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Swatch Group reported 2025 net sales of CHF 6.28 billion, down 5.9% at current exchange rates. After adjusting for currency movements, sales were down 1.3%. The smaller constant-currency decline shows that exchange rates contributed materially to the reported drop, while the year’s improving sales trend did not prevent full-year revenue from falling.
How much did Swatch Group revenue fall in 2025?
Net sales were CHF 6,280 million for the year, compared with CHF 6,735 million in 2024. The company reported a 5.9% decline using current exchange rates and a 1.3% decline at constant exchange rates. It disclosed CHF 308 million in negative currency effects. These figures describe the same year-over-year sales performance using different exchange-rate treatments; the reported decline was substantially larger than the constant-rate decline. Swatch Group’s 30 January 2026 results announcement provides the company’s reported figures.
Comparisons also reflect a business change: Swatch Group transferred the Rivoli Group eyewear business at the end of 2024 to a new company in which it holds a minority stake. The company says year-on-year sales comparisons exclude that transferred business unless otherwise stated. The reported declines should therefore be read in that context, rather than as a comparison that includes the same eyewear business in both periods.
Did sales recover during the year?
Yes, the trend improved markedly from the first half to the second, although the full-year result remained negative. First-half net sales were CHF 3,059 million, down 7.1% at constant exchange rates on a comparable basis. Swatch Group said that first-half decline was exclusively attributable to China, including Hong Kong SAR and Macau SAR. In the second half, sales grew 4.7% at constant exchange rates. Fourth-quarter sales rose 7.2% worldwide and across all price segments, according to the company’s January 2026 announcement.
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The 2025 decline was less severe than the previous year’s: 2024 net sales fell 14.6% at current rates and 12.2% at constant rates. That improvement in the annual comparison, together with second-half constant-rate growth, signals a better sales trajectory—but not full-year growth in 2025. The results announcement characterized the second-half momentum and final-quarter acceleration as continuing in January 2026; that was the company’s assessment at the time.
What happened to profit?
Profit declined more sharply than revenue. Operating profit fell to CHF 135 million from CHF 304 million in 2024, and net profit fell to CHF 25 million from CHF 219 million. The operating margin was 2.1%, down from 4.5%; the net margin was 0.4%, compared with 3.3% the previous year.
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The group reported CHF 549 million in operating profit and a 9.5% operating margin for Watches & Jewelry excluding Production. Its Production segment recorded a strongly negative operating result. Management said this reflected a deliberate decision to maintain production capacity and jobs without using compensation for reduced working hours. That is the company’s explanation for the segment result, not independent evidence of the decision’s costs or benefits.
Cash flow and liquidity
Operating cash flow rose 52.3% year over year to CHF 507 million. Net liquidity was CHF 1,195 million, down from CHF 1,376 million. These measures add context to the group’s financial position, but they do not change the direction of the year’s sales and profit results.
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What did Swatch Group expect for 2026?
In its 30 January 2026 results announcement, Swatch Group said it expected substantial growth across price segments in 2026, pointing to second-half momentum and the continuation it said it saw in January. This was management guidance issued alongside the 2025 results, not a verified account of what happened during 2026.
The company published its annual report on 18 March 2026. Its financial reports page lists the 2025 annual report.
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