LVMH

LVMH Moët Hennessy Louis Vuitton is a luxury goods group based in Paris. It has five business groups: Wines & Spirits (such as Moët & Chandon and Hennessy), Fashion & Leather Goods (such as Louis Vuitton, Christian Dior and Loro Piana), Perfumes & Cosmetics, Watches & Jewelry (such as Tiffany & Co. and Bvlgari) and Selective Retailing (Sephora and DFS). Fashion & Leather Goods gave about 46% of revenue and most of the profit in the first nine months of 2026. Revenue was €80.8 billion in 2025 and €57.1 billion in the first nine months of 2026.

A press report of a February 2026 filing says that the Arnault family group holds about 50% of the capital and about 66% of the voting rights. LVMH reports in euros, and its shares trade on Euronext Paris. LVMUY is an American depositary share (ADS) that trades over the counter in the United States, and five ADS are one LVMH share.

The market doubts that LVMH can return to growth in Fashion & Leather Goods, its largest and most profitable business group. Organic revenue of this group fell 5% in Q3 2026, after a rise of 1% in Q2, because demand in China was weaker. Its profit from recurring operations fell 7% in H1 2026. Group revenue fell 3% on a reported basis in H1 2026, mainly because of currency changes, and the conflict in the Middle East cut organic growth by about 1% in Q1 2026.

Other business groups grew in Q3 2026: organic revenue rose 6% at Watches & Jewelry and at Wines & Spirits, and 8% at Selective Retailing. The intrinsic value on this page is an AI estimate from LVMH's own results. For the gap to close, three things must be true. Fashion & Leather Goods must return to organic growth as demand in China becomes stable and new Dior designs sell.

The margin of profit from recurring operations must stay near the 22.5% of H1 2026 while LVMH sells DFS businesses and Marc Jacobs. Net profit must grow again from the €10.9 billion of 2025. The 2026 annual results, expected in late January 2027, give the next test, and Q1 2027 revenue in April 2027 shows the trend in China. If these checks pass, the gap can close over the next four to six quarters.

The main reason it may not close is a long slowdown of luxury spending in China.

AI estimate, checked by Kevin. How it is made

1. Jan 27, 2027 · est.Pending

   2026 annual resultsA Q4 2026 return to organic growth in Fashion & Leather Goods and a 2026 margin near 22% pass; another organic decline in Fashion & Leather Goods or a lower margin fail.
2. Apr 2027 · est.Pending

   Q1 2027 revenue: China and Fashion & Leather GoodsOrganic growth in Fashion & Leather Goods and a stable trend in China pass; a further organic decline in Fashion & Leather Goods fails.

Every passed and failed checkpoint across all picks

• October 12, 2026LVMH reported Q3 2026 revenue of €18.50 billion, with organic growth of 1%. Revenue for the first nine months was €57.15 billion, down 2% on a reported basis and up 2% on an organic basis. Fashion & Leather Goods fell 5% on an organic basis in Q3 because the environment in China was less buoyant, while the United States, Europe and Japan grew. Watches & Jewelry and Wines & Spirits grew 6%, and Selective Retailing grew 8%. LVMH said that it sold most of the DFS businesses.
• September 1, 2026LVMH sold the Marc Jacobs fashion brand to WHP Global.
• July 27, 2026LVMH reported H1 2026 results. Revenue was €38.64 billion, down 3% on a reported basis and up 2% on an organic basis, and Q2 organic growth was 3%. Profit from recurring operations fell 4% to €8.69 billion, a margin of 22.5%, and net profit, Group share, was €5.70 billion, the same as a year earlier. Operating free cash flow was €4.10 billion, and net financial debt fell 19% to €8.25 billion. LVMH set an interim dividend of €5.50 per share, payable on December 3, 2026. DFS agreed to sell its Greater China businesses and other units.

• Demand for luxury goods in China fell in 2026, and Fashion & Leather Goods revenue fell 5% on an organic basis in Q3 2026. If Chinese buyers spend less for a long time, revenue and profit of the largest business group can keep falling.
• LVMH reports in euros but sells in many currencies. Currency changes cut nine-month 2026 revenue by about 3%. The ADS price in U.S. dollars also moves with the euro.
• Luxury demand depends on the economy, tourism and world events. The conflict in the Middle East cut organic growth by about 1% in Q1 2026.
• The Arnault family group controls the company, so other shareholders have little influence on strategy, pay and deals.

LVMH has low debt for its size. All amounts are in euros. Read more

Dividend yield

1.9% (last 12 months, at today’s price of $91.02)

Paid per share

$1.737 in the last 12 months (1 payment)

Current annual rate

$3.474 ($1.737 × 2 a year)

Latest ex-dividend date

April 27, 2026, $1.737 per share

Dividends per share by year

Source: company filings and market data, read on November 9, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.