Revenues
Revenues do not always fall for companies faced with calls for boycott. To adapt, some companies offer deeper discounts, aggressive promos or shift to lower-margin segments and geographies to soften the impact of boycotts. In this section, we list 178+ companies that has seen revenues fall, as well as seen their revenues rise over the last 3 financial years.
Important point to note
Revenues can still rise and fall in certain companies regardless of the boycott due to industry wide-cost inflation, competition forcing discounts and other factors affecting margin pressure. Nonetheless, the list below is a fair snapshot of companies that are on the wrong side of history.
Commentary
Deep dives connecting index movements to broader market dynamics.
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| Company | 2022 Rev (Bil) | 2023 Rev (Bil) | 2024 Rev (Bil) | 2025 Rev (Bil) | % Change |
|---|---|---|---|---|---|
| Nike | 46.71 | 51.217 | 51.4 | 11.68 | -75% |
| ZIM Integrated | 12.56 | 5.16 | 8.43 | 6.9 | -45% |
| Hapag-Lloyd | 34.543 | 17.93 | 19.1 | 21.05 | -39% |
| A.P. Møller – Mærsk A/S | 81.5 | 51.065 | 55.482 | 53.99 | -34% |
| Orbia Advance Corporation; Netafim | 194.21 | 145.46 | 133.98 | 131.81 | -32% |
| British Petroleum (BP) | 19,577 | 17,128 | 15,232 | 14,621 | -25% |
| Petrobas | 641.3 | 512 | 490.8 | 497.54 | -22% |
| Chevron; Delek Group | 235.92 | 194.8 | 195.57 | 184.65 | -22% |
| Ashdod Refinery; Paz Retail and Energy Ltd | 14.15 | 13.28 | 11.91 | 11.13 | -21% |
| Estee Lauder: Aramis, Aveda, Bobbi Brown, Clinique, Jo Malone, Lab Series, La Mer, MAC, Origins + 11 other brands | 17.74 | 15.91 | 15.61 | 14.326 | -19% |
| VF Corporation: Timberland | 11.84 | 11.61 | 9.92 | 9.58 | -19% |
| Kimberly-Clark: Andrex, Huggies, Kleenex, Kotex, Pullups, Scott + other brands | 20.2 | 20.4 | 20.058 | 16.447 | -19% |
| Intel | 63.05 | 54.2 | 53.1 | 52.9 | -16% |
| Unilever: Axe, Bovril, Brycreem, Cif, Closeup, Comfort, Dove, Knorr, Lux, Magnum, Marmite, Persil, Pond’s, Rexona, Sunlight, Sunsilk, Toni & Guy, Vaseline, Wall’s + 33 other brands | 60.1 | 59.6 | 60.8 | 50.5 | -16% |
| Unilever: Axe, Bovril, Brycreem, Cif, Closeup, Comfort, Dove, Knorr, Lux, Magnum, Marmite, Persil, Pond’s, Rexona, Sunlight, Sunsilk, Toni & Guy, Vaseline, Wall’s + 33 other brands | 60.07 | 59.6 | 60.8 | 50.5 | -16% |
| Bright Dairy & Food Company Shanghai; Tnuva | 28.22 | 26.49 | 24.21 | 23.89 | -15% |
| Puma | 8.47 | 8.601 | 8.82 | 7.296 | -14% |
| HP | 63 | 53.7 | 53.6 | 55.3 | -12% |
| Mercedes-Benz Group: Daimler | 150 | 153.2 | 145.6 | 132.2 | -12% |
| Ashtrom Group | 5.15 | 4.82 | 4.46 | 4.65 | -10% |
| Glencore | 20,735.00 | 17,426.00 | 18,014.00 | 18,812.00 | -9% |
| Henkel: Loctite, Persil, Schwarzkopf | 22.397 | 21.514 | 21.586 | 20.495 | -8% |
| BMW | 142.61 | 155.5 | 142.3 | 133.5 | -6% |
| Kraft Heinz | 26.49 | 26.64 | 25.85 | 24.94 | -6% |
| Dell Technologies | 101.2 | 102.3 | 88.4 | 95.6 | -6% |
| Nestle: Coffe-Mate, Kit Kat, Maggie, Movenpick, Milo, Nestle Carnation, Nestle Cerelac, Nestea, Nesquik, Nespresso, Nescafe, Perrier, Quality street, Smarties, Vittel + 17 other brands | 94.4 | 93 | 91.35 | 89.49 | -5% |
| Victoria’s Secret | 6.79 | 6.182 | 6.23 | 6.553 | -3% |
| GAP: Banana Republic, Old Navy, Athleta | 15.6 | 14.9 | 15.1 | 15.1 | -3% |
| Columbia Sportswear | 3.46 | 3.487 | 3.37 | 3.4 | -2% |
| Bank of America | 115.05 | 171.91 | 192.43 | 113.1 | -2% |
| Reckitt: Dettol, Finish, Harpic, Scholl, | 14.453 | 14.607 | 14.169 | 14.21 | -2% |
| Mattel Inc: Hot wheels, UNO & 100 other brands | 5.434 | 5.44 | 5.38 | 5.35 | -2% |
| Danone: Actimel Activa, Alpro, Aqua, Evian, Sirma, Volvic | 27.66 | 27.619 | 27.376 | 27.28 | -1% |
| Johnson & Johnson: Acuvue, Listerine, Neutrogena, Tylenol + other brands | 94.94 | 85.159 | 88.82 | 94.2 | -1% |
| Krispy Kreme (JAB Holding) | 1.53 | 1.69 | 1.67 | 1.52 | -1% |
| Kellanova (Kellogg Company): Coco Pops, Frosties, Pringles + 24 other brands | 12.65 | 13.12 | 12.749 | 12.67 | 0% |
| Volvo/ Volvo Group | 473.48 | 552.25 | 526.82 | 479.18 | 1% |
| Carrefour | 82.89 | 84.908 | 87.27 | 84.02 | 1% |
| BNP Paribas | 50.42 | 45.87 | 48.83 | 51.223 | 2% |
| Heidelberg Materials | 21.1 | 21.18 | 21.16 | 21.46 | 2% |
| LVMH: Christian Dior, Hennessy, Kenzo, Loewe, Marc Jacobs, Moet et Chandon, Sephora, Louis Vuitton, Bulgari, Celine, Dom Perignon, Fendi, Givenchy, Guerlain, | 79.18 | 86.15 | 84.68 | 80.8 | 2% |
| General Mills: Cheerios, Haagen-Dazs, Nature Valley, Old El Paso, Pillsbury, Trix, Yoplait + 38 other brands | 18.99 | 20.094 | 19.857 | 19.5 | 3% |
| Nestle Malaysia: Coffe-Mate, Kit Kat, Maggie, Movenpick, Milo, Nestle Carnation, Nestle Cerelac, Nestea, Nesquik, Nespresso, Nescafe, Perrier, Quality street, Smarties, Vittel + 17 other brands | 6.66 | 6.99 | 6.22 | 6.88 | 3% |
| Deutsche Telekom | 114.4 | 112 | 115.8 | 119.1 | 4% |
| Papa John’s | 2 | 2.136 | 2.06 | 2.1 | 5% |
| Procter & Gamble: Ambi Pure, Ariel, Bounty, Braun, Clearblue, Crest, Duracell, Gillette, Head & Shoulders, Olay, Old Spice, Oral-B, Pampers, Pantene, Pringles, Tide, Vicks + 5 other brands | 80.19 | 82.006 | 84.039 | 84.3 | 5% |
| Apple | 394.33 | 383.29 | 391.035 | 416.16 | 6% |
| First International Bank of Israel | 6.46 | 6.56 | 6.64 | 6.9 | 7% |
| Pepsico: Aquafina, Cheetos, Doritos, Gatorade, Lays, Lipton, Mirinda, Mountain Dew, Pepsi, Quaker Oats, Soda Stream, 7 Up, Tropicana & other brands | 86.39 | 91.47 | 93.9 | 93.9 | 9% |
| FANUC Corporation | 733.01 | 851.96 | 795.27 | 797.13 | 9% |
| Domino’s Pizza | 4.54 | 4.479 | 4.71 | 4.94 | 9% |
| Mehadrin | 1.02 | 1.13 | 0.97 | 1.11 | 9% |
| Siemens | 72 | 77.8 | 75.9 | 78.9 | 10% |
| CEMEX | 14.71 | 16.4 | 16.06 | 16.13 | 10% |
| Cisco | 51.56 | 57 | 53.803 | 56.7 | 10% |
| Adidas | 22.511 | 21.427 | 23.683 | 24.811 | 10% |
| Coca Cola: Costa Coffee, Capri Sun, Dr Pepper, Dasani, Fanta, Minute Maid, Schweppes, Sprite + 206 other brands | 43 | 45.754 | 47.1 | 47.94 | 11% |
| IBM | 60.5 | 61.86 | 62.8 | 67.535 | 12% |
| Beiersdorf: Nivea | 8.8 | 9.447 | 9.9 | 9.852 | 12% |
| AXA | 102.3 | 102.7 | 110.3 | 115.5 | 13% |
| McDonalds | 23.18 | 25.494 | 25.9 | 26.24 | 13% |
| Lockheed Martin | 65.98 | 67.57 | 71.04 | 75 | 14% |
| Caterpillar | 59.4 | 67.06 | 64.809 | 67.589 | 14% |
| Citi/Citigroup | 74.64 | 78.42 | 80.78 | 85.02 | 14% |
| Walt Disney | 82.72 | 88.9 | 91.361 | 94.425 | 14% |
| Ralph Lauren: Polo | 6.2 | 6.4 | 6.6 | 7.1 | 15% |
| Northrop Grumman | 36.6 | 39.29 | 41.03 | 41.95 | 15% |
| L’Oréal Group: Armani, Aesop, Biotherm, Diesel, Giorgio Armani, Garnier, Kiehl’s, Kerastase, Lancome, Maybelline, Prada, Shu Uemura, + 14 other brands | 38.26 | 41.18 | 43.48 | 44.05 | 15% |
| Volkswagen: Audi, Porsche | 279.2 | 322.3 | 324.7 | 321.9 | 15% |
| Starbucks | 32.23 | 35.98 | 36.2 | 37.18 | 15% |
| Teva | 14.92 | 15.85 | 16.54 | 17.26 | 16% |
| Tesla | 81.46 | 96.77 | 97.69 | 94.8 | 16% |
| Barclays | 25 | 25.4 | 26.31 | 29.1 | 16% |
| Hewlett Packard Enterprise | 29.34 | 29.135 | 30.1 | 34.3 | 17% |
| HD Hyundai | 60.84 | 61.33 | 67.77 | 71.26 | 17% |
| Hugo Boss | 3.651 | 4.197 | 4.307 | 4.3 | 18% |
| Keurig Dr Pepper: Snapple, Sunkist & other brands | 14.06 | 14.81 | 15.35 | 16.6 | 18% |
| SAP | 30.87 | 31.21 | 34.18 | 36.8 | 19% |
| Alstom | 15.471 | 16.5 | 17.6 | 18.49 | 20% |
| YUM Brands: Taco Bell, Pizza Hut, KFC | 6.842 | 7.076 | 7.549 | 8.214 | 20% |
| Paypal | 27.52 | 29.771 | 31.8 | 33.2 | 21% |
| RE/MAX | 0.292 | 0.308 | 0.326 | 0.353 | 21% |
| NICE Systems | 7.67 | 8.59 | 9.95 | 9.38 | 22% |
| Mondelez International: Belvita, Chips Ahoy, Cadbury, Milka, Oreo, Royal Baking Powder, Ritz, Tobelerone, Tang + 35 other brands | 31.5 | 36.016 | 36.44 | 38.54 | 22% |
| Inditex: Bershka, Massimo Dutti, Pull & Bear, Zara | 32.6 | 35.9 | 38.63 | 39.9 | 22% |
| Allianz | 152.7 | 161.7 | 179.8 | 186.9 | 22% |
| Mizrahi Tefahot Bank | 12.56 | 14.48 | 14.73 | 15.43 | 23% |
| Bank Leumi | 17.73 | 18.8 | 22.4 | 22.23 | 25% |
| Thales | 17.57 | 18.43 | 20.58 | 22.14 | 26% |
| Lufthansa | 31.41 | 35.4 | 37.58 | 39.6 | 26% |
| Expedia Group | 11.67 | 12.84 | 13.69 | 14.73 | 26% |
| Marks & Spencer | 10.885 | 11.93 | 12.9 | 13.8 | 27% |
| Tripadvisor | 1.49 | 1.79 | 1.84 | 1.89 | 27% |
| Motorola | 9.112 | 9.978 | 10.82 | 11.68 | 28% |
| Electra Group | 10.85 | 11.62 | 12.33 | 13.95 | 29% |
| Raytheon | 67.07 | 68.92 | 80.74 | 88.6 | 32% |
| RTX Corporation (Raytheon) | 67.07 | 68.92 | 80.74 | 88.6 | 32% |
| Leonardo | 14.71 | 15.29 | 17.76 | 19.5 | 33% |
| General Dynamics | 39.41 | 42.27 | 47.72 | 52.55 | 33% |
| Shapir Engineering and Industry/ Shapir Group | 4.55 | 5.21 | 5.09 | 6.07 | 33% |
| Boeing | 66.61 | 77.794 | 66.517 | 89.5 | 34% |
| NewMed Energy | 10.8 | 13.9 | 14.4 | 14.6 | 35% |
| HSBC | 50.5 | 66.1 | 65.9 | 68.27 | 35% |
| HSBC | 50.5 | 66.1 | 65.9 | 68.27 | 35% |
| Oracle | 42.44 | 50 | 53 | 57.4 | 35% |
| Blackrock | 17.87 | 17.86 | 20.41 | 24.22 | 36% |
| Bank Hapoalim | 17.92 | 21.38 | 21.96 | 24.56 | 37% |
| JPMorgan Chase | 122.31 | 145.67 | 166.77 | 168.24 | 38% |
| Microsoft: Skype, Microsoft Teams | 204.09 | 211.915 | 245.12 | 281.7 | 38% |
| Amazon.com Inc | 513.98 | 574.78 | 638 | 716.92 | 39% |
| CAF (Construcciones Auxiliar de Ferrocarriles) | 3.17 | 3.83 | 4.22 | 4.49 | 42% |
| Alphabet Inc (Google) | 282.83 | 307.39 | 350.02 | 402.836 | 42% |
| Israel Discount Bank | 12.9 | 16.1 | 17.2 | 18.5 | 43% |
| Wix | 1.386 | 1.56 | 1.76 | 1.99 | 44% |
| BAE Systems | 21.25 | 23,078 | 26.31 | 30.66 | 44% |
| Danya Cebus | 4.49 | 5.42 | 6.03 | 6.51 | 45% |
| Restaurants Brand International: Burger King, Forehouse Subs, Popeyes, Tim Hortons – anymore? | 6.5 | 7.022 | 8.406 | 9.43 | 45% |
| Airbnb Inc | 8.4 | 9.917 | 11.102 | 12.2 | 45% |
| Rheinmetall | 6.41 | 7.18 | 7.72 | 9.94 | 55% |
| Rolls-Royce | 13.52 | 16.49 | 18.91 | 21.21 | 57% |
| Bookings Holdings Inc – Booking.com: Agoda, Kayak, OpenTable, Priceline | 17.09 | 21.4 | 23.7 | 26.92 | 58% |
| Elbit Systems | 18.52 | 21.99 | 25.2 | 29.45 | 59% |
| Hanwha Systems | 2,188.01 | 2,452.49 | 2,803.69 | 3,664.15 | 67% |
| Meta: Facebook/Instagram | 116.61 | 134.9 | 164.5 | 200.97 | 72% |
| Cellebrite | 0.27 | 0.33 | 0.4 | 0.48 | 78% |
| Hyundai Heavy Industries | 9.05 | 11.96 | 14.49 | 17.58 | 94% |
| Energean | 59.7 | 78.3 | 138.8 | 134.7 | 126% |
| Palantir Tech | 1.91 | 2.23 | 2.866 | 4.475 | 134% |
| Nivdia | 26.91 | 26.97 | 60.9 | 130.5 | 385% |
