Pandora Results Q2 2026: Revenue, Profit and Margins
In Q2 2026, Pandora’s revenue was DKK 7,219.0 million, up 2.0% from Q2 2025. Operating profit was DKK 1,463.0 million, an operating margin of 20.3% (Q2 2025: 18.2%). Net income for the period was DKK 875.0 million and earnings per share DKK 11.7.
Pandora income statement Q2 2026: where the revenue went
Of every DKK 100 of revenue in Q2 2026, DKK 20.3 was left as operating profit and DKK 12.1 as net income.
Key figures for Q2 2026
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Revenue, DKKM | 7,219.0 | 7,075.0 | +2.0% |
| Gross profit, DKKM | 5,808.0 | 5,607.0 | +3.6% |
| Gross margin | 80.5% | 79.3% | +1.2 pp |
| Operating profit, DKKM | 1,463.0 | 1,287.0 | +13.7% |
| Operating margin | 20.3% | 18.2% | +2.1 pp |
| Net income, DKKM | 875.0 | 803.0 | +9.0% |
| Net margin | 12.1% | 11.3% | +0.8 pp |
| Earnings per share | DKK 11.7 | DKK 10.3 | +13.6% |
Pandora in charts
Pandora from revenue to net income, Q2 2026
Net income was DKK 875.0 million on revenue of DKK 7,219.0 million, a net margin of 12.1%.
What drove Pandora’s operating profit
Operating profit rose from DKK 1,287.0 million in Q2 2025 to DKK 1,463.0 million in Q2 2026. The chart shows which lines of the income statement made up the change.
Pandora profitability: profit margins by quarter
In Q2 2026, Pandora’s gross margin was 80.5% (Q2 2025: 79.3%), operating margin 20.3% (Q2 2025: 18.2%) and net margin 12.1% (Q2 2025: 11.3%). From Q1 2023 to Q2 2026, the operating margin ranged from 14.0% (Q3 2025) to 34.7% (Q4 2024).
Pandora revenue growth by quarter
Revenue was DKK 7,219.0 million in Q2 2026, up 2.0% from Q2 2025. The highest quarter from Q1 2023 to Q2 2026 was Q4 2024, with DKK 11,973.0 million.
Pandora operating profit by quarter
Operating profit was DKK 1,463.0 million in Q2 2026 (Q2 2025: DKK 1,287.0 million).
Pandora revenue and earnings, last twelve months
In the twelve months to the end of Q2 2026, revenue was DKK 32,455.0 million (−0.1% on a year earlier) and net income DKK 5,154.0 million.
Pandora earnings per share (EPS)
Earnings per share were DKK 11.7 in Q2 2026 (Q2 2025: DKK 10.3).
Quarterly results
| Quarter | Revenue | Change y/y | Operating profit | Operating margin | Net income | EPS |
|---|---|---|---|---|---|---|
| Q2 2026 | 7,219.0 | +2.0% | 1,463.0 | 20.3% | 875.0 | DKK 11.7 |
| Q1 2026 | 7,109.0 | −3.2% | 1,487.0 | 20.9% | 942.0 | DKK 12.6 |
| Q4 2025 | 11,858.0 | −1.0% | 3,975.0 | 33.5% | 2,848.0 | — |
| Q3 2025 | 6,269.0 | +2.7% | 880.0 | 14.0% | 489.0 | DKK 6.3 |
| Q2 2025 | 7,075.0 | +4.5% | 1,287.0 | 18.2% | 803.0 | DKK 10.3 |
| Q1 2025 | 7,347.0 | +7.5% | 1,641.0 | 22.3% | 1,101.0 | DKK 14.0 |
| Q4 2024 | 11,973.0 | +10.7% | 4,149.0 | 34.7% | 2,869.0 | — |
| Q3 2024 | 6,103.0 | +9.5% | 980.0 | 16.1% | 595.0 | DKK 7.3 |
Annual results
| Year | Revenue | Operating profit | Operating margin | Net income | EPS |
|---|---|---|---|---|---|
| 2025 | 32,549.0 | 7,783.0 | 23.9% | 5,241.0 | DKK 68.1 |
| 2024 | 31,680.0 | 7,974.0 | 25.2% | 5,227.0 | DKK 64.8 |
| 2023 | 28,136.0 | 7,039.0 | 25.0% | 4,740.0 | DKK 55.5 |
Dividends
| Financial year | Dividend per share | EPS | Payout ratio | Status | Source |
|---|---|---|---|---|---|
| 2025 | DKK 22 | DKK 68.1 | 32.3% | Board proposal | Release |
| 2024 | DKK 20 | DKK 64.8 | 30.9% | Board proposal | Release |
“Board proposal” is the dividend the board proposed in the financial statements release. The annual general meeting usually approves it, but check the company’s AGM release for the final decision. Payout ratio is dividend per share divided by basic earnings per share (payout ratio); N/M means not meaningful (loss).
Guidance vs. actual
What Pandora told investors to expect in each report, and what it then reported for the year.
| Metric | Latest guidance (report) | Actual | Outcome |
|---|---|---|---|
| Revenue, 2026 | DKK 31,600M–DKK 32,600M (FY '25) | — | Year in progress |
| Revenue growth (like-for-like), 2026 | −2%–1% (H1 '26) | — | Year in progress |
| Revenue growth (organic), 2026 | 0%–3% (H1 '26) | — | Year in progress |
| Operating margin, 2026 | 22%–23% (H1 '26) | — | Year in progress |
| Capital expenditure, % of revenue, 2026 | About 7% (H1 '26) | — | Year in progress |
| Revenue, 2025 | DKK 34,300M–DKK 34,600M (FY '24) | DKK 32,549M | Below guidance |
| Revenue growth (constant currency), 2025 | 8%–9% (9M '25) | 6% | Below guidance |
| Revenue growth (like-for-like), 2025 | 3%–4% (9M '25) | 2% | Below guidance |
| Revenue growth (organic), 2025 | 7%–8% (9M '25) | 6% | Below guidance |
| Adjusted revenue growth (organic), 2025 | 7%–8% (FY '24) | 6% | Below guidance |
| Operating margin, 2025 | About 24% (9M '25) | 23.9% | Within guidance |
| Capital expenditure, % of revenue, 2025 | About 6% (9M '25) | 6.0% | Within guidance |
Guidance and actuals are as the company reported them, on the same basis (for example adjusted, or growth at constant currency). “Within guidance” means the actual is inside the latest range or meets the stated minimum or maximum; an “about” figure allows ±5% (±0.5 percentage points for percentages). For a direction such as “flat”, a change of less than 2% (0.5 points for margins) counts as flat. Guidance changed in a separate release between reports is shown from the next report onwards.
Calculate it yourself
- Operating margin calculatorPandora in Q2 2026: 20.3%
- Net margin calculatorPandora in Q2 2026: 12.1%
- Gross margin calculatorPandora in Q2 2026: 80.5%
- Earnings per share calculatorPandora in Q2 2026: DKK 11.7
About Pandora
Pandora is a Danish jewellery company that designs, makes and sells charms, bracelets, rings and other jewellery through its own stores, online and through partners worldwide.
- Pandora half-year report Jan–Jun 2026, published Aug 12, 2026
- Pandora interim report Jan–Mar 2026, published May 6, 2026
- Pandora financial statements release 2025, published Feb 4, 2026
- Pandora interim report Jan–Sep 2025, published Nov 5, 2025
- Pandora half-year report Jan–Jun 2025, published Aug 15, 2025
- Pandora interim report Jan–Mar 2025, published May 6, 2025
- Pandora financial statements release 2024, published Feb 5, 2025
- Pandora interim report Jan–Sep 2024, published Nov 6, 2024
- Pandora half-year report Jan–Jun 2024, published Aug 12, 2024
About these figures. All figures come from Pandora’s published interim reports and financial statements releases, linked above, and are checked against them before publication. Errors are still possible, so confirm any figure in the original report before relying on it. Amounts are in millions of the reporting currency. Quarters reported only cumulatively (for example the fourth quarter) are derived by subtraction, and when a company restates earlier figures, older quarters on the previous basis are left out of comparisons. Margins and changes are calculated by Finpendium. This page is for information only and is not investment advice or a recommendation to buy or sell any security. See how the figures are checked and our Disclaimer. Spotted an error? Let us know.