Profit from recurring operations reached €17.8 billion, representing an operating margin of 22%, while Group share of net profit totalled €10.9 billion. Operating free cash flow increased 8% to €11.3 billion, supported by disciplined cost control and improved working capital management
Regional performance was mixed. The United States delivered growth on the back of solid local demand, while Europe declined in the second half of the year. Japan was down compared with 2024, which had benefited from strong tourist spending linked to a weaker yen. Elsewhere in Asia, trends improved noticeably, with the region returning to growth in the latter half of the year.
By business group, Fashion & Leather Goods, LVMH’s largest division, reported a 5% organic revenue decline, although performance improved in the second half as local customer demand remained resilient. Despite currency headwinds, the division maintained a high operating margin of 35%, underpinned by continued strength at Louis Vuitton and strong responses to new creative leadership across several Maisons.
Watches & Jewellery recorded 3% organic revenue growth, driven by strong performances at Tiffany & Co. and Bvlgari, alongside continued investment in high jewellery and flagship store renovations.
Outlook
LVMH reported continued progress under its LIFE 360 environmental programme, including increased use of recycled materials and certified raw materials, alongside reductions in water usage. The Group also highlighted its economic and social impact, employing more than 211,000 people worldwide and contributing €5.5 billion in corporate tax during 2025.
Looking ahead, LVMH said it remains confident for 2026 despite ongoing uncertainty, citing the strength of its brands, continued innovation and strict cost discipline.
