EssilorLuxottica SA (ESLC) Q2 2026 Earnings Report
DE:ESLC Q2 2026 EPS Results
- Actual EPS
- EUR 1.71
- Consensus EPS
- EUR 1.98
- Beat/Miss
- Missed by -EUR 0.27
- One Year Ago EPS
- EUR 1.54
DE:ESLC Q2 2026 Revenue Results
- Actual Revenue
- EUR 15.39B
- Expected Revenue
- EUR 7.87B
- Beat/Miss
- Beat by +EUR 7.52B
- YoY Revenue Growth
- +12.85%
Earnings Announcement Details
- Quarter
- Q2 2026
- Date
- 07/28/2026
- Time
- During Market Hours
- Conference Call
- Tuesday, July 28, 2026
EssilorLuxottica SA's next earnings date is estimated for February 17, 2027, based on past reporting schedules.
Q2 2026 Earnings Call Audio
Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
The call presented a predominately positive operational and financial picture: solid double-digit-like improvements in profitability metrics, strong free cash flow, robust regional momentum (notably Asia Pacific), and clear product and strategic progress in wearables, myopia management and medtech. Management acknowledged localized slowdowns (key accounts in North America, flat France, some EMEA licensing softness), currency and tariff timing uncertainties, and a demanding H2 comparison base. Overall the positives (revenue growth, margin recovery, record cash generation, product pipeline and strategic partnerships) materially outweigh the noted operational and timing risks.
Management reiterated its medium‑term guidance of "solid revenue growth at constant currency," noting H1 revenues +9.7% cc (+5.7% reported) and Q2 +8.7% cc (+7.2% reported), while warning of a demanding H2 comparison but expressing confidence in delivering the financial ambition; by region Q2 was North America +7.2% cc, EMEA +8% cc, Asia‑Pacific +17% cc and Latin America +6.7% cc, with the core business up mid‑single‑digit and wearables nearly doubling in Q2 (analyst‑estimated contribution ≈4pp to Q2 growth). Profitability guidance pointed to gross profit accretion (+10bps), operating profit up 80bps at constant currency (50bps reported), net profit up 50bps cc (20bps reported) and operating expenses improving ~80bps of revenue despite continued R&D/medtech investments; free cash flow guidance is underpinned by €1.067bn generated in H1 (strongest in five years, >€100m ahead of prior year). Management also highlighted a net +60bps tariff benefit in H1 (with possible additional refunds in H2), a reduced constant/reported gap to 1.5pp after a ~2.5% USD devaluation in Q2 (potential H2 currency tailwind), and expects continued margin progression, controlled cost/inflation and revenue support from initiatives such as Stellest in ~11,000 US doors, myopia solutions (+25% in H1, >20% quarter‑on‑quarter), wearable rollouts and the Applied Materials partnership.
- Solid Top-Line GrowthGroup revenues +9.7% at constant currency (H1 2026) and +5.7% at current rates; Q2 revenue +8.7% at constant currency and +7.2% at current exchange rates, broadly aligned with medium-term guidance.
- Strong Regional Performance (Asia Pacific Lead)Asia Pacific Q2 growth +17% at constant currency (double-digit across China, India, Japan, SE Asia and Korea), Europe +8% and North America Q2 +7.2% at constant currency; Latin America +6.7% in the period.
- Wearables and Smart Glasses MomentumWearables showed exponential growth with smart-glasses sales nearly doubling in Q2 (analyst commentary indicated material contribution to Q2 growth); Ray-Ban Meta Optical and Oakley Meta expansions launched, with higher profitability already visible.
- Profitability ImprovementsAdjusted operating profit progress ~15% (management statement), gross profit improved +10 basis points, operating profit margin up ~80 bps at constant currency (50 bps at current), and net profit margin up ~50 bps at constant currency (20 bps at current).
- Record Free Cash FlowFree cash flow generation of €1.067 billion in H1 2026 — the strongest H1 in five years and >€100 million improvement year-over-year.
- Myopia Management Leadership and GrowthMyopia solutions grew ~25% in H1, with ~75–80% of growth coming from China; Stellest available in ~11,000 U.S. doors and launched in Japan, and myopia solution sales have been growing >20% quarter-over-quarter.
- Product & Industrial InnovationStrategic partnerships and investments: Applied Materials collaboration for next-gen intelligent optical systems (pilot lines and prototypes underway, first market product expected early next year), R&D hub in Thailand opened, wearable production rolled out in Italy, and Nuance Audio 2nd generation due mid-September.
- Retail & Direct-to-Consumer StrengthLensCrafters recorded the 14th consecutive quarter of positive comp sales and is rolling subscriptions into ~830 stores; EMEA subscription penetration ~30% of revenues (up ~6 ppt YoY); Sunglass Hut comps +7% and Sun retail double-digit comps in many markets.
- Tariff Refunds and Gross Margin TailwindNet tariff effect in H1 was positive, contributing ~60 basis points to P&L gross margin (refunds more than offset tariff payments in the period).
DE:ESLC Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 17, 2027 | 2026 (Q4) | 1.71- | 1.54 | ― | ― |
| Jul 28, 2026 | 2026 (Q2) | 1.981.71 | 1.54 | 11.00% (+0.17) | |
| Feb 11, 2026 | 2025 (Q4) | 1.401.54 | 1.38 | 11.19% (+0.15) | |
| Jul 28, 2025 | 2025 (Q2) | 2.041.54 | 1.44 | 6.80% (+0.10) | |
| Feb 12, 2025 | 2024 (Q4) | 1.291.38 | 1.01 | 37.61% (+0.38) | |
| Jul 25, 2024 | 2024 (Q2) | 1.781.44 | 1.47 | -1.94% (-0.03) | |
| Feb 14, 2024 | 2023 (Q4) | 1.351.01 | 1.03 | -2.59% (-0.03) | |
| Jul 25, 2023 | 2023 (Q2) | 1.721.47 | 1.2 | 22.59% (+0.27) | |
| Feb 23, 2023 | 2022 (Q4) | 1.181.03 | 1.18 | -12.65% (-0.15) | |
| Jul 29, 2022 | 2022 (Q2) | 1.421.20 | 1.33 | -9.97% (-0.13) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
