Compagnie Générale des Établissements Michelin Société en commandite par actions (MLp)

Michelin’s first half of fiscal 2026 missed consensus on both revenue and earnings, as results reported July 27, 2026 showed EPS of EUR 1.10 trailed the EUR 1.28 estimate (-14.1%) while revenue of EUR 12.687 billion trailed the EUR 12.831 billion estimate (-1.1%). Revenue rose about 95% year over year to roughly EUR 12.7 billion, up from EUR 6.514 billion a year ago, while net income increased about 83% to around EUR 761 million from EUR 417 million. Profitability in the period included gross profit of about EUR 3.6 billion with gross margin near 29%, and operating income of roughly EUR 1.4 billion as operating margin held around 11%. Michelin generated operating cash flow of about EUR 1.1 billion and paid roughly EUR 940 million in dividends. For the next period, consensus calls for EPS of EUR 1.48 on revenue of EUR 14.266 billion.