Nestlé vs Procter & Gamble: Revenue, Profit and Business Model
Nestlé reported ~$107.9B of revenue in FY2025 and ~$10.8B of net income. Procter & Gamble reported $87B of revenue in FY2026 and $16B of net income.
Latest financial snapshot
Nestlé
- Latest revenue
- ~$107.9B (FY2025)
- Net income
- ~$10.8B
- Net margin
- 10.0%
- Revenue growth
- +0.7% 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
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).
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
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 |
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
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.
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
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.
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 Nestlé vs Procter & Gamble
Which company has higher revenue — Nestlé S.A. or The Procter & Gamble Company?
Nestlé S.A. reported ~$107.9B (FY2025), while The Procter & Gamble Company reported $87.0B (FY2026). By last reported revenue, Nestlé S.A. is the larger business, with The Procter & Gamble Company 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 Nestlé S.A. vs The Procter & Gamble Company?
Nestlé S.A.'s market capitalisation stands at $295.1B, 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 Nestlé S.A..
Which is more financially efficient — Nestlé S.A. or The Procter & Gamble Company?
Nestlé S.A. generates $399k / 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 Nestlé S.A. and The Procter & Gamble Company make money?
Nestlé S.A. and The Procter & Gamble Company generate revenue in fundamentally different ways. 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. 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 — Nestlé S.A. or The Procter & Gamble Company?
On a price-to-sales (P/S) basis, Nestlé S.A. trades at 2.7x P/S and The Procter & Gamble Company at 3.9x P/S. The Procter & Gamble Company commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Nestlé S.A.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Nestlé S.A. bigger than The Procter & Gamble Company?
By last reported revenue, Nestlé S.A. (~$107.9B (FY2025)) is the larger company compared to The Procter & Gamble Company ($87.0B (FY2026)). 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 Nestlé vs Procter & Gamble overview