Danone vs Nestlé: Revenue, Profit and Business Model
Danone reported ~$30.8B of revenue in FY2025 and ~$2.1B of net income. Nestlé reported ~$107.9B of revenue in FY2025 and ~$10.8B 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).
Nestlé
Nestlé's sales have shrunk in Swiss franc terms since 2022, from ~$113 billion (CHF 94.4 billion) to ~$107 billion (CHF 89.5 billion) in 2025, largely because of a strong franc and disposals, even as organic growth stayed positive (3.5% in 2025). Net profit fell to ~$10.8 billion (CHF 9.0 billion) in 2025 and the underlying trading operating profit (UTOP) margin was 16.1%, while free cash flow reached ~$11 billion (CHF 9.2 billion). In the first half of 2026, sales were ~$51.7 billion (CHF 43.1 billion) with 3.6% organic growth and 1.5% real internal growth (RIG). Net profit dropped 31.4% to ~$4.2 billion (CHF 3.5 billion), but the UTOP margin recovered to 16.4% and free cash flow rose to ~$4.08 billion (CHF 3.4 billion).
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 |
Nestlé
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$107.9B | ~$10.8B | 10.0% | -2.0% | Source |
| FY2024 | ~$110.1B | ~$13.1B | 11.9% | -1.7% | Source |
| FY2023 | ~$112B | ~$13.5B | 12.0% | -1.5% | Source |
| FY2022 | ~$113.7B | ~$11.1B | 9.8% | +8.4% | Source |
| FY2021 | ~$105B | ~$20.3B | 19.3% | — | 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.
Nestlé
- Powdered and Liquid Beverages28.1%
Largest 2025 annual report category, including coffee and beverage brands such as Nescafé and Nespresso.
- PetCare20.6%
Purina-led pet care portfolio and one of Nestlé's key global growth engines.
- Nutrition and Health Science16.0%
Infant, medical, and health-science nutrition products.
- Prepared Dishes and Cooking Aids11.3%
Includes cooking aids, prepared meals, and brands such as Maggi.
- Milk Products and Ice Cream10.8%
Dairy and ice cream products, with portfolio changes under review.
- Confectionery9.7%
Chocolate and confectionery brands such as KitKat in most markets.
- Water3.5%
Water brands including premium and regional water products.
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.
Nestlé
How it makes money
Nestlé makes money by manufacturing and selling branded food and drinks through supermarkets, convenience stores, e-commerce, pet specialty, pharmacies, hospitals and out-of-home channels in roughly 185 countries.
Growth strategy
Under Philipp Navratil, Nestlé is pursuing what it calls RIG-led growth: driving volume rather than price increases. It is putting more money behind four core businesses (Coffee, Petcare, Nutrition, Food & Snacks) and growth platforms that it says make up about 30% of sales. It is also reshaping the portfolio.
Competitive advantage
Nestlé's edge is the combination of global brands with local manufacturing and distribution. It runs a large worldwide factory and R&D network, holds leading positions in instant coffee and pet food, and can invest more in marketing and innovation than most rivals. Its Fuel for Growth cost programme is targeting ~$2.4 billion (CHF 2 billion) of savings by end-2026 to fund that brand investment.
Questions about Danone vs Nestlé
Which company has higher revenue — Danone S.A. or Nestlé S.A.?
Danone S.A. reported ~$30.8B (FY2025), while Nestlé S.A. reported ~$107.9B (FY2025). By last reported revenue, Nestlé S.A. is the larger business, with Danone S.A. reporting a smaller revenue base.
What is the market cap of Danone S.A. vs Nestlé S.A.?
Danone S.A.'s market capitalisation stands at $43.5B, while Nestlé S.A.'s is $295.1B. Nestlé S.A. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Danone S.A..
Which is more financially efficient — Danone S.A. or Nestlé S.A.?
Danone S.A. generates $343k / employee in revenue per employee, while Nestlé S.A. generates $399k / employee. Nestlé S.A. 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 Danone S.A. and Nestlé S.A. make money?
Danone S.A. and Nestlé S.A. 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. Nestlé S.A.: Nestlé makes money by manufacturing and selling branded food and drinks through supermarkets, convenience stores, e-commerce, pet specialty, pharmacies, hospitals and out-of-home channels in roughly 185 countries.
Which company is valued higher relative to revenue — Danone S.A. or Nestlé S.A.?
On a price-to-sales (P/S) basis, Danone S.A. trades at 1.4x P/S and Nestlé S.A. at 2.7x P/S. Nestlé S.A. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Danone S.A.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Danone S.A. bigger than Nestlé S.A.?
By last reported revenue, Nestlé S.A. (~$107.9B (FY2025)) is the larger company compared to Danone S.A. (~$30.8B (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 Danone vs Nestlé overview