L'Oreal vs Procter & Gamble: Revenue, Profit and Business Model
L'Oreal reported ~$49.8B of revenue in FY2025 and ~$6.9B of net income. Procter & Gamble reported $87B of revenue in FY2026 and $16B of net income.
Latest financial snapshot
L'Oreal
- Latest revenue
- ~$49.8B (FY2025)
- Net income
- ~$6.9B
- Net margin
- 13.9%
- Revenue growth
- +8.1% a year, FY2021–FY2025
Procter & Gamble
- Latest revenue
- $87B (FY2026)
- Net income
- $16B
- Net margin
- 18.4%
- Revenue growth
- +3.3% a year, FY2017–FY2026
Financial summary
L'Oreal
L'Oréal's 2025 sales reached ~$49.8 billion (€44.05 billion), up 4.0% like-for-like and 1.3% as reported because of currency headwinds. Gross profit was ~$37 billion (€32.74 billion) (74.3% of sales), operating profit ~$10 billion (€8.89 billion) (20.2%) and net profit after non-controlling interests ~$6.93 billion (€6.13 billion). Net cash flow rose 7.8% to ~$8.14 billion (€7.2 billion). Growth sped up in 2026: first-quarter sales were ~$13.7 billion (€12.15 billion) (+7.6% like-for-like), and first-half sales were ~$26.9 billion (€23.77 billion), up 6.8% like-for-like and 5.8% reported. First-half operating profit rose 6.8% to ~$5.72 billion (€5.06 billion), a record 21.3% margin, and net profit excluding non-recurring items rose 4.7% to ~$4.47 billion (€3.96 billion). On 28 September 2026 L'Oréal's market value was about $232 billion (€205 billion), with the share near €380.
Procter & Gamble
P&G's finances are defined by steady sales, high margins and large cash returns rather than fast growth. Net sales rose from $65.1 billion in fiscal 2017 to $87.0 billion in fiscal 2026. In fiscal 2026 diluted EPS was $6.62 (up 2%) and core EPS was $6.89 (up 1%), with core gross and operating margins slipping 40 and 70 basis points as costs rose. The company returned more than $15 billion to shareholders, about $10.2 billion in dividends and $5 billion in buybacks, and has raised its dividend for 70 consecutive years. For fiscal 2027 it guided to 1%-3% organic sales growth and core EPS of $6.89-$7.11.
Revenue and profit by year
L'Oreal
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$49.8B | ~$6.9B | 13.9% | +1.3% | Source |
| FY2024 | ~$49.1B | ~$7.2B | 14.7% | +5.6% | Source |
| FY2023 | ~$46.5B | ~$7B | 15.0% | +7.6% | Source |
| FY2022 | ~$43.2B | ~$6.4B | 14.9% | +18.5% | Source |
| FY2021 | ~$36.5B | ~$5.2B | 14.2% | — | Source |
Procter & Gamble
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | $87B | $16B | 18.4% | +3.3% | Source |
| FY2025 | $84.3B | $16B | 19.0% | +0.3% | Source |
| FY2024 | $84B | $14.9B | 17.7% | +2.5% | Source |
| FY2023 | $82B | $14.7B | 17.9% | +2.3% | Source |
| FY2022 | $80.2B | $14.7B | 18.4% | +5.3% | Source |
| FY2021 | $76.1B | $14.3B | 18.8% | +7.3% | Source |
| FY2020 | $71B | $13B | 18.4% | +4.8% | Source |
| FY2019 | $67.7B | $3.9B | 5.8% | +1.3% | Source |
| FY2018 | $66.8B | $9.8B | 14.6% | +2.7% | Source |
| FY2017 | $65.1B | $15.3B | 23.6% | — | Source |
Where the revenue comes from
L'Oreal
- Consumer Products36.5%
~$18.2 billion (€16.09 billion) of 2025 sales. Mass-market brands L'Oréal Paris, Maybelline New York, Garnier, NYX Professional Makeup and Essie, sold through supermarkets, drugstores, mass retailers and e-commerce.
- L'Oréal Luxe35.4%
~$17.6 billion (€15.60 billion) of 2025 sales. Prestige brands including Lancôme, YSL Beauty, Giorgio Armani Beauty, Kiehl's, Aesop, Prada and Valentino, sold through department stores, Sephora-type specialists, travel retail and boutiques. Creed and the Kering licences joined from April 2026.
- Dermatological Beauty16.4%
~$8.14 billion (€7.20 billion) of 2025 sales. CeraVe, La Roche-Posay, Vichy and SkinCeuticals, sold mainly through pharmacies, health channels and online with dermatologist recommendation.
- Professional Products11.7%
~$5.83 billion (€5.16 billion) of 2025 sales. Salon brands Kérastase, L'Oréal Professionnel, Redken and Matrix, sold to hair salons and through their online channels.
Procter & Gamble
- Fabric and Home Care
Largest segment
Laundry, dish care, air care, and household cleaning brands including Tide, Ariel, Dawn, Febreze, and Swiffer.
- Baby, Feminine and Family Care
Major segment
Pampers, Always, Bounty, Charmin, and related baby, feminine, and family-care products.
- Beauty
Major segment
Hair care, skin care, and prestige beauty brands including Head & Shoulders, Pantene, Olay, and SK-II.
- Health Care
Major segment
Oral care and personal health products such as Oral-B, Crest, Vicks, and Metamucil.
- Grooming
Focused segment
Gillette, Venus, Braun, and shaving-related products.
Business model and strategy
L'Oreal
How it makes money
L'Oréal makes money by developing, manufacturing and marketing beauty products that it sells to retailers, pharmacies, salons, travel retail and directly online.
Growth strategy
L'Oréal grows through innovation, acquisitions, licences and new markets. Recent deals include Aesop (2023, about $2.5 billion), a roughly 20% stake in Galderma, and Kering Beauté (2026, ~$4.52 billion (€4 billion)), which brought Creed plus 50-year licences for Bottega Veneta, Balenciaga and Gucci.
Competitive advantage
L'Oréal's edge comes from three things competitors rarely combine: a portfolio covering mass, luxury, dermatological and salon beauty; a research organisation of roughly 4,000 people that files about 500 patents a year; and distribution in about 150 countries across every channel. Because beauty is its only business, capital and talent are not split with food or household goods, unlike Unilever or Procter & Gamble.
Procter & Gamble
How it makes money
P&G makes money by designing, manufacturing and marketing branded household and personal-care products that consumers buy every week, then selling them through retailers, club stores, pharmacies, distributors and e-commerce platforms. Revenue comes from five reportable segments: Fabric & Home Care (Tide, Ariel, Dawn, Downy, Febreze), the largest; Baby, Feminine & Family Care (Pampers, Always, Bounty, Charmin);
Growth strategy
P&G's integrated growth strategy has five parts: a portfolio focused on about ten daily-use categories, superiority across product, packaging, communication, retail execution and value, productivity savings to fund reinvestment, 'constructive disruption' of its own practices, and an agile, accountable organization.
Competitive advantage
P&G's edge is the combination of category leadership and scale. It concentrates on about ten daily-use categories where performance differences are visible to consumers (cleaning, absorbency, shaving, oral care), funds roughly $2 billion a year of R&D to keep those gaps, and uses its size to buy materials, media and logistics more cheaply than smaller rivals.
Questions about L'Oreal vs Procter & Gamble
Which company has higher revenue — L'Oréal SA or The Procter & Gamble Company?
L'Oréal SA reported ~$49.8B (FY2025), while The Procter & Gamble Company reported $87.0B (FY2026). By last reported revenue, The Procter & Gamble Company is the larger business, with L'Oréal SA reporting 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 L'Oréal SA vs The Procter & Gamble Company?
L'Oréal SA's market capitalisation stands at $204.9B, while The Procter & Gamble Company's is $340.0B. The Procter & Gamble Company carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to L'Oréal SA.
Which is more financially efficient — L'Oréal SA or The Procter & Gamble Company?
L'Oréal SA generates $524k / employee in revenue per employee, while The Procter & Gamble Company generates $798k / employee. The Procter & Gamble Company 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 L'Oréal SA and The Procter & Gamble Company make money?
L'Oréal SA and The Procter & Gamble Company generate revenue in fundamentally different ways. L'Oréal SA: L'Oréal makes money by developing, manufacturing and marketing beauty products that it sells to retailers, pharmacies, salons, travel retail and directly online. The Procter & Gamble Company: P&G makes money by designing, manufacturing and marketing branded household and personal-care products that consumers buy every week, then selling them through retailers, club stores, pharmacies, distributors and e-commerce platforms.
Which company is valued higher relative to revenue — L'Oréal SA or The Procter & Gamble Company?
On a price-to-sales (P/S) basis, L'Oréal SA trades at 4.1x P/S and The Procter & Gamble Company at 3.9x P/S. L'Oréal SA commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to The Procter & Gamble Company. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is L'Oréal SA bigger than The Procter & Gamble Company?
By last reported revenue, The Procter & Gamble Company ($87.0B (FY2026)) is the larger company compared to L'Oréal SA (~$49.8B (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 L'Oreal vs Procter & Gamble overview