Unilever

UL · NYSE

Soap, Detergents, Cleang Preparations, Perfumes, Cosmetics · Fiscal year ends Dec 31 · Reports in EUR

Unilever reported revenue of EUR 50.5B in the fiscal year ended Dec 2025, down 3.8% from the year before. Operating income was EUR 9B, an operating margin of 17.9%, and net income was EUR 10B. Operating cash flow of EUR 8.4B less capital expenditure of EUR 1.4B left free cash flow of EUR 6.9B.

Last 5 fiscal years

Revenue and net income

RevenueNet income

Income statement

Fiscal year	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Revenue	EUR 52.4B	EUR 60.1B	EUR 51.7B	EUR 52.5B	EUR 50.5B
Cost of revenue	EUR 30.3B	EUR 35.9B	EUR 29.2B	EUR 28B	EUR 26.8B
Gross profit	EUR 22.2B	EUR 24.2B	EUR 22.5B	EUR 24.5B	EUR 23.7B
Research & development	EUR 847M	EUR 908M	EUR 853M	EUR 892M	EUR 836M
Selling, general & admin	EUR 12.5B	EUR 14.5B	EUR 13.4B	EUR 14.3B	EUR 13.6B
Operating income	EUR 8.7B	EUR 10.8B	EUR 9B	EUR 8.8B	EUR 9B
Interest expense	EUR 491M	EUR 818M	EUR 922M	EUR 994M	EUR 1B
Pre-tax income	EUR 8.6B	EUR 10.3B	EUR 8.6B	EUR 8.4B	EUR 8.7B
Income tax	EUR 1.9B	EUR 2.1B	EUR 2B	EUR 2.3B	EUR 2.5B
Net income	EUR 6.6B	EUR 8.3B	EUR 7.1B	EUR 6.4B	EUR 10B

Balance sheet

Fiscal year	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash & equivalents	EUR 3.4B	EUR 4.3B	EUR 4.2B	EUR 6.1B	EUR 3.9B
Receivables	EUR 5.4B	EUR 7.1B	EUR 5.8B	EUR 6B	EUR 7.3B
Inventory	EUR 4.7B	EUR 5.9B	EUR 5.1B	EUR 5.2B	EUR 4B
Current assets	EUR 17.4B	EUR 19.2B	EUR 17.9B	EUR 19.2B	EUR 17.1B
Net PP&E	EUR 10.3B	EUR 9.4B	EUR 9.4B	EUR 10.3B	EUR 7.8B
Goodwill	EUR 20.3B	EUR 21.6B	EUR 21.1B	EUR 22.3B	EUR 17.7B
Total assets	EUR 75.1B	EUR 77.8B	EUR 75.3B	EUR 79.8B	EUR 70.5B
Payables	EUR 14.9B	EUR 18B	EUR 16.9B	EUR 16.7B	EUR 16.9B
Current liabilities	EUR 24.8B	EUR 25.4B	EUR 23.5B	EUR 25.2B	EUR 21.7B
Total liabilities	EUR 55.3B	EUR 56.1B	EUR 54.5B	EUR 57.2B	EUR 52.9B
Shareholders' equity	EUR 17.1B	EUR 19B	EUR 18.1B	EUR 20B	EUR 15.5B

Cash flow

Fiscal year	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Operating cash flow	EUR 8B	EUR 7.3B	EUR 9.4B	EUR 9.5B	EUR 8.4B
Capital expenditure	EUR 1.1B	EUR 1.5B	EUR 1.2B	EUR 1.4B	EUR 1.4B
Free cash flow	EUR 6.9B	EUR 5.8B	EUR 8.2B	EUR 8.1B	EUR 6.9B

Key ratios

Fiscal year	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Revenue growth (YoY)	–	14.5%	−14.0%	1.5%	−3.8%
Operating income growth (YoY)	–	23.6%	−16.3%	−1.9%	2.4%
Gross margin	42.3%	40.2%	43.5%	46.7%	46.9%
Operating margin	16.6%	17.9%	17.4%	16.8%	17.9%
Net margin	12.6%	13.8%	13.8%	12.1%	19.8%
Return on equityBlank when equity is negative	38.7%	43.5%	39.4%	31.9%	64.5%
ROCEEBIT ÷ (assets − current liabilities)	17.3%	20.5%	17.4%	16.2%	18.5%
Free cash flow margin	13.1%	9.7%	15.9%	15.5%	13.7%
Cash conversion (CFO ÷ net income)	1.20x	0.88x	1.32x	1.49x	0.83x
Receivable days	38	43	41	42	53
Inventory days	56	60	64	68	55
Payable days	179	183	211	218	231
Interest cover	17.7x	13.1x	9.76x	8.88x	8.83x
Current ratio	0.70x	0.75x	0.76x	0.76x	0.79x

Recent filings

20-F2026-03-12 ↗

More in Soap, Detergents, Cleang Preparations, Perfumes, Cosmetics

Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.