Unilever PLC (UL) Balance Sheet

NYSE: ULAssets, liabilities, debt and equity over 10 years.

UL balance sheet, 2025

December 31, 2025 · euros

€70.44B assets = €52.86B liabilities + €17.58B equity

What it owns€70.44BCash & ST investments: €5.06B (7.2%)€5.06BReceivables: €7.67B (10.9%)Receivables €7.67BInventory: €4.04B (5.7%)Other current: €285.9M (0.4%)PP&E: €8.99B (12.8%)PP&E€8.99B · 13%Goodwill & intangibles: €34.75B (49.3%)Goodwill & intangibles€34.75B · 49%Other non-current: €9.64B (13.7%)Other non-current€9.64B · 14%=How it is financed€70.44BCurrent liabilities: €21.65B (30.7%)Current liabilities€21.65B · 31%Long-term debt: €25.14B (35.7%)Long-term debt€25.14B · 36%Other LT liabilities: €6.07B (8.6%)€6.07BShareholders’ equity: €17.58B (25.0%)Shareholders’ equity€17.58B · 25%

Both columns are drawn to the same scale: what UL owns equals what it owes plus shareholders’ equity. Hover a block for its value.

UL financial health

Current ratio0.79
Tight · current assets cover current liabilities 0.79×
Debt / equity1.91
High leverage · €1.91 of debt for each $1 of equity
Equity / assets22.0%
Balanced · of assets funded by shareholders
Cash / debt17.1%
Low cash cover · cash & short-term investments vs total debt
Goodwill & intangibles49.3%
Acquisition-heavy · of total assets

Descriptive bands, not a rating. Fiscal 2025.

UL balance sheet trends, 2016–2025

MetricTrendThenLatestChange
Total assets€56.43B2016€70.44B2025+2.5%/yr
Total liabilities€39.45B2016€52.86B2025+3.3%/yr
Shareholders’ equity€16.36B2016€15.52B2025−0.6%/yr
Cash & short-term investments€3.98B2016€5.06B2025+2.7%/yr
Total debt€16.59B2016€29.59B2025+6.6%/yr
Net cash (debt)−€12.61B2016−€24.53B2025−€11.9B
Working capital−€6.67B2016−€4.59B2025+€2.1B
Current ratio0.6820160.792025+0.11
Debt / equity1.0120161.912025+0.89
Shares outstanding2.85B20162.20B2025−2.9%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

UL assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

UL liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

UL debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

UL balance sheet in euros

2025202420232022202120202019201820172016
Assets
Cash & short-term investments€5.06B€7.63B€6.11B€5.52B€4.50B€6.30B€5.09B€4.10B€4.09B€3.98B
Cash & equivalents€3.94B€6.14B€4.16B€4.33B€3.42B€5.55B€4.18B€3.23B€3.32B€3.38B
Short-term investments€1.12B€1.49B€1.95B€1.20B€1.08B€749.0M€907.0M€874.0M€770.0M€599.0M
Receivables€7.67B€5.12B€4.94B€7.46B€5.74B€5.31B€6.70B€5.51B€5.22B€5.31B
Inventory€4.04B€5.18B€5.12B€5.93B€4.68B€4.46B€4.16B€4.30B€3.96B€4.28B
Other current assets€285.9M€1.27B€1.74B€246.8M€2.49B€87.0M€479.0M€1.56B€3.71B€315.0M
Total current assets€17.06B€19.19B€17.90B€19.16B€17.40B€16.16B€16.43B€15.48B€16.98B€13.88B
Property, plant & equipment (net)€8.99B€11.67B€10.70B€10.77B€10.35B€10.56B€12.06B€10.35B€10.41B€11.67B
Goodwill & intangible assets€34.75B€40.90B€39.47B€40.49B€38.59B€34.94B€31.03B€29.49B€28.40B€27.43B
Long-term investments€0€0€0€0€0€0€2.84B€3.03B€0€880.1M
Other non-current assets€9.64B€7.99B€7.19B€7.41B€8.76B€6.00B€2.44B€1.11B€4.49B€2.56B
Total assets€70.44B€79.75B€75.26B€77.82B€75.09B€67.66B€64.81B€59.46B€60.28B€56.43B
Liabilities
Accounts payable€16.93B€10.26B€10.36B€18.02B€14.86B€14.13B€9.19B€14.46B€8.22B€8.59B
Short-term debt€2.58B€6.20B€4.90B€5.57B€7.06B€4.29B€4.45B€3.23B€7.71B€5.28B
Deferred revenue——€850.5M—€2.81B€2.13B€1.48B—€1.76B−€5.46B
Total current liabilities€21.65B€25.23B€23.51B€25.43B€24.78B€20.59B€20.98B€19.77B€23.18B€20.56B
Long-term debt€25.14B€24.45B€23.69B€23.71B€22.88B€22.84B€23.35B€22.85B€16.13B€11.13B
Lease obligations€1.33B€1.49B€1.40B€1.41B€1.65B€1.77B€1.92B€128.0M€131.0M€143.0M
Other long-term liabilities€6.07B€7.51B€7.30B€6.98B€7.69B€6.57B€6.59B€4.54B€6.59B€7.76B
Total liabilities€52.86B€57.20B€54.50B€56.12B€55.35B€50.00B€50.92B€47.16B€45.90B€39.45B
Shareholders' equity
Common stock & paid-in capital€85.0M€88.0M€88.0M€92.0M€92.0M€92.0M€420.0M€464.0M€484.0M€484.0M
Retained earnings (deficit)€44.21B€49.72B€47.05B€50.25B€46.74B€22.55B€18.21B€26.27B€26.65B€23.18B
Treasury stock————−€3.41B−€483.0M−€703.0M−€10.18B−€9.21B−€4.16B
Accumulated other comprehensive income−€73.33B−€83.22B−€75.64B−€79.56B−€79.05B−€80.36B−€4.87B−€5.04B−€4.42B−€3.28B
Minority interest€2.06B€2.56B€2.66B€2.68B——€0€0€0€0
Total shareholders' equity€15.52B€19.99B€18.10B€21.70B€19.75B€17.66B€13.19B€12.29B€13.63B€16.36B
Key figures
Total debt€29.59B€30.66B€28.59B€29.28B€29.94B€27.13B€28.26B€26.08B€24.43B€16.59B
Net cash (debt)−€24.53B−€23.03B−€22.48B−€23.76B−€25.45B−€20.83B−€23.16B−€21.98B−€20.34B−€12.61B
Working capital−€4.59B−€6.04B−€5.61B−€6.27B−€7.38B−€4.43B−€4.55B−€4.29B−€6.19B−€6.67B
Tangible book value−€19.23B−€20.91B−€21.36B−€18.79B−€18.84B−€17.29B−€17.84B−€17.20B−€14.77B−€11.08B
Shares outstanding2.20B2.51B2.53B2.56B2.61B2.63B2.63B2.69B2.81B2.85B
Current ratio0.790.760.760.750.700.780.780.780.730.68
Quick ratio0.590.510.470.510.410.560.560.490.400.45
Debt / equity1.911.531.581.351.521.542.142.121.791.01
Equity / assets22.0%25.1%24.1%27.9%26.3%26.1%20.4%20.7%22.6%29.0%

Quarterly columns are labeled by the month the quarter ended. Figures in euros as reported (latest annual report filed March 12, 2026); data from EODHD.

UL financial position

At the end of fiscal 2025 (December 31, 2025), Unilever had total assets of €70.4 billion (down 11.7% from a year earlier), total liabilities of €52.9 billion and shareholders' equity of €15.5 billion. It held €5.1 billion in cash and short-term investments against €29.6 billion of debt, net debt of €24.5 billion. Its current ratio was 0.79. In the latest quarter (ended June 30, 2026) total assets were €76.9 billion and equity €16.2 billion.

Related: UL income statement. See the UL stock overview for the latest quote and news.

UL balance sheet FAQ

What are Unilever's total assets?

Unilever reported total assets of €70.4 billion at the end of fiscal 2025 (December 31, 2025), compared with €79.8 billion a year earlier.

How much debt does Unilever have?

Unilever had €29.6 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 1.91.

How much cash does Unilever have?

Unilever held €5.1 billion in cash and short-term investments at the end of fiscal 2025; with €29.6 billion of debt that is net debt of €24.5 billion.

What is Unilever's book value?

Unilever's shareholders' equity (book value) was €15.5 billion at the end of fiscal 2025.

What is Unilever's current ratio?

Unilever had current assets of €17.1 billion and current liabilities of €21.7 billion, a current ratio of 0.79 (current liabilities exceed current assets).

How much goodwill does Unilever have?

Unilever carried €34.7 billion of goodwill and intangible assets, 49.3% of total assets, at the end of fiscal 2025.

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