H&M Hennes & Mauritz AB
Financial Performance
H&M Hennes & Mauritz AB Revenue & Financials
Revenue
~$22.8B (FY2025)
Market Cap
$26.2B
Net Income
~$1.2B
Employees
125,000
What is H&M Hennes & Mauritz AB's revenue?
H&M Hennes & Mauritz AB had ~$22.8B in revenue for fiscal year 2025, down 2.6% from 2024. Net income was ~$1.2B.
- Latest revenue
- ~$22.8B (FY2025)
- Year-over-year
- -2.6%
- Growth rate (CAGR)
- 3.5% over 4 years
- Peak revenue
- ~$23.6B (FY2023)
- Years of data
- 5
- Employees
- 125,000
- How much profit does H&M Hennes & Mauritz AB make?
- H&M Hennes & Mauritz AB reported net income of ~$1.2B for fiscal year 2025. hmgroup.com
- How many employees does H&M Hennes & Mauritz AB have?
- H&M Hennes & Mauritz AB has about 125,000 employees.
Financial Analysis
H&M's sales have been roughly flat in local currencies for several years, and a stronger krona has cut reported revenue: net sales fell from ~$23.6 billion (SEK 236.0 billion) in FY2023 to ~$22.8 billion (SEK 228.3 billion) in FY2025. Profitability is improving instead. Operating margin rose from 7.4% in FY2024 to 8.1% in FY2025, and reached 10.6% in Q3 2026 (about 1.6 points of that came from one-time tariff effects). Rolling 12-month operating margin was 9.0% at August 2026, still short of the group's 10%+ target. The board proposed a SEK 7.10 dividend for 2025, and CapEx is planned at SEK 9-10 billion for 2026. H & M Hennes & Mauritz AB is a dominant multinational fast-fashion clothing company, sustaining a market valuation typically over $25 billion.
Revenue Trend Analysis
YoY Change
-2.6%
4-Year CAGR
+3.5%
Peak Year
2023
Trend
Mostly Growing
H&M Hennes & Mauritz AB has 5 full fiscal year figures on this page, compounding at +3.5% annually over 4 years. The most recent year saw a 2.6% decline versus the prior year. Annual revenue peaked in fiscal year 2023 at ~$23.6B. Of 4 comparable year-over-year steps, 2 showed growth and 2 showed a decline.
Annual revenue history
| Fiscal Year | Revenue | Net Income | YoY Change | Source |
|---|---|---|---|---|
| FY2025 | ~$22.8B | ~$1.2B | -2.6% | H&M full-year report 2025 Fiscal year ended 2025-11-30. Net sales down 2.6% in SEK, up 2% in local currencies; operating profit SEK 18,395m. |
| FY2024 | ~$23.4B | ~$1.2B | -0.7% | H & M Hennes & Mauritz AB (STO:HM.B) annual reports, as compiled by S&P Global (via StockAnalysis) Fiscal year ended 2024-11-30. Profit after tax as restated in the FY2025 full-year report. |
| FY2023 | ~$23.6B | ~$874.5M | +5.6% | H & M Hennes & Mauritz AB (STO:HM.B) annual reports, as compiled by S&P Global (via StockAnalysis) Fiscal year ended 2023-11-30. |
| FY2022 | ~$22.4B | ~$356.6M | +12.4% | H & M Hennes & Mauritz AB (STO:HM.B) annual reports, as compiled by S&P Global (via StockAnalysis) Fiscal year ended 2022-11-30. |
| FY2021 | ~$19.9B | ~$1.1B | — | H & M Hennes & Mauritz AB (STO:HM.B) annual reports, as compiled by S&P Global (via StockAnalysis) Fiscal year ended 2021-11-30. |
Click any row to see year details.
Keep researching H&M Hennes & Mauritz AB
H&M Hennes & Mauritz AB Revenue and Financial FAQ
What are the primary revenue drivers for H&M Group?
H&M Group's revenues are primarily driven by apparel, footwear, accessories, beauty, and homeware sales across its global network of physical stores and online channels. The core H&M brand contributes the vast majority of consolidated net sales, supplemented by rapid revenue growth across higher-margin portfolio brands like COS, ARKET, and & Other Stories.
How do currency exchange fluctuations affect H&M's financial reporting?
Because H&M reports consolidated financial results in Swedish Krona (SEK) while purchasing the vast majority of its inventory in US Dollars (USD) from Asian suppliers and generating sales in Euros, USD, and British Pounds, currency fluctuations significantly impact gross margins and operating profitability, requiring active treasury hedging strategies.
What operating margin targets does H&M Group pursue?
H&M Group targets a long-term operating margin exceeding 10%, focusing on disciplined cost management, inventory optimization, nearshore sourcing flexibility, supply chain automation, and scaling high-margin digital and premium brand operations to offset raw material inflation and store operating expenses.
How does H&M manage capital allocation between dividends and store investments?
H&M maintains a balanced capital allocation framework aimed at sustaining a strong net cash position. It distributes regular cash dividends to shareholders (targeting at least 50% of net profits) while reinvesting free cash flow into digital IT capabilities, store portfolio remodeling, automated logistics hubs, and circular fashion technologies.
What impact do store closures and lease renegotiations have on H&M's balance sheet?
Under IFRS 16 lease accounting, H&M's extensive physical store leases are capitalized as right-of-use assets and corresponding lease liabilities. The strategic consolidation of unprofitable stores and negotiation of turnover-based lease terms reduce lease liabilities and fixed occupancy overhead, enhancing balance sheet agility.
How does raw material and freight cost volatility impact H&M's gross margins?
Fluctuations in global commodity prices (especially cotton, polyester, and wool) alongside container shipping rates and energy costs directly influence H&M's cost of goods sold. The company mitigates these cost pressures through strategic multi-country sourcing, volume procurement agreements, and supply chain lead-time optimization.
What is H&M Group's approach to share buyback programs?
H&M utilizes share buyback authorizations approved by its Annual General Meeting to repurchase Class B shares on the open market. These repurchases optimize the company's capital structure, enhance earnings per share (EPS), and return excess surplus capital to institutional and retail shareholders.
How does H&M report environmental and sustainability investments in its financial disclosures?
H&M integrates comprehensive Environmental, Social, and Governance (ESG) disclosures within its annual financial reporting. It tracks capital expenditures allocated to decarbonization, renewable energy procurement for supply chains, sustainable textile research, and green financing frameworks tied to specific sustainability benchmarks.
Who owns H&M?
H&M is a massive publicly traded company on the Stockholm stock exchange, but it is firmly controlled by the Persson family. Stefan Persson (the founder's son) and his son Karl-Johan Persson own a massive percentage of the voting shares, making them one of the absolute wealthiest families in Europe, generating billions in annual dividends.
Cite or embed this data
Using these figures? Please credit CorpDigest with a link.
CorpDigest. "H&M Hennes & Mauritz AB Revenue & Financials." CorpDigest, https://corpdigest.com/company/hm-hennes-mauritz-ab/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>H&M Hennes & Mauritz AB reported ~$22.8B in revenue (FY2025).</strong><br>Source: <a href="https://corpdigest.com/company/hm-hennes-mauritz-ab/financials" target="_blank" rel="noopener">CorpDigest — H&M Hennes & Mauritz AB financials</a></div>Related Financial Audits
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