Unilever PLC Revenue in 2024

Unilever PLC reported $65.0B in revenue for fiscal year 2024. This represents a growth of 1.6% compared to the 2023 figure of $64.0B.

Unilever has paid unbroken dividends every year since 1937. That streak spans World War II, the 1970s oil shocks, multiple recessions, and the COVID-19 pandemic — a continuity that reflects both the business's cash generation characteristics and management's commitment to capital return as a priority even through volatile periods. Revenue has grown steadily: $58 billion in fiscal 2021, $63 billion in fiscal 2022, $64 billion in fiscal 2023, and $65 billion in fiscal 2024. The $5.9 billion in net income on $65 billion in revenue is a 9.1% net margin, consistent with large consumer goods companies that combine stable volume with branded pricing power in diversified categories. The 2022-2023 period tested the pricing power assumption directly. Input costs — palm oil, petrochemicals, packaging materials — rose sharply with energy and commodity prices, and Unilever passed through price increases exceeding 10% in some categories. Consumers absorbed those increases in some markets and traded down in others. The return to volume-led growth in fiscal 2024 validated the strategy of accepting temporary volume decline to preserve margin rather than holding prices and destroying profitability. The $120 billion market capitalization on $65 billion in revenue implies approximately 1.85 times revenue. For a company generating consistent free cash flow, paying an unbroken dividend since 1937, and operating in consumer categories with inherent demand stability, the pricing appears reasonable. The ice cream separation and Growth Action Plan execution are the variables that could improve the multiple if management demonstrates the discipline to exit low-performing assets while investing behind the Power Brands that justify the portfolio's scale.