Unilever

Unilever sells branded consumer goods around the world. It reports four business groups: Beauty & Wellbeing, Personal Care, Home Care and Foods. Its brands include Dove, Knorr and Hellmann's. It makes money from the sale of these products to retailers and, more and more, through online channels.

In the first half of 2026, turnover was €25.6 billion and the underlying operating margin was 20.3%. Emerging markets such as India, Indonesia and Latin America give a large part of sales. Unilever demerged its ice cream business in December 2025, and on March 31, 2026 it agreed to combine its Foods business with McCormick. After that deal, Unilever will be a home and personal care company with about €39 billion of sales.

The market holds Unilever's price down while its Foods business is in a slow and complex separation. On March 31, 2026, Unilever agreed to combine Foods with McCormick. Unilever gets $15.7 billion in cash, its shareholders get 55.1% of the new company, and Unilever keeps 9.9%. The deal closes only by mid-2027, Unilever shareholders do not vote on it, and antitrust reviews can ask for sales of brands.

The US review ended early on October 5, 2026, but on November 11, 2026 the UK authority said that it may send the deal to a longer second-phase review, and the EU review continues. Investors also expect that many Unilever shareholders will sell the McCormick shares they receive, and Unilever plans to sell its own stake after a one-year lock-up. The London share price fell about 14% from March 17 to April 14, 2026 on this news. A strong euro added pressure, because currency cut turnover by 4.9% in the first half of 2026, but currency added 0.6% in Q3 2026.

For the gap to close, three things must be true. Underlying sales growth must stay in the 4% to 6% range, with the second half at about 5% and volume growth of at least 3% for 2026, as guided on October 28, 2026. The underlying operating margin must rise above the 20.0% of 2025. The Foods deal must pass its steps on time: the McCormick registration statement, the McCormick shareholder vote, the antitrust approvals and the closing by mid-2027.

The Q3 2026 trading statement on October 28, 2026 showed growth of 5.2%, with 2.9% from volume. Before its investor event of November 4, 2026, Unilever said that it expects 2027 to meet its medium-term targets of 4% to 6% underlying sales growth, at least 2% volume growth and a modest rise in the margin. On November 11, 2026, the UK Competition and Markets Authority said that the Foods deal may reduce competition in the UK, and it will send the deal to an in-depth second-phase review unless the parties offer acceptable remedies. The next checks are the parties' answer to that finding and the full-year 2026 results on February 11, 2027.

If growth holds and the deal closes on plan, the gap can close over the next two to four quarters.

1. Oct 28, 2026Passed

   Q3 2026 trading statement: sales growthUnderlying sales growth of 4% or more with positive volume, and the full-year outlook kept, pass; growth below 4% or a cut to the outlook fails.Outcome: Underlying sales growth was 5.2% with 2.9% from volume, and Unilever raised its 2026 volume outlook to at least 3%.
2. Nov 4, 2026Passed

   Investor event in New YorkClear medium-term targets for the home and personal care company, with margin growth above the 20.0% of 2025, pass; lower targets or more spending with no margin gain fail.Outcome: Unilever confirmed 4% to 6% yearly sales growth with a modest margin rise, expected 2027 to meet it and planned €1 billion of savings by 2029.
3. Nov 11, 2026Failed

   UK first-phase antitrust decision on the Foods dealClearance, or clearance with small remedies, passes; a move to an in-depth second-phase review fails.Outcome: On November 11, 2026, the UK Competition and Markets Authority found that the deal may reduce competition and said it will refer the deal to a phase 2 investigation unless the parties offer an acceptable undertaking.
4. Nov 18, 2026 · est.Pending

   Parties' answer to the UK competition findingAn undertaking that the CMA accepts, so that it does not open a phase 2 investigation, passes; a phase 2 reference fails.
5. Feb 11, 2027Pending

   Full-year 2026 results and 2027 outlookUnderlying sales growth within 4% to 6%, an underlying operating margin above the 20.0% of 2025 and a 2027 outlook in the same range pass; growth below 4% or a lower margin fails.
6. Q2 2027 · est.Pending

   Foods and McCormick deal closingThe McCormick vote, the antitrust approvals and the closing by mid-2027 with no large brand sales pass; a delay past mid-2027 or large required sales fail.

Every passed and failed checkpoint across all picks

• November 11, 2026The UK Competition and Markets Authority ended its first-phase review of the McCormick and Unilever Foods deal. It decided that the deal may be expected to reduce competition in one or more UK markets. The CMA will refer the deal to an in-depth phase 2 investigation unless the parties offer an acceptable undertaking. The CMA has not yet published the full decision.
• November 3, 2026Before its investor event of November 4, 2026, Unilever confirmed its medium-term targets: underlying sales growth of 4% to 6% each year, volume growth of at least 2% and a modest rise in the underlying operating margin. It expects 2027 to meet these targets. It plans €1 billion of productivity savings by the end of 2029, which includes the costs that stay after the Foods deal. A new operating model with six regional units starts during 2027, and new leaders take their roles on January 1, 2027. After the change, Unilever will report three categories: Beauty & Personal Care, Home Care and Other.
• October 28, 2026Unilever reported its Q3 2026 trading statement. Underlying sales growth was 5.2%, with 2.9% from volume and 2.3% from price, as Unilever raised prices because of higher commodity costs. Turnover grew 6.7% to €13.3 billion. Home Care grew 9.1% and emerging markets grew 9.5%, but developed markets fell 0.9% and Foods grew only 0.1%. Unilever raised its 2026 outlook to at least 3% volume growth and second-half sales growth of about 5%, and it kept the 4% to 6% range for the year. It said that the Foods deal with McCormick is on track.

Last earnings

October 28, 2026

Next earnings

February 11, 2027, as the company confirmed.

• 6-KInterim report for the period ended Jun 30, 2026Filed July 28, 2026 · ul-20260630
• 20-FAnnual report for the period ended Dec 31, 2025Filed March 12, 2026 · ul-20251231
• 6-KInterim report for the period ended Jun 30, 2025Filed July 31, 2025 · ul-20250630
• 20-FAnnual report for the period ended Dec 31, 2024Filed March 13, 2025 · ul-20241231

Every filing on SEC EDGAR (CIK 217410)

• The Foods combination with McCormick is long and complex. It needs a McCormick shareholder vote, antitrust approvals in the UK and the EU, and other approvals, and it is expected to close only by mid-2027. On November 11, 2026, the UK authority found that the deal may reduce competition in the UK and said it will open a second-phase review unless the parties offer remedies. Regulators can ask for brand sales, and delays can keep the uncertainty on the share price. Unilever expects to give transition services to the combined company for about two to three years.
• Sales of the new McCormick shares can press on prices. Unilever shareholders will own 55.1% of the combined company, and many may sell. Unilever plans to sell its 9.9% stake after a one-year lock-up.
• Currency changes reduce reported results. Currency cut turnover by 4.9% and underlying EPS by 6.0% in the first half of 2026, and it added 0.6% to turnover in Q3 2026. A large part of sales comes from emerging markets with weak currencies.
• Higher commodity costs made Unilever raise prices, and price growth rose to 2.3% in Q3 2026. Weak consumers or strong competition can make price increases harder. Developed markets fell 0.9% in Q3 2026, and US Foods faced more competition in condiments.

Unilever reports in euros. At June 30, 2026, total financial liabilities were €32.1 billion, of which €8.1 billion was current. Read more

Yield at the current rate

3.2% (current annual rate, at today’s price)

Dividend yield

2.5% (last 12 months, at today’s price of $65.78)

Paid per share

$1.631 in the last 12 months (3 payments)

Current annual rate

$2.124 ($0.531 × 4 a year)

Latest ex-dividend date

August 7, 2026, $0.531 per share

Dividends per share by year

From 2020 to 2025, the dividend grew by about 1.9% a year. From 2015 to 2025, the dividend grew by about 4.5% a year.

Source: company filings and market data, read on November 13, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.