Mercadona’s engine is not its private label, but crushing rivals on profitability by earning less per product

Mercadona reported 2025 revenue of 41.858 billion euros and net sales of 38.178 billion euros.

Its gross margin on sales was lower than Dia, Eroski, and Consum, but operating profit was stronger.

The company still outperformed rivals in relative profitability, showing efficient conversion of sales into earnings.

The results suggest Mercadona's strength comes from operational efficiency, not just private-label sales.