Kenvue
KVUE · NYSEPerfumes, Cosmetics & Other Toilet Preparations · Fiscal year ends Jan 3
Kenvue reported revenue of $15.1B in the fiscal year ended Dec 2025, down 2.1% from the year before. Operating income was $2.4B, an operating margin of 16.0%, and net income was $1.5B. Operating cash flow of $2.2B less capital expenditure of $475M left free cash flow of $1.7B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Jan 2022 | Jan 2023 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $15.1B | $15B | $15.4B | $15.5B | $15.1B |
| Cost of revenue | $6.6B | $6.7B | $6.8B | $6.5B | $6.3B |
| Gross profit | $8.4B | $8.3B | $8.6B | $9B | $8.8B |
| Research & development | $355M | $375M | $399M | $408M | $382M |
| Selling, general & admin | $5.5B | $5.6B | $6.1B | $6.3B | $6.1B |
| Operating income | $2.9B | $2.7B | $2.5B | $1.8B | $2.4B |
| Net interest incomeBanks | $0 | $0 | −$250M | – | – |
| Interest expense | $0 | $0 | $250M | $431M | $430M |
| Pre-tax income | $2.9B | $2.6B | $2.2B | $1.4B | $2B |
| Income tax | $847M | $573M | $526M | $385M | $529M |
| Net income | $2.1B | $2.1B | $1.7B | $1B | $1.5B |
| Diluted EPS | 1.21 | 1.20 | 0.90 | 0.54 | 0.76 |
| Diluted shares | 1,716M | 1,716M | 1,850M | 1,923M | 1,924M |
Balance sheet
| Fiscal year | Jan 2022 | Jan 2023 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $740M | $1.2B | $1.4B | $1.1B | $1.1B |
| Receivables | – | $2.1B | $2.1B | $2.2B | $2.4B |
| Inventory | – | $2.2B | $1.9B | $1.6B | $1.7B |
| Current assets | – | $5.9B | $6.1B | $5.5B | $5.7B |
| Net PP&E | – | $1.8B | $2B | $1.8B | $2.2B |
| Goodwill | $9.8B | $9.2B | $9.3B | $8.8B | $9.5B |
| Total assets | – | $27.3B | $27.9B | $25.6B | $27.1B |
| Payables | – | $1.8B | $2.5B | $2.3B | $2.5B |
| Current liabilities | – | $3.9B | $5.5B | $5.7B | $5.9B |
| Short-term debt | – | $0 | $0 | $750M | $750M |
| Long-term debt | – | $0 | $7.7B | – | – |
| Total liabilities | – | $7.3B | $16.6B | $15.9B | $16.3B |
| Shareholders' equity | $20.5B | $20B | $11.2B | $9.7B | $10.8B |
Cash flow
| Fiscal year | Jan 2022 | Jan 2023 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $334M | $2.5B | $3.2B | $1.8B | $2.2B |
| Capital expenditure | $295M | $375M | $469M | $434M | $475M |
| Free cash flow | $39M | $2.2B | $2.7B | $1.3B | $1.7B |
| Depreciation & amortisation | $731M | $644M | $627M | $622M | $557M |
| Stock-based compensation | $141M | $137M | $188M | $254M | $136M |
| Share buybacks | – | $0 | $7M | $235M | $197M |
| Dividends paid | $0 | $0 | $766M | $1.6B | $1.6B |
| Dividend per share | – | – | 0.40 | 0.81 | 0.82 |
Key ratios
| Fiscal year | Jan 2022 | Jan 2023 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −0.7% | 3.3% | 0.1% | −2.1% |
| Operating income growth (YoY) | – | −8.4% | −6.1% | −26.7% | 31.1% |
| EPS growth (YoY) | – | −0.8% | −25.0% | −40.0% | 40.7% |
| Gross margin | 55.9% | 55.4% | 56.0% | 58.0% | 58.1% |
| Operating margin | 19.4% | 17.9% | 16.3% | 11.9% | 16.0% |
| Net margin | 13.8% | 13.8% | 10.8% | 6.7% | 9.7% |
| Return on equityBlank when equity is negative | 10.1% | 10.3% | 14.8% | 10.7% | 13.7% |
| ROCEEBIT ÷ (assets − current liabilities) | – | 11.4% | 11.2% | 9.3% | 11.4% |
| Free cash flow margin | 0.3% | 14.4% | 17.5% | 8.6% | 11.4% |
| Cash conversion (CFO ÷ net income) | 0.16x | 1.22x | 1.90x | 1.72x | 1.49x |
| Receivable days | – | 52 | 49 | 51 | 57 |
| Inventory days | – | 122 | 99 | 89 | 96 |
| Payable days | – | 100 | 134 | 127 | 143 |
| Interest cover | – | – | 10.0x | 4.27x | 5.61x |
| Debt ÷ equity | – | 0.00x | 0.69x | – | – |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | – | −$1.2B | $6.3B | – | – |
| Current ratio | – | 1.50x | 1.12x | 0.96x | 0.96x |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.