Top 10 Food & Beverage Companies by Revenue (FY2025)
|
Quick Answer The 10 largest publicly traded food and beverage companies by full-year 2025 revenue are: Nestlé (~$115.4B), Ahold Delhaize (~$107B), PepsiCo ($93.9B), JBS ($86.2B), Sysco ($81.4B), ADM ($80.3B), Performance Food Group ($63.3B), Anheuser-Busch InBev ($59.3B), Unilever (~$58.5B), and Tyson Foods ($54.4B). Privately held Cargill (~$160B) and Mars (~$50B+) are excluded because they don't publish standardized public financials. |
The global food and beverage industry remains one of the largest and most resilient sectors of the world economy, generating trillions of dollars in annual revenue. Consumer preferences, persistent inflation, GLP-1 drug-driven demand shifts, and supply-chain realignments continue to reshape the market, yet a relatively small group of multinational corporations still controls the bulk of global food sales.
This June 2026 update revises our rankings using confirmed full-year 2025 results from company filings, annual reports, and official press releases. Compared with our earlier estimates, two corrections stand out: Nestlé's true 2025 revenue is closer to $115 billion once its Swiss franc results are converted at prevailing exchange rates, well above earlier USD estimates — and Anheuser-Busch InBev's full-year figure is now confirmed at $59.3 billion, moving it into a fixed position in the table rather than an estimate pending verification.
|
Methodology: Rankings are based on the most recently completed full fiscal year (FY2025) revenue reported in public filings, emphasizing food production, processing, distribution, and retail. Some companies use non-calendar fiscal years (Sysco and Performance Food Group close in late June; Tyson closes in late September). Foreign-currency revenue is converted to USD using the company's own reported conversion or, where unavailable, an approximate spot rate, and is flagged accordingly. Privately held companies such as Cargill (~$160B estimated, FY2024) and Mars, Incorporated (~$50B+ total) are excluded from the main ranking because they do not publish standardized, audited financials. |
Top 10 Food & Beverage Companies by Revenue (FY2025)
| Rank | Company | Country | FY2025 Revenue |
| 1 | Nestlé | Switzerland | ~$115.4B (CHF 89.5B) |
| 2 | Ahold Delhaize | Netherlands | ~$107B (€92.35B) |
| 3 | PepsiCo | USA | $93.93B |
| 4 | JBS S.A. | Brazil | $86.2B |
| 5 | Sysco Corporation | USA | $81.4B |
| 6 | Archer Daniels Midland | USA | $80.27B |
| 7 | Performance Food Group | USA | $63.3B |
| 8 | Anheuser-Busch InBev | Belgium | $59.3B |
| 9 | Unilever | UK/Netherlands | ~$58.5B (€50.5B) |
| 10 | Tyson Foods | USA | $54.44B |
1. Nestlé (Switzerland)
| 2025 Revenue: CHF 89.49 billion (~$115.4 billion USD) |
| Source: Nestlé Full-Year Results 2025, released February 19, 2026 |
| Key Brands: Nescafé, KitKat, Maggi, Purina, Nespresso, Gerber |
| Headquarters: Vevey, Switzerland |
| Employees: ~270,000 |
Nestlé remains the world's largest food and beverage manufacturer by sales, with a portfolio spanning coffee, pet care, infant nutrition, frozen foods, and bottled water across roughly 185 countries. Reported 2025 sales of CHF 89.49 billion represented a nominal decline of about 2% from 2024, driven mainly by currency headwinds, even as organic growth came in at a healthier 3.5%.
Two corrections matter for accuracy here. First, the CHF-to-USD conversion: at the franc's stronger 2025-26 exchange rate, Nestlé's sales translate to approximately $115.4 billion, not the lower figure some earlier estimates used — which means Nestlé's lead over the rest of the field is wider than commonly reported. Second, Nestlé is now in advanced negotiations to sell its remaining ice cream business to Froneri, its existing joint venture partner, continuing a multi-year pattern of portfolio simplification that began with the 2024 divestment of Nature's Bounty, Solgar, and Sundown to KKR.
Nestlé Health Science continues to own supplement brands including Garden of Life, Vital Proteins, Pure Encapsulations, Klean Athlete, and Persona Nutrition. New CEO Philipp Navratil's "fewer, bigger, better" strategy is concentrating resources behind six global growth platforms, with an ambition to expand them to 30% of total sales.
2026 Outlook: Nestlé is targeting organic growth above the 3.5% delivered in 2025, while continuing brand rationalization and integrating its Nutrition and Nestlé Health Science units into a single business line.
2. Ahold Delhaize (Netherlands)
| 2025 Revenue: €92.35 billion (3.35% growth) |
| Key Brands/Banners: Stop & Shop, Giant, Food Lion, Albert Heijn, Bol.com |
| Headquarters: Zaandam, Netherlands |
Ahold Delhaize is the world's largest food retail and distribution group by revenue, operating more than 7,000 stores across the U.S. and Europe. Annual revenue growth of roughly 3.4% was driven by resilient U.S. retail performance and continued expansion of digital and e-commerce channels through banners like Albert Heijn and Bol.com.
The company's scale demonstrates that logistics and retail distribution can rival, and even exceed, pure brand power when it comes to total revenue — Ahold Delhaize's top-line figure sits comfortably above most of the branded manufacturers further down this list.
3. PepsiCo (USA)
| 2025 Revenue: $93.93 billion (2.25% growth) |
| Key Brands: Pepsi, Lay's, Gatorade, Quaker, Tropicana, Lipton, Siete Foods |
| Headquarters: Purchase, New York |
PepsiCo's full-year 2025 net revenue of $93.93 billion grew 2.3% from $91.85 billion in 2024. Strategic moves during the year included the $1.2 billion acquisition of Siete Foods, completed in January 2025, and taking full ownership of Sabra by buying out the Strauss Group's 50% stake for $241 million in December 2024.
Looking ahead, PepsiCo plans to reduce its U.S. product SKU count in 2026 to sharpen focus on higher-margin, health-aligned categories — part of a broader industry response to shifting consumer demand. The Coca-Cola Company remains PepsiCo's largest direct beverage competitor, with 2024 revenue of roughly $47 billion, though the two companies compete across different category mixes (Coca-Cola skews more heavily toward beverages, while PepsiCo's snack portfolio is substantially larger).
4. JBS S.A. (Brazil)
| 2025 Revenue: $86.2 billion (record, up 12% YoY) |
| Source: JBS Q4 & Full-Year 2025 results, March 25, 2026 |
| Key Subsidiaries: Pilgrim's Pride, Seara, Swift, Friboi, JBS Australia, Moy Park |
| Headquarters: São Paulo, Brazil (U.S. operations: Greeley, Colorado) |
JBS closed 2025 with record net revenue of $86.2 billion, a 12% increase over 2024's $77.2 billion. CEO Gilberto Tomazoni described it as the company's strongest revenue growth in its history, driven primarily by Pilgrim's Pride, JBS Australia, and Seara, all of which delivered significant organic growth.
Pilgrim's Pride posted a 15.2% EBITDA margin for the year, with its Just Bare branded line surpassing $1 billion in sales for the first time. JBS Beef North America reported record revenue of $28 billion, supported by robust U.S. demand even as the domestic cattle herd shrank to its smallest size in 75 years, pushing cattle costs up roughly 20% during the year. Seara achieved the strongest EBITDA margin among all JBS business units at 16.9%, supported by record export volumes despite temporary trade restrictions in China and parts of Europe.
Group-wide net income grew 13% to $2.0 billion, with adjusted EBITDA of $6.8 billion at a 7.9% margin. JBS remains the world's largest meat processing company by both capacity and sales volume.
5. Sysco Corporation (USA)
| FY2025 Revenue (ended June 28, 2025): $81.4 billion (3.2% growth) |
| Headquarters: Houston, Texas |
| Key Role: World's largest foodservice distribution company |
Sysco operates 337 distribution centers across 10 countries, serving approximately 730,000 customer locations through roughly 75,000 employees. Fiscal 2025 sales of $81.4 billion grew 3.2% year-over-year, with U.S. Foodservice Operations — representing about 70% of total sales — growing 2.9%.
Gross profit reached $15.0 billion for the year, though operating income declined 3.6% to $3.1 billion, partly due to a $92 million non-cash goodwill impairment charge related to the Guest Worldwide business. Sysco has guided for FY2026 sales growth of 3% to 5%, targeting approximately $84-85 billion.
6. Archer Daniels Midland (ADM) (USA)
| 2025 Revenue: $80.27 billion (down 6.15% YoY) |
| Headquarters: Chicago, Illinois |
| Key Segments: Ag Services & Oilseeds, Carbohydrate Solutions, Nutrition |
ADM's 2025 revenue of $80.27 billion declined from $85.53 billion in 2024, continuing a multi-year slide from the $101.6 billion reported in 2022. Full-year net earnings fell sharply to $1.08 billion, a 40% drop, reflecting lower commodity prices, compressed crush and biofuel margins for much of the year, and the lingering effects of an accounting and governance restructuring that began in late 2023.
There are signs of stabilization heading into 2026: Q1 2026 results showed improved ethanol and crush margins alongside raised full-year guidance, and ADM has cited expectations of greater clarity on U.S. biofuel policy as a supportive factor. Despite the multi-year revenue pressure, ADM remains one of the world's largest agricultural processors and food-ingredient providers, handling grains, oilseeds, and specialty nutrition products at global scale.
7. Performance Food Group / PFG (USA)
| FY2025 Revenue (ended June 2025): $63.3 billion (8.6% growth) |
| Headquarters: Richmond, Virginia |
PFG's fiscal 2025 net sales grew 8.6% to $63.3 billion, driven significantly by the Cheney Bros. acquisition completed in 2024 and 4.6% organic case volume growth in its independent foodservice channel. Adjusted EBITDA grew 17.3% to $1.8 billion, making PFG one of the fastest-growing major food distributors in North America and a clear challenger to the scale of Sysco and US Foods.
8. Anheuser-Busch InBev (Belgium)
| 2025 Revenue: $59.3 billion (down 0.75% YoY) |
| Source: AB InBev Full-Year and Q4 2025 Results, February 12, 2026 (confirmed) |
| Key Brands: Budweiser, Stella Artois, Corona, Michelob Ultra, Beck's |
| Headquarters: Leuven, Belgium |
AB InBev's full-year 2025 reported revenue came in at $59.3 billion, down slightly from $59.8 billion in 2024 — a figure now confirmed by the company's official results rather than an estimate. The world's largest brewer by volume continues to operate in more than 40 countries with roughly 137,000 employees, leaning on a portfolio of over 400 beer brands.
The brewer has navigated U.S. volume headwinds following the well-documented 2023 Bud Light controversy, partially offset by strong international growth — Corona's revenue outside its home market grew more than 8% in 2025 — and continued expansion of its premium and no-alcohol beer segments, the latter of which posted double-digit growth during the year.
9. Unilever (UK/Netherlands)
| 2025 Turnover: €50.5 billion (~$58.5 billion USD at current rates; down 3.8% YoY) |
| Key Brands: Knorr, Hellmann's, Lipton, Dove, Vaseline, Marmite |
| Headquarters: London, UK |
Unilever's 2025 figures mark a genuine turning point: on December 6, 2025, the company completed the full separation of its ice cream business — including Magnum and Ben & Jerry's — into an independent, separately listed company called The Magnum Ice Cream Company. Unilever's reported €50.5 billion turnover for 2025 reflects continuing operations only, excluding ice cream, which makes year-over-year comparisons with pre-2025 figures somewhat apples-to-oranges.
Underlying sales growth of 3.5% (1.5% volume, 2.0% price) was offset by a roughly 5.9% currency headwind, driving the 3.8% decline in reported turnover. The company now organizes around four business groups — Beauty & Wellbeing, Personal Care, Home Care, and Foods — with its "Power Brands," representing about 78% of turnover, growing faster than the overall business.
Note: euro-to-dollar conversions vary with exchange rates; we use a representative current-rate conversion for comparison purposes, but Unilever's own statutory reporting is in euros.
10. Tyson Foods (USA)
| FY2025 Revenue (ended September 2025): $54.44 billion (2.1% growth) |
| Key Brands: Tyson, Jimmy Dean, Ball Park, Hillshire Farm, State Fair, Wright |
| Headquarters: Springdale, Arkansas |
Tyson's fiscal 2025 sales reached $54.44 billion, up 2.1% (or 3.3% excluding a $653 million legal contingency charge recognized as a sales reduction). The company's chicken segment was the standout performer, while beef and prepared foods weighed on overall profitability — GAAP operating income fell 22% even as adjusted operating income rose 26% to $2.29 billion.
Tyson expects its beef segment to post further losses of roughly $500 million in fiscal 2026 amid continued tight cattle supply, with total company sales projected to grow 2% to 4% for the year.
Notable Exclusions & Context
| Cargill (~$160B estimated revenue, FY2024): The largest privately held food company in the world. Excluded because it is not publicly traded and does not report standardized financials. |
| Mars, Incorporated (~$50B+ total company revenue, private): Mars completed its acquisition of Kellanova on December 11, 2025, the largest food M&A transaction in recent years. It's important to be precise about the numbers here — Mars expects its combined Snacking division (not the whole company) to generate around $36 billion in annual revenue post-merger, folding in brands like Pringles, Cheez-It, and Pop-Tarts alongside Snickers, M&M'S, and Twix. Mars' total company revenue, including its separate pet care division, is meaningfully larger than the snacking figure alone, but remains undisclosed since Mars stays privately held. |
| McDonald's (~$25-26B in systemwide revenues): Dominant in fast food, but its reported revenue largely reflects franchise fees and royalties rather than direct food sales, placing it below the top 10 on a comparable revenue basis. |
Key Industry Shifts Shaping the 2026 Rankings
1. Nestlé's True Scale Was Understated
Currency conversion matters more than it might seem. At prevailing CHF/USD rates, Nestlé's actual 2025 revenue is closer to $115 billion than the lower figures sometimes cited — a reminder that revenue comparisons across companies reporting in different currencies need a consistent, current exchange-rate basis to be meaningful.
2. Mega-Mergers Closed, Not Just Pending
The Mars-Kellanova deal closed on December 11, 2025, after clearing its 28th and final regulatory approval. This is no longer a pending signal — it's a completed transaction that creates a combined Mars Snacking business with roughly $36 billion in annual revenue and nine billion-dollar brands. Expect continued consolidation pressure in snacks and packaged foods through 2026-2027.
3. JBS's Multiprotein Strategy Keeps Paying Off
JBS's 12% revenue growth in 2025, reaching a record $86.2 billion, reflects the resilience of its diversified, multi-geography protein strategy even amid a historically difficult U.S. beef cycle driven by the smallest domestic cattle herd in 75 years.
4. ADM's Multi-Year Slide May Be Bottoming
ADM's revenue has fallen for three straight years, from $101.6B (2022) to $93.9B (2023) to $85.5B (2024) to $80.3B (2025), compounded by governance restructuring. Early 2026 results showing improved crush and ethanol margins suggest the decline may be leveling off, though full-year clarity is still pending.
5. Unilever's Ice Cream Demerger Resets the Baseline
With Ice Cream now trading separately as The Magnum Ice Cream Company, Unilever's reported 2025 turnover reflects a meaningfully smaller continuing business. Investors and analysts comparing Unilever's 2026 results to pre-2025 figures should adjust for this structural change rather than reading it as organic decline.
6. GLP-1 Drugs Continue Reshaping Food Demand
The continued adoption of GLP-1 weight-loss medications is affecting volumes in snacks, sugary beverages, and calorie-dense categories. PepsiCo and Nestlé in particular are repositioning portfolios toward protein-forward, lower-calorie, and "GLP-1 friendly" products — a trend likely to keep shaping revenue mix across the top 10 through 2027.
7. Portfolio Simplification as a Margin Strategy
PepsiCo's SKU reduction plan, Nestlé's potential ice cream divestment, and Unilever's completed ice cream separation all point to the same broader strategy: fewer products, higher margins, sharper brand focus. This can slow headline revenue growth in the near term while improving long-run profitability.
8. Regulatory & Reputational Risk
San Francisco's lawsuit comparing ultra-processed food companies to the tobacco industry, filed in late 2025, signals a litigation trend that could affect marketing, labeling, and product formulation industry-wide. Food safety events remain a material risk even for the largest, most diversified players.
Frequently Asked Questions
|
What is the largest food company in the world by revenue? Nestlé is the largest publicly traded food and beverage company by revenue, reporting CHF 89.49 billion (approximately $115.4 billion USD) in 2025. If privately held companies are included, Cargill (~$160 billion estimated) is larger, but it does not publish standardized financials. |
|
Why isn't Cargill or Mars on this list? Both are privately held companies that don't publish audited, standardized financial statements the way publicly traded companies do. Their revenue figures, while widely estimated (~$160B for Cargill, $50B+ for Mars), can't be verified to the same standard as SEC filings or stock-exchange-mandated annual reports. |
|
Why did JBS move up the rankings this year? JBS posted record 2025 revenue of $86.2 billion, a 12% increase over 2024, driven by strong performance from Pilgrim's Pride, JBS Australia, and Seara. The growth reflects the resilience of its multiprotein, multi-geography strategy even as the U.S. faced its smallest cattle herd in 75 years. |
|
How is the Mars-Kellanova merger affecting the rankings? Mars completed its acquisition of Kellanova on December 11, 2025. Because Mars remains privately held, the combined company doesn't appear in public revenue rankings, but the deal creates a Mars Snacking division with an estimated $36 billion in annual revenue — brands like Pringles, Cheez-It, and Pop-Tarts now sit alongside Snickers and M&M'S under one privately held parent. |
Rankings will continue to evolve as additional FY2025 and early FY2026 results are released. Data reflects the best available public information as of June 2026.
Comments