Danone vs Kellanova: Revenue, Profit and Business Model
Danone had ~$30.8B of annual revenue in FY2025 and ~$2.1B of net income. Kellanova had $12.7B of annual revenue in FY2024 and $1.3B of net income.
Latest financial snapshot
Financial summary
Danone
After activist investors pushed out Emmanuel Faber in 2021, CEO Antoine de Saint-Affrique's Renew Danone plan shifted the focus to volume-led growth, margin rebuilding and portfolio pruning. The numbers have followed: recurring operating margin rose from 12.2% in 2022 to 13.4% in 2025, recurring EPS reached EUR3.80 and the 2025 dividend was raised 4.7% to EUR2.25. Reported net income - Group share fell 9.7% to ~$2.06B (EUR1.825B) in 2025 because non-recurring charges rose to ~$819M (EUR725M) at operating level. In H1 2026 recurring EPS grew 0.9% to EUR1.92 and free cash flow was ~$1.02B (EUR0.9B). Danone S.A. is a massive multinational food-products corporation, holding a robust market valuation generally exceeding $40 billion.
Kellanova
Kellanova's last standalone Form 10-K reported FY2024 net sales of $12.749 billion, down 2.8% from $13.122 billion in FY2023, and net income of $1.343 billion, up from $951 million. Figures for 2021 and later reflect continuing operations after the WK Kellogg Co spin-off; earlier years are the legacy Kellogg Company. Mars paid $83.50 per share in cash, valuing Kellanova at about $35.9 billion including debt. Since the December 11, 2025 close, Kellanova no longer files quarterly or annual results with the SEC, and Mars, a private company, does not break out Kellanova's numbers. Kellanova (formerly the global snacking division of Kellogg's) is a monumental multinational food manufacturing company, recently targeted for acquisition by Mars in a massive $35.9 billion deal.
Revenue and profit by year
Danone
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$30.8B | ~$2.1B | 6.7% | -0.3% | Source |
| FY2024 | ~$30.9B | ~$2.3B | 7.4% | -0.9% | Source |
| FY2023 | ~$31.2B | ~$986.5M | 3.2% | -0.2% | Source |
| FY2022 | ~$31.3B | ~$1.1B | 3.4% | +13.9% | Source |
| FY2021 | ~$27.4B | ~$2.1B | 7.8% | — | Source |
Kellanova
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2024 | $12.7B | $1.3B | 10.5% | -2.8% | Source |
| FY2023 | $13.1B | $951M | 7.2% | +3.7% | Source |
| FY2022 | $12.7B | $960M | 7.6% | +7.7% | Source |
| FY2021 | $11.7B | $1.5B | 12.7% | -14.7% | Source |
| FY2020 | $13.8B | $1.3B | 9.1% | +1.4% | Source |
| FY2019 | $13.6B | $960M | 7.1% | +0.2% | Source |
| FY2018 | $13.5B | $1.3B | 9.9% | +5.4% | Source |
| FY2017 | $12.9B | $1.3B | 9.8% | -0.9% | Source |
| FY2016 | $13B | $699M | 5.4% | -11.1% | Source |
| FY2015 | $14.6B | $632M | 4.3% | — | Source |
Where the revenue comes from
Danone
- Essential Dairy and Plant-Based (EDP)~50%
Yogurts, fermented drinks, desserts, coffee creamers and plant-based alternatives under Activia, Actimel, Oikos, Danette, Alpro, Silk and International Delight. Danone's largest category by sales.
- Specialized Nutrition~30%
Infant and early-life nutrition (Aptamil, Nutrilon, Cow & Gate) and adult and pediatric medical nutrition (Nutricia, Fortimel, Neocate, Kate Farms). Danone's highest-margin category.
- Waters~20%
Natural mineral, functional and flavored waters including Evian, Volvic, Badoit, Aqua, Mizone and Bonafont.
Kellanova
- Snacking Brands
largest contributor
Pringles, Cheez-It, Pop-Tarts, Rice Krispies Treats, RXBAR, and other snack brands drove the growth profile that made Kellanova attractive to Mars Snacking.
- International Cereal and Noodles
meaningful global base
Kellanova kept Kellogg's international cereal brands and noodle businesses after the North American cereal spin-off, giving it a global grocery footprint beyond U.S. snacks.
- Frozen and Plant-Based Foods
smaller portfolio segment
Frozen breakfast and plant-based products added category breadth but were smaller than the company's global snacks platform.
Business model and strategy
Danone
How it makes money
Danone makes money by selling branded, health-positioned food and drinks through supermarkets, pharmacies, hospitals and online channels in more than 120 markets. Essential Dairy and Plant-Based (yogurts, fermented drinks, coffee creamers, plant-based milks) is the largest category by sales;
Growth strategy
Renew Danone Chapter 2 targets mid-single-digit like-for-like growth by scaling high-growth health platforms: high-protein yogurt and drinks, adult medical nutrition in the U.S. and Europe, gut-health and microbiome products, and functional nutrition.
Competitive advantage
Danone's edge is scientific credibility tied to brands: decades of microbiome and early-life nutrition research behind Activia, Actimel, Aptamil and Nutricia, plus prescription and hospital channels in medical nutrition that are hard for mass-market rivals to enter.
Kellanova
How it makes money
Kellanova makes money by manufacturing branded packaged foods and selling them to grocery chains, mass merchants, club stores, convenience stores, foodservice operators and e-commerce retailers in roughly 180 markets.
Growth strategy
Before the sale, Kellanova's stated plan was to grow its biggest snack brands (Pringles, Cheez-It, Pop-Tarts, Rice Krispies Treats) faster than its other categories, expand Cheez-It internationally, and keep building in emerging markets, especially Africa through Multipro.
Competitive advantage
Kellanova's edge is a small number of very large brands with global reach. Pringles sells in more than 140 countries using a single, standardized product and tube format, and Cheez-It is one of the leading cracker brands in the U.S. That brand scale, plus decades of retailer relationships and an emerging-markets footprint in Africa, Latin America and Asia, is what Mars paid a premium for.
Questions about Danone vs Kellanova
Which company has higher revenue — Danone S.A. or Kellanova?
Danone S.A. had ~$30.8B (FY2025), while Kellanova had $12.7B (FY2024). By latest annual revenue, Danone S.A. is the larger business, with Kellanova showing a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of Danone S.A. vs Kellanova?
Danone S.A. has a market capitalisation of $43.5B. A public market cap figure for Kellanova was not available (it may be privately held).
How does revenue per employee compare for Danone S.A. and Kellanova?
Danone S.A. has $343k / employee in revenue per employee, while Kellanova has $554k / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do Danone S.A. and Kellanova make money?
Danone S.A. and Kellanova generate revenue in fundamentally different ways. Danone S.A.: Danone makes money by selling branded, health-positioned food and drinks through supermarkets, pharmacies, hospitals and online channels in more than 120 markets. Kellanova: Kellanova makes money by manufacturing branded packaged foods and selling them to grocery chains, mass merchants, club stores, convenience stores, foodservice operators and e-commerce retailers in roughly 180 markets.
Is Danone S.A. bigger than Kellanova?
By last reported revenue, Danone S.A. (~$30.8B (FY2025)) is the larger company compared to Kellanova ($12.7B (FY2024)). 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 Danone vs Kellanova overview