LVMH reported Q1 2026 revenue of €19.1 billion, down 6% on a reported basis and up 1% organically, slightly below consensus expectations. EPS was not disclosed at the quarterly level. The share price had already dropped sharply earlier in the year, so the immediate after‑hours movement was muted.
About LVMH
LVMH Moët Hennessy Louis Vuitton SE (ticker: MC on Euronext Paris) is the largest global luxury products group by revenue. It was created in 1987 through the merger of Moët Hennessy and Louis Vuitton and is headquartered in Paris, France. The group controls more than 75 brands across wines and spirits, fashion and leather goods, perfumes and cosmetics, watches and jewelry, and selective retailing. Key brands include Louis Vuitton, Christian Dior, Fendi, Celine, Tiffany and Co., Bulgari, Hennessy, Moët and Chandon, Sephora, and DFS.
As of early 2026, LVMH has a market capitalization in the high hundreds of billions of euros and employs close to two hundred thousand people worldwide. The group typically trades at a premium price to earnings ratio compared with broader European indices and offers a moderate dividend yield that reflects both growth prospects and its status as a core luxury holding.
Top Financial Highlights
- Q1 2026 revenue was €19.1 billion, a decline of about 6% reported year on year and an increase of about 1% on an organic basis.
- Currency movements reduced reported revenue growth by roughly 7% points, while changes in scope had a negligible impact.
- Fashion and Leather Goods generated about €9.2 billion in revenue, down roughly 9% reported and about 2% lower on an organic basis.
- Watches and Jewelry recorded around €2.4 billion in revenue, about 2% lower reported but about 7% higher on an organic basis.
- Selective Retailing, which includes Sephora and DFS, produced about €4.0 billion in revenue, down roughly 3% reported and about 4% higher on an organic basis.
- Wines and Spirits revenue was around €1.3 billion, about 2% lower reported and roughly 5% higher on an organic basis.
- Perfumes and Cosmetics revenue was about €2.0 billion, down roughly 6% reported and flat on an organic basis.
- Management estimated that the conflict in the Middle East reduced organic revenue growth by about 1% point in the quarter.
- The company highlighted continued strength at Sephora and improving trends in Asia excluding Japan, particularly in mainland China.
- Net income, EPS, gross margin and operating cash flow for Q1 were not reported, as LVMH provides detailed profit and loss information on a half‑year and full‑year basis.
Beat or Miss?
| Metric | Reported | Analyst Estimate | Difference and Comment |
| Total revenue | €19.1 billion | Around €20.0 to €20.3 bn | Miss, due mainly to currency effects and softer fashion activity |
| Organic revenue growth | About +1% | About +1.5% | Slight miss of roughly 0.5% point |
| Fashion and Leather Goods | About -2% organic | Slightly positive growth | Miss, weaker demand and tourism in sensitive regions |
| Watches and Jewelry (organic) | About +7% | Not specified | Better than general market expectations for the category |
| Selective Retailing (organic) | About +4% | Not specified | Positive and supported by Sephora |
| Wines and Spirits (organic) | About +5% | Not specified | Positive, supported by champagne and other key labels |
| Perfumes and Cosmetics | Flat organic growth | Not specified | In line with muted expectations |
What Leadership Is Saying?
“LVMH remains vigilant yet confident at the start of the year. The Group remains focused on the development of its brands, driven by a sustained policy of innovation and investment as well as by a constant quest for quality in its designs, their desirability and their selective distribution.” – Bernard Arnault, Chairman and CEO, LVMH (Q1 2026 Press Release)
“We will see at what pace and how much [we increase U.S. manufacturing]. After years of exceptional growth, the best way through a downturn cycle is to stay focused. It is also a time to demonstrate our agility and capacity to adjust and react.” – Cécile Cabanis, CFO, LVMH (Q1 2026 Analyst Call)
Historical Performance
Q1 2026 vs Q1 2025
| Category | Q1 2026 (approx.) | Q1 2025 (approx.) | Change (%) |
| Total revenue | €19.1 bn | €20.3 bn | About -6% reported, +1% organic |
| Fashion and Leather Goods | €9.2 bn | €10.1 bn | About -9% reported, -2% organic |
| Watches and Jewelry | €2.4 bn | €2.5 bn | About -2% reported, +7% organic |
| Selective Retailing | €4.0 bn | €4.2 bn | About -3% reported, +4% organic |
| Wines and Spirits | €1.3 bn | €1.3 bn | About -2% reported, +5% organic |
| Perfumes and Cosmetics | €2.0 bn | €2.2 bn | About -6% reported, flat organic |
Competitor Historical Performance
| Company | Period (most recent) | Revenue (approx.) | YoY Change and Comment |
| LVMH | Q1 2026 | €19.1 bn | About +1% organic, pressured fashion segment |
| Kering | Full year 2025 | €14.7 bn | Double digit revenue decline, weakness at Gucci |
| Richemont | Q1 of fiscal year 2026 | €5.4 bn | Mid single digit growth at constant currency |
How the Market Reacted?
LVMH shares entered the Q1 2026 earnings announcement after experiencing their worst-ever quarterly stock performance in recorded history, falling 28% in Q1 2026 alone – worse than declines during the 2008-2009 Global Financial Crisis, the COVID-19 pandemic in 2020, and the dot-com collapse of 2001. This historic sell-off wiped approximately $55.9 billion from CEO Bernard Arnault’s personal net worth during Q1. The stock closed at €481.75 on April 13, 2026 – the day of the Q1 release – after previously hitting a 30-week low of €467.95 in March.
The Q1 2026 results, while technically a slight organic growth miss vs. the 1.5% FactSet consensus, were broadly in line with the challenging setup analysts had anticipated. The report confirmed that the Middle East conflict subtracted approximately 1% from organic growth. Given the severity of the pre-earnings sell-off, analyst sentiment heading into the announcement was framed around whether “the worst was already priced in,” with some strategists noting the extreme de-rating had created a potential floor.
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