Unilever PLC

Name: Unilever PLC financial statements and ratios
Creator: Annalist

ULVR · LSE · Consumer staples, household and personal products · United Kingdom · IFRS · Fiscal year ends December

Latest report: FY2025, the fiscal year ended 31 December 2025. Snapshot FY2025_3e14c451.

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Overview

Revenue, fiscal year

−3.8% year on year

Operating profit, fiscal year

+2.4% year on year

Net income, fiscal year

+64.9% year on year

Diluted EPS, fiscal year

+67.4% year on year

Operating margin, fiscal year

+1.1pp year on year

Return on equity, fiscal year

+23.2pp year on year

Select a figure to see the document it came from.

Key Findings

Findings for the latest fiscal year, with their history over earlier years.

Revenue for the fiscal year ended 31 December 2025 was €50.5 billion, 3.8% lower than in the previous fiscal year.
Newin FY2025 · first stated
Rule: Revenue against the previous fiscal year · Sources Annual financial report 2025-12
History of this finding, 5 records
1. FY2025 NewRevenue for the fiscal year ended 31 December 2025 was €50.5 billion, 3.8% lower than in the previous fiscal year.Recorded from FY2025_3e14c451 · data update
2. FY2025 RetiredThe finding changed to lower than a year earlier.Recorded from FY2025_3e14c451 · data update
3. FY2024 NewRevenue for the fiscal year ended 31 December 2024 was €52.5 billion, 1.5% higher than in the previous fiscal year.Reconstructed · data update
4. FY2024 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
5. FY2023 NewRevenue for the fiscal year ended 31 December 2023 was €51.7 billion, 0.8% lower than in the previous fiscal year.Reconstructed · initial
Net income attributable to the company for fiscal 2025 was €9.5 billion, 64.9% higher than in the previous fiscal year.
Newin FY2025 · first stated
Rule: Net income against the previous fiscal year · Sources Annual financial report 2025-12
History of this finding, 4 records
1. FY2025 NewNet income attributable to the company for fiscal 2025 was €9.5 billion, 64.9% higher than in the previous fiscal year.Recorded from FY2025_3e14c451 · data update
2. FY2025 RetiredThe finding changed to higher than a year earlier.Recorded from FY2025_3e14c451 · data update
3. FY2024 WeakenedNet income attributable to the company for fiscal 2024 was €5.7 billion, 11.5% lower than in the previous fiscal year.Reconstructed · data update
4. FY2023 NewNet income attributable to the company for fiscal 2023 was €6.5 billion, 15.1% lower than in the previous fiscal year.Reconstructed · initial
The operating margin for fiscal 2025 was 17.9%, 1.1 percentage points higher than a year earlier.
Newin FY2025 · first stated
Rule: Operating margin against a year earlier · Sources Annual financial report 2025-12
History of this finding, 4 records
1. FY2025 NewThe operating margin for fiscal 2025 was 17.9%, 1.1 percentage points higher than a year earlier.Recorded from FY2025_3e14c451 · data update
2. FY2025 RetiredThe finding changed to higher than a year earlier.Recorded from FY2025_3e14c451 · data update
3. FY2024 ConfirmedThe operating margin for fiscal 2024 was 16.8%, 0.6 percentage points lower than a year earlier.Reconstructed · data update
4. FY2023 NewThe operating margin for fiscal 2023 was 17.4%, 0.5 percentage points lower than a year earlier.Reconstructed · initial
Return on equity for fiscal 2025 was 53.3%, against 30.2% a year earlier.
Newin FY2025 · first stated
Rule: Return on equity against a year earlier · Sources Annual financial report 2025-12, Annual financial report 2024-12
History of this finding, 4 records
1. FY2025 NewReturn on equity for fiscal 2025 was 53.3%, against 30.2% a year earlier.Recorded from FY2025_3e14c451 · data update
2. FY2025 RetiredThe finding changed to higher than a year earlier.Recorded from FY2025_3e14c451 · data update
3. FY2024 WeakenedReturn on equity for fiscal 2024 was 30.2%, against 34.9% a year earlier.Reconstructed · data update
4. FY2023 NewReturn on equity for fiscal 2023 was 34.9%, against 42.3% a year earlier.Reconstructed · initial
Free cash flow for fiscal 2025 was €6.9 billion, and operating cash flow was 0.9 times net income attributable to the company.
Interpretation. Operating cash flow paid for all capital expenditure, and the rest is free for dividends, share buybacks or debt repayment.
Weakenedin FY2025 · stated since FY2023
Rule: Free cash flow · Sources Annual financial report 2025-12
History of this finding, 3 records
1. FY2025 WeakenedFree cash flow for fiscal 2025 was €6.9 billion, and operating cash flow was 0.9 times net income attributable to the company.Recorded from FY2025_3e14c451 · data update
2. FY2024 ConfirmedFree cash flow for fiscal 2024 was €8.1 billion, and operating cash flow was 1.7 times net income attributable to the company.Reconstructed · data update
3. FY2023 NewFree cash flow for fiscal 2023 was €8.2 billion, and operating cash flow was 1.5 times net income attributable to the company.Reconstructed · initial

Records before FY2025 are reconstructed from the latest snapshot. Ledger: findings.json.

Credit, liquidity, earnings quality and score findings: Analysis.

Data

Source documents5 documents, latest Annual financial report for the year to 31 December 2025List

DownloadsExcel workbook · JSON

SnapshotFY2025_3e14c451

Corporate Events

Corporate events are listed for companies whose figures come from 10-K and 10-Q filings; none are listed for this company.

Earnings, Returns and Balance Sheet

Revenue

By fiscal year, euros

Operating Profit

By fiscal year, euros

Profit Attributable to Owners of the Parent

By fiscal year, euros

Margins

By fiscal year, per cent

Returns

By fiscal year, per cent

Free Cash Flow

Operating cash flow less capital expenditure, by fiscal year, euros

Diluted Earnings per Share

By fiscal year, as reported

Financial Statements

Figures as filed. Select a figure for its source document and method; a small d marks a figure derived from other figures of the same report.

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Ratios

Select a ratio for its formula and the figures it uses, each with its document; (i) gives its definition.

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Analysis

Credit update

FY2025

Annual financial report for the year to 31 December 2025. Changes are against the previous report, and each figure shows its period.

0changes1threshold crossed

Changes in This Report 0

No finding changed its state in the latest report.

Thresholds Crossed 1

NewCash Backing of Earnings
Net income attributable to the company for fiscal 2025 exceeded operating cash flow by an amount equal to 1.5% of average total assets.
Interpretation. Part of the profit has not come in as cash yet: net income was larger than operating cash flow. Profit made of accounting entries tends to repeat less than profit backed by cash (Sloan, 1996).

Fiscal years, with balances at each fiscal year end. Select a value for its formula and the figures it uses.

Credit MetricsLease-adjusted debt, EBITDA and cash flow on the definitions of S&P and Moody's, as far as the filings allow.

Lease-adjusted debt, EBITDA and cash flow on the definitions of S&P and Moody's, as far as the filings allow.

By Fiscal Year

Ratio	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025
Adjusted EBITDAOperating profit before depreciation, amortisation, the impairment reported with them and pay in shares: the earnings that credit analysts set against debt.EBIT + depreciation and amortisation, with the impairment that the company reports together with them, + share-based payments; depreciation includes that of right-of-use assets, so no lease cost is added
Funds from operationsAdjusted EBITDA less interest and tax paid in cash: the cash the business produces each year for investment, dividends and debt repayment.Adjusted EBITDA - cash interest - cash taxes; cash interest includes the interest on lease liabilities
FFO cash interest coverThe number of times cash earnings cover cash interest, lease interest included.(FFO + cash interest) / cash interest; cash interest includes the interest on lease liabilities
EBITDA interest coverThe number of times adjusted EBITDA covers interest, lease interest included.Adjusted EBITDA / finance costs, which include the interest on lease liabilities

Reconciliation of the Credit Figures

Item	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025
EBIT	€8.7bn	€10.8bn	€9.0bn	€8.8bn	€9.0bn
Depreciation and amortisation, with the impairment reported with them	€1.8bn	€1.9bn	€1.1bn	€1.4bn	€1.4bn
Share-based payments	€161m	€177m	€192m	€292m	€255m
Adjusted EBITDA	€10.6bn	€12.9bn	€10.3bn	€10.5bn	€10.6bn
Cash interest	−€488m	−€744m	−€751m	−€929m	−€1.0bn
Cash taxes	−€2.3bn	−€2.8bn	−€1.9bn	−€2.5bn	−€2.7bn
Funds from operations	€7.8bn	€9.3bn	€7.7bn	€7.1bn	€6.9bn

Method

Total debt is borrowings and lease liabilities, current and non-current, before the deduction of cash. Under IFRS 16 every lease is on the balance sheet, depreciation includes that of right-of-use assets and finance costs include the interest on lease liabilities, so no lease cost or lease interest is added.
Adjusted EBITDA adds share-based payments, and the impairment that the company reports with depreciation and amortisation, to EBIT and depreciation and amortisation. FFO deducts cash interest and cash taxes.
S&P applies its table to its own adjusted figures, which also deduct surplus cash and adjust for pensions and other items, so the band of an S&P calculation can differ.

Liquidity and MaturitiesCash and operating cash flow against debt due within 12 months, capital expenditure and dividends.

Cash and operating cash flow against debt due within 12 months, capital expenditure and dividends.

These ratios have no value for the figures of this company.

Method

Debt due within 12 months is current borrowings and current lease liabilities.
Capital expenditure and dividends of the fiscal year are taken as those of the next 12 months. Undrawn credit facilities are not included.

Earnings QualityEarnings above cash flowCash-flow accruals 1.5% · FY2025

Accruals and the cash backing of reported earnings.

Net income attributable to the company for fiscal 2025 exceeded operating cash flow by an amount equal to 1.5% of average total assets.
Interpretation. Part of the profit has not come in as cash yet: net income was larger than operating cash flow. Profit made of accounting entries tends to repeat less than profit backed by cash (Sloan, 1996).
Newin FY2025 · first stated
Rule: Cash backing of earnings · Sources Annual financial report 2025-12
History of this finding, 4 records
1. FY2025 NewNet income attributable to the company for fiscal 2025 exceeded operating cash flow by an amount equal to 1.5% of average total assets.Recorded from FY2025_3e14c451 · data update
2. FY2025 RetiredThe finding changed to earnings led by accruals.Recorded from FY2025_3e14c451 · data update
3. FY2024 StrengthenedOperating cash flow for fiscal 2024 exceeded net income attributable to the company by an amount equal to 4.9% of average total assets.Reconstructed · data update
4. FY2023 NewOperating cash flow for fiscal 2023 exceeded net income attributable to the company by an amount equal to 3.8% of average total assets.Reconstructed · initial

By Fiscal Year

Ratio	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025
Cash-flow accrualsNet income less operating cash flow, against average assets: the part of profit not received in cash in the same period. Research associates high accruals with lower earnings in later years; a negative figure means cash exceeded profit.(Net income attributable to the company - operating cash flow) / average total assets
Free cash flow to net incomeFree cash flow against net income. Below 1, investment and working capital take up part of the profit.(Operating cash flow - capital expenditure) / net income attributable to the company

Method

Cash-flow accruals are net income attributable to the company less operating cash flow, over average total assets. Balance sheet accruals follow Sloan (1996) and total accruals Richardson, Sloan, Soliman and Tuna (2005).
Balance sheet and total accruals include the assets and liabilities that acquisitions bring in and disposals take out; cash-flow accruals exclude them.

Forensic and Distress ScoresPublished distress and misstatement models, with their original coefficients and thresholds.

Published distress and misstatement models, with their original coefficients and thresholds.

These ratios have no value for the figures of this company.

Source Documents

Documents of this snapshot, latest first. A report that states no date of publication carries the date on which the public index of structured annual reports added it.

Document	Date	Id
Annual financial report for the year to 31 December 2025 Search page of the FCA National Storage Mechanism	18 Mar 2026, added to the index	AFR:549300MKFYEKVRWML317-2025-12-31-0
Annual financial report for the year to 31 December 2024 Search page of the FCA National Storage Mechanism	18 Mar 2025, added to the index	AFR:549300MKFYEKVRWML317-2024-12-31-0
Annual financial report for the year to 31 December 2023 Search page of the FCA National Storage Mechanism	18 Mar 2024, added to the index	AFR:549300MKFYEKVRWML317-2023-12-31-0
Annual financial report for the year to 31 December 2022 Search page of the FCA National Storage Mechanism	14 Mar 2023, added to the index	AFR:549300MKFYEKVRWML317-2022-12-31-0
Annual financial report for the year to 31 December 2021 Search page of the FCA National Storage Mechanism	15 Mar 2022, added to the index	AFR:549300MKFYEKVRWML317-2021-12-31-0

Checks

245245 checks, all passed

Fiscal calendar11 passedFiscal years last 350 to 380 days, and each starts on the day after the one before. Checked at error level.

Coverage2 passedThe latest fiscal year gives total assets and a profit figure. Checked at error level.

Balance sheet identity6 passedTotal assets equal total liabilities and equity at each balance sheet date. Checked at error level.

Earnings per share6 passedProfit divided by earnings per share gives a number of shares in line with the other years. Checked at warning level.

Agreement with the 20-F220 passedEach figure equals the figure of the annual report on Form 20-F that the company files with the SEC for the same fiscal year. A figure that differs is withheld. Checked at warning level.

Data Quality

How many values of this snapshot the checks prove, and how many Annalist derives, withholds and tracks as restated. Every company.

Values published	220
Proven by a check	100.0%, 220 values
Confirmed by a second document	100.0%, 220 values
Derived from reported figures	0.0%, 0 values
Values withheld	0
Restated figures tracked	26
Changes compared on one basis	4
Company lines mapped	0 of 0 reviewed

Citation

Annalist, Unilever PLC, snapshot unilever/FY2025_3e14c451 (as of FY2025); <item label>, <period>; source <document id> (<document url>)

Snapshot FY2025_3e14c451 · dataset SHA-256 3e14c451dc359e881fbf00e584beee9a990663abc85d4bb9e76069a11451f8b3 · findings rules 0.4

Data: info.json · dataset.json · validation.json · documents.json