Cash flow generation remains highly erratic, evidenced by a massive $2.7B working capital inflow in 2025Q4 that contrasts with the $3.2B outflow observed in 2025Q2.
| Metric | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 8.35B | 9.52B | 9.43B | 7.28B | 7.97B | 9.06B | 8.11B | 7.32B | 7.88B | 7.05B | 7.33B | 5.54B | 6.29B | 6.84B | 5.45B | 5.49B | 5.77B | 3.38B | 3.32B | 3.91B | 4.35B | 5.55B | 4.22B | 4.77B | 3.49B | 4.54B | -3.08B | 2.16B | 2.5B | 2.96B |
| Operating CF Margin % | 16.53% | 15.67% | 15.81% | 12.12% | 15.2% | 17.86% | 15.6% | 14.35% | 14.67% | 13.37% | 13.76% | 11.44% | 12.64% | 13.32% | 11.73% | 12.4% | 14.5% | 8.35% | 8.27% | 9.85% | 11.34% | 14.38% | 14.18% | 10.25% | 6.68% | 6.05% | -7.1% | 5.62% | 5.58% | 6.42% |
| Operating CF Growth % | -12.28% | 0.99% | 29.44% | -8.66% | -11.99% | 11.7% | 10.81% | -7.12% | 11.81% | -3.86% | 32.24% | -11.93% | -7.93% | 25.39% | -0.69% | -4.92% | 70.63% | 1.81% | -14.9% | -10.27% | -21.53% | 31.39% | -11.45% | 36.73% | -23.23% | 247.38% | -242.98% | -13.7% | -15.65% | 47.13% |
| Net Income | 9.47B | 5.74B | 6.49B | 7.64B | 6.05B | 5.58B | 5.63B | 9.37B | 6.02B | 5.18B | 4.91B | 5.17B | 4.84B | 4.95B | 4.62B | 4.6B | 3.66B | 7.17B | 5.25B | 5.41B | 5.07B | 4.24B | 3.81B | 4.91B | 1.84B | 5.21B | 4.56B | 4.18B | 3.58B | 3.95B |
| Depreciation & Amortization | 1.35B | 1.76B | 1.58B | 1.51B | 1.75B | 2.02B | 1.96B | 2.01B | 2.02B | 1.46B | 1.37B | 1.13B | 1.15B | 1.2B | 1.03B | 993M | 1.03B | 1B | 943M | 982M | 1.27B | 2.86B | 2.03B | 2.58B | 2.85B | 3.08B | 1.19B | 883.16M | 1.11B | 1.17B |
| Stock-Based Compensation | 255M | 324M | 212M | 177M | 161M | 108M | 151M | 196M | 284M | 198M | 150M | 188M | 242M | 153M | 105M | 144M | 195M | 125M | 118M | 120M | 192M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 294.06M | 0 | 0 | 0 | 0 | 0 | 0 | -696M | -584M | -492M | -1.22B | -4.7B | -3.23B | -4.47B | -2.95B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -2.84B | 2.1B | 335M | -1.62B | 63M | 813M | 206.94M | -2.49B | 157M | -131M | 1.03B | -978M | 808M | 410M | 456M | 78M | 410M | 15M | 79M | 1.78B | 567M | -2.09B | -1.42B | -3.18B | -1.42B | -5.27B | -9.17B | -2.52B | -2.49B | -2.07B |
| Working Capital Changes | 111.42M | -404M | 814M | -422M | -47M | 538M | -132M | -1.77B | -610M | 332M | -127M | 35M | -749M | 822M | -177M | 169M | 1.7B | -223M | 172M | 87M | 193M | 543.67M | -200.1M | 452.66M | 223M | 1.52B | 336M | -390.63M | 300.57M | -90.81M |
| Change in Receivables | -2.52B | -206M | 768M | -1.85B | -307M | 1.13B | -445M | -1.3B | -506M | 142M | 2M | 82M | -917M | 1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -269.91M | -198M | 340M | -1.4B | -458M | -587M | 313M | -471M | -104M | 190M | -129M | -47M | 168M | -9M | -219M | -573M | 473M | -345M | -333M | -156M | -153M | 219.83M | -107.19M | -98.16M | -177M | 655.36M | 19.29M | -404.78M | 117.22M | 70.17M |
| Change in Payables | 2.9B | 0 | 0 | 2.73B | 733.88M | 0 | 127.36M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -3.12B | -625M | -2.29B | 2.45B | -3.25B | -1.48B | -2.24B | 4.64B | -5.88B | -3.19B | -3.54B | -341M | -1.16B | -755M | -4.47B | -1.16B | -1.26B | 1.42B | -623M | 1.16B | 515M | -120M | -737M | -2.21B | 3.23B | -41B | 4.04B | -2.91B | -1.83B | -3.08B |
| Capital Expenditures | -1.53B | -1.74B | -1.5B | -1.46B | -1.11B | -863M | -1.32B | -1.33B | -1.51B | -1.8B | -1.87B | -1.89B | -1.79B | -2.38B | -2.1B | -1.81B | -1.37B | -1.1B | -983M | -934M | -813M | -977.43M | -1.04B | -1.3B | -1.36B | -2.15B | -1.39B | -1.26B | -1.44B | -1.61B |
| CapEx % of Revenue | 3.03% | 2.86% | 2.52% | 2.42% | 2.11% | 1.7% | 2.53% | 2.61% | 2.81% | 3.42% | 3.5% | 3.91% | 3.6% | 4.64% | 4.52% | 4.1% | 3.44% | 2.71% | 2.45% | 2.36% | 2.12% | 2.53% | 3.48% | 2.79% | 2.6% | 2.86% | 3.2% | 3.29% | 3.22% | 3.49% |
| Acquisitions | -1.38B | 190M | -268M | 3.64B | -2.09B | -1.39B | -1.12B | -1.34B | -4.9B | -1.73B | -1.9B | -313M | -142M | 113M | -1.72B | -361M | -139M | 2.27B | -50M | 1.78B | 784M | -39.83M | -261.24M | -57.18M | 3.48B | -43.22B | -385.84M | 319.86M | 6.15B | -1.19B |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -246.97M | 923M | 305M | 290.21M | 198.97M | 160M | 380.13M | 7.31B | 526M | 347M | 225M | 1.86B | 772M | 511M | 334M | 946M | 116M | 328M | 427M | 341M | 511M | -288M | 560.45M | -2.21B | 1.11B | 4.64B | 6.08B | -1.9B | -6.52B | -403.15M |
| Cash from Financing | -6.81B | -6.94B | -7.19B | -8.89B | -7.1B | -5.8B | -4.67B | -12.11B | -2.02B | -3.07B | -3.03B | -5.19B | -5.39B | -6.62B | 411M | -4.61B | -4.3B | -2.64B | -2.46B | -5.97B | -4.82B | -5.94B | -2.02B | -2.5B | -6.52B | 36.16B | -154.34M | 39.63M | -715.35M | 404.53M |
| Debt Issued (Net) | -1.44B | 643M | 497M | -1.21B | 656M | 262M | 1.34B | -25M | 8.94B | 1.81B | 1.54B | 207M | 1.27B | -2.99B | 3.77B | -1.35B | -1.54B | 4.54B | 4.28B | -3.21B | -827M | -3.04B | -2.9B | -2.6B | 0 | 36.19B | -159.16M | 22.65M | -760.43M | 385.26M |
| Equity Issued (Net) | -1.45B | -1.51B | -1.51B | -1.51B | -3.02B | 0 | -201M | -6.28B | -5.67B | -257M | -276M | -467M | 24M | 48M | 30M | -124M | 103M | -1.4B | -1.06B | 98M | -1.28B | -332M | -7.94M | 8.58M | 0 | -27.83M | 4.82M | 16.98M | 45.08M | 19.26M |
| Dividends Paid | -4.28B | -4.32B | -4.36B | -4.33B | -4.48B | -4.28B | -4.36B | -4.07B | -3.92B | -3.61B | -3.33B | -3.19B | -2.99B | -2.7B | -2.48B | -2.82B | -2.62B | -2.09B | -2.18B | -2.6B | -1.8B | -1.72B | -1.19B | -1.52B | -1.42B | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -1.45B | -1.51B | -1.51B | -1.51B | -3.02B | 0 | -201M | -6.28B | -5.22B | -257M | -276M | -467M | 0 | 0 | 0 | -124M | 0 | -1.5B | -1.5B | 0 | -1.28B | -332M | -7.94M | 0 | 0 | -27.83M | 0 | 0 | 0 | 0 |
| Other Financing | 351.57M | -1.76B | -1.82B | -1.84B | -254M | -1.79B | -1.44B | -1.75B | -1.38B | -1.01B | -966M | -1.74B | -3.7B | -977M | -907M | -317M | -755M | -3.21B | -2.95B | 352M | -271M | -844M | -567.22M | -592.75M | -5.1B | 1.36B | 0 | -3.06B | -7.23B | 0 |
| Net Change in Cash | -2.08B | 1.91B | -180M | 838M | -2.09B | 1.36B | 1.03B | -79M | -29M | 1.07B | 218M | -134M | -173M | -761M | 1.01B | -431M | 37M | 1.46B | 191M | -555M | -141M | -22M | -4.16B | 4.86B | 194M | -675.6M | 953.34M | -653.88M | -136.76M | 96.32M |
| Free Cash Flow | 6.93B | 7.78B | 7.92B | 5.83B | 6.86B | 8.2B | 6.79B | 5.99B | 6.37B | 5.24B | 5.46B | 3.65B | 4.5B | 4.46B | 3.35B | 3.67B | 4.41B | 2.29B | 2.34B | 2.97B | 3.54B | 4.57B | 3.19B | 3.47B | 2.13B | 2.39B | -4.47B | 893.07M | 1.06B | 1.35B |
| FCF Margin % | 13.73% | 12.81% | 13.29% | 9.7% | 13.09% | 16.16% | 13.07% | 11.75% | 11.86% | 9.95% | 10.25% | 7.54% | 9.04% | 8.68% | 7.22% | 8.3% | 11.06% | 5.64% | 5.83% | 7.5% | 9.22% | 11.85% | 10.7% | 7.46% | 4.08% | 3.19% | -10.31% | 2.33% | 2.37% | 2.93% |
| FCF Growth % | -10.9% | -1.8% | 36.01% | -15.12% | -16.24% | 20.64% | 13.42% | -5.98% | 21.5% | -4.03% | 49.67% | -18.94% | 1.05% | 32.9% | -8.76% | -16.57% | 92.78% | -2.39% | -21.23% | -16.05% | -22.53% | 43.44% | -8.24% | 63.07% | -11.06% | 153.52% | -600.8% | -15.71% | -21.67% | 146.13% |
| FCF per Share | 3.16 | 3.10 | 3.13 | 2.28 | 2.63 | 3.12 | 2.59 | 2.22 | 2.26 | 1.84 | 1.91 | 1.27 | 1.54 | 1.53 | 1.15 | 1.27 | 1.52 | 0.79 | 0.79 | 1.00 | 2.62 | 1.51 | 1.05 | 1.13 | 0.70 | 0.79 | -1.39 | 0.25 | 0.31 | 0.45 |
| FCF Conversion (FCF/Net Income) | 0.88x | 1.66x | 1.45x | 0.95x | 1.32x | 1.62x | 1.44x | 0.78x | 1.31x | 1.36x | 1.49x | 1.07x | 1.30x | 1.53x | 1.28x | 1.29x | 1.71x | 0.67x | 0.85x | 0.82x | 1.16x | 2.01x | 2.28x | 2.32x | 1.90x | 2.60x | -1.05x | 0.77x | 0.50x | 1.34x |
| Interest Paid | 0 | 1.08B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Working capital volatility
According to the provided cash flow data, Unilever's OCF/NI ratio has fluctuated wildly, reaching a high of 3.01 in 2024Q4 and a low of 0.65 in 2025Q2, suggesting that reported net income is frequently decoupled from actual cash generation capabilities.
The significant variance between net income and operating cash flow indicates that non-cash items and accruals play a disproportionate role in the company's bottom-line reporting. Investors should monitor whether this divergence is a byproduct of aggressive restructuring or inherent volatility in the underlying business model.
As reported in financial statements, Unilever's FCF margins have shown extreme inconsistency, swinging from 5.3% in 2025Q2 to 26.9% in 2025Q4, which implies that the company's ability to convert revenue into free cash is highly dependent on non-recurring events or timing of asset sales.
The sharp spike in FCF margin during the most recent quarter warrants further investigation into whether this represents sustainable operational improvement or a temporary benefit from working capital liquidation. The lack of a stable FCF trajectory complicates long-term valuation models for the firm.
Based on reported figures, Unilever experienced a massive $2.7B working capital inflow in 2025Q4, contrasting sharply with the $3.2B outflow seen in 2025Q2, indicating that management's control over inventory and receivables remains highly erratic across different reporting periods.
These dramatic shifts in working capital suggest that the company may be utilizing aggressive inventory management or payment timing to smooth out cash flow optics. Such behavior often masks underlying demand trends and makes it difficult to assess the true health of the core consumer business.
As indicated by recent cash flow statements, Unilever continues to prioritize dividend payments of approximately $2.2B per quarter, even as net acquisition spending reached $1.2B in 2025Q4, suggesting a commitment to shareholder returns despite the ongoing portfolio simplification and divestment strategy.
The company's reliance on cash flow to fund both dividends and strategic acquisitions may limit its flexibility if organic growth continues to contract. Investors should monitor whether the current pace of capital deployment is sustainable without further leveraging the balance sheet.
Quick answers to the most common questions about buying UL stock.
Unilever PLC (UL) generated $8.35B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Unilever PLC (UL) generated $6.93B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Unilever PLC (UL) spent $1.53B on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Unilever PLC (UL) returned $4.28B to shareholders via cash dividends and spent $1.45B on share repurchases. This shows the company's commitment to returning capital to its equity investors.