The Swatch Group has published its key financial figures for the 2025 fiscal year, reporting net sales of CHF 6,280 million.
The result represents a decline of 1.3% at constant exchange rates and 5.9% at current rates compared to the previous year. Despite the annual dip, the Group saw an excellent performance in the second half of the year with sales growth of 4.7% at constant exchange rates, bolstered by a strong acceleration in the fourth quarter where sales rose by 7.2% worldwide across all price segments.
Operating profit decreased to CHF 135 million from CHF 304 million in 2024, resulting in an operating margin of 2.1%. However, the Watches & Jewellery segment, excluding Production, performed significantly better, achieving an operating margin of 9.5% for the full year and an operating profit of CHF 549 million.
The Group’s decision to deliberately maintain production capacities and jobs led to an operating loss in the Production segment, while net profit for the year stood at CHF 25 million with a net margin of 0.4%.
Excluding the Greater China region, sales in the Watches & Jewellery segment rose by 3.4% over the year, accelerating to a 10.4% increase in the final quarter.
The Americas, led by the United States, posted a record year with sales up nearly 20% in local currencies, reflecting sustainable growth despite tariff-related uncertainty.
Several high-potential markets, including India, the Middle East, Mexico, and Poland, recorded double-digit growth. This momentum continued into January 2026, and the Group expects positive sales and volume developments for the coming year, providing the opportunity to reduce losses in the Production segment and substantially improve overall profitability.
High-end brands within the portfolio contributed significantly to this momentum, particularly Breguet as it marked its 250th anniversary. The brand unveiled the Classique Souscription, which won the Grand Prix de l’Aiguille d’Or at the GPHG awards, alongside the innovative Experimentale 1.
Blancpain introduced a world first with the Grande Double Sonnerie, a major complication featuring a retrograde perpetual calendar and a flying tourbillon.
Meanwhile, Omega launched the fourth generation of the Seamaster Planet Ocean, a completely redesigned collection featuring seven new references.
Tissot remained a key driver in the entry-level segment, supported by the launch of the PRC 100 Solar and the Art Deco–inspired SRV Collection, gaining significant market share in North America. Swatch also focused on innovation with the successful launch of its AI-DADA watch personalisation concept.
The very positive momentum observed in the second half of 2025, with a strong acceleration in the fourth quarter, has continued into January 2026 across all price segments. On this basis, the Group expects robust sales and volume growth for the full year 2026. swatchgroup.com
