PPX Income Statement - Kering SA

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Price: 226.95 EUR -5.52%

Market Cap: €52.4B

K	Kering SA XMUN:PPX	FR
C	Capital One Financial Corp BMV:COF	US
A	Avalon Technologies Ltd NSE:AVALON	IN
W	Williams Companies Inc XETRA:WMB	US
W	Walgreens Boots Alliance Inc F:W8A	US
	Amcomri Group PLC LSE:AMCO	UK

Financial profile · Q2 FY2026

A luxury group rebuilding growth after a sharp profitability reset

Kering has historically combined premium gross margins with substantial operating cash generation, but profitability has compressed materially from the 2022 peak; TTM operating margin is about 11.1%. Revenue has contracted from its prior peak, while recent cash generation has benefited from asset and portfolio transactions as well as operations.

What is developing

The latest comparable period shows an early operating recovery: revenue returned to comparable growth and the calculated operating margin improved, while TTM revenue and net income remain below prior levels. This matters because the direction has improved without yet proving that the multi-year earnings reset is over.

What matters next

Whether comparable revenue growth and operating-margin improvement persist while non-recurring charges and transaction-related cash benefits fade.

Metric	FY2016 Dec 2016	FY2017 Dec 2017	FY2018 Dec 2018	FY2019 Dec 2019	FY2020 Dec 2020	FY2021 Dec 2021	FY2022 Dec 2022	FY2023 Dec 2023	FY2024 Dec 2024	FY2025 Dec 2025
Revenue	12.4B	10.8B	13.7B	15.9B	13.1B	17.6B	20.4B	19.6B	16.9B	14.7B
Cost of Revenue	(4.6B)	(2.9B)	(3.5B)	(4.1B)	(3.6B)	(4.6B)	(5.2B)	(4.6B)	(4.5B)	(4B)
Gross Profit	7.8B	7.9B	10.2B	11.8B	9.5B	13.1B	15.2B	14.9B	12.4B	10.7B
Operating Expenses	(6B)	(5.2B)	(6.3B)	(7B)	(6.4B)	(8.2B)	(9.7B)	(10.2B)	(10B)	(9B)
Selling, General & Administrative	(2B)	(1.8B)	(2.1B)	(2.3B)	(2.1B)	(2.4B)	(2.8B)	(3B)	(3B)	(2.8B)
Other Operating Expenses	(4B)	(3.4B)	(4.2B)	(4.8B)	(4.4B)	(5.7B)	(6.9B)	(7.2B)	(7B)	(6.3B)
Operating Income	1.8B	2.7B	3.9B	4.7B	3.1B	4.9B	5.5B	4.7B	2.4B	1.6B
Net Interest Income (Expense)	(194.3m)	(199.2m)	(173.7m)	(305.5m)	381.6m	(257m)	(245m)	(394m)	(600m)	(587m)
Interest Expense	135.6m	114.3m	84.2m	173.3m	162.9m	152.2m	181m	361m	603m	623m
Non-Recurring Items	(391.5m)	(143m)	(193.4m)	(122.9m)	(487.9m)	(78.2m)	(98m)	(73m)	(243m)	(586m)
Total Other Income	(7.5m)	(21m)	(33.6m)	(4m)	(18.7m)	(16.2m)	(15m)	(16m)	(14m)	(7m)
Pre-Tax Income	1.2B	2.3B	3.5B	4.3B	3B	4.5B	5.1B	4.2B	1.6B	453m
Tax Provision	(296.1m)	(550.8m)	(867.7m)	(2.1B)	(759.2m)	(1.3B)	(1.4B)	(1.2B)	(455m)	(354m)
Income from Continuing Operations	882.3m	1.8B	2.6B	2.2B	2.2B	3.2B	3.7B	3.1B	1.1B	99m
Income to Minority Interest	(55m)	(23.2m)	(27.7m)	(41.5m)	(29.5m)	(80.2m)	(104m)	(91m)	(94m)	(68m)
Equity Earnings Affiliates	(2.2m)	(3.6m)	11.9m	41.8m	(7.6m)	1m	2m	4m	(10m)	(60m)
Net Income	813.5m	1.8B	3.7B	2.3B	2.2B	3.2B	3.6B	3B	1.1B	72m
EPS (Diluted)	6.45	14.17	29.49	18.39	17.20	25.49	29.30	24.37	9.23	0.58