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Unilever plc (UL)
NYSE:UL
Earnings Data
Report Date
Jul 23, 2026Before Open (Confirmed)
Period Ending
2026 (Q2)Consensus EPS Forecast
1.91Last Year’s EPS
1.97Same Quarter Last Year
Moderate Buy
Based on 2 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call presented a predominantly positive operational story: broad-based sequential improvement, Power Brands and premium innovations delivering above-market growth, margin expansion, strong productivity progress, solid cash generation and a clearer, sharper portfolio following the Ice Cream demerger. Key challenges remain — notable FX headwinds that materially reduced reported turnover and EPS, regional softness in parts of Latin America and a flat China performance for the year, category-specific execution issues (hair care, deodorants in Brazil) and demerger-related cash impacts. Management provided constructive guidance (underlying sales ~4%, volumes at least 2%, modest margin improvement) and clear priorities (volume-led growth, reinvestment in Power Brands, productivity), suggesting confidence in continued improvement.Company Guidance
Underlying Sales and Volume Improvement
Full-year underlying sales growth of 3.5%, with volumes up 1.5% and price contribution of 2.0%. Sequential improvement through the year with Q4 underlying sales growth of 4.2%, volumes 2.1% and price 2.0%.
Power Brands Outperformance
30 Power Brands ( >78% of group turnover) grew underlying sales 4.3% for the year with volumes +2.2%. 2-year CAGR for Power Brands is 5% (including 3.4% volume growth). Q4 Power Brand growth was 5.8% with volumes +3.5%.
Strong Category Performance — Beauty & Wellbeing and Personal Care
Beauty & Wellbeing underlying sales +4.3% (volumes +2.2%, price +2.1%). Personal Care underlying sales +4.7% (price +3.6%, volumes +1.1%). Personal Care underlying operating profit EUR 3.0bn; margin improved 50 bps to 22.6%.
Home Care and Foods Profitability Gains
Home Care underlying sales +2.6% (volume-led +2.2%); Q4 growth accelerated to 4.7% with volumes +4.0%. Home Care underlying operating margin 14.9% (+40 bps). Foods delivered underlying sales +2.5% and a record underlying operating margin of 22.6% (+130 bps), underlying operating profit EUR 2.9bn.
Gross Margin and Overhead Improvement
Underlying operating margin expanded by 60 bps to 20.0% for the group. Gross margin up 20 bps to 46.9% (third consecutive year of gross margin expansion). Overheads reduced by 50 bps driven by productivity program.
Productivity Program Progress
Productivity program has delivered >EUR 670m of savings to date, ahead of schedule and on track for EUR 800m by 2026; overhead efficiencies contributing to margin expansion.
Cash Generation and Balance Sheet Strength
Free cash flow EUR 5.9bn (100% cash conversion); excluding demerger items free cash flow EUR 6.3bn. Net debt EUR 23.1bn, reduced by EUR 1.4bn year-on-year; net debt to underlying EBITDA ~2.0x.
Return on Invested Capital and Capital Returns
Underlying ROIC at 19% (top third of sector), benefited ~100 bps from Ice Cream demerger. Returned EUR 6.0bn to shareholders (EUR 4.5bn dividends, EUR 1.5bn buybacks) and announced new EUR 1.5bn buyback.
Portfolio Transformation and Strategic M&A
Rotated ~15% of the portfolio in 2025 (Ice Cream demerger + 10 transactions). Acquisitions like Minimalist, Wild and Dr. Squatch (and Magnum involvement) broaden exposure to premium, digitally-native and e-commerce-led brands.
Notable Brand Milestones and Innovation Traction
Liquid I.V. became a billion-dollar brand and achieved >18% U.S. household penetration; OLLY >$500m. Multiple brands delivered double-digit growth (Dove, Vaseline, Hellmann's flavored mayo becoming a EUR 100m platform). Brand & marketing investment increased to 16.1% of turnover (highest in over a decade).
Geographic Momentum — North America and Asia Pacific Africa
North America underlying sales +5.3% with volumes +3.8%. Asia Pacific & Africa underlying sales +4.6% with volumes +3.0%; Q4 APA accelerated to +6.9% (volumes +5.7%). Strong Indonesia recovery with Q4 growth of ~17%.
Guidance for 2026
Outlook: underlying sales growth expected at the bottom end of the 4–6% multiyear range, underlying volume growth of at least 2%, and a modest further improvement in underlying operating margin. Continued focus on volume-led growth and reinvestment into brands.
UL Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
UL Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 12, 2026 | $73.27 | $73.46 | +0.26% |
Jul 31, 2025 | $62.15 | $61.54 | -0.98% |
Feb 13, 2025 | $61.26 | $57.97 | -5.38% |
Jul 25, 2024 | $57.66 | $60.25 | +4.49% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Unilever plc (UL) report earnings?
Unilever plc (UL) is schdueled to report earning on Jul 23, 2026, Before Open (Confirmed).
What is Unilever plc (UL) earnings time?
Unilever plc (UL) earnings time is at Jul 23, 2026, Before Open (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is UL EPS forecast?
UL EPS forecast for the fiscal quarter 2026 (Q2) is 1.91.
