L'Oréal posted second-quarter revenue of €11.6 billion, up 8.2% on a reported basis and 6.3% like-for-like excluding IT phasing, 60 basis points above consensus expectations of 5.7% and 30 basis points ahead of BofA's own forecast. First-half EBIT reached €5,063 million, up 6.8% year-on-year, translating into a record operating margin of 21.3%, 20 basis points higher than a year earlier and 0.9% above consensus. The improvement came even as the company lifted advertising and promotion spending by 70 basis points to 32.6% of sales, funded by leverage in SG&A and a 10-basis-point gross margin gain to 74.8%. "At +6.5% adjusted like-for-like growth, L'Oréal maintained its strong momentum and expanded its outperformance of the global beauty market." Related articlesL'Oréal shares jump after strong Q2 beat and record marginCiti pushes back Fed rate cuts to May after blowout January jobs reportWolfe Research outlines eight risks that could spark stock declines in 2026