Kenvue Inc. Q2 FY2024 results: revenue $4.0 billion, down 0.3% on the year

Kenvue Inc. (KVUE) reported revenue of $4.0 billion for Q2 FY2024, the quarter ended 30 June 2024, down 0.3% on the same quarter a year earlier. Net income was $58 million, down 86.5% on the year, and diluted earnings per share $0.03. The figures are the company's own, from the 10-Q it filed with the SEC on 6 August 2024.

Revenue$4.0 billiondown 0.3%

Net income$58 milliondown 86.5%

Diluted EPS$0.03

QuarterQ2 FY2024ended 30 June 2024

The quarter, against the one before and a year earlier

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Revenue	4,000	3,894	n/a	n/a
Cost of revenue	1,635	1,652	n/a	n/a
Gross profit	2,365	2,242	n/a	n/a
Gross margin	59.1%	57.6%	n/a
Research and development	105	100	n/a	n/a
Selling, general and administrative	1,641	1,573	n/a	n/a
Operating income	154	550	n/a	n/a
Operating margin	3.9%	14.1%	n/a
Interest expense	106	109	n/a	n/a
Pre-tax income	65.0	427	n/a	n/a
Income tax	7.0	131	n/a	n/a
Effective tax rate	10.8%	30.7%	n/a
Net income	58.0	296	n/a	n/a
Net margin	1.5%	7.6%	n/a
Diluted EPS	$0.03	$0.15	n/a	n/a

$ million except per share. Free 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 and capital returned

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Operating cash flow	440	287	n/a	n/a
Capital expenditure	90.0	153	n/a	n/a
Free cash flow	350	134	n/a	n/a
Free cash flow margin	8.8%	3.4%	n/a
Depreciation and amortisation	141	149	n/a	n/a
Share-based compensation	61.0	81.0	n/a	n/a
Buybacks	0.0	91.0	n/a	n/a
Dividends paid	383	383	n/a	n/a
Dividend per share	$0.20	n/a	n/a	n/a
Diluted shares, weighted	1,920m	1,920m	n/a	n/a
Shares outstanding at period end	1,915m	1,915m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Total assets	26,443	27,283	n/a	n/a
Cash and equivalents	1,014	1,155	n/a	n/a
Receivables	2,240	2,160	n/a	n/a
Inventory	1,849	1,884	n/a	n/a
Goodwill	8,973	9,032	n/a	n/a
Total debt, as filed	8,478	8,555	n/a	n/a
Operating lease liabilities	88.0	98.0	n/a	n/a
Shareholders' equity	10,178	10,621	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	3,915	3,666	3,894	4,000	3,899	3,662	3,741	3,839	3,764	3,780	3,909	3,955
Cost of revenue	1,665	1,623	1,652	1,635	1,617	1,592	1,573	1,578	1,538	1,643	1,607	1,654
Gross profit	2,250	2,043	2,242	2,365	2,282	2,070	2,168	2,261	2,226	2,137	2,302	2,301
Gross margin	57%	56%	58%	59%	59%	57%	58%	59%	59%	57%	59%	58%
R&D	78.0	133	100	105	97.0	106	99.0	91.0	94.0	98.0	84.0	94.0
SG&A	1,531	1,586	1,573	1,641	1,590	1,525	1,537	1,504	1,512	1,535	1,453	1,537
Operating income	710	460	550	154	654	483	558	692	629	535	767	699
Operating margin	18%	13%	14%	4%	17%	13%	15%	18%	17%	14%	20%	18%
Interest expense	100	96.0	109	106	108	108	107	107	107	109	106	103
Pre-tax income	585	357	427	65.0	577	346	458	588	526	427	672	598
Tax rate	25%	8%	31%	11%	34%	15%	30%	29%	24%	23%	29%	24%
Net income	438	327	296	58.0	383	293	322	420	398	330	474	456
Net margin	11%	9%	8%	1%	10%	8%	9%	11%	11%	9%	12%	12%
Diluted EPS	$0.23	$0.17	$0.15	$0.03	$0.20	$0.16	$0.17	$0.22	$0.21	$0.16	$0.25	$0.24
Operating cash flow	674	950	287	440	249	793	428	621	294	854	489	688
Capital expenditure	114	223	153	90.0	59.0	132	179	88.0	98.0	110	139	64.0
Free cash flow	560	727	134	350	190	661	249	533	196	744	350	624
Buybacks	0.0	7.0	91.0	0.0	23.0	121	63.0	64.0	70.0	0.0	0.0	0.0
Dividends paid	383	383	383	383	393	393	392	393	398	398	398	398
Shares outstanding	1,915m	1,915m	1,915m	1,915m	1,916m	1,914m	1,919m	1,919m	1,916m	1,916m	1,920m	1,920m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 June 2024, filed 6 August 2024, accession 0001944048-24-000139: the filing on EDGAR. All of Kenvue Inc.'s filings: EDGAR company page.

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