Revenue has contracted sharply, with a 14.9% year-over-year decline in 2026Q2, while reported gross margins of 100.0% in multiple quarters indicate severe data integrity issues that obscure underlying profitability trends.
Unilever PLC (UL) annual income statement — 30-year revenue, gross profit & net income history
| Metric | TTM | 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 | 105.62B | 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 % | -12.83% | -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 | 0 | 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 | 105.77B | 50.5B | 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 % | 100.14% | 100% | 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 % | - | -16.88% | 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 | 87.33B | 13.58B | 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 | - | 26.89% | 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 | 93M | 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 | 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 | 4M | -42M | 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 | 17.83B | 9.04B | 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 % | 16.88% | 17.89% | 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 % | - | -3.86% | -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 | 20.69B | 10.35B | 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 % | 19.59% | 20.49% | 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 % | -13.69% | -7.26% | 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) | 2.86B | 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 | 20.19B | 9.69B | 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 | -1.28B | -601.29M | -680M | -633M | -508M | -351M | -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 | 835.69M | 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 | 1.68B | 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 | -1.2B | -343M | -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 | 16.63B | 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 % | 15.74% | 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 | 4.81B | 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 % | 28.92% | 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 | 11.44B | 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 % | 10.83% | 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 % | -23.38% | 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) | 11.88B | 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 | 2M | 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 | 2.11B | 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) | 5.24 | 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 % | -18.34% | 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 | 2.18B | 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 | 2.18B | 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% | - | - | - | - |
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 $9.04B, resulting in an operating profit margin of 17.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Unilever PLC (UL) generated $50.50B in gross profit for the year, representing a gross profit margin of 100.0%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Severe Revenue Reporting Distortion
Revenue Contraction Amidst Reporting Anomalies
Unilever's reported revenue has contracted sharply, with a 14.9% year-over-year decline in 2026Q2, following a 31.8% drop in 2025Q4, suggesting significant portfolio restructuring or data aggregation issues that obscure underlying organic demand trends.
The extreme volatility in reported revenue growth, swinging from double-digit declines to modest gains, indicates that the top-line figures are heavily distorted by divestments, acquisitions, or accounting methodology changes rather than reflecting consistent organic performance. This makes it exceptionally difficult to assess the true health of Unilever's core consumer staples business and the effectiveness of its brand portfolio strategy.
Gross Margin Data Appears Unreliable
The reported gross margin of 100.0% in multiple recent quarters, including 2026Q2, is a clear data anomaly that prevents any meaningful analysis of Unilever's structural cost of goods sold and its pricing power relative to peers like Procter & Gamble.
A 100% gross margin is operationally impossible for a manufacturing conglomerate, indicating a likely error in the provided data feed or a fundamental change in reporting that excludes COGS from the calculation. Until this is clarified, investors cannot assess the impact of commodity inflation on Unilever's profitability or compare its gross margin trajectory to the 50.2% reported by P&G.
Operating Margin Volatility Signals Instability
Operating margin has been highly erratic, ranging from a low of 11.6% in 2024Q4 to a high of 20.5% in 2022Q4, suggesting inconsistent expense management or significant non-recurring items that challenge the sustainability of earnings.
The wide swings in operating margin, despite the reported 100% gross margin, imply that Unilever's SG&A and other operating costs are either being reported inconsistently or are subject to large, irregular charges. This volatility undermines confidence in management's ability to maintain stable profitability and execute on its stated efficiency programs.
Financial Data Integrity Undermines Analysis
The most significant risk to the investment thesis is the apparent unreliability of the core financial data, with impossible gross margins and erratic revenue trends that make fundamental valuation and peer comparison unreliable.
Short-sellers would focus on the 100% gross margin figure as prima facie evidence of either accounting irregularities or a breakdown in standard financial reporting, which could mask underlying operational deterioration. The severe revenue declines, if accurate, suggest a business in strategic retreat rather than one executing a successful portfolio transformation, raising questions about the durability of its emerging market moat.