Adobe vs Unilever: Revenue, Profit and Business Model
Adobe reported $23.8B of revenue in FY2025 and $7.1B of net income. Unilever reported ~$57.1B of revenue in FY2025 and ~$10.7B of net income.
Latest financial snapshot
Financial summary
Adobe
Revenue rose from $5.854 billion in fiscal 2016 to $23.769 billion in fiscal 2025. Fiscal 2025 net income was $7.130 billion, compared with $5.560 billion in fiscal 2024. Adobe's fiscal years in this series ended on the Friday closest to November 30 or, in some years, early December.
Unilever
Unilever's 2025 turnover from continuing operations was ~$57.1 billion (EUR 50.5 billion), down 3.8% in reported terms because of adverse currency moves and disposals, even as underlying sales grew 3.5% with 1.5% from volume. Free cash flow was ~$6.67 billion (EUR 5.9 billion), about $757 million (EUR 670 million) of productivity savings had been delivered by the end of 2025, and the company announced a new ~$1.69 billion (EUR 1.5 billion) share buyback. Momentum improved in 2026: first-half turnover was ~$28.9 billion (EUR 25.6 billion) (up 0.5%), underlying sales grew 4.8% with 4.2% volume, Q2 underlying growth reached 5.8%, and the underlying operating margin was 20.3%. Unilever raised its full-year outlook after the H1 2026 results.
Revenue and profit by year
Adobe
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $23.8B | $7.1B | 30.0% | +10.5% | Source |
| FY2024 | $21.5B | $5.6B | 25.9% | +10.8% | Source |
| FY2023 | $19.4B | $5.4B | 28.0% | +10.2% | Source |
| FY2022 | $17.6B | $4.8B | 27.0% | +11.5% | Source |
| FY2021 | $15.8B | $4.8B | 30.5% | +22.7% | Source |
| FY2020 | $12.9B | $5.3B | 40.9% | +15.2% | Source |
| FY2019 | $11.2B | $3B | 26.4% | +23.7% | Source |
| FY2018 | $9B | $2.6B | 28.7% | +23.7% | Source |
| FY2017 | $7.3B | $1.7B | 23.2% | +24.7% | Source |
| FY2016 | $5.9B | $1.2B | 20.0% | — | Source |
Unilever
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$57.1B | ~$10.7B | 18.7% | -3.8% | Source |
| FY2024 | ~$59.3B | ~$6.5B | 10.9% | +1.5% | Source |
| FY2023 | ~$58.4B | ~$7.3B | 12.6% | -14.0% | Source |
| FY2022 | ~$67.9B | ~$8.6B | 12.7% | +14.5% | Source |
| FY2021 | ~$59.3B | ~$6.8B | 11.5% | +3.4% | Source |
| FY2020 | ~$57.3B | ~$6.3B | 11.0% | -2.4% | Source |
| FY2019 | ~$58.7B | ~$6.4B | 10.8% | +2.0% | Source |
| FY2018 | ~$57.6B | ~$10.6B | 18.4% | -5.1% | Source |
| FY2017 | ~$60.7B | ~$6.8B | 11.2% | +1.9% | Source |
| FY2016 | ~$59.6B | ~$5.9B | 9.8% | — | Source |
Where the revenue comes from
Adobe
- Digital Media74.3%
Creative Cloud and Document Cloud generated $17.649 billion in fiscal 2025 revenue.
- Digital Experience24.7%
Customer-experience applications and services generated $5.864 billion in fiscal 2025 revenue.
- Publishing and Advertising1.1%
Publishing products and advertising offerings generated $256 million in fiscal 2025 revenue.
Unilever
- Power Brands
78% of 2025 turnover
Dove, Vaseline, Rexona, Sunsilk, OMO, Knorr and the other Power Brands made up 78% of turnover in 2025.
- Beauty & Wellbeing
Not formally reported
One of four business groups reported after the 2025 Ice Cream demerger; it includes prestige beauty and wellbeing supplements.
- Personal Care
Not formally reported
One of the four business groups reported after the 2025 Ice Cream demerger.
- Home Care
Not formally reported
One of the four business groups reported after the 2025 Ice Cream demerger.
- Foods
Not formally reported
Largely to be combined with McCormick in a pending transaction; it includes Unilever Food Solutions for foodservice.
Business model and strategy
Adobe
How it makes money
Adobe earns most of its revenue from subscriptions. In fiscal 2025, subscription revenue was $22.904 billion, or about 96% of total revenue. Digital Media includes Creative Cloud and Document Cloud, while Digital Experience includes applications and services for customer experience management. Adobe also reports a smaller Publishing and Advertising business.
Growth strategy
Adobe's stated strategy includes expanding Creative Cloud and Document Cloud, developing Firefly and other AI capabilities, and growing customer-experience applications. In 2026 Adobe also announced that Anil Chakravarthy, who leads Customer Experience Orchestration and worldwide field operations, will become CEO on December 1, 2026.
Competitive advantage
Adobe combines established creative applications, the PDF and Acrobat document workflow, and customer-experience software in subscription offerings. Its fiscal 2025 Form 10-K says its markets are competitive and subject to rapid technology change, so continued product development and customer retention remain important.
Unilever
How it makes money
Unilever makes money by manufacturing and selling branded, repeat-purchase consumer products through supermarkets, convenience stores, pharmacies, small independent shops and e-commerce. After the 2025 Ice Cream demerger it reports four business groups: Beauty & Wellbeing, Personal Care, Home Care and Foods. Its Power Brands, such as Dove, Vaseline, Rexona, Sunsilk, OMO and Knorr, made up 78% of turnover in 2025.
Growth strategy
Under Fernando Fernandez, Unilever is concentrating investment behind about 30 Power Brands, increasing marketing spend through social and influencer channels, rotating the portfolio toward premium beauty and wellbeing (2025 deals included Dr. Squatch, Wild and Minimalist), and separating lower-growth food and ice cream assets.
Competitive advantage
Unilever's advantage is a mix of trusted brands, emerging-market distribution, local manufacturing, repeat-purchase categories, Power Brand marketing scale, and deep category knowledge in personal care, home care, beauty, and foods.
Questions about Adobe vs Unilever
Which company has higher revenue — Adobe Inc. or Unilever PLC?
Adobe Inc. reported $23.8B (FY2025), while Unilever PLC reported ~$57.1B (FY2025). By last reported revenue, Unilever PLC is the larger business, with Adobe Inc. reporting a smaller revenue base.
What is the market cap of Adobe Inc. vs Unilever PLC?
Adobe Inc.'s market capitalisation stands at $93.0B, while Unilever PLC's is $132.5B. Unilever PLC carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Adobe Inc..
Which is more financially efficient — Adobe Inc. or Unilever PLC?
Adobe Inc. generates $758k / employee in revenue per employee, while Unilever PLC generates $594k / employee. Adobe Inc. shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Adobe Inc. and Unilever PLC make money?
Adobe Inc. and Unilever PLC generate revenue in fundamentally different ways. Adobe Inc.: Adobe earns most of its revenue from subscriptions. Unilever PLC: Unilever makes money by manufacturing and selling branded, repeat-purchase consumer products through supermarkets, convenience stores, pharmacies, small independent shops and e-commerce.
Which company is valued higher relative to revenue — Adobe Inc. or Unilever PLC?
On a price-to-sales (P/S) basis, Adobe Inc. trades at 3.9x P/S and Unilever PLC at 2.3x P/S. Adobe Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Unilever PLC. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Adobe Inc. bigger than Unilever PLC?
By last reported revenue, Unilever PLC (~$57.1B (FY2025)) is the larger company compared to Adobe Inc. ($23.8B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Adobe vs Unilever overview