The CAC 40 reached a new all-time high during trading on February 12, 2026, propelled to over 8,400 points by a wave of strong corporate earnings, with Hermès leading the way in the luxury sector. The Parisian index gained 1.01% at the start of trading, confirming its upward momentum despite global macroeconomic uncertainties. This CAC 40 record validates the strength of French companies, ready to defy global headwinds.
A Euphoric Session Fueled by Earnings
The Paris Stock Exchange opened with a bang, with the CAC 40 at 8,397.33 points after 90 minutes of trading, surpassing its previous high of 8,396 points at the beginning of January. This performance is explained by a flurry of positive annual reports: Michelin (+7%), Legrand (+5.7%), and EssilorLuxottica (+4.2%) are driving the index higher, while the luxury sector is shining, with Hermès and L’Oréal anticipating a strong LVMH performance.
Hermès is publishing exceptional annual results for 2025: revenue of €16 billion (+9% at constant exchange rates, +10% in Q4), current operating income of €6.6 billion (+7%, margin 41%), and net income attributable to the Group of €4.5 billion (+5.5% excluding exceptional tax). The share price climbed 2.6%, confirming the leather goods maker’s resilience in the face of sustained Asian demand.
The stars of the session: Michelin, Legrand, and luxury goods
Michelin is accelerating its share buyback program (€2 billion over 2026-2028) and its shares jumped nearly 7%, while Legrand posted a 6.7% increase in net income to €1.24 billion, with revenue of €9.48 billion (+9.6%) and a dividend of €2.38 (+8.2%). EssilorLuxottica and Danone (+4.7%) completed the top three, in a generally positive European market, except for Amsterdam.
The luxury sector was the main driver: Hermès exceeded expectations with growth across the board (double-digit growth in Europe, Japan, and the Americas in Q4), despite an unfavorable exchange rate. Schneider Electric and Airbus also supported the industry, illustrating an earnings season that boosted investor confidence.
Macroeconomic context: Resilience in the face of the US
This record comes after robust US employment figures (130,000 jobs created in January, compared to 65,000 expected), contradicting signals of a slowdown and maintaining high interest rates. Barclays notes a positive surprise in wages and unemployment, but the CAC 40 is outperforming thanks to its export champions (luxury goods, industry) which are less sensitive to the Fed.
The index erased a temporary correction at the beginning of 2026 (-3.34% in mid-January), confirming an upward bias towards 8,500 points if the results continue.
Outlook: Towards new highs in 2026?
The CAC 40 benefits from an attractive valuation (P/E ratio ~14x) and an earnings season that could prolong the rise, despite geopolitical and electoral risks (Trump 2). Analysts are targeting 8,500-8,600 points by the end of 2026, driven by luxury goods (Hermès, LVMH) and industrial sectors (Airbus, Schneider), with volatility linked to central banks.
The drivers of the CAC 40’s record high
The CAC 40’s 8,400+ point performance is based on these key results:
Luxury sector in the lead:
- Hermès: €16 billion in revenue (+9% constant), €6.6 billion in operating income (+7%, 41%), share price +2.6%.
- L’Oréal and LVMH’s outlook are solid, despite unfavorable exchange rates.
Industry and services:
- Michelin: +7%, €2 billion share buyback (2026-2028).
- Legrand: €1.24 billion in net income (+6.7%), €9.48 billion in revenue (+9.6%), €2.38 dividend.
- EssilorLuxottica +4.2%, Danone +4.7%.
Trading context:
- Opening +1.01% at 8,397 points, intraday record of 8,437. Europe was buoyant (except Amsterdam), and US employment was strong (130k jobs).
Outlook:
- P/E ratio 14x, target 8,500-8,600 points; luxury goods/engine industry.
