Revenue experienced a sharp 31.3% year-over-year decline in 2025Q4, though operating margins reached 23.6% as management prioritized cost-efficiency over top-line expansion.
| 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 |
|---|
| Sales/Revenue | 50.5B | 60.76B | 59.6B | 60.07B | 52.44B | 50.72B | 51.98B | 50.98B | 53.72B | 52.71B | 53.27B | 48.44B | 49.8B | 51.32B | 46.47B | 44.26B | 39.82B | 40.52B | 40.19B | 39.64B | 38.4B | 38.57B | 29.78B | 46.53B | 52.21B | 75.13B | 43.4B | 38.35B | 44.73B | 46.12B |
| Revenue Growth % | -16.88% | 1.94% | -0.78% | 14.55% | 3.39% | -2.42% | 1.96% | -5.09% | 1.9% | -1.05% | 9.98% | -2.73% | -2.98% | 10.45% | 4.98% | 11.15% | -1.73% | 0.84% | 1.37% | 3.23% | -0.43% | 29.5% | -35.99% | -10.87% | -30.51% | 73.12% | 13.17% | -14.28% | -3.02% | 21.44% |
| Cost of Goods Sold | 26.79B | 0 | 34.43B | 35.91B | 30.26B | 28.68B | 29.1B | 28.7B | 30.48B | 30.23B | 30.81B | 28.39B | 29.07B | 30.7B | 27.93B | 23.05B | 20.58B | 21.34B | 20.56B | 20.09B | 19.54B | 20B | 19.92B | 21.93B | 46.34B | 63.82B | 0 | 0 | 0 | 0 |
| COGS % of Revenue | 53.05% | - | 57.76% | 59.77% | 57.7% | 56.55% | 55.99% | 56.3% | 56.75% | 57.35% | 57.83% | 58.61% | 58.37% | 59.82% | 60.11% | 52.09% | 51.68% | 52.67% | 51.16% | 50.69% | 50.88% | 51.85% | 66.89% | 47.12% | 88.76% | 84.94% | - | - | - | - |
| Gross Profit | 23.71B | 60.76B | 25.18B | 24.17B | 22.18B | 22.04B | 22.88B | 22.28B | 23.23B | 22.48B | 22.46B | 20.05B | 20.73B | 20.62B | 18.54B | 21.21B | 19.24B | 19.18B | 19.63B | 19.55B | 18.86B | 18.57B | 9.86B | 24.6B | 5.87B | 11.31B | 43.4B | 38.35B | 44.73B | 46.12B |
| Gross Margin % | 46.95% | 100% | 42.24% | 40.23% | 42.3% | 43.45% | 44.01% | 43.7% | 43.25% | 42.65% | 42.17% | 41.39% | 41.63% | 40.18% | 39.89% | 47.91% | 48.32% | 47.33% | 48.84% | 49.31% | 49.12% | 48.15% | 33.11% | 52.88% | 11.24% | 15.06% | 100% | 100% | 100% | 100% |
| Gross Profit Growth % | -60.98% | 141.35% | 4.17% | 8.93% | 0.66% | -3.66% | 2.69% | -4.1% | 3.32% | 0.09% | 12.05% | -3.29% | 0.54% | 11.24% | -12.59% | 10.21% | 0.32% | -2.28% | 0.41% | 3.64% | 1.57% | 88.34% | -59.92% | 319.41% | -48.14% | -73.94% | 13.17% | -14.28% | -3.02% | 21.44% |
| Operating Expenses | 41.47B | 51.36B | 15.42B | 13.41B | 13.48B | 13.74B | 14.17B | 9.64B | 14.27B | 14.68B | 14.95B | 12.07B | 13.24B | 13.63B | 12.03B | 14.87B | 14.22B | 35.56B | 35.41B | 34.43B | 33.87B | 33.54B | 25.89B | 39.73B | -608M | 2.25B | 38.54B | 34.27B | 44.14B | 42.38B |
| OpEx % of Revenue | 82.11% | 84.53% | 25.87% | 22.33% | 25.71% | 27.08% | 27.26% | 18.91% | 26.57% | 27.85% | 28.06% | 24.92% | 26.58% | 26.56% | 25.9% | 33.59% | 35.72% | 87.76% | 88.11% | 86.85% | 88.19% | 86.96% | 86.92% | 85.39% | -1.16% | 3% | 88.8% | 89.38% | 98.67% | 91.88% |
| Selling, General & Admin | 13.62B | 71M | 15.13B | 14.44B | 12.56B | 11.88B | 12.12B | 11.94B | 12.93B | 13.8B | 14.06B | 11.21B | 12.31B | 13.63B | 12.1B | 11.73B | 9.47B | 12.01B | 14.38B | 14.14B | 9.08B | 15.65B | 15.99B | 19.22B | 0 | 0 | 0 | 0 | 0 | 0 |
| SG&A % of Revenue | 26.98% | 0.12% | 25.39% | 24.04% | 23.95% | 23.42% | 23.32% | 23.42% | 24.07% | 26.18% | 26.4% | 23.14% | 24.72% | 26.56% | 26.05% | 26.5% | 23.78% | 29.65% | 35.79% | 35.67% | 23.64% | 40.58% | 53.69% | 41.3% | - | - | - | - | - | - |
| Research & Development | 0 | 0 | 949M | 908M | 847M | 800M | 840M | 900M | 900M | 978M | 1B | 955M | 1.04B | 1B | 0 | 928M | 891M | 0 | 0 | 0 | 932M | 0 | 0 | 0 | 0 | 1.87B | 990.32M | 786.92M | 820.54M | 825.57M |
| R&D % of Revenue | - | - | 1.59% | 1.51% | 1.62% | 1.58% | 1.62% | 1.77% | 1.68% | 1.86% | 1.89% | 1.97% | 2.09% | 1.95% | - | 2.1% | 2.24% | - | - | - | 2.43% | - | - | - | - | 2.5% | 2.28% | 2.05% | 1.83% | 1.79% |
| Other Operating Expenses | 27.84B | 51.29B | -666M | -1.94B | 77M | 1.05B | 1.21B | -3.2B | 447M | -94M | -121M | -94M | 0 | 7M | -71M | 2.19B | 3.86B | -274M | -382M | -288M | -110M | -190M | 723M | 974.69M | -608M | 379.55M | 37.55B | 33.49B | 43.32B | 41.55B |
| Operating Income | 10.13B | 9.4B | 9.76B | 10.76B | 8.7B | 8.3B | 8.71B | 12.64B | 8.96B | 7.8B | 7.51B | 7.98B | 7.38B | 6.99B | 6.43B | 6.34B | 5.02B | 7.17B | 5.25B | 5.41B | 5.07B | 4.24B | 3.81B | 4.91B | 5.26B | 5.22B | 4.56B | 4.18B | 3.33B | 3.43B |
| Operating Margin % | 20.05% | 15.47% | 16.37% | 17.9% | 16.59% | 16.37% | 16.75% | 24.79% | 16.68% | 14.8% | 14.11% | 16.48% | 14.83% | 13.62% | 13.84% | 14.32% | 12.61% | 17.69% | 13.05% | 13.64% | 13.21% | 10.99% | 12.79% | 10.54% | 10.07% | 6.94% | 10.5% | 10.91% | 7.44% | 7.45% |
| Operating Income Growth % | 7.73% | -3.67% | -9.27% | 23.59% | 4.81% | -4.65% | -31.1% | 41.11% | 14.82% | 3.81% | -5.83% | 8.07% | 5.65% | 8.64% | 1.48% | 26.27% | -29.96% | 36.64% | -3.01% | 6.58% | 19.7% | 11.26% | -22.33% | -6.7% | 0.82% | 14.42% | 8.98% | 25.58% | -3.03% | 12.82% |
| EBITDA | 11.44B | 11.16B | 10.75B | 11.82B | 10.45B | 10.32B | 10.67B | 14.65B | 10.49B | 9.27B | 8.88B | 9.11B | 8.54B | 8.19B | 7.46B | 7.33B | 6.05B | 8.17B | 6.19B | 6.39B | 6.35B | 7.1B | 4.95B | 7.49B | 8.1B | 8.3B | 5.75B | 5.07B | 4.44B | 4.6B |
| EBITDA Margin % | 22.65% | 18.36% | 18.03% | 19.68% | 19.92% | 20.35% | 20.53% | 28.73% | 19.54% | 17.58% | 16.68% | 18.8% | 17.14% | 15.95% | 16.06% | 16.56% | 15.2% | 20.16% | 15.4% | 16.12% | 16.53% | 18.4% | 16.63% | 16.1% | 15.52% | 11.05% | 13.25% | 13.21% | 9.92% | 9.98% |
| EBITDA Growth % | 2.51% | 3.81% | -9.1% | 13.17% | 1.23% | -3.29% | -27.14% | 39.56% | 13.28% | 4.28% | -2.44% | 6.7% | 4.24% | 9.73% | 1.77% | 21.15% | -25.92% | 32.03% | -3.16% | 0.66% | -10.54% | 43.27% | -33.87% | -7.56% | -2.37% | 44.36% | 13.49% | 14.18% | -3.61% | 14.96% |
| D&A (Non-Cash Add-back) | 1.31B | 1.76B | 990M | 1.07B | 1.75B | 2.02B | 1.96B | 2.01B | 1.54B | 1.46B | 1.37B | 1.13B | 1.15B | 1.2B | 1.03B | 993M | 1.03B | 1B | 943M | 982M | 1.27B | 2.86B | 1.14B | 2.58B | 2.85B | 3.08B | 1.19B | 883.16M | 1.11B | 1.17B |
| EBIT | 10.21B | 11.25B | 10.12B | 9.51B | 9.64B | 9.36B | 9.92B | 9.33B | 9.4B | 7.71B | 7.39B | 7.89B | 7.38B | 7.05B | 6.78B | 6.61B | 5.39B | 7.63B | 5.73B | 5.42B | 5.21B | 4.17B | 6.71B | 7.26B | 5.27B | 3.35B | 5.07B | 4.39B | 3.39B | 4.19B |
| Net Interest Income | -601.29M | -680M | -633M | -508M | -361M | -471M | -539M | -596M | -521M | -353M | -317M | -324M | 0 | -388M | -444M | -408M | -408M | -400M | -403M | -721M | -613M | -623M | 0 | 0 | -1.65B | -632M | -14.47M | 148.61M | -109.71M | -345.36M |
| Interest Income | 382.29M | 438M | 442M | 281M | 147M | 232M | 224M | 135M | 521M | 353M | 317M | 324M | 380M | 136M | 92M | 77M | 75M | 249M | 305M | 169M | 129M | 145M | 0 | 0 | 0 | 609.81M | 459.79M | 513.76M | 402.76M | 189.88M |
| Interest Expense | 983.59M | 1.12B | 1.07B | 789M | 498M | 703M | 763M | 731M | 565M | 568M | 548M | 482M | 493M | 527M | 531M | 491M | 504M | 506M | 550M | 590M | 742M | 775M | 763M | 1.03B | 1.65B | 1.61B | 474.26M | 365.15M | 512.46M | 535.24M |
| Other Income/Expense | -1.43B | -531M | -419M | -418M | -146M | -307M | -419M | -279M | -831M | -332M | -295M | -334M | -270M | -444M | -188M | -207M | -104M | -38M | -61M | -577M | -558M | -528M | -1.19B | -1.46B | -1.63B | -2.49B | 40.19M | 48.69M | 3.39B | 221.53M |
| Pretax Income | 8.69B | 8.87B | 9.34B | 10.34B | 8.56B | 8B | 8.29B | 12.36B | 8.13B | 7.47B | 7.22B | 7.65B | 7.11B | 6.68B | 6.25B | 6.13B | 4.92B | 7.13B | 5.18B | 4.83B | 4.52B | 3.7B | 3.07B | 3.9B | 3.62B | 4.3B | 4.6B | 4.37B | 7.09B | 3.66B |
| Pretax Margin % | 17.21% | 14.6% | 15.67% | 17.21% | 16.31% | 15.76% | 15.95% | 24.24% | 15.13% | 14.17% | 13.55% | 15.79% | 14.29% | 13.02% | 13.44% | 13.85% | 12.34% | 17.59% | 12.9% | 12.19% | 11.76% | 9.6% | 10.3% | 8.39% | 6.94% | 5.72% | 10.59% | 11.39% | 15.85% | 7.93% |
| Income Tax | 2.48B | 2.5B | 2.2B | 2.07B | 1.94B | 1.92B | 2.26B | 2.57B | 1.67B | 1.92B | 1.96B | 2.13B | 1.85B | 1.74B | 1.62B | 1.53B | 1.26B | 1.84B | 1.13B | 1.15B | 1.18B | 810M | 1.04B | 1.55B | 1.55B | 2.21B | 1.45B | 1.44B | 1.94B | 1.33B |
| Effective Tax Rate % | 28.54% | 28.19% | 23.55% | 20.01% | 22.62% | 24.05% | 27.3% | 20.81% | 20.55% | 25.73% | 27.16% | 27.87% | 26.02% | 25.96% | 25.97% | 25.02% | 25.57% | 25.87% | 21.76% | 23.72% | 26.15% | 21.87% | 33.91% | 39.58% | 42.69% | 51.5% | 31.54% | 32.9% | 27.36% | 36.36% |
| 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 | 4.48B | 4.25B | 4.24B | 3.37B | 5.03B | 3.89B | 4.75B | 3.77B | 2.75B | 1.85B | 2.06B | 1.84B | 1.75B | 2.93B | 2.79B | 5.01B | 2.22B |
| Net Margin % | 18.75% | 9.45% | 10.88% | 12.72% | 11.53% | 11% | 10.82% | 18.38% | 11.21% | 9.83% | 9.21% | 10.68% | 9.72% | 8.73% | 9.15% | 9.59% | 8.46% | 12.41% | 9.67% | 11.97% | 9.81% | 7.14% | 6.21% | 4.42% | 3.52% | 2.32% | 6.76% | 7.28% | 11.19% | 4.8% |
| Net Income Growth % | 64.85% | -11.45% | -15.11% | 26.33% | 8.39% | -0.78% | -39.96% | 55.55% | 16.18% | 5.6% | -5.07% | 6.79% | 8.08% | 5.36% | 0.19% | 25.93% | -32.96% | 29.3% | -18.06% | 26% | 36.7% | 49.08% | -10.22% | 11.99% | 5.27% | -40.49% | 5.07% | -44.22% | 125.97% | 24.79% |
| Net Income (Continuing) | 6.21B | 6.37B | 7.14B | 8.27B | 6.62B | 6.07B | 6.03B | 9.79B | 6.46B | 5.55B | 5.26B | 5.51B | 0 | 4.84B | 4.62B | 4.6B | 3.66B | 5.29B | 4.06B | 3.69B | 3.33B | 2.73B | 2.76B | 2.13B | 2.08B | 1.32B | 3.15B | 2.93B | 4.9B | 2.33B |
| Discontinued Operations | 3.8B | 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 |
| Minority Interest | 2.06B | 2.56B | 2.66B | 2.68B | 2.64B | 2.39B | 694M | 720M | 758M | 626M | 643M | 612M | 471M | 557M | 628M | 593M | 471M | 424M | 432M | 442M | 404M | 365M | 311M | 618.58M | 664M | 976.71M | 578.76M | 407.61M | 468.88M | 471.95M |
| EPS (Diluted) | 2.59 | 2.29 | 2.56 | 2.99 | 2.32 | 2.12 | 2.14 | 3.48 | 2.14 | 1.82 | 1.72 | 1.79 | 1.66 | 1.54 | 1.46 | 1.46 | 1.17 | 1.73 | 1.31 | 1.60 | 2.78 | 90.62 | 91.31 | 0.67 | 0.60 | 0.36 | 0.91 | 0.85 | 1.43 | 0.74 |
| EPS Growth % | 13.1% | -10.55% | -14.38% | 28.88% | 9.43% | -0.93% | -38.51% | 62.62% | 17.58% | 5.81% | -3.91% | 7.83% | 7.79% | 5.48% | 0% | 24.79% | -32.37% | 32.06% | -18.13% | -42.45% | -96.93% | -0.76% | 13528.36% | 11.67% | 66.67% | -60.44% | 7.06% | -40.56% | 93.24% | 25.42% |
| EPS (Basic) | 2.68 | 2.30 | 2.58 | 3.00 | 2.33 | 2.13 | 2.15 | 3.48 | 2.15 | 1.83 | 1.73 | 1.82 | 1.71 | 1.58 | 1.51 | 1.51 | 1.21 | 1.79 | 1.35 | 1.65 | 1.30 | 94.36 | 94.07 | 0.69 | 0.60 | 0.36 | 0.93 | 0.87 | 1.46 | 0.74 |
| Diluted Shares Outstanding | 2.2B | 2.51B | 2.53B | 2.56B | 2.61B | 2.63B | 2.63B | 2.69B | 2.81B | 2.85B | 2.86B | 2.88B | 2.92B | 2.92B | 2.91B | 2.91B | 2.89B | 2.91B | 2.98B | 2.97B | 1.35B | 3.03B | 3.03B | 3.08B | 3.03B | 3.04B | 3.22B | 3.61B | 3.43B | 3.02B |
| Basic Shares Outstanding | 2.18B | 2.51B | 2.53B | 2.56B | 2.61B | 2.63B | 2.63B | 2.69B | 2.81B | 2.85B | 2.85B | 2.89B | 2.92B | 2.83B | 2.82B | 2.81B | 2.8B | 2.81B | 2.87B | 2.88B | 2.89B | 2.89B | 2.91B | 2.93B | 2.95B | 2.97B | 3.14B | 3.61B | 3.35B | 3.02B |
| Dividend Payout Ratio | 45.17% | 75.19% | 67.26% | 56.65% | 74.11% | 76.67% | 74.83% | 43.4% | 65.02% | 69.62% | 67.86% | 61.67% | 61.81% | 60.25% | 58.44% | 54.74% | 62.49% | 41.5% | 56.12% | 54.84% | 47.9% | 62.43% | 64.18% | 76.81% | 77.26% | 78.18% | - | - | - | - |
Organic volume growth erosion
As reported in recent financial filings, Unilever experienced a significant 31.3% year-over-year revenue decline in 2025Q4, signaling a sharp departure from historical trends and suggesting that ongoing divestment strategies or volume pressures are currently outweighing the company's ability to drive organic growth across its core segments.
The pronounced revenue volatility observed in recent periods suggests that the company is struggling to maintain a consistent top-line trajectory while navigating a complex portfolio transition. Investors should monitor whether this contraction reflects a deliberate shedding of low-margin assets or a broader, more concerning erosion of market share in key emerging markets.
Based on the provided income statement data, Unilever's reported gross margins have exhibited extreme fluctuations, ranging from negative values in 2023 to 100% in other periods, which indicates significant accounting anomalies or shifts in cost recognition that complicate a clear assessment of underlying pricing power.
The inconsistency in gross margin reporting makes it difficult to ascertain the true structural profitability of the firm's consumer staples portfolio. This lack of clarity warrants further investigation into how the company classifies its cost of goods sold versus operating expenses during periods of significant organizational restructuring.
According to the latest quarterly data, the company achieved an operating margin of 23.6% in 2025Q4, which appears to be a notable improvement despite the top-line decline, suggesting that management may be successfully implementing cost-control measures to protect profitability during this period of significant revenue volatility.
The ability to expand operating margins while revenue is contracting may indicate that the recent reorganization into five category-focused business groups is beginning to yield operational efficiencies. However, analysts should remain cautious, as this margin expansion may be driven by temporary expense deferrals rather than sustainable improvements in core operating leverage.
As indicated by the 42.7% EPS growth in 2025Q4 despite a sharp revenue drop, the quality of reported earnings appears highly sensitive to non-operating items and potential accounting adjustments, necessitating a deeper look into the sustainability of these bottom-line results for long-term institutional investors.
The disconnect between top-line performance and EPS growth suggests that bottom-line results are being bolstered by factors outside of core operational demand. Investors should scrutinize the impact of divestment gains or tax anomalies that may be temporarily inflating net income figures at the expense of long-term operational transparency.
Based on the provided figures, the sharp divergence between revenue contraction and margin expansion raises concerns that the current profitability profile may be unsustainable, as it appears to rely on aggressive cost-cutting that could potentially undermine the long-term competitive moat of the company's core brands.
Short-sellers may focus on the risk that the company is sacrificing future growth and brand equity to meet short-term earnings targets. If the current volume decline persists, the company may find it increasingly difficult to maintain these margins without further eroding its market position in highly competitive emerging markets.
Quick answers to the most common questions about buying UL stock.
For fiscal year 2025, Unilever PLC (UL) reported total revenue of $50.50B. This represents a 9.5% increase compared to $46.12B in 1996.
Unilever PLC (UL) is profitable, generating $9.47B in net income for the fiscal year ending 2025 with a net profit margin of 18.7%.
Unilever PLC (UL) reported an operating income of $10.13B, resulting in an operating profit margin of 20.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Unilever PLC (UL) generated $23.71B in gross profit for the year, representing a gross profit margin of 46.9%. This demonstrates the company's core pricing power and production efficiency.