strategy. Our Maisons – which remained focused on ensuring the utmost quality in our products, and several of which are pursuing their creative renewal – continued to inspire dreams and enhance their desirability. Accelerating growth in the second quarter arose in particular from the success of Jonathan Anderson’s first designs for Christian Dior, the remarkable performance of Louis Vuitton’s exceptional new stores in Beijing and Seoul, and Tiffany and Bvlgari’s iconic lines. Strong growth at Sephora and the recovery in champagne and cognac also contributed to this excellent momentum. While continuing to pay very close attention to margins, we are entering the second half of the year with renewed confidence in the long-term potential of our Maisons and in our highly committed teams to continue to stand out and reinforce LVMH’s leadership position. The latest edition of our Journées Particulières events will showcase the invaluable expertise of our craftspeople and the rich heritage of our Maisons, offering an array of unique experiences.”
Highlights of the first half of 2026 included the following:
- Solid results over the half-year period.
- Accelerating growth in the second quarter.
- Growth in profit from recurring operations excluding the negative currency impact.
- High level of operating margin maintained at 22.5%.
- Robust cash flow of €4.1 billion.
- Signs of recovery for Wines & Spirits.
- Gradual acceleration in Fashion & Leather Goods, which returned to organic revenue growth in the second quarter.
- Excellent performance in jewelry for Tiffany and Bvlgari.
- Sustained growth at Sephora.
Financial highlights
In millions of euros | First-half 2025 | First-half 2026 | % Change Reported | % Change Organic |
| Revenue | 39 810 | 38 644 | -3% | +2% |
| Profit from recurring operations | 9 012 | 8 691 | -4% | |
| Net profit, Group share | 5 698 | 5 697 | 0% | |
| Operating free cash flow | 4 032 | 4 100 | +2% | |
| Net financial debt | 10 176 | 8 245 | -19% | |
| Equity | 66 875 | 69 694 | +4% |
Revenue by business group changed as follows:
| In millions of euros | First-half 2025 | First-half 2026 | % Change H1 2026 / H1 2025 Reported Organic* | % Change Q2 2026 / Q2 2025 Organic* | |
| Wines & Spirits | 2 588 | 2 598 | 0% | +5% | +5% |
| Fashion & Leather Goods | 19 115 | 18 146 | -5% | -1% | +1% |
| Perfumes & Cosmetics | 4 082 | 3 914 | -4% | 0% | -1% |
| Watches & Jewelry | 5 090 | 5 225 | +3% | +9% | +11% |
| Selective Retailing | 8 620 | 8 406 | -2% | +5% | +6% |
| Other activities and eliminations | 315 | 356 | - | - | - |
| Total LVMH | 39 810 | 38 644 | -3% | +2% | +3% |
* On a constant perimeter and currency basis. For the Group, the perimeter impact with respect to the first half of 2025 was -1% and the impact of exchange rate fluctuations was -5%.
Profit from recurring operations by business group changed as follows:
In millions of euros | First-half 2025 | First-half 2026 | % Change |
| Wines & Spirits | 524 | 582 | +11% |
| Fashion & Leather Goods | 6 636 | 6 195 | -7% |
| Perfumes & Cosmetics | 425 | 417 | -2% |
| Watches & Jewelry | 762 | 831 | +9% |
| Selective Retailing | 876 | 893 | +2% |
| Other activities and eliminations | (211) | (228) | - |
| Total LVMH | 9 012 | 8 691 | -4% |
Wines & Spirits: Signs of recovery for champagne and cognac; ongoing cost control measures
The Wines & Spirits business group recorded organic revenue growth of 5% and profit from recurring operations up 11% in the first half of 2026. The champagne business showed encouraging signs, in particular for prestige cuvées. Moët & Chandon began its second season as the Official Champagne of Formula 1 Grand Prix races. In China, Hennessy cognac saw the positive momentum that began during Chinese New Year continue. The V.S. range of ready-to-serve cocktails was launched in the United States. Provence rosé wines continued to make good progress. In addition to rigorous cost control, brand desirability and innovation remained the business group’s core strategic priorities.
Fashion & Leather Goods: Organic growth in the second quarter
Revenue for Fashion & Leather Goods saw organic growth in the second quarter, with a rapid acceleration in the United States, despite the impact of the conflict in the Middle East. The operating margin remained very high, even though operating profit was negatively affected by currency fluctuations. Louis Vuitton celebrated the 130th anniversary of its legendary Monogram, paying tribute to its iconic bags and enriching its range with the Monogram Emblème and the historic jacquard canvas used for the Maison’s first trunks. The Maison continued to express its cultural vision through its stores, offering customers unique experiences, such as the new flagships in Beijing and Seoul, which achieved an excellent performance. Christian Dior saw accelerating growth with the excellent start for Jonathan Anderson’s first designs. Inspired by a dress designed by Monsieur Dior, the Cigale bag in particular has been very well received. Highlights of the half-year period included the opening of the Bamboo Pavilion in Tokyo and a new House of Dior store in Osaka. Loro Piana, which turned in another excellent performance, presented its new Nomadic Reverie collection, illustrating the rich sensory experience and excellent craftsmanship of the Maison’s textile creations, while its range of leather goods was enriched with the Extra Softy Bag. Michael Rider at Celine, Jack McCollough and Lazaro Hernandez at Loewe, Sarah Burton at Givenchy and Maria Grazia Chiuri at Fendi continued the creative renewal of collections at their respective Maisons. Rimowa achieved strong growth in the half-year period. Berluti also had a good start to the year. An agreement was entered into with WHP Global for LVMH’s sale of Marc Jacobs.
Perfumes & Cosmetics: Good performance by historic Maisons; ongoing selective retail approach
The Perfumes & Cosmetics business group, for which revenue remained stable on an organic basis in the first half of 2026, maintained its robust innovation policy and highly selective retail approach. The operating margin was up slightly. LVMH’s historic Maisons had a good start to the year. Parfums Christian Dior performed well, buoyed by the launches of J’adore Intense and eau de parfum versions of Dior Addict. In high perfumery, new signature scents were unveiled within La Collection Privée. Good momentum in makeup – driven by Forever and Backstage in particular – also contributed to the Maison’s performance. Guerlain saw strong growth driven by its L’Art & La Matière and Aqua Allegoria fragrance collections, as well as accelerating growth in its iconic Rouge G lipstick. Parfums Givenchy focused on the development of L’Interdit. Maison Francis Kurkdjian expanded its Oud collection and Acqua di Parma celebrated its 110th anniversary.
Watches & Jewelry: Acceleration driven by growing success of iconic lines
The Watches & Jewelry business group recorded organic revenue growth of 11% in the second quarter, marking an acceleration. The operating margin was up over the half-year period. Tiffany & Co. achieved an excellent performance and continued to successfully strengthen its iconic product lines – Knot and HardWear in particular – and to renovate its store network. Natalie Portman became the Maison’s new brand ambassador. Bvlgari also achieved strong growth and unveiled a new artistic vision for high jewelry and prestige watches with Eclettica, which generated record-breaking revenue. The Serpenti collection was showcased in a new communication campaign. Chaumet continued to develop its Bee de Chaumet collection. In watches, TAG Heuer continued to enjoy a high-profile presence at Formula 1 Grand Prix races.
Selective Retailing: Sustained growth for Sephora; sale of assets by DFS
In Selective Retailing, organic revenue growth was 5% in the first half of 2026 and the margin continued to grow. Sephora recorded sustained organic growth in its revenue. The Maison saw further market share gains in many countries, consolidating its global leadership position. It continued to enrich its unique selection of brands with a number of exclusive launches, including Rhode, which was a major success in North America and the United Kingdom. The retail network continued to expand, including successful market entries in Belgium and Croatia. Le Bon Marché once again posted revenue growth, driven by its differentiation strategy and its ever-unique slate of events. DFS sold its businesses in Greater China to China Tourism Group Duty Free; an agreement was also entered into to sell the Los Angeles and San Francisco airport concessions to Duty Free Americas, and to sell DFS Okinawa to Avolta.
Outlook for 2026
Despite a geopolitical and economic environment that remains uncertain, the Group remains confident and will maintain a strategy focused on continuously enhancing the desirability of its brands, drawing on the exceptional quality of its products and excellence in retail. Its exacting focus on the highest quality across all its activities, combined with the energy and unparalleled creativity of its teams, will enable the LVMH Group to reinforce its global leadership position in luxury goods once again in 2026.
An interim dividend of €5.50 will be paid on December 3, 2026.
Regulated information related to this press release, the presentation on first-half results and the Interim Financial Report are available at www.lvmh.com. Limited review procedures have been carried out and the related report will be issued following the Board of Directors’ meeting.
Details from the webcast on the publication of 2026 first-half results are available at www.lvmh.com.
APPENDIX
The condensed consolidated financial statements for the first half of 2026 are included in the PDF version of the press release.
LVMH – Revenue by business group and by quarter
Revenue for 2026 (in millions of euros)
| Full-year 2026 | Wines & Spirits | Fashion & Leather Goods | Perfumes & Cosmetics | Watches & Jewelry | Selective Retailing | Other activities and eliminations | Total |
| First quarter | 1 273 | 9 247 | 2 038 | 2 443 | 4 048 | 72 | 19 121 |
| Second quarter | 1 324 | 8 899 | 1 876 | 2 782 | 4 358 | 284 | 19 524 |
| First half | 2 598 | 18 146 | 3 914 | 5 225 | 8 406 | 356 | 38 644 |
Revenue for 2026 (organic growth versus same period in 2025)
| Full-year 2026 | Wines & Spirits | Fashion & Leather Goods | Perfumes & Cosmetics | Watches & Jewelry | Selective Retailing | Other activities and eliminations | Total |
| First quarter | +5% | -2% | 0% | +7% | +4% | - | +1% |
| Second quarter | +5% | +1% | -1% | +11% | +6% | - | +3% |
| First half | +5% | -1% | 0% | +9% | +5% | - | +2% |
Revenue for 2025 (in millions of euros)
| Full-year 2025 | Wines & Spirits | Fashion & Leather Goods | Perfumes & Cosmetics | Watches & Jewelry | Selective Retailing | Other activities and eliminations | Total |
| First quarter | 1 305 | 10 108 | 2 178 | 2 482 | 4 189 | 49 | 20 311 |
| Second quarter | 1 283 | 9 006 | 1 904 | 2 608 | 4 431 | 267 | 19 499 |
| First half | 2 588 | 19 115 | 4 082 | 5 090 | 8 620 | 315 | 39 810 |
Alternative performance measures For the purposes of its financial communications, in addition to the accounting aggregates defined by IAS/IFRS, LVMH uses alternative performance measures established in accordance with AMF position DOC-2015-12. The table below lists these performance measures and the reference to their definition and their reconciliation with the aggregates defined by IAS/IFRS in the published documents.
| Performance measures | Reference to published documents |
| Operating free cash flow | URD (consolidated financial statements, consolidated cash flow statement) |
| Net financial debt | URD (Notes 1.22 and 19 to the consolidated financial statements) |
| Gearing | URD (“Comments on the consolidated balance sheet”, page 322) |
| Organic growth | URD (“Comments on the consolidated income statement”, page 318) |
URD: Universal Registration Document as of December 31, 2025
LVMH
LVMH Moët Hennessy Louis Vuitton is represented in Wines and Spirits by a portfolio of brands that includes Moët & Chandon, Dom Pérignon, Veuve Clicquot, Krug, Ruinart, Mercier, Château d’Yquem, Domaine du Clos des Lambrays, Château Cheval Blanc, Colgin Cellars, Hennessy, Glenmorangie, Ardbeg, Belvedere, Woodinville, Volcán de mi Tierra, Chandon, Cloudy Bay, Terrazas de los Andes, Cheval des Andes, Bodega Numanthia, Ao Yun, Château d’Esclans, Château Galoupet, Joseph Phelps and Château Minuty. Its Fashion and Leather Goods division includes Louis Vuitton, Christian Dior, Celine, Loewe, Kenzo, Givenchy, Fendi, Emilio Pucci, Marc Jacobs, Berluti, Loro Piana, RIMOWA, Patou, Barton Perreira and Vuarnet. LVMH is present in the Perfumes and Cosmetics sector with Parfums Christian Dior, Guerlain, Parfums Givenchy, Kenzo Parfums, Perfumes Loewe, Benefit Cosmetics, Make Up For Ever, Acqua di Parma, Fresh, Fenty Beauty by Rihanna, Maison Francis Kurkdjian and Officine Universelle Buly. LVMH's Watches and Jewelry division comprises Bulgari, TAG Heuer, Tiffany & Co, Chaumet, Zenith, Fred, Hublot and l’Epée. LVMH is also active in Selective Retailing as well as in other activities through DFS, Sephora, Le Bon Marché, La Samaritaine, Groupe Les Echos-Le Parisien, Paris Match, Cova, Le Jardin d’Acclimatation, Royal Van Lent, Belmond and Cheval Blanc hotels.
“This document may contain certain forward-looking statements which are based on estimations and forecasts. By their nature, these forward-looking statements are subject to important risks and uncertainties and factors beyond our control or ability to predict, in particular those described in LVMH’s Universal Registration Document which is available on the website (www.lvmh.com). These forward-looking statements should not be considered as a guarantee of future performance, the actual results could differ materially from those expressed or implied by them. The forward-looking statements only reflect LVMH’s views as of the date of this document, and LVMH does not undertake to revise or update these forward-looking statements. The forward-looking statements should be used with caution and circumspection and in no event can LVMH and its Management be held responsible for any investment or other decision based upon such statements. The information in this document does not constitute an offer to sell or an invitation to buy shares in LVMH or an invitation or inducement to engage in any other investment activities.”
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