LVMH reports €38.6 billion H1 revenue

LVMH said on July 27 that first-half 2026 revenue reached 38.6 billion euros, with organic growth of 2% and second-quarter organic growth accelerating to 3%. The French luxury group said profit from recurring operations was 8.7 billion euros, free cash flow was 4.1 billion euros and operating margin held at 22.5%. Group share of net profit was 5.7 billion euros, stable year on year. The company published the results and shareholder materials on its investor site. ### Where did the growth come from? LVMH said second-quarter momentum came in part from Tiffany and Bvlgari’s jewelry lines, Sephora’s continued growth and a recovery in champagne and cognac. Bernard Arnault, chairman and chief executive, also cited “the success of Jonathan Anderson’s first designs for Christian Dior” and the performance of Louis Vuitton stores in Beijing and Seoul. (lvmh.com) The company said jewelry posted an “excellent performance” and identified Tiffany and Bvlgari as standouts. That matters because Watches and Jewelry has been one of the clearest areas of strength in LVMH’s recent updates, while other parts of the portfolio have recovered more gradually. (lvmh.com) ### Did fashion actually improve? Fashion & Leather Goods returned to organic revenue growth in the second quarter, LVMH said in both its press release and shareholder letter. The company described the move as a “gradual acceleration” after a weaker earlier stretch for the division. (lvmh.com) Arnault linked that improvement partly to Dior and to continued demand around Louis Vuitton. LVMH did not present the quarter as a broad-based surge across all labels, but it did say the division had moved back into organic growth in Q2. ### How much of the headline number was helped or hurt by other factors? (lvmh.com) LVMH said first-half organic growth was 2%, while perimeter effects reduced growth by 1% and exchange-rate movements cut 5%. The company also said second-quarter organic growth would have been 4% excluding the impact of the conflict in the Middle East, compared with the reported 3%. (lvmh.com) The geographic picture was mixed but firmer than in some earlier periods. LVMH said the United States saw growth accelerate, Asia excluding Japan posted strong growth, Japan grew for the half year and Europe showed resilience. ### What did management say about the backdrop? Bernard Arnault said LVMH remained “very solid” in a geopolitical and economic environment that was still disrupted and was “amplified by the conflict in the Middle East.” He said the group was entering the second half with “renewed confidence in the long-term potential” of its maisons while continuing to watch margins closely. (lvmh.com 1) (lvmh.com 2) The company’s release paired that language with a focus on execution rather than new targets. LVMH highlighted product quality, creative renewal, store performance and cash generation, and it kept the emphasis on maintaining profitability while pursuing growth. ### What should investors watch next? (lvmh.com) LVMH said the 2026 interim dividend is set at 5.50 euros per share and is payable on December 3, 2026. The company’s published materials also point investors to the full half-year report and presentation deck on the LVMH investor website for divisional and regional detail. (lvmh.com) (lvmh.com)