Michelin’s results published on 20 October for the nine months ended 30 September 2026 show revenue of €19.2 billion. Revenue rose 1.0% at constant exchange rates and 0.1% when both currency and scope effects are excluded. On that latter basis, third-quarter revenue grew 0.8%. At current exchange rates, reported revenue was €19,175 million, down 0.5% from €19,275 million in the same 2025 period.
Group tire volumes fell 0.8% over the nine months, while replacement volumes for the Michelin brand were up 4% by the end of September. The company maintained its full-year outlook and said it expected free cash flow before mergers and acquisitions to exceed €1.6 billion.
HABER PAPER / DATA
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Indicators
Michelin: nine-month revenue measures
Consolidated January–September 2026 revenue and year-on-year changes on different currency/scope bases are separate measures.
Revenue: current exchange rates
19,175 million EURData period: 2026-01–2026-09 · Observed
Transcribed amounts and rates from pages 3 and 8 of Michelin’s 20 October PDF. EUR 19,175 million is reported revenue at current exchange rates for the period; -0.5% is the current-rate change, 1% the constant-currency change and 0.1% the change at constant currency and scope. The final row measures tire volume, not revenue. Rates must not be added; adjusted growth is not nominal growth. Scope is the Michelin group, not the French economy.
Michelin’s results published on 20 October for the nine months ended 30 September 2026 show revenue of €19.2 billion. Revenue rose 1.0% at constant exchange rates and 0.1% when both currency and scope effects are excluded. On that latter basis, third-quarter revenue grew 0.8%. At current exchange rates, reported revenue was €19,175 million, down 0.5% from €19,275 million in the same 2025 period.
Group tire volumes fell 0.8% over the nine months, while replacement volumes for the Michelin brand were up 4% by the end of September. The company maintained its full-year outlook and said it expected free cash flow before mergers and acquisitions to exceed €1.6 billion.
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