Michelin confirms 2026 guidance. Michelin stock falls 5.39 percent

Published on 10/21/2026 at 10:21 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Michelin confirms over EUR 1.6 billion in 2026 free cash flow. Michelin stock costs EUR 31.45 on October 21, 2026, 5.39 percent below Xetra close.

Michelin reinforces its 2026 outlook

Michelin confirmed its full-year targets on October 20, 2026.
Third-quarter revenue growth reached 2.20 percent after 1.00 percent for the first nine months.
Michelin stock trades at EUR 31.45 at 10:13 a.m. CEST at Lang & Schwarz on October 21, 2026, 5.39 percent below the Xetra close of October 20, 2026.
Free cash flow before acquisitions is expected to exceed EUR 1.6 billion in 2026.

Michelin, FR001400AJ45, Illustration mit AI erstellt.

Michelin (ISIN FR001400AJ45) was trading at EUR 31.45 at Lang & Schwarz on October 21, 2026, at 10:13 a.m. CEST, down 5.39 percent versus the Xetra close of October 20, 2026 at EUR 33.24. The company confirmed its full-year guidance in its financial information for the nine months ended September 30, 2026, published on October 20, according to Michelin.

Revenue growth improved in Q3

Michelin reported group revenue of EUR 19.2 billion for the first nine months of 2026. Growth at constant exchange rates accelerated to 2.2 percent in the third quarter from 1.0 percent for the nine-month period, while growth excluding changes in scope reached 0.8 percent in the quarter against 0.1 percent for the period.

The mix of growth matters. Tire volumes declined 0.8 percent through September, but Michelin-brand replacement volumes rose 4 percent. The price-mix effect contributed 1.1 percent, showing how pricing and premium products partly offset weaker original-equipment demand.

What does the improvement mean?

The third-quarter acceleration gives Michelin a stronger operating base for the remainder of 2026, but it does not remove the volume pressure. Consumer revenue fell 1.0 percent over the first nine months to EUR 10.4 billion, while Polymer Composite Solutions revenue rose 21.9 percent to EUR 1.15 billion, supported by acquisitions and organic gains outside Conveyors.

Management targets growth in segment operating income at constant exchange rates and scope compared with 2025. It also expects free cash flow before mergers and acquisitions to exceed EUR 1.6 billion in 2026, a concrete financial threshold against which the confirmed outlook can be measured.

Stock price sets a sharper test

The market reaction is more cautious than the operating figures. The Lang & Schwarz price was EUR 31.45 at 10:13 a.m. CEST on October 21, 2026, while the Xetra close of October 20, 2026 was EUR 33.24. The primary listing is on the Paris Stock Exchange, where Michelin stock closed at EUR 33.24 on October 20, 2026, according to RTTNews.

The further course of trading is shown by the continuously updated real-time quote of Michelin stock.