Morgan Stanley’s venerable top Swiss Watch Company Report is out.

As always, it’s important to note that these numbers are estimates, created using financial modeling, from whatever available data was culled by LuxeConsult and the Morgan Stanley Research teams.

Estimates are not fact, but what alternatives are there have?

Statistical significance and precision aside, these reports are of immense popularity to those in the watch industry, and those interested in the industry.

Rolex tops the chart as expected

Rolex is still at the top, by a massive margin, which should be surprising to nobody, especially if you read Professional Watches. Rolex’s reported turnover last year (2025) was CHF 11 billion, which is more than triple its next closest competitor, Cartier, which ranks number 2, at CHF 3,488 billion. Rolex, with a 33% estimated market share, is more than triple Cartier, at 9%.

Audemars Piguet and Patek Philippe move up, Omega moves down

Most notably, Audemars Piguet has moved up one spot to number 3, with CHF 2.6 billion in turnover (and a market share of 6%), Patek Philippe has moved up one spot to number 4 (and a market share of 7%), with CHF 2.5 billion, and Omega has moved down two spots to number 5 at CHF 2.2 billion (and a market share of 6%).

These are impressive jumps for Audemars Piguet and Patek Philippe, whom have sat one spot lower, respectively, for the past four years.

For Omega, the company is still moving significant units, and they’ve raised prices numerous times between the start of 2025 and now, ultimately creating an estimated, implied retail value, according to this report, of CHF 3.138. billion. Interestingly, Omega’s implied retail value is higher than Audemars Piguet’s CHF 2.712 billion implied retail, but it’s important to note that the top rankings are based solely on turnover, not implied retail value.

The 6 to 11 spots, remain the same as last year:

Richard Mille #6

Longines #7

Vacheron Constantin #8

Breitling #9

Tissot #10

TAG Heuer #11

Spots 12 to 20, changed slightly, and Tudor has made the top 20 this year, whereas Officine Panerai has dropped out of the top 20.

IWC #12

Jaeger-LeCoultre #13

Hermes #14

Swatch #15

Hublot #16

Tudor #17

Bulgari #18

Chanel #19

Chopard #20

 

Source: LuxeConsult, Morgan Stanley Research.

Editor’s note: All rankings are based on estimated sales revenue, not numbers directly reported by watch brands.