Unilever vs Visa: Revenue, Profit and Business Model
Unilever reported ~$57.1B of revenue in FY2025 and ~$10.7B of net income. Visa reported $40B of revenue in FY2025 and $20.1B of net income.
Latest financial snapshot
Financial summary
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.
Visa
Visa's fiscal year ends September 30. Fiscal 2025 net revenue was USD 40.0 billion, up 11% from USD 35.9 billion in fiscal 2024, and GAAP net income was USD 20.1 billion. Growth continued in fiscal 2026: in the third quarter (April to June 2026) net revenue rose 14% to USD 11.6 billion, quarterly payments volume passed USD 4 trillion for the first time, and Visa returned USD 6.2 billion to shareholders through buybacks and dividends. Fiscal 2026 full-year results are due in late October 2026.
Revenue and profit by year
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 |
Visa
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $40B | $20.1B | 50.1% | +11.3% | Source |
| FY2024 | $35.9B | $19.7B | 55.0% | +10.0% | Source |
| FY2023 | $32.7B | $17.3B | 52.9% | +11.4% | Source |
| FY2022 | $29.3B | $15B | 51.0% | +21.6% | Source |
| FY2021 | $24.1B | $12.3B | 51.1% | +10.3% | Source |
| FY2020 | $21.8B | $10.9B | 49.7% | -4.9% | Source |
| FY2019 | $23B | $12.1B | 52.6% | +11.5% | Source |
| FY2018 | $20.6B | $10.3B | 50.0% | +12.3% | Source |
| FY2017 | $18.4B | $6.7B | 36.5% | +21.7% | Source |
| FY2016 | $15.1B | $6B | 39.7% | — | Source |
Where the revenue comes from
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.
Visa
- Service revenue
- Data processing revenue
- International transaction revenue
- Value-added services
- Visa Direct
- Fraud and risk tools
Business model and strategy
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.
Visa
How it makes money
Visa earns fees from the banks and other clients that use its network, not interest from cardholders. Its reported revenue lines are service revenue (based on payments volume), data processing revenue (based on transactions authorized, cleared and settled over VisaNet), international transaction revenue (cross-border and currency conversion activity) and other revenue, including value-added services such as fraud and…
Growth strategy
Visa's growth strategy is to expand credentials, increase digital acceptance, grow cross-border and e-commerce volume, sell more value-added services, scale Visa Direct, support tap-to-pay and tokenized commerce, and embed Visa capabilities inside fintech and banking platforms.
Competitive advantage
Visa's moat is a three-sided network effect. Consumers use Visa because merchants accept it, merchants accept Visa because consumers carry it, and banks issue Visa credentials because both sides already participate. The company also has fraud data, global rules, brand trust, dispute standards, token infrastructure, and bank relationships built across decades. A competitor cannot simply copy the software;
Questions about Unilever vs Visa
Which company has higher revenue — Unilever PLC or Visa Inc.?
Unilever PLC reported ~$57.1B (FY2025), while Visa Inc. reported $40.0B (FY2025). By last reported revenue, Unilever PLC is the larger business, with Visa Inc. reporting a smaller revenue base.
What is the market cap of Unilever PLC vs Visa Inc.?
Unilever PLC's market capitalisation stands at $132.5B, while Visa Inc.'s is $676.0B. Visa Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Unilever PLC.
Which is more financially efficient — Unilever PLC or Visa Inc.?
Unilever PLC generates $594k / employee in revenue per employee, while Visa Inc. generates $1.17M / employee. Visa Inc. 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 Unilever PLC and Visa Inc. make money?
Unilever PLC and Visa Inc. generate revenue in fundamentally different ways. 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. Visa Inc.: Visa earns fees from the banks and other clients that use its network, not interest from cardholders.
Which company is valued higher relative to revenue — Unilever PLC or Visa Inc.?
On a price-to-sales (P/S) basis, Unilever PLC trades at 2.3x P/S and Visa Inc. at 16.9x P/S. Visa Inc. 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 Unilever PLC bigger than Visa Inc.?
By last reported revenue, Unilever PLC (~$57.1B (FY2025)) is the larger company compared to Visa Inc. ($40.0B (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 Unilever vs Visa overview