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Kenvue (KVUE) FY2025 results: revenue $15.1 billion, down 2.1% on the year

Kenvue Inc. (KVUE) reported revenue of $15.1 billion for fiscal 2025, the year ended 28 December 2025, down 2.1% on the year before. Net income was $1.5 billion, up 42.7%, and diluted earnings per share $0.76. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2026.

Revenue
$15.1 billion
-2.1% on the year
FY2021FY2025
Operating margin
16.0%
11.9% a year earlier
FY2021FY2025
Net income
$1.5 billion
+42.7% on the year
FY2021FY2025
Diluted EPS
$0.76
+40.7% on the year
FY2021FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

  • Fourth-quarter net sales rose 3.2%: Net sales were $3,780 million vs $3,662 million in the prior year period.
  • Full-year net sales declined 2.1%: Full-year net sales totalled $15,124 million vs $15,455 million in the prior year.
  • Self Care volume fell 3.1%: Self Care net sales were $1,592 million vs $1,569 million, with foreign currency adding 2.7%.
  • Adjusted operating margin up in quarter: Operating income margin was 14.2% vs 13.2%; savings from Our Vue Forward were partly offset by higher brand support.
  • Operating cash flow increased: Working capital improvements were cited as the main driver of the higher operating cash flow.
Read the Q4 FY2025 earnings call summary

From this 10-K

Kenvue sells consumer health products: over-the-counter medicines, skin and hair care, and everyday personal care. It describes itself as the world's largest pure-play consumer health company by revenue. Its brands include Aveeno, BAND-AID, Johnson's, Listerine, Neutrogena, Nicorette, Tylenol and Zyrtec, marketed in more than 165 countries. The financial year ends in late December. There are three reportable segments, and four regions: North America, Asia Pacific, Europe, the Middle East and Africa, and Latin America.

Kenvue Inc., the 10-K for 2025

Kenvue sells consumer health products: over-the-counter medicines, skin and hair care, and everyday personal care. It describes itself as the world's largest pure-play consumer health company by revenue. Its brands include Aveeno, BAND-AID, Johnson's, Listerine, Neutrogena, Nicorette, Tylenol and Zyrtec, marketed in more than 165 countries. The financial year ends in late December. There are three reportable segments, and four regions: North America, Asia Pacific, Europe, the Middle East and Africa, and Latin America.

Self Care

Cough, cold and allergy, pain care, and other self care covering digestive health, smoking cessation and eye care. The major brands are Benadryl, Calpol, Motrin, Nicorette, Rhinocort, Tylenol, Zarbee's and Zyrtec. The filing describes these as giving consumers access to healthcare through over-the-counter medicines and naturally inspired products, extended by connected health offerings including digital diagnostics and telemedicine.

Skin Health and Beauty

Face and body care, plus hair, sun and other products, under Aveeno, Dr.Ci:Labo, Le Petit Marseillais, Lubriderm, Neutrogena, OGX and Rogaine. The company describes the approach as dermatological, built on partnerships with skin experts and science, with the endorsement of healthcare professionals.

Essential Health

Oral care, baby care, and other essential health covering women's health and wound care, under BAND-AID, Carefree, Desitin, Johnson's, Listerine, o.b. tampons and Stayfree.

How it got here, and where it is going

Johnson & Johnson announced in November 2021 that it would separate its consumer health business. Kenvue was incorporated in Delaware in February 2022 as a wholly owned subsidiary to be the parent of that business, took over substantially all of its assets and liabilities in April 2023, went public on the New York Stock Exchange in May 2023, and became fully independent in August 2023 when Johnson & Johnson completed an exchange offer letting its shareholders swap its shares for Kenvue shares. A further debt-for-equity exchange in May 2024 left Johnson & Johnson holding no Kenvue shares. Since then the company has exited the transition services and transition manufacturing agreements with its former parent and stood up its own systems, with a restructuring programme it calls Our Vue Forward aimed at productivity and cost savings.

On 2 November 2025 Kenvue agreed to merge with Kimberly-Clark. Kenvue shareholders approved the merger agreement and Kimberly-Clark shareholders approved the share issuance at special meetings on 29 January 2026, and the United States antitrust waiting period expired on 4 February 2026. The filing states that completion still depends on other customary conditions, including a number of foreign regulatory approvals.

Making and moving the products

In-house manufacturing delivered approximately 60 percent of sales volume in fiscal 2025, with the rest supplied by outside manufacturers. Most raw and packaging materials are bought from third parties and available from several sources; some key materials come from single or limited sources, though the filing states no single supplier provides a large part of total requirements, and certain commodity inputs move with market prices. Most distribution centres are run in partnership with third-party operators, and all of them, in-house or external, have to meet the company's quality standards and are audited.

Competition and people

Competitors are consumer healthcare businesses, some independent and some inside larger pharmaceutical groups, global consumer packaged goods companies in similar or adjacent categories, regional companies, generic over-the-counter manufacturers and retailers' own private-label brands both in shops and online, and newer niche brands selling through retail, online or direct to consumers. There were approximately 22,000 employees at the end of fiscal 2025, approximately 23 percent in North America, 28 percent in EMEA, 30 percent in Asia Pacific and 19 percent in Latin America, approximately 99 percent of them full-time, with manufacturing staff making up 23 percent of the workforce.

From Kenvue's annual report on Form 10-K for the year ended 28 December 2025. The filing

Written from the 10-K filed 20 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
Revenue15,12415,45515,444-2.1%
Cost of revenue6,3326,4966,801-2.5%
Gross profit8,7928,9598,643-1.9%
Gross margin58.1%58.0%56.0%
Research and development382408399-6.4%
Selling, general and administrative6,0886,3296,141-3.8%
Operating income2,4141,8412,512+31.1%
Operating margin16.0%11.9%16.3%
Interest expense430431250-0.2%
Pre-tax income1,9991,4152,190+41.3%
Income tax529385526+37.4%
Effective tax rate26.5%27.2%24.0%
Net income1,4701,0301,664+42.7%
Net margin9.7%6.7%10.8%
Diluted EPS$0.76$0.54$0.90+40.7%
$ 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 flow2,1971,7693,168+24.2%
Capital expenditure475434469+9.4%
Free cash flow1,7221,3352,699+29.0%
Free cash flow margin11.4%8.6%17.5%
Cash from investing-436-425-488
Cash from financing-1,837-1,565-2,527
Depreciation and amortisation557622627-10.5%
Share-based compensation136254188-46.5%
Buybacks1972357.0-16.2%
Dividends paid1,5811,552766+1.9%
Dividend per share$0.82$0.81$0.40+1.9%
Diluted shares, weighted1,924m1,923m1,850m+0.1%
Shares outstanding at period end1,916m1,914m1,915m+0.1%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity10,7659,66811,211+11.3%
Debt8,5248,6078,286-1.0%
Operating lease liabilities10776.097.0+40.8%
Other liabilities7,6807,2508,257+5.9%
Total liabilities and equity27,07625,60127,851+5.8%
Fixed assets2,2121,8492,042+19.6%
Goodwill9,5098,8439,271+7.5%
Intangible assets8,6948,4749,619+2.6%
Cash and equivalents1,0621,0701,382-0.7%
Receivables2,3822,1652,073+10.0%
Inventory1,6661,5911,851+4.7%
Other assets1,5511,6091,613-3.6%
Total assets27,07625,60127,851+5.8%

10-K for the year ended 28 December 2025, filed 20 February 2026: the filing.