Go Woke, Go Broke? Not a Chance, Say Ben and Jerry
Still best friends, Ben & Jerry’s founders speak about mixing politics with business, the ice cream brand’s future and why Ozempic doesn’t worry them
Still best friends, Ben & Jerry’s founders speak about mixing politics with business, the ice cream brand’s future and why Ozempic doesn’t worry them
Ben Cohen and Jerry Greenfield are about as well known for their progressive politics as they are for quirky ice cream flavors like Chunky Monkey and Phish Food.
Their experiment in melding business with social justice for years seemed like a model that many in the corporate world were warming up to. And then attitudes cooled.
Some businesses have started to put less emphasis on the kinds of social and political issues that Ben & Jerry’s has championed. Certain investors have urged corporations to stick with what they know best.
For their part, the lifelong friends, both now 73 years old, say their style of corporate activism isn’t bad for business—just the opposite.
Most companies aren’t comfortable engaging with social issues because “they don’t want to potentially alienate customers,” says Greenfield. “The irony is for Ben & Jerry’s, that is what makes the company successful.”
Cohen and Greenfield say the brand is now at a crossroads after parent company Unilever said in March that it would spin off or sell its ice cream division , a move interpreted by some as the culmination of a failed experiment in mixing progressive politics with big business.
While Ben & Jerry’s has for decades worn its heart on its sleeve, some of the brand’s political pronouncements in recent years have angered certain consumers and investors. Cohen believes this is at least partly the reason for its owner’s decision to part ways. For Unilever, “Ben & Jerry’s creates a lot of problems,” he says.
Cohen and Greenfield, who still count as Unilever employees, say the upset is worth it.
The founders shared internal sales data with The Wall Street Journal that showed the brand had logged stronger sales growth than its parent’s broader ice cream business in three of the past five years. Neither side disclosed profit figures.
Unilever’s ice cream head, Peter ter Kulve , says that, “whilst we don’t always agree” with Ben & Jerry’s, the combination of the company’s leadership, the brand’s board and founders’ involvement has been successful.
Do Cohen and Greenfield think the brand could be better off with a new owner? “To have a values-aligned owner of Ben & Jerry’s would be a beautiful thing,” says Cohen.
Of all the multinationals that could have bought Ben & Jerry’s, Unilever—given its historic focus on sustainability—was seen as perhaps the best fit. But in recent years a marketing strategy aimed at imbuing all of Unilever’s brands with a social or environmental purpose fell flat . Unilever has since narrowed the strategy to a few big brands.
Both men earned millions from Unilever’s $326 million purchase of their ice cream brand and say the deal hasn’t been all bad. Unilever helped Ben & Jerry’s expand internationally—it is now sold in 43 countries—and figure out the nuts and bolts of building new factories. It also gave the brand a bigger platform to push its social mission, albeit less aggressively than the founders would have liked.
In recent years a handful of prominent brands have been hit by consumer boycotts after wading into the culture wars. Companies are also being presented with more investor proposals against environmental and social initiatives while some activists are taking companies to court over their diversity and inclusion pledges. The upshot is that companies, particularly in the U.S., are talking less about their ESG efforts.
Cohen and Greenfield say they understand the pressure public companies—including Unilever—are under to avoid thorny issues but think this limits their growth prospects. Consumers, particularly younger ones, expect brands to speak out about issues like war, racism and climate change, they say.
Ben & Jerry’s began in 1978, when Cohen and Greenfield started selling ice cream out of a gas station in Burlington, Vt. They threw chunks of candy and nuts into partially frozen smooth ice cream largely because the heavily textured result appealed to Cohen, whose poor sense of smell impedes his ability to taste.
Alongside whimsically named flavours, social activism became a part of the brand’s identity early on. In 1988, Cohen and Greenfield launched Peace Pops, a chocolate-covered ice cream on a stick that advocated for cuts to U.S. military spending.
By the 90s, the brand had become one of America’s most recognisable brands, later that decade attracting takeover interest. Cohen and Greenfield say they didn’t want to sell but, as a public company, had to put Unilever’s offer to shareholders.
To keep the founders happy, Unilever agreed to let Ben & Jerry’s retain an independent board that would dictate the company’s social mission.
Despite this, “the first few years were rough,” remembers Cohen.
Unilever cut costs, making pints with less butterfat and using smaller, cheaper chunks. A proposed new flavor intended to celebrate Vermont’s law legalising civil unions for same-sex couples was scrapped.
Over the years, “the social mission rose or fell based on who the CEO was,” says Cohen. “If the CEO was into it, it prospered and if the CEO wasn’t it didn’t.”
Unilever preferred to attach its brands to more neutral causes , like reducing food waste or improving sanitation. Ben & Jerry’s, by contrast, publicly opposed what it described as Donald Trump’s “regressive agenda” by launching a flavour called Pecan Resist. It accused President Biden on social media of fanning the flames of war by sending troops to Europe after Russia’s invasion of Ukraine.
Tensions between the brand and its parent burst into public view soon after Ben & Jerry’s said it would halt sales in Jewish settlements in the Israeli-occupied West Bank and contested East Jerusalem in July 2021. It said selling in those settlements, considered illegal by much of the international community , was inconsistent with its values.
The move prompted some consumers to boycott Unilever’s brands, and U.S. pension funds to sell shares in the company.
Unilever tried to quell the furor by selling Ben & Jerry’s business in Israel without its permission. The brand then sued its parent , saying it had violated the acquisition agreement. The two sides eventually settled, but tensions persist.
“There is no other entity like Ben & Jerry’s at Unilever,” says Cohen. “They don’t understand it, they don’t really know how to deal with it and they want to run it like any other brand that they own.”
In January, Unilever prevented Ben & Jerry’s from calling for a cease-fire in Gaza, the founders say. The brand circumvented its parent by issuing a statement via its independent board.
How involved Cohen and Greenfield remain depends on to what extent any new owner permits the brand’s board to continue to pursue its social mission.
If bought by a finance-focused entity, Ben & Jerry’s will suffer, Cohen says. “They don’t realize the intangibles that are behind the numbers.”
Born four days apart, Cohen and Greenfield have been best friends since seventh grade.
They live 2 miles from each other near Ben & Jerry’s headquarters in Vermont, and hang out regularly. “It’s more fun to do things together,” says Greenfield.
The pair have dabbled in various construction projects together, building a gazebo, cabin and bench in their free time. “It’s much more beautiful than your usual park bench,” qualifies Cohen. “We didn’t buy any lumber, we just cut down trees.”
They also get together to do physical therapy exercises to help their bad backs but dislike the dead bug, which involves lying on your back and raising and lowering opposite arms and legs.
Both men have remained involved with Ben & Jerry’s and get a salary from Unilever although they have no managerial or operational role at the company. They show up to franchisee meetings, scoop-shop openings and employee training sessions to shake hands and offer encouragement.
They see their main role as bringing visibility to causes the Ben & Jerry’s brand supports. They are currently lobbying to end qualified immunity , the controversial doctrine that says police officers and other officials can’t be sued for misconduct unless they have violated “clearly established” rights.
Recently, Unilever’s new chief executive, Hein Schumacher , visited Vermont, where he met the founders. Cohen describes him as a “nice guy” but says they didn’t spend a lot of time together. “I assume he’s a very good executive,” he says. “Business executive.”
The pair’s favourite flavours—Coconut Almond Fudge Chip for Greenfield and Mocha Walnut for Cohen—have long since hit “the flavour graveyard.” The coconut flavour wasn’t selling well enough while the mocha one drew lots of consumer complaints. “Half of them would say it had too much chocolate in it and the other half would say it had too much coffee,” says Cohen.
How worried are the founders that in an era of weight-loss drugs people could eat less ice cream?
Not at all, they say. Greenfield says people’s relationship with ice cream is about enjoyment or celebration, not nutrition. Still, people should eat ice cream in moderation. “You’re not supposed to eat a whole tub at once,” he says primly.
“I think you can eat a whole tub at once,” interjects Cohen. “You’re just not supposed to do it every day.”
For Central Element, the start of work at Pearl represents another step in the company’s growing eastern suburbs pipeline.
All three vehicles will form part of a broader charitable initiative benefiting Big Brothers Big Sisters of America, the American Red Cross and Starlight Children’s Foundation
Overall, the season showed that share prices react less to whether profits rose or fell than to the gap between results and expectations
Reporting season has once again reminded investors that a strong profit does not guarantee a rising share price, and a large loss does not always trigger a sell-off. What matters most is how each result compares with expectations and, increasingly, what management says about the year ahead. During the August 2026 season, companies offering credible turnarounds or unexpectedly strong guidance were rewarded handsomely, while those flagging weaker margins, slowing demand or greater uncertainty were punished.
The following ranking draws on Morningstar’s review of 164 ASX-listed companies and measures each company’s share-price movement on the day it reported. This captures the market’s immediate response to the earnings announcement, before subsequent economic developments, dividends and company-specific news cloud the picture. Here are the five biggest winners, and the five hardest-hit losers, of the season so far.
Bapcor delivered reporting season’s largest relief rally after presenting early evidence that its troubled automotive-parts business was stabilising. Although underlying revenue fell 1.8% to $1.92 billion and underlying NPAT collapsed 85% to $10.8 million, underlying EBITDA of $152.5 million exceeded guidance.
More importantly, working-capital initiatives released $68.5 million in the second half, lifting cash conversion to 109.4% and reducing net debt by 63% to $135 million. The statutory loss was $431.6 million, largely because of non-cash impairments. Investors focused on improving operational momentum, stronger liquidity and management’s expectation of modest FY27 revenue growth.
Zip comfortably surpassed its FY26 targets, sending the buy-now-pay-later provider’s shares sharply higher. Transaction volume rose 23% to $16.7 billion, while cash earnings before tax, depreciation and amortisation jumped 58% to a record $268.9 million. Statutory profit climbed 46% to $116.4 million, and the cash operating margin expanded by 4.2 percentage points to 20%.
The strongest signal was guidance for FY27 cash earnings of $340 million—around 26% growth and above analysts’ forecasts. US transaction volume increased 42.5% and now represents three-quarters of group volume, offsetting weaker customer activity in Australia.
CSL’s result was hardly spectacular in isolation, but it cleared a market bar that had fallen dramatically following earlier downgrades and restructuring announcements. Underlying NPATA was US$3.1 billion, down 2% in constant-currency terms, while operating cash flow reached US$3.51 billion.
CSL maintained its full-year dividend at US$2.92 per share and completed a A$1 billion buyback. The real catalyst was FY27 guidance for approximately 5% underlying profit growth, compared with market expectations closer to 2%. After an extended period of earnings disappointments, investors interpreted the outlook as evidence that CSL’s core plasma business was approaching a sustainable recovery.
Judo Capital demonstrated strong operating leverage as its specialist business-lending franchise expanded. Full-year profit before tax rose 34% to $168.1 million, while pre-provision profit increased 42%. Gross loans and advances grew 18% to $14.7 billion, reaching the top of the bank’s guidance range and comfortably exceeding broader system growth.
Deposits increased 24% to $12.2 billion, return on equity improved by 1.1 percentage points to 6.4%, and earnings per share rose 29% to 9.9 cents. Reaffirmation of the FY27 outlook gave investors confidence that loan growth could continue without sacrificing margins or credit quality.
The owner of Supercheap Auto, rebel, BCF and Macpac reported record sales of $4.2 billion, up 3.2%, despite cautious discretionary spending. Profitability went backwards: normalised profit before tax fell 7% to $306 million and normalised NPAT declined 2.8% to $226 million as transformation spending weighed on margins. Nevertheless, the result exceeded subdued expectations, online sales grew 5.3% and membership across the group’s loyalty programs reached 13.1 million. Investors were also encouraged by positive early FY27 trading, stable gross margins and continued market-share gains. A fully franked 33-cent final dividend added to the appeal.
Hansen’s historic result met expectations, but investors recoiled from its outlook. The utility and communications software provider achieved an underlying EBITDA margin of 31%, exceeding its 30% target, while generating strong cash flow. However, management designated FY27 an “investment and transition year”, signalling a roughly five-percentage-point margin contraction as spending on products, sales capabilities and organisational changes increased.
Revenue had already been broadly flat, leaving investors concerned that the investment program would depress earnings before new growth appeared. Leadership changes, including the chief executive’s departure, added uncertainty. Management expects revenue growth and margins above 30% to return in FY28, but the market was unwilling to wait.
Life360’s headline growth was impressive: quarterly revenue rose 38% to US$159 million, subscription revenue increased 31%, and adjusted EBITDA climbed 53% to US$31.1 million. Monthly active users reached 102.4 million and paying circles grew 27% to 3.2 million. The sell-off reflected expectations rather than a collapsing business.
Net income fell 18%, the net margin contracted from 6% to 3%, hardware shipments dropped 18%, and full-year EBITDA guidance was merely maintained. After a strong valuation run, investors wanted a larger upgrade and clearer evidence that heavy investment in advertising, international expansion and artificial intelligence would generate additional earnings.
PEXA reported a 7% increase in continuing-operations revenue and 12% EBITDA growth to $152 million, accompanied by a two-percentage-point margin expansion. Free cash flow increased 39%, suggesting the core Australian electronic-conveyancing platform remained highly profitable. Investors instead concentrated on management’s warning that property-transfer volumes could decline, alongside regulatory uncertainty surrounding the fees PEXA can charge.
The company is also continuing to invest heavily in its loss-making international expansion. Morningstar considered the market reaction excessive, arguing that structural transfer-volume assumptions had not materially changed, but the combination of softer near-term activity and regulatory risk overwhelmed the respectable headline numbers.
SEEK produced solid FY26 figures, including 10% revenue growth to $1.20 billion, a 15% rise in EBITDA and 28% growth in adjusted earnings per share. It also lifted its fully franked annual dividend by 13% to a record 52 cents. Those achievements were overshadowed by falling paid job-ad volumes and cautious FY27 assumptions.
The statutory accounts included a $201 million loss from the SEEK Growth Fund and $377 million of significant items, making the headline result considerably less attractive. Investors were particularly concerned that economic weakness could limit volumes while the company continued investing in platform integration and artificial-intelligence products.
JB Hi-Fi’s full-year result was broadly respectable, with group sales rising 5% to $11.1 billion and underlying earnings per share increasing 6% to $4.48. The damage came from its current-trading update. Australian sales were almost flat during the June quarter and deteriorated further in July, while earnings in the core Australian electronics business fell 3.6%.
Housing-related categories were particularly weak as higher living costs and interest rates constrained household budgets. With JB Hi-Fi entering the season on a demanding valuation, an in-line historic result was not sufficient: the loss of sales momentum prompted investors to rapidly reduce their expectations for FY27.
Overall, the season showed that share prices react less to whether profits rose or fell than to the gap between results and expectations. Bapcor was rewarded for being less troubled than feared, while several fundamentally profitable companies were punished because their outlooks failed to justify elevated valuations.
From Italian vegetable-tanned leather to real-world training insight, Australian brand PK9 Gear is redefining what luxury means for discerning dog owners.
All three vehicles will form part of a broader charitable initiative benefiting Big Brothers Big Sisters of America, the American Red Cross and Starlight Children’s Foundation