IBM vs Unilever: Revenue, Profit and Business Model
IBM reported $67.5B of revenue in FY2025 and $10.6B of net income. Unilever reported ~$57.1B of revenue in FY2025 and ~$10.7B of net income.
Latest financial snapshot
Financial summary
IBM
IBM's reported revenue fell from about $80 billion in 2016-2018 to $57.4 billion in 2021, mostly because the Kyndryl spin-off and earlier divestitures removed low-margin services. Since then the slimmer company has grown each year: $60.5 billion in 2022, $61.9 billion in 2023, $62.8 billion in 2024, and $67.5 billion in 2025 (up 7.6%). FY2025 net income from continuing operations was $10.6 billion and free cash flow was $14.7 billion. In Q2 2026, revenue rose 1% to $17.16 billion: software grew 5% to $7.76 billion, consulting was flat at $5.33 billion, and infrastructure fell 7% to $3.84 billion as IBM Z sales lapped the z17 launch. Some large software deals slipped out of the quarter, so IBM cut its 2026 constant-currency revenue growth forecast to 4-5% while keeping its target of about $1 billion more free cash flow than in 2025.
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
IBM
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $67.5B | $10.6B | 15.7% | +7.6% | Source |
| FY2024 | $62.8B | $6B | 9.6% | +1.4% | Source |
| FY2023 | $61.9B | $7.5B | 12.1% | +2.2% | Source |
| FY2022 | $60.5B | $1.6B | 2.7% | +5.5% | Source |
| FY2021 | $57.4B | $5.7B | 10.0% | +3.9% | Source |
| FY2020 | $55.2B | $5.6B | 10.1% | -4.4% | Source |
| FY2019 | $57.7B | $9.4B | 16.3% | -27.5% | Source |
| FY2018 | $79.6B | $8.7B | 11.0% | +0.6% | Source |
| FY2017 | $79.1B | $5.8B | 7.3% | -1.0% | Source |
| FY2016 | $79.9B | $11.9B | 14.9% | — | 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
IBM
- Software~44%
Red Hat, automation, data and AI, transaction processing, security, and related software services.
- Consulting~31%
Technology consulting, business transformation, hybrid cloud implementation, and AI-enabled workflows.
- Infrastructure~23%
IBM Z, distributed infrastructure, storage, infrastructure software, maintenance, and related services.
- Financing~1%
Client financing and used equipment sales supporting enterprise technology deployments.
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
IBM
How it makes money
IBM makes money from four segments. Software ($29.96 billion in FY2025, about 44% of revenue) includes Red Hat Enterprise Linux and OpenShift, HashiCorp Terraform and Vault, Confluent data streaming (from March 2026), watsonx AI, automation, security, and mainframe transaction-processing software, sold mostly as subscriptions and recurring licenses.
Growth strategy
IBM does not try to beat AWS, Microsoft Azure, or Google Cloud at selling public cloud capacity. It sells the software layer that runs across all of them and across on-premises data centers.
Competitive advantage
IBM's main advantage is how deeply it is built into the core systems of large regulated organizations. Banks, card networks, insurers, and governments run high-volume transaction processing on IBM Z, and moving those workloads is slow, risky, and expensive.
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 IBM vs Unilever
Which company has higher revenue — International Business Machines Corporation or Unilever PLC?
International Business Machines Corporation reported $67.5B (FY2025), while Unilever PLC reported ~$57.1B (FY2025). By last reported revenue, International Business Machines Corporation is the larger business, with Unilever PLC reporting a smaller revenue base.
What is the market cap of International Business Machines Corporation vs Unilever PLC?
International Business Machines Corporation's market capitalisation stands at $216.3B, while Unilever PLC's is $132.5B. International Business Machines Corporation carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Unilever PLC.
Which is more financially efficient — International Business Machines Corporation or Unilever PLC?
International Business Machines Corporation generates $256k / employee in revenue per employee, while Unilever PLC generates $594k / employee. Unilever PLC 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 International Business Machines Corporation and Unilever PLC make money?
International Business Machines Corporation and Unilever PLC generate revenue in fundamentally different ways. International Business Machines Corporation: IBM makes money from four segments. 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 — International Business Machines Corporation or Unilever PLC?
On a price-to-sales (P/S) basis, International Business Machines Corporation trades at 3.2x P/S and Unilever PLC at 2.3x P/S. International Business Machines Corporation 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 International Business Machines Corporation bigger than Unilever PLC?
By last reported revenue, International Business Machines Corporation ($67.5B (FY2025)) is the larger company compared to Unilever PLC (~$57.1B (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 IBM vs Unilever overview