Comparative consolidated income statements
| € millions | 2025 | 2024 | 2023 |
|---|---|---|---|
| Net sales | Net sales 2025 44,052.0 |
Net sales 2024 43,486.8 |
Net sales 2023 41,182.5 |
| Cost of sales | Cost of sales 2025 (11,313.4) |
Cost of sales 2024 (11,227.0) |
Cost of sales 2023 (10,767.0) |
| Gross profit | Gross profit 2025 32,738.6 |
Gross profit 2024 32,259.8 |
Gross profit 2023 30,415.5 |
| Research & Innovation expenses | Research & Innovation expenses 2025 (1,380.6) |
Research & Innovation expenses 2024 (1,354.7) |
Research & Innovation expenses 2023 (1,288.9) |
| Advertising and promotion expenses | Advertising and promotion expenses 2025 (14,177.8) |
Advertising and promotion expenses 2024 (14,008.9) |
Advertising and promotion expenses 2023 (13,356.6) |
| Selling, general and administrative expenses | Selling, general and administrative expenses 2025 (8,288.3) |
Selling, general and administrative expenses 2024 (8,208.7) |
Selling, general and administrative expenses 2023 (7,626.7) |
| Operating profit | Operating profit 2025 8,891.9 |
Operating profit 2024 8,687.5 |
Operating profit 2023 8,143.3 |
| Other income and expenses | Other income and expenses 2025 (505.4) |
Other income and expenses 2024 (437.7) |
Other income and expenses 2023 (449.9) |
| Operational profit | Operational profit 2025 8,386.5 |
Operational profit 2024 8,249.8 |
Operational profit 2023 7,693.4 |
| Finance costs on gross debt | Finance costs on gross debt 2025 (365.8) |
Finance costs on gross debt 2024 (373.4) |
Finance costs on gross debt 2023 (226.7) |
| Finance income on cash and cash equivalents | Finance income on cash and cash equivalents 2025 167.7 |
Finance income on cash and cash equivalents 2024 148.7 |
Finance income on cash and cash equivalents 2023 162.1 |
| Finance costs on net debt | Finance costs on net debt 2025 (198.1) |
Finance costs on net debt 2024 (224.7) |
Finance costs on net debt 2023 (64.6) |
| Other financial income and expenses | Other financial income and expenses 2025 (38.0) |
Other financial income and expenses 2024 (36.7) |
Other financial income and expenses 2023 (48.8) |
| Dividends received | Dividends received 2025 351.9 |
Dividends received 2024 444.5 |
Dividends received 2023 420.9 |
| Profit before tax and associates | Profit before tax and associates 2025 8,502.2 |
Profit before tax and associates 2024 8,432.9 |
Profit before tax and associates 2023 8,001.0 |
| Income tax | Income tax 2025 (2,363.1) |
Income tax 2024 (2,015.1) |
Income tax 2023 (1,810.6) |
| Share of profit in associates | Share of profit in associates 2025 (5.5) |
Share of profit in associates 2024 (1.3) |
Share of profit in associates 2023 0.2 |
| Net profit | Net profit 2025 6,133.7 |
Net profit 2024 6,416.5 |
Net profit 2023 6,190.5 |
| Attributable to: | Attributable to: 2025
|
Attributable to: 2024
|
Attributable to: 2023
|
| owners of the company | owners of the company 2025 6,127.2 |
owners of the company 2024 6,408.7 |
owners of the company 2023 6,184.0 |
| non-controlling interests | non-controlling interests 2025 6.5 |
non-controlling interests 2024 7.8 |
non-controlling interests 2023 6.5 |
| Earnings per share attributable to owners of the company (euros) | Earnings per share attributable to owners of the company (euros)2025 11.48 |
Earnings per share attributable to owners of the company (euros)2024 11.99 |
Earnings per share attributable to owners of the company (euros)2023 11.55 |
| Diluted earnings per share attributable to owners of the company (euros) | Diluted earnings per share attributable to owners of the company (euros)2025 11.44 |
Diluted earnings per share attributable to owners of the company (euros)2024 11.95 |
Diluted earnings per share attributable to owners of the company (euros)2023 11.52 |
| Earnings per share attributable to owners of the company, excluding non-recurring items (euros) | Earnings per share attributable to owners of the company, excluding non-recurring items (euros)2025 12.75 |
Earnings per share attributable to owners of the company, excluding non-recurring items (euros)2024 12.70 |
Earnings per share attributable to owners of the company, excluding non-recurring items (euros)2023 12.11 |
| Diluted earnings per share attributable to owners of the company, excluding non‑recurring items (euros) | Diluted earnings per share attributable to owners of the company, excluding non‑recurring items (euros)2025 12.71 |
Diluted earnings per share attributable to owners of the company, excluding non‑recurring items (euros)2024 12.66 |
Diluted earnings per share attributable to owners of the company, excluding non‑recurring items (euros)2023 12.08 |
Sources and uses of funds
This chart shows sources and uses of funds.
Sources
- Net profit attributable to owners of the company: 6,133.7
- Amortisation and provisions: 1,817.4
- Capital gains or losses on disposals of assets, changes in deferred taxes and other: 378.4
Uses
- Investments in property, plant and equipment and intangible assets : 1,495.3
- Operating cash flow: 7,161.6
- Changes in working capital: -327.4
Gross cash flow: 8,329.5