Michelin free cash flow exceeds forecast in 2025
22 Jan 2026
Group confirms segment operating income within previously announced range of €2.6bn – €3.0bn
Clermont-Ferrand, France – Michelin Group has reported a free cash flow before mergers and acquisitions of €2.1 billion in 2025, exceeding its previous guidance of €1.5 billion – €1.8 billion announced in October last year.
In a 21 Jan preliminary financial report, the French group said the outperformance was primarily driven by "capex discipline and a tight steering of operations
impacting working capital."
The operations, it noted, included inventory, accounts payable and accounts receivable.
As for operating performance, Michelin confirmed its 2025 segment operating income at constant exchange rates within the previously announced range of €2.6 billion – €3.0 billion.
The group will publish its audited full-year results 11 Feb, after market close.
