LVMH reports first-half 2026 results
LVMH posted first-half 2026 revenue of €38.6 billion, with 2% organic growth for the period and sequential acceleration to 3% in the second quarter, while operating margin remained 22.5% and operating free cash flow was €4.1 billion. Reported revenue fell 3% due to a 5% negative currency effect and 1% perimeter effect, and profit from recurring operations was €8.7 billion. Division performance was mixed: watches and jewelry grew 9% organically, selective retailing rose 5% led by Sephora, and fashion and leather goods stabilized with 1% organic growth in Q2. Management flagged a roughly €1 billion full-year FX EBIT headwind.
LVMH generated €4.1 billion operating free cash flow in H1 2026
Context
The company presented its half-year results on July 27, 2026. Currency movements and mixed regional demand shaped the numbers. Management expects continued sequential improvement but tougher second-half comparisons.
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