HERMÈS: THIRD-QUARTER REVENUE ROSE 4.3% AT CONSTANT RATES TO €4,096M; LEATHER GOODS GREW 10.8% WHILE THE OTHER SIX SECTORS FELL ABOUT 0.7%
By Pau Almar · Published
Q3 2026 · 22 OCTOBER 2026
Hermès reported revenue of €4,096m for the third quarter (€3,881m a year earlier), up 4.3% at constant exchange rates and 5.5% at current rates. For the nine months to 30 September 2026 revenue was €12,260m (€11,916m), up 5.5% at constant rates and 2.9% at current rates. The release is a revenue statement: no profit figure, balance sheet or numerical guidance.
Constant-rate growth slowed to 4.3% in the third quarter, from 5.6% in the first and about 6.6% in the second. Leather Goods and Saddlery grew 10.8% at constant rates, adding about €184m on a prior-year base of €1,700m; the group's own constant-rate increase was about €167m, so the other six sectors together fell about 0.7%. Ready-to-wear and Accessories fell 2.0% and Watches 6.0%. Leather Goods reached 46.7% of third-quarter revenue against 43.8% a year earlier.
// KEY NUMBERS
Q3 2026 · third quarter to 30 September 2026
| Revenue | EUR 4,096m |
|---|---|
| Reported growth | +5.5% |
| Constant-currency growth | +4.3% |
The Americas grew 17.2% in the first quarter, about 13.4% in the second and 8.8% in the third, and still supplied 37.4% of the quarter's constant-rate increase. Asia-Pacific excluding Japan, 40.3% of third-quarter revenue, grew 0.0%. The release says Greater China was stable over the nine months and gives no China figure, so the cause of the stall cannot be located in the disclosure.
Currency added about €48m, 1.2 points, in the third quarter, against minus €290m in the first; reported growth now exceeds constant-rate growth. Asia-Pacific excluding Japan carries the turn: it grew 3.8% at current rates and 0.0% at constant rates.
The full-year 2026 results on 12 February 2027 will show fourth-quarter growth at constant rates on a 2025 fourth-quarter base of €4,086m, against the nine-month rate of 5.5%; whether the sectors other than Leather Goods decline again; and the recurring operating margin against the 41.0% of 2025 and the first half.
Source: Hermès Quarterly information report as of the end of September 2026, 22 October 2026 ↗
Analysis by Pau Almar, VGR.
VGR analysis is an independent commercial reading of publicly disclosed company information, written from the perspective of a fashion retail sector operator. It is not investment research and it is not advice to buy, sell or hold any security. VGR is not a regulated financial adviser. Figures are taken from official company materials; figures derived by VGR are labelled as such. Readers should reach their own conclusions and take professional advice where appropriate.