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Kimberly Clark (KMB) FY2025 results: revenue $16.4 billion, down 2.1% on the year

Kimberly Clark Corp. (KMB) reported revenue of $16.4 billion for fiscal 2025, the year ended 31 December 2025, down 2.1% on the year before. Net income was $2.0 billion, down 20.6%, and diluted earnings per share $6.07. The figures are the company's own, from the 10-K it filed with the SEC on 12 February 2026.

Revenue
$16.4 billion
-2.1% on the year
FY2018FY2025
Operating margin
14.3%
16.1% a year earlier
FY2018FY2025
Net income
$2.0 billion
-20.6% on the year
FY2018FY2025
Diluted EPS
$6.07
-19.6% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 9 new.

  • Net sales down, organic up: Net sales were $4.1 billion, down 0.6 percent, as organic growth of 2.1 percent was offset by a 2.5 percent decline mainly from the private label diaper exit.
  • Adjusted operating profit up 13.1 percent: Adjusted operating profit was $629 million, up 13.1 percent from $556 million, with productivity gains and lower marketing, research and general spending as drivers.
  • North America sales down 3.0 percent: North America net sales were $2.6 billion, down 3.0 percent, with a 3.7 percent impact from the private label diaper exit.
  • Adjusted gross margin flat at 37.0 percent: Adjusted gross margin was 37.0 percent, in line with prior year, as productivity and volume offset unfavorable pricing net of cost inflation.
  • Operating cash flow down, capex up: Cash from operations was $2.8 billion versus $3.2 billion, while capital spending rose to $1.1 billion from $721 million.
Read the Q4 FY2025 earnings call summary

From this 10-K

Kimberly-Clark was founded in 1872 and incorporated in Delaware in 1928. It manufactures and markets products made from natural or synthetic fibres and materials, using technologies in fibres, nonwovens and absorbency, and sells them in more than 175 countries and territories. Its brands include Huggies, Kleenex, Scott, Kotex, Cottonelle, Poise, Depend, Andrex, Pull-Ups, GoodNites, Intimus, Plenitud, Sweety, Softex, Viva and WypAll, which hold number one or number two share positions in approximately 70 countries. They sit in five daily-need categories: Baby and Child Care, Adult Care, Feminine Care, Family Care and Professional.

Kimberly Clark Corp., the 10-K for 2025

Kimberly-Clark was founded in 1872 and incorporated in Delaware in 1928. It manufactures and markets products made from natural or synthetic fibres and materials, using technologies in fibres, nonwovens and absorbency, and sells them in more than 175 countries and territories. Its brands include Huggies, Kleenex, Scott, Kotex, Cottonelle, Poise, Depend, Andrex, Pull-Ups, GoodNites, Intimus, Plenitud, Sweety, Softex, Viva and WypAll, which hold number one or number two share positions in approximately 70 countries. They sit in five daily-need categories: Baby and Child Care, Adult Care, Feminine Care, Family Care and Professional.

Two deals in flight

On 2 November 2025 the company signed a merger agreement to acquire the outstanding equity of the consumer health company Kenvue for stock and cash, approved by both boards, with each Kenvue share converting into 0.14625 Kimberly-Clark shares plus a fixed cash amount, funded from cash on hand, new debt and proceeds of the transaction below. On 5 June 2025 it announced a joint venture with Suzano holding substantially all of the operations of its former International Family Care and Professional segment, in which the Suzano buyer takes a 51% interest and Kimberly-Clark keeps 49%. The filing states that closing is expected in mid-2026, once consultation requirements and regulatory approvals are met. Those results are reported as discontinued operations and excluded from continuing operations and segment results for every period shown.

Segments

Continuing operations are organised into two reportable segments defined by geography, North America and International Personal Care. Certain operations and commercial activities of the former segment that the company kept now sit inside those two. Corporate and Other carries the parts of the former segment sold before the joint venture, along with costs that were once allocated to it but do not belong to the transferred operations.

Powering Care

The 2024 Transformation Initiative was announced in fiscal 2024 to create a more agile and focused operating model, and with it the Powering Care strategy. It rests on three pillars: investing in science-based and proprietary technology to meet unmet and evolving consumer needs, reworking the margin structure and building a fast, adaptable, integrated supply chain with greater visibility, and organising for agility, speed and focused execution.

Selling and supply

Household products are sold directly to supermarkets, mass merchandisers, drugstores, warehouse clubs, variety and department stores and other retail outlets, and through distributors and e-commerce. Professional products go through distributors and directly to manufacturing, lodging, office buildings, food service and high-volume public facilities. Walmart, the largest customer, was approximately 16% of net sales from continuing operations in 2025 and 2024 and 15% in 2023, mostly in North America. Cellulose fibre, as kraft pulp or recycled from recovered waste paper, is the primary raw material for tissue products, and as fluff pulp it is a component of disposable diapers, training and youth pants, feminine pads and incontinence care products. Polypropylene and other synthetics and chemicals are the primary raw materials for the nonwoven fabrics used in those products, with superabsorbent materials in diapers, pants and incontinence care. Competition runs on brand recognition and loyalty, product quality and performance, price, and marketing and distribution capability.

Portfolio moves and people

The company sold its personal protective equipment business, holding the Kimtech and KleenGuard brands, in 2024. In 2023 it bought the remaining shares of Thinx, in reusable period and incontinence underwear, and sold the Neve tissue brand and related consumer and professional tissue assets in Brazil. There were approximately 36,000 employees at 31 December 2025 across consolidated operations, including the business reported as discontinued, approximately 35% of them in North America and the rest spread across approximately 55 countries. Approximately 50% of the workforce was directly involved in manufacturing and distribution.

From Kimberly-Clark's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 12 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue16,44716,80517,146-2.1%
Cost of revenue10,52410,51610,877+0.1%
Gross profit5,9236,2896,269-5.8%
Gross margin36.0%37.4%36.6%
Research and development326328303-0.6%
Operating income2,3512,7001,928-12.9%
Operating margin14.3%16.1%11.2%
Interest expense256270293-5.2%
Pre-tax income2,0522,4181,606-15.1%
Income tax599442343+35.5%
Effective tax rate29.2%18.3%21.4%
Net income2,0212,5451,764-20.6%
Net margin12.3%15.1%10.3%
Diluted EPS$6.07$7.55$5.21-19.6%
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow2,7773,2343,542-14.1%
Capital expenditure1,138721766+57.8%
Free cash flow1,6392,5132,776-34.8%
Free cash flow margin10.0%15.0%16.2%
Cash from investing-951-100-418
Cash from financing-2,179-3,166-2,374
Depreciation and amortisation805781753+3.1%
Share-based compensation140131169+6.9%
Buybacks1411,000225-85.9%
Dividends paid1,6601,6281,588+2.0%
Dividend per share$5.04$4.88$4.72+3.3%
Diluted shares, weighted333m337m339m-1.1%
Shares outstanding at period end332m332m337m+0.0%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity1,502840915+78.8%
Non-controlling interest128135153-5.2%
Debt7,1687,4187,984-3.4%
Operating lease liabilities258265293-2.6%
Finance lease liabilities30.032.026.0-6.2%
Other liabilities8,0127,8567,973+2.0%
Total liabilities and equity17,09816,54617,344+3.3%
Fixed assets6,7756,2846,605+7.8%
Goodwill1,8391,7961,894+2.4%
Intangible assets77.080.0188-3.8%
Cash and equivalents6881,0101,075-31.9%
Receivables1,8921,7281,836+9.5%
Inventory1,4751,4521,549+1.6%
Other assets4,3524,1964,197+3.7%
Total assets17,09816,54617,344+3.3%

10-K for the year ended 31 December 2025, filed 12 February 2026: the filing.