Kenvue Inc. Financials
This page shows Kenvue Inc. (KVUE) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 4 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Flat sales and strong cash generation support a shareholder-payout model that leans on balance-sheet slack surprisingly little.
Between FY2023 and FY2025, gross margin improved from56.0% to58.1% even though sales were essentially flat, so the FY2024 earnings dip looks more like a cost-and-financing squeeze than weakening product economics. That matters because operating cash flow rebounded to$2.2B in FY2025 while dividends still consumed$1.6B , showing the business funds payouts mainly from recurring cash generation rather than a large liquidity buffer.
The wide gap between gross margin and operating margin in FY2025,
With current ratio under 1.0 and dividends of
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Kenvue Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Kenvue Inc. has an operating margin of 16.0%, meaning the company retains $16 of operating profit per $100 of revenue. This results in a moderate score of 55/100, indicating healthy but not exceptional operating efficiency. This is up from 11.9% the prior year.
Kenvue Inc.'s revenue declined 2.1% year-over-year, from $15.5B to $15.1B. This contraction results in a growth score of 32/100.
Kenvue Inc. carries a low D/E ratio of 1.52, meaning only $1.52 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 71/100, indicating a strong balance sheet with room for future borrowing.
Kenvue Inc.'s current ratio of 0.96 is below the typical benchmark, resulting in a score of 14/100. This tight liquidity could limit financial flexibility if cash inflows slow.
Kenvue Inc. has a free cash flow margin of 11.4%, earning a moderate score of 54/100. The company generates positive cash flow after capital investments, but with room for improvement.
Kenvue Inc.'s ROE of 13.7% shows moderate profitability relative to equity, earning a score of 40/100. This is up from 10.7% the prior year.
Kenvue Inc. scores 2.05, placing it in the grey zone between 1.81 and 2.99. The score is driven primarily by a large market capitalization ($33.0B) relative to total liabilities ($16.3B). This signals moderate financial risk that warrants monitoring.
Kenvue Inc. passes 5 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Kenvue Inc. generates $1.49 in operating cash flow ($2.2B OCF vs $1.5B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Kenvue Inc. earns $5.6 in operating income for every $1 of interest expense ($2.4B vs $430.0M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
Key Financial Metrics
Earnings & Revenue
Kenvue Inc. generated $15.1B in revenue in fiscal year 2025. This represents a decrease of 2.1% from the prior year.
Kenvue Inc.'s EBITDA was $3.0B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 20.6% from the prior year.
Kenvue Inc. reported $1.5B in net income in fiscal year 2025. This represents an increase of 42.7% from the prior year.
Kenvue Inc. earned $0.76 per diluted share (EPS) in fiscal year 2025. This represents an increase of 40.7% from the prior year.
Cash & Balance Sheet
Kenvue Inc. generated $1.7B in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 29.0% from the prior year.
Kenvue Inc. held $1.1B in cash against $0 in long-term debt as of fiscal year 2025.
Kenvue Inc. paid $0.82 per share in dividends in fiscal year 2025. This represents an increase of 1.9% from the prior year.
Kenvue Inc. had 1.92B shares outstanding in fiscal year 2025. This represents an increase of 0.3% from the prior year.
Margins & Returns
Kenvue Inc.'s gross margin was 58.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 0.2 percentage points from the prior year.
Kenvue Inc.'s operating margin was 16.0% in fiscal year 2025, reflecting core business profitability. This is up 4.0 percentage points from the prior year.
Kenvue Inc.'s net profit margin was 9.7% in fiscal year 2025, showing the share of revenue converted to profit. This is up 3.1 percentage points from the prior year.
Kenvue Inc.'s ROE was 13.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 3.0 percentage points from the prior year.
Capital Allocation
Kenvue Inc. invested $382.0M in research and development in fiscal year 2025. This represents a decrease of 6.4% from the prior year.
Kenvue Inc. spent $197.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 16.2% from the prior year.
Kenvue Inc. invested $475.0M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 9.4% from the prior year.
KVUE Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $3.9B+3.4% | $3.8B+0.4% | $3.8B-2.0% | $3.8B+2.6% | $3.7B+2.2% | $3.7B-6.1% | $3.9B-2.5% | $4.0B |
| Cost of Revenue | $1.6B-2.2% | $1.6B+6.8% | $1.5B-2.5% | $1.6B+0.3% | $1.6B-1.2% | $1.6B-1.5% | $1.6B-1.1% | $1.6B |
| Gross Profit | $2.3B+7.7% | $2.1B-4.0% | $2.2B-1.5% | $2.3B+4.3% | $2.2B+4.7% | $2.1B-9.3% | $2.3B-3.5% | $2.4B |
| R&D Expenses | $84.0M-14.3% | $98.0M+4.3% | $94.0M+3.3% | $91.0M-8.1% | $99.0M-6.6% | $106.0M+9.3% | $97.0M-7.6% | $105.0M |
| SG&A Expenses | $1.5B-5.3% | $1.5B+1.5% | $1.5B+0.5% | $1.5B-2.1% | $1.5B+0.8% | $1.5B-4.1% | $1.6B-3.1% | $1.6B |
| Operating Income | $767.0M+43.4% | $535.0M-14.9% | $629.0M-9.1% | $692.0M+24.0% | $558.0M+15.5% | $483.0M-26.1% | $654.0M+324.7% | $154.0M |
| Interest Expense | $106.0M-2.8% | $109.0M+1.9% | $107.0M0.0% | $107.0M0.0% | $107.0M-0.9% | $108.0M0.0% | $108.0M+1.9% | $106.0M |
| Income Tax | $198.0M+104.1% | $97.0M-24.2% | $128.0M-23.8% | $168.0M+23.5% | $136.0M+156.6% | $53.0M-72.7% | $194.0M+2671.4% | $7.0M |
| Net Income | $474.0M+43.6% | $330.0M-17.1% | $398.0M-5.2% | $420.0M+30.4% | $322.0M+9.9% | $293.0M-23.5% | $383.0M+560.3% | $58.0M |
| EPS (Diluted) | $0.25 | N/A | $0.21-4.5% | $0.22+29.4% | $0.17 | N/A | $0.20+566.7% | $0.03 |
KVUE Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $26.9B-0.8% | $27.1B-0.6% | $27.2B+0.4% | $27.1B+3.3% | $26.3B+2.6% | $25.6B-4.9% | $26.9B+1.8% | $26.4B |
| Current Assets | $5.8B+1.7% | $5.7B-5.6% | $6.0B+3.0% | $5.9B+2.5% | $5.7B+3.3% | $5.5B-7.0% | $5.9B+1.0% | $5.9B |
| Cash & Equivalents | $1.1B+1.2% | $1.1B-6.8% | $1.1B+6.4% | $1.1B+1.2% | $1.1B-1.2% | $1.1B+1.2% | $1.1B+4.2% | $1.0B |
| Inventory | $1.7B+0.5% | $1.7B-7.1% | $1.8B+1.0% | $1.8B+5.7% | $1.7B+5.6% | $1.6B-12.6% | $1.8B-1.6% | $1.8B |
| Accounts Receivable | $2.5B+5.0% | $2.4B-1.4% | $2.4B+3.6% | $2.3B+0.8% | $2.3B+6.8% | $2.2B-9.6% | $2.4B+6.9% | $2.2B |
| Goodwill | $9.4B-1.4% | $9.5B+0.7% | $9.4B-0.5% | $9.5B+3.8% | $9.1B+3.3% | $8.8B-4.9% | $9.3B+3.6% | $9.0B |
| Total Liabilities | $16.2B-0.4% | $16.3B-1.8% | $16.6B+1.3% | $16.4B+1.2% | $16.2B+1.7% | $15.9B-2.1% | $16.3B+0.1% | $16.3B |
| Current Liabilities | $5.9B-0.8% | $5.9B-3.4% | $6.2B+2.8% | $6.0B-10.2% | $6.7B+16.2% | $5.7B-3.5% | $5.9B+0.2% | $5.9B |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $10.6B-1.5% | $10.8B+1.2% | $10.6B-0.9% | $10.7B+6.7% | $10.1B+4.0% | $9.7B-9.2% | $10.6B+4.6% | $10.2B |
| Retained Earnings | -$128.0M+37.3% | -$204.0M-50.0% | -$136.0M0.0% | -$136.0M+16.6% | -$163.0M-75.3% | -$93.0M-1428.6% | $7.0M-58.8% | $17.0M |
KVUE Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $489.0M-42.7% | $854.0M+190.5% | $294.0M-52.7% | $621.0M+45.1% | $428.0M-46.0% | $793.0M+218.5% | $249.0M-43.4% | $440.0M |
| Capital Expenditures | $139.0M+26.4% | $110.0M+12.2% | $98.0M+11.4% | $88.0M-50.8% | $179.0M+35.6% | $132.0M+123.7% | $59.0M-34.4% | $90.0M |
| Free Cash Flow | $350.0M-53.0% | $744.0M+279.6% | $196.0M-63.2% | $533.0M+114.1% | $249.0M-62.3% | $661.0M+247.9% | $190.0M-45.7% | $350.0M |
| Investing Cash Flow | -$167.0M-122.7% | -$75.0M+27.9% | -$104.0M-15.6% | -$90.0M+46.1% | -$167.0M-26.5% | -$132.0M-135.7% | -$56.0M+34.1% | -$85.0M |
| Financing Cash Flow | -$295.0M+66.1% | -$869.0M-690.0% | -$110.0M+79.9% | -$548.0M-76.8% | -$310.0M+47.2% | -$587.0M-262.3% | -$162.0M+66.9% | -$490.0M |
| Dividends Paid | $398.0M0.0% | $398.0M0.0% | $398.0M+1.3% | $393.0M+0.3% | $392.0M-0.3% | $393.0M0.0% | $393.0M+2.6% | $383.0M |
| Share Buybacks | $0 | $0-100.0% | $70.0M+9.4% | $64.0M+1.6% | $63.0M-47.9% | $121.0M+426.1% | $23.0M | $0 |
KVUE Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 58.9%+2.4pp | 56.5%-2.6pp | 59.1%+0.2pp | 58.9%+0.9pp | 58.0%+1.4pp | 56.5%-2.0pp | 58.5%-0.6pp | 59.1% |
| Operating Margin | 19.6%+5.5pp | 14.1%-2.6pp | 16.7%-1.3pp | 18.0%+3.1pp | 14.9%+1.7pp | 13.2%-3.6pp | 16.8%+12.9pp | 3.9% |
| Net Margin | 12.1%+3.4pp | 8.7%-1.8pp | 10.6%-0.4pp | 10.9%+2.3pp | 8.6%+0.6pp | 8.0%-1.8pp | 9.8%+8.4pp | 1.5% |
| Return on Equity | 4.5%+1.4pp | 3.1%-0.7pp | 3.7%-0.2pp | 3.9%+0.7pp | 3.2%+0.2pp | 3.0%-0.6pp | 3.6%+3.0pp | 0.6% |
| Return on Assets | 1.8%+0.5pp | 1.2%-0.2pp | 1.5%-0.1pp | 1.6%+0.3pp | 1.2%+0.1pp | 1.1%-0.3pp | 1.4%+1.2pp | 0.2% |
| Current Ratio | 0.98+0.0 | 0.96-0.0 | 0.980.0 | 0.98+0.1 | 0.86-0.1 | 0.96-0.0 | 1.000.0 | 0.99 |
| Debt-to-Equity | 1.53+0.0 | 1.52-0.0 | 1.56+0.0 | 1.53-0.1 | 1.61-0.0 | 1.65+0.1 | 1.53-0.1 | 1.60 |
| FCF Margin | 8.9%-10.7pp | 19.7%+14.5pp | 5.2%-8.7pp | 13.9%+7.2pp | 6.7%-11.4pp | 18.1%+13.2pp | 4.9%-3.9pp | 8.8% |
Note: The current ratio is below 1.0 (0.96), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Frequently Asked Questions
What is Kenvue Inc.'s annual revenue?
Kenvue Inc. (KVUE) reported $15.1B in total revenue for fiscal year 2025. This represents a -2.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Kenvue Inc.'s revenue growing?
Kenvue Inc. (KVUE) revenue declined by 2.1% year-over-year, from $15.5B to $15.1B in fiscal year 2025.
Is Kenvue Inc. profitable?
Yes, Kenvue Inc. (KVUE) reported a net income of $1.5B in fiscal year 2025, with a net profit margin of 9.7%.
What is Kenvue Inc.'s EBITDA?
Kenvue Inc. (KVUE) had EBITDA of $3.0B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Kenvue Inc.'s gross margin?
Kenvue Inc. (KVUE) had a gross margin of 58.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Kenvue Inc.'s operating margin?
Kenvue Inc. (KVUE) had an operating margin of 16.0% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Kenvue Inc.'s net profit margin?
Kenvue Inc. (KVUE) had a net profit margin of 9.7% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does Kenvue Inc. pay dividends?
Yes, Kenvue Inc. (KVUE) paid $0.82 per share in dividends during fiscal year 2025.
What is Kenvue Inc.'s return on equity (ROE)?
Kenvue Inc. (KVUE) has a return on equity of 13.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Kenvue Inc.'s free cash flow?
Kenvue Inc. (KVUE) generated $1.7B in free cash flow during fiscal year 2025. This represents a 29.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Kenvue Inc.'s operating cash flow?
Kenvue Inc. (KVUE) generated $2.2B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Kenvue Inc.'s total assets?
Kenvue Inc. (KVUE) had $27.1B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Kenvue Inc.'s capital expenditures?
Kenvue Inc. (KVUE) invested $475.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Kenvue Inc. spend on research and development?
Kenvue Inc. (KVUE) invested $382.0M in research and development during fiscal year 2025.
What is Kenvue Inc.'s current ratio?
Kenvue Inc. (KVUE) had a current ratio of 0.96 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is Kenvue Inc.'s debt-to-equity ratio?
Kenvue Inc. (KVUE) had a debt-to-equity ratio of 1.52 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Kenvue Inc.'s return on assets (ROA)?
Kenvue Inc. (KVUE) had a return on assets of 5.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Kenvue Inc.'s Altman Z-Score?
Kenvue Inc. (KVUE) has an Altman Z-Score of 2.05, placing it in the Grey Zone (moderate risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Kenvue Inc.'s Piotroski F-Score?
Kenvue Inc. (KVUE) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Kenvue Inc.'s earnings high quality?
Kenvue Inc. (KVUE) has an earnings quality ratio of 1.49x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Kenvue Inc. cover its interest payments?
Kenvue Inc. (KVUE) has an interest coverage ratio of 5.6x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Kenvue Inc.?
Kenvue Inc. (KVUE) scores 44 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.