Kenvue (KVUE) Q2 FY2026 earnings: revenue $4.0 billion, up 3.0% on the year

Kenvue Inc. (KVUE) reported revenue of $4.0 billion for Q2 FY2026, the quarter ended 28 June 2026, up 3.0% on the same quarter a year earlier. Net income was $456 million, up 8.6% on the year, and diluted earnings per share $0.24. The figures are the company's own, from the 10-Q it filed with the SEC on 6 August 2026.

Revenue

$4.0 billion

+3.0% on the year · +1.2% on the quarter

Q3 FY2024Q2 FY2026

Operating margin

17.7%

18.0% a year earlier

Q3 FY2024Q2 FY2026

Net income

$456 million

+8.6% on the year · -3.8% on the quarter

Q3 FY2024Q2 FY2026

Diluted EPS

$0.24

+9.1% on the year · -4.0% on the quarter

Q3 FY2024Q2 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 1 kept.

Net sales rose 3.0%: Net sales were $3,955 million vs $3,839 million. Organic sales growth of 1.6% and a 1.4% foreign currency benefit made up the increase.
Diluted EPS rose to $0.24: Adjusted diluted EPS was $0.31 vs $0.29 in the prior-year quarter, an increase of 7%. Diluted weighted-average shares were 1,923 million vs 1,928 million.
Self Care organic sales grew 0.6%: Self Care net sales were $1,589 million vs $1,555 million. Segment adjusted operating income was $512 million vs $527 million, and volume fell 0.6%.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Revenue	3,955	3,909	3,839	+1.2%	+3.0%
Cost of revenue	1,654	1,607	1,578	+2.9%	+4.8%
Gross profit	2,301	2,302	2,261	-0.0%	+1.8%
Gross margin	58.2%	58.9%	58.9%
Research and development	94.0	84.0	91.0	+11.9%	+3.3%
Selling, general and administrative	1,537	1,453	1,504	+5.8%	+2.2%
Operating income	699	767	692	-8.9%	+1.0%
Operating margin	17.7%	19.6%	18.0%
Interest expense	103	106	107	-2.8%	-3.7%
Pre-tax income	598	672	588	-11.0%	+1.7%
Income tax	142	198	168	-28.3%	-15.5%
Effective tax rate	23.7%	29.5%	28.6%
Net income	456	474	420	-3.8%	+8.6%
Net margin	11.5%	12.1%	10.9%
Diluted EPS	$0.24	$0.25	$0.22	-4.0%	+9.1%

$ 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

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Operating cash flow	688	489	621	+40.7%	+10.8%
Capital expenditure	64.0	139	88.0	-54.0%	-27.3%
Free cash flow	624	350	533	+78.3%	+17.1%
Free cash flow margin	15.8%	9.0%	13.9%
Cash from investing	-78.0	-167	-90.0
Cash from financing	-587	-295	-548
Depreciation and amortisation	143	143	142	0.0%	+0.7%
Share-based compensation	32.0	29.0	37.0	+10.3%	-13.5%
Buybacks	0.0	0.0	64.0
Dividends paid	398	398	393	0.0%	+1.3%
Dividend per share	$0.21	$0.21	$0.20	0.0%	+1.2%
Diluted shares, weighted	1,923m	1,922m	1,928m	+0.1%	-0.3%
Shares outstanding at period end	1,920m	1,920m	1,919m	+0.0%	+0.1%

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

Balance sheet

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Shareholders' equity	10,553	10,608	10,730	-0.5%	-1.6%
Debt	8,480	8,661	8,610	-2.1%	-1.5%
Operating lease liabilities	92.0	99.0	96.0	-7.1%	-4.2%
Other liabilities	7,610	7,486	7,696	+1.7%	-1.1%
Total liabilities and equity	26,735	26,854	27,132	-0.4%	-1.5%
Fixed assets	2,226	2,208	2,038	+0.8%	+9.2%
Goodwill	9,265	9,376	9,486	-1.2%	-2.3%
Intangible assets	8,406	8,540	8,804	-1.6%	-4.5%
Cash and equivalents	1,110	1,075	1,070	+3.3%	+3.7%
Receivables	2,476	2,501	2,331	-1.0%	+6.2%
Inventory	1,722	1,674	1,776	+2.9%	-3.0%
Other assets	1,530	1,480	1,627	+3.4%	-6.0%
Total assets	26,735	26,854	27,132	-0.4%	-1.5%

Questions

What was Kenvue's revenue in Q2 FY2026?

Kenvue (KVUE) reported revenue of $4.0 billion for Q2 FY2026, the quarter ended 28 June 2026, up 3.0% on the same quarter a year earlier.

How much did Kenvue earn in Q2 FY2026?

Net income for Q2 FY2026 was $456 million, up 8.6% on the year, and diluted earnings per share $0.24.

When did Kenvue report Q2 FY2026 results?

Kenvue filed its 10-Q for the quarter ended 28 June 2026 with the SEC on 6 August 2026.

Quarterly results, the last 19 quarters

	Q1 FY2022 †	Q2 FY2022 †	Q3 FY2022	Q4 FY2022	Q1 FY2023 †	Q2 FY2023	Q3 FY2023	Q4 FY2023	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	3,590	3,804	3,789	3,767	3,852	4,011	3,915	3,666	3,894	4,000	3,899	3,662	3,741	3,839	3,764	3,780	3,909	3,955	3,886
Cost of revenue	1,634	1,646	1,664	1,721	1,727	1,786	1,665	1,623	1,652	1,635	1,617	1,592	1,573	1,578	1,538	1,643	1,607	1,654	1,572
Gross profit	1,956	2,158	2,125	2,046	2,125	2,225	2,250	2,043	2,242	2,365	2,282	2,070	2,168	2,261	2,226	2,137	2,302	2,301	2,314
Gross margin	54%	57%	56%	54%	55%	55%	57%	56%	58%	59%	59%	57%	58%	59%	59%	57%	59%	58%	60%
R&D	88.0	94.0	90.0	103	89.0	99.0	78.0	133	100	105	97.0	106	99.0	91.0	94.0	98.0	84.0	94.0	96.0
SG&A	1,350	1,375	1,376	1,532	1,502	1,522	1,531	1,586	1,573	1,641	1,590	1,525	1,537	1,504	1,512	1,535	1,453	1,537	1,569
Operating income	611	770	763	531	640	702	710	460	550	154	654	483	558	692	629	535	767	699	706
Operating margin	17%	20%	20%	14%	17%	18%	18%	13%	14%	4%	17%	13%	15%	18%	17%	14%	20%	18%	18%
Interest expense	0.0	0.0	0.0	0.0	1.0	53.0	100	96.0	109	106	108	108	107	107	107	109	106	103	104
Pre-tax income	612	775	738	512	609	639	585	357	427	65.0	577	346	458	588	526	427	672	598	609
Tax rate	16%	22%	21%	29%	23%	33%	25%	8%	31%	11%	34%	15%	30%	29%	24%	23%	29%	24%	29%
Net income	512	604	586	361	469	430	438	327	296	58.0	383	293	322	420	398	330	474	456	430
Net margin	14%	16%	15%	10%	12%	11%	11%	9%	8%	1%	10%	8%	9%	11%	11%	9%	12%	12%	11%
Diluted EPS	$0.31	$0.35	$0.34	$0.21	$0.27	$0.23	$0.23	$0.17	$0.15	$0.03	$0.20	$0.15	$0.17	$0.22	$0.21	$0.17	$0.25	$0.24	$0.22
Operating cash flow	338	807	736	644	802	742	674	950	287	440	249	793	428	621	294	854	489	688	700
Capital expenditure	37.0	76.0	103	159	55.0	77.0	114	223	153	90.0	59.0	132	179	88.0	98.0	110	139	64.0	80.0
Free cash flow	301	731	633	485	747	665	560	727	134	350	190	661	249	533	196	744	350	624	620
Buybacks	n/a	n/a	n/a	n/a	0.0	0.0	0.0	7.0	91.0	0.0	23.0	121	63.0	64.0	70.0	0.0	0.0	0.0	0.0
Dividends paid	0.0	0.0	0.0	0.0	0.0	0.0	383	383	383	383	393	393	392	393	398	398	398	398	403
Shares outstanding	1,915m	1,915m	1,915m	1,915m	1,716m	1,915m	1,915m	1,915m	1,915m	1,915m	1,916m	1,914m	1,919m	1,919m	1,916m	1,916m	1,920m	1,920m	1,921m
Filing	10-K	10-Q	10-Q	10-K	10-K	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* 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. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS 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 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.

10-Q for the period ended 28 June 2026, filed 6 August 2026: the filing.