Unilever: profitable every year, and standing still.

1. Left behind by its peers. From 2016 to 2025, its revenue shrank 2% in US dollars; the median among 181 large manufacturers grew 49%. It outgrew only 14% of them.
2. Still smaller than it was. Revenue reached €50.5 billion in 2025, 16% below its 2022 peak of €60.1 billion.
3. Five decisions on record. Stratrix has verified five of Unilever's big decisions, each with what happened next. The hardest year after: "Unilever Keeps Issuing One Cultural Doctrine for 400 Brands. That's the Bug, Not the Brand", with its shares 68 points behind the S&P 500 over the next three years. The best: "A £50bn Bid Rejected Three Times, an €8bn Spin-Off: Unilever's Reshaping Was a Retreat", 15 points ahead of the S&P 500 over the next year.
4. Profitable every year. Unilever made money in each of its last ten fiscal years, from €5.2 billion (2016) to €9.5 billion (2025).

Financial results

As reported in its annual filings, in EUR. Losses in red.

Stratrix Decision Cases

• 2024A £50bn Bid Rejected Three Times, an €8bn Spin-Off: Unilever's Reshaping Was a RetreatStood · shares +15 pts vs the S&P 500 over a year
• 2023Unilever Keeps Issuing One Cultural Doctrine for 400 Brands. That's the Bug, Not the Brand.Held in part · shares −68 pts vs the S&P 500 over 3 years
• 2023Unilever Tried to Give Mayonnaise a Purpose. A Shareholder Called It Losing the Plot.Stood · shares −68 pts vs the S&P 500 over 3 years
• 2022Unilever redrew itself into five business groups in January 2022 — before its activist held a single board seatHeld in part · shares −21 pts vs the S&P 500 over 3 years
• 2017A Thin Premium and a Legal Clock: How Unilever Killed Kraft's $143bn Bid in 48 HoursStood · shares +2 pts vs the S&P 500 over 3 years