Michelin announces financial results for the year

Clermont-Ferrand, France — Michelin announced its full-year financial results for 2025, reporting solid performance amid a challenging global economic environment. The Group achieved significant cash flow generation, strengthened its balance sheet, and continued to advance its long-term strategic priorities under the Michelin in Motion 2030 plan. Michelin delivered €2.9 billion in segment operating income in 2025 and generated strong free cash flow, reinforcing its financial resilience and strategic positioning.

Key Financial Highlights
Sales: €26.0 billion, down 1.4 % at constant exchange rates and 4.4 % at current exchange rates.
Segment Operating Income: €2.9 billion at constant exchange rates, representing 10.9 % of sales.
Tire Sales Volumes: Decreased 4.7 %, primarily driven by reduced Original Equipment demand, notably in North American Truck and Agricultural markets
Non-Tire Contributions: Positive growth from Michelin Connected Fleet, Polymer Composite Solutions and Lifestyle businesses.
Free Cash Flow (before M&A): €2.1 billion, reflecting strong operational management.
Net Income: €1.7 billion, down 12 % year-on-year.
Dividend: €1.38 per share to be submitted to the 2026 Annual General Meeting.

Automotive & Two-Wheel: Operating margin of 11.7%, supported by an improved premium tire mix and strong Replacement sales for MICHELIN-brand products.

Road Transportation: Operating margin of 4.7%, impacted by reduced OE volumes in North America, with adaptation plans underway to improve competitiveness.

Specialties: Operating margin of 13.5%, with robust growth in Mining and Aircraft tire segments and continued diversification into high-value engineered materials.

“Despite a complex market backdrop, Michelin teams delivered resilient financial performance while reinforcing the Group’s fundamentals, adjusting capacity to demand, and accelerating product innovation,” said Florent Menegaux, Managing Chairman of Michelin. “Our momentum in high-value segments like Polymer Composite Solutions reflects our strategic evolution beyond traditional tire markets.”

Looking ahead to 2026, Michelin expects tire markets to remain largely stable, with modest seasonal variations. The Group is targeting growth in segment operating income at constant exchange rates and more than €1.6 billion in free cash flow before M&A. Additionally, Michelin is launching a €2 billion share buyback program for the 2026–2028 period, underscoring confidence in long-term value creation.