LVMH reported revenues of €80.8 billion in 2025, down 5% on a reported basis and 1% on a comparable basis versus 2024, when it closed the financial year with revenue of €84.68 billion. LVMH said it had demonstrated resilience and maintained its innovative momentum despite an unstable geopolitical and economic environment.
Europe recorded a decline in the second half of the year, while the US saw growth, benefiting from robust local demand. Japan posted lower revenue than in 2024, a year that had been boosted by growth in tourist spending following the sharp weakening of the yen. The rest of Asia saw a marked improvement in trends compared with 2024, with a return to growth in the second half of the year.
In the fourth quarter, organic revenue growth stood at 1%, in line with the third quarter. The world’s leading luxury group noted an improving trend across all business groups. Profit from recurring operations for 2025 was €17.8 billion, representing an operating margin of 22%, affected by currency fluctuations. Net profit attributable to the Group was €10.9 billion. Free cash flow from operations totalled €11.3 billion, up 8%.
Other significant highlights, according to LVMH, include stable sales for Champagne and Wines, with weaker demand for Cognac; solid local demand for the Fashion and Leather Goods segment, which maintained a very high operating margin; successful innovations; and a highly selective retail approach for the Perfumes and Cosmetics segment.
LVMH also reports the success of the maisons’ iconic watch and jewellery lines and Tiffany’s revamped stores; the remarkable performance of Sephora, which continued to record growth in both sales and profit and consolidated its position as the world’s leading beauty retailer; and an acceleration in the group’s circular design policy, with 41% of the materials used to make the maisons’ products covered.
With more than 211,000 employees worldwide at the end of 2025, and over 40,000 direct jobs in France, each of which generates an additional 4.4 indirect jobs in the economy, France’s largest private-sector employer boasts 117 production plants and craft workshops in France. In FY2025 (on an organic basis), Wines and Spirits revenue declined by 5% (with profit from recurring operations down 25%), as did Fashion and Leather Goods (profit down 13%), while Perfumes and Cosmetics remained stable (profit up 8%), and Watches and Jewellery (profit down 2%) and Selective Retailing (with profit up 28%) grew by 3% and 4%, respectively.
“In 2026, in an environment that remains uncertain, the ability of our maisons to inspire dreams, combined with the highest levels of attention to cost management and our environmental and social commitments, will once again be a decisive asset to underscore our leadership position in the luxury goods market,” commented Bernard Arnault, LVMH chairman and CEO. “We will remain true to our entrepreneurial tradition as a forward-looking family group, focused on sustainable creativity in high-quality products, exceptional spaces, and the long-term future of our exceptional craftsmanship.”
“Once again in 2025, LVMH has demonstrated its strength and effective strategy, supported by highly motivated teams,” the French tycoon continued. “The Group has been sustained by the loyalty and growing demand shown by our local customers. This momentum has again been supported by the strong appeal of our brands, and our ambition to offer our customers extraordinary stores and cultural experiences, as demonstrated by The Louis in Shanghai, our House of Dior stores in several cities around the world, and our new Tiffany & Co. locations in Milan and Tokyo.”
“In addition to the promising new creative energy in several of our maisons, two important initiatives were a source of pride for the Group,” Arnault added. “The first was our presence at the World Expo in Osaka. […] The second, in a different field, was the first year of our 10-year partnership with Formula 1: an exciting opening to a world that shares our passion for excellence and innovation.”
At the shareholders’ meeting on 23 April 2026, LVMH will propose a dividend of €13 per share. An interim dividend of €5.50 per share was paid on December 4, 2025. The balance of €7.50 per share will be paid on April 30, 2026.
Bernard Arnault, LVMH
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