L'Oréal: €11.56 Billion in Third-Quarter Revenue, Above Consensus Despite Mexico
L'Oréal published €35.33 billion in revenue for the first nine months of the year on October 22, 2026. It is up 7.7% on a reported basis and 6.9% on a comparable basis. The third quarter alone reached €11,561.4 million, compared to €10,333.7 million a year earlier, with adjusted comparable growth of 7.7%, exceeding the cumulative pace. This quarterly amount exceeds the average analyst consensus, which expected €11.22 billion. It also stands above the high end of their range, set at €11.39 billion. Over nine months, all four divisions and five zones posted growth. However, momentum remains uneven across regions. Latin America declined in the third quarter, due to difficulties in Mexico described by the group.
€35.33 Billion Over Nine Months, €11.56 Billion in the Third Quarter
Over nine months, growth at constant exchange rates came to 8.9%, of which 2.0% was related to the net effect of scope changes. Currency effects weighed -1.2% by end of September. By extrapolating the September 30 exchange rates (€1 = $1.1355) through December 31, the group estimates this impact at approximately -0.3% on full-year 2026 revenue. The 7.7% rate highlighted for the third quarter corresponds to comparable growth adjusted for the net effect of IT transformation timing. This effect amounted to +1.4% in the third quarter of 2026 and -0.9% in the third quarter of 2025. Before this adjustment, comparable growth for the quarter stands at 7.2%, and reported growth at 11.9%. Over nine months, the adjustment is neutral: both measures converge at 6.9%. According to the group, growth is mainly driven by mix and volumes. Online sales advance by approximately 17%.
All Zones Grow Over Nine Months, Latin America Declines in the Quarter
Professional Products posted the highest rate, with +12.4% on a comparable basis over nine months (€4,389.8 million). Dermatological Beauty follows with +11.6% (€6,087.4 million). Luxury, at €12,173.3 million, grows 5.7% over nine months and 6.4% in the third quarter (7.0% on an adjusted basis). Consumer Products, the leading division with €12,687.1 million, grows 4.2%. By zone, SAPMENA-SSA leads with +15.8% on adjusted comparable basis over nine months and +19.5% in the third quarter. Europe, the leading zone with €12,177.0 million, accelerates to +8.9% in the quarter versus +7.0% over nine months. North Asia moves from +5.5% to +7.8%, with China presented as its main driver. In North America, adjusted comparable growth stands at +5.6% in the third quarter versus +6.3% over nine months. Before adjustment, comparable growth for the quarter is +2.2%. Latin America (€2,728.9 million over nine months) grows 2.4% cumulatively, but declines 3.0% on adjusted comparable basis in the third quarter. The group attributes this decline to negative growth in Mexico. The Consumer Products division faces commercial difficulties and temporary supply chain disruptions in makeup, compounded by distributor inventory adjustments. Brazil remains in growth across all divisions.
Growth Targeted for 2026, Innovist Acquisition Completed in India
Nicolas Hieronimus, Chief Executive Officer, stated he was confident "in our ability to achieve another year of revenue growth and improve our profitability." The group achieved €44.05 billion in revenue for fiscal year 2025, of which €11,245.0 million in the fourth quarter. For 2026, analysts anticipate an average of €47.03 billion, including €12.20 billion for the fourth quarter. On the strategic front, L'Oréal completed the acquisition of a majority stake in Innovist, an Indian platform of personal care and beauty brands sold online. The group also signed a protocol agreement with South Korean Cosmax, specialized in research, development and manufacturing of cosmetics. Its venture capital fund BOLD also announced a partnership with Indian distributor Nykaa, to acquire minority stakes in Indian brands. On the financing side, L'Oréal completed, as announced on September 24, 2026, a bond issuance of €2 billion in three tranches, rated AA by S&P and Aa1 by Moody's. In total, the third quarter brought cumulative revenue to €35,337.6 million by end of September, compared to €32,807.0 million a year earlier.
