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Kimberly-ClarkKMB

Legal name
Kimberly-Clark Corporation
Sector
Other
Industry
Converted Paper & Paperboard Prods (No Contaners/Boxes)
Exchange
Nasdaq

Stock Price $KMB

Latest filings

You are here#13 of 25 in Materials by market cap

Filing record · 2016–202610-K1110-Q328-K111

KMB filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 111 current reports (8-K) between 2016 and 2026.

  1. FY2016 annual report10-K · Feb ’17Feb ’17
  2. Leadership change8-K · Sep ’19Sep ’19
  3. Change in control8-K · Sep ’21Sep ’21
  4. Leadership change8-K · Nov ’25Nov ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  19. $16.45B
YoY changeLargest recent move−15.0%in FY23Latest −2.1%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

View full history →
All KMB Financial Metrics58 metrics

Income Statement14

Balance Sheet26

Cash Flow13

Per Share5

02—Overview

Kimberly-Clark Financial Overview 2021–2025

Updated Nov 4, 2026

Kimberly-Clark's 44.3% jump in FY2024 net income, to $2.5 billiona, looks like a breakout. It wasn't. A $565 million gain on the sale of the PPE business did much of the lifting, and adjusted EPS rose only 11.1%, to $7.30. That is the core thesis: a volume-led staples company whose reported earnings swing on portfolio moves, while underlying profit is flat and being reshaped by deals.

Over the full span, diluted EPS moved from $5.35 in FY2021 to $6.07b in FY2025, with a $7.55 peak in between. The latest year shows the squeeze. FY2025 net sales from continuing operations fell 2.1% to $16.45 billion, though organic sales grew 1.7% on 2.5% volume gains. Adjusted gross margin slipped 100 basis points to 37.3% as pricing lagged cost inflation, tariffs included. Cash from operations dropped to $2.78 billion from $3.23 billion, against $1.66 billion of dividends paid.

The market priced this at 16.6x earnings at the close of FY2025, with shares at $100.89c and a $33.5 billion market cap. Total debt stood at $7.2 billion at year-end, down from $7.4 billion. The pending Kenvue deal adds about $6.7 billion of merger consideration, while the sale of a 51% stake in the IFP business to Suzano brings in roughly $1.7 billion.

Recent Developments (Q1 and Q2 2026)

Kimberly-Clark closed the Kenvue acquisition on November 2, 2026, issuing about 281 million shares plus $3.50d cash per Kenvue share. It funded the cash with $4.9 billion of notes at 5.100%–5.800% coupons and terminated $3.9 billion of bridge commitments. Leadership turned over: President and COO Russell Torres departs November 2, and the company named four new segments.

Operations were uneven. Q1 2026 organic sales grew 2.5%, but Q2 2026 organic sales slipped 0.1% as a China diaper disruption cut about 50 basis points. Adjusted gross margin reached 38.8% in Q2, aided by tariff refunds. Preliminary Q3 organic sales fell 1.3%, with adjusted EPS of $1.70e versus $1.82.

Bulls point to $2.1 billion of run-rate synergies and the reaffirmed high-single-digit adjusted EPS outlook. Bears point to $3.1 billion of integration charges, negative organic growth, and $150 million of energy-related cost pressure. At 18.4x earnings as of the August 3, 2026 report date, not today, the stock was not cheap.

What to watch: Kenvue integration costs against the $2.1 billion synergy target; organic sales recovery after the Q3 decline

03—Filings

Recent SEC Filings

  1. 8-KKimberly-Clark 8-K Report, Acquisition Completed (Nov 2, 2026)On November 2, 2026, Kimberly-Clark Corporation completed its previously announced acquisition of Kenvue Inc. under a Merger Agreement dated November 2, 2025. Kenvue became a wholly owned subsidiary and was then merged into Kenvue LLC. Kenvue common stockholders received 0.14625 shares of Kimberly-Clark common stock plus $3.50 in cash per share, and the filing states that Kimberly-Clark delivered or is obligated to deliver approximately 281,060,840 shares in aggregate. Three Kenvue directors (Richard E. Allison, Jr., Larry J. Merlo and Kirk L. Perry) joined the Kimberly-Clark Board, and Mae C. Jemison, Christa S. Quarles and Jaime Ramirez resigned. The company also approved a Kenvue Integration Program, expected to run from November 2, 2026 through December 31, 2029, with cumulative pre-tax charges of approximately $3.1 billion ($2.5 billion cash and $0.6 billion non-cash) and about $1.4 billion of related capital expenditures. The program is intended to achieve operating profit synergies by 2030. Separately, one-time premium-priced stock option awards were approved for executives and eligible employees, with a grant date of December 1, 2026, and an exercise price equal to the greater of $120.00 and 110% of the closing price on the grant date. Amended By-Laws also took effect upon the closing. The accompanying press release reaffirms anticipated run-rate synergies of approximately $2.1 billion, consisting of about $1.9 billion in cost synergies captured within three years of close and about $500 million in incremental profit from revenue synergies, partially offset by about $300 million of reinvestment, captured within four years. The combined company will operate four segments, and the release describes 10 billion-dollar brands.
  2. 8-KKimberly-Clark 8-K Report, Material Agreement (Oct 29, 2026)On October 29, 2026, Kimberly-Clark Corporation completed a private offering of $4.9 billion aggregate principal amount of senior unsecured notes in five tranches: $750 million of 5.100% Notes due 2028, $1.0 billion of 5.300% Notes due 2029, $1.25 billion of 5.450% Notes due 2031, $750 million of 5.650% Notes due 2034, and $1.15 billion of 5.800% Notes due 2036. The notes rank equally with the company's existing and future unsecured senior indebtedness, including its existing senior notes. The offering was conducted in connection with the company's previously announced proposed acquisition of Kenvue Inc. The company intends to use the net proceeds, together with cash on hand and/or commercial paper borrowings, to fund the cash consideration for the Acquisition and to pay related fees and expenses, with any remaining proceeds for general corporate purposes. The filing describes a special mandatory redemption feature: if the Acquisition has not been consummated within five business days after the later of May 31, 2027 or any later Outside Date agreed by the parties, or if the company notifies the trustee it will not pursue the Acquisition, the company must redeem all notes at 101% of principal plus accrued and unpaid interest. Kenvue's existing senior notes are subject to exchange offers commenced September 28, 2026, and the notes will be fully and unconditionally guaranteed by Kenvue under specified circumstances. The company also entered a registration rights agreement requiring commercially reasonable efforts to complete a registered exchange offer within 365 days after the Acquisition closes, with additional interest payable if it fails to do so. Separately, the remaining $3.9 billion of commitments under the November 2025 bridge loan Debt Commitment Letter with JPMorgan Chase Bank, N.A. terminated on October 29, 2026, as a result of the net cash proceeds from the notes. Previously, $3.8 billion of those commitments had been terminated on December 9, 2025, in connection with new revolving and delayed draw term loan credit agreements.
  3. 8-KKimberly-Clark 8-K Report, Corporate Update (Oct 28, 2026)Kimberly-Clark Corporation (NASDAQ: KMB) reported in this Form 8-K, dated October 27, 2026, that it has extended the expiration date of its offers to exchange any and all outstanding notes issued by Kenvue Inc. (NYSE: KVUE) for up to $7.0 billion aggregate principal amount of new Kimberly-Clark notes. The expiration date moved from 5:00 p.m. New York City time on October 27, 2026 to 5:00 p.m. New York City time on November 2, 2026, and may be extended further. The Exchange Offers are conditioned, among other things, on the consummation of Kimberly-Clark's pending acquisition of Kenvue, a condition that Kimberly-Clark may not waive. As of 5:00 p.m. on October 27, 2026, holders had validly tendered Kenvue notes across all seven series, with tender levels ranging from 73.93% of the 5.050% Senior Notes due 2028 to 98.54% of the 5.050% Senior Notes due 2053. On October 9, 2026, the early participation date, requisite consents were received to adopt amendments to the Kenvue indenture, and a supplemental indenture was executed. Those amendments become operative only when the Exchange Offers settle, which is expected promptly after the Expiration Date. The Kimberly-Clark notes are being offered privately to qualified institutional buyers and eligible non-U.S. persons, and have not been registered under the Securities Act. The filing also amends the offering memorandum dated September 28, 2026 to incorporate Kenvue's unaudited consolidated financial statements for the three and nine months ended September 27, 2026 and September 28, 2025, which will be included in Kenvue's Form 10-Q. The press release (Exhibit 99.1) states that no party is making a recommendation on whether holders should tender their Kenvue notes.
  4. 8-KKimberly-Clark 8-K Report, Corporate Update (Oct 20, 2026)On October 19, 2026, Kimberly-Clark Corporation priced a private offering of senior unsecured notes with a combined aggregate principal amount of $4.9 billion, issued in five tranches maturing in 2028, 2029, 2031, 2034 and 2036, with coupons from 5.100% to 5.800%. The company expects the offering to close on or about October 29, 2026, subject to customary closing conditions. The notes are being sold only to qualified institutional buyers under Rule 144A and to non-U.S. persons under Regulation S, and they have not been registered under the Securities Act. The proceeds are intended to fund the cash consideration for the proposed acquisition of Kenvue Inc., expected to be completed in the fourth quarter of 2026, along with related fees and expenses. Any remaining proceeds are expected to be used for general corporate purposes. Kimberly-Clark may also use cash on hand and/or borrowings under its commercial paper program. The offering is not conditioned on completion of the acquisition. If the acquisition is not consummated by five business days after the later of May 31, 2027 or any later Outside Date agreed by the parties, or if Kimberly-Clark notifies the trustee that it will not pursue the acquisition, the company must redeem all notes at 101% of principal plus accrued and unpaid interest. Separately, Kimberly-Clark commenced exchange offers and consent solicitations for Kenvue's existing senior notes on September 28, 2026. If specified conditions are met, the new notes will be fully and unconditionally guaranteed by Kenvue. Completion of the exchange offers is not guaranteed on the described terms or at all.
  5. 8-KKimberly-Clark 8-K Report, Financial Results (Oct 15, 2026)Kimberly-Clark Corporation reported preliminary, unaudited estimates for the three months ended September 30, 2026, alongside a Form 8-K press release reaffirming its 2026 outlook. Estimated net sales were $4,134 million, compared with $4,150 million in the prior-year quarter. Organic Sales Growth was (1.3)%, compared with 2.5% a year earlier. Reported operating profit was $516 million, compared with $621 million, while adjusted operating profit was $677 million, compared with $683 million. Deloitte & Touche LLP has not audited or reviewed these figures, and management notes that results may change during the quarter-end close. Earnings per share diverged sharply depending on the measure. Diluted EPS attributable to Kimberly-Clark was estimated at $5.37, versus $1.34, which the filing attributes largely to a $4.33 per-share IFP Transaction gain excluded from adjusted results. Adjusted EPS attributable to Kimberly-Clark was estimated at $1.70, versus $1.82. Adjusted EPS from continuing operations was $1.70, versus $1.45. Non-GAAP adjustments for the quarter included $106 million of Kenvue Acquisition costs at the operating profit level. Cash and cash equivalents were estimated at $1,874 million, compared with $617 million. The company stated that its 2026 outlook is unchanged. It expects Organic Sales Growth about 100 basis points below its weighted average category growth, reflecting roughly 100 basis points of impact from previously disclosed China social media disruptions. It expects adjusted operating profit to grow mid-single digits, and adjusted EPS from continuing operations to grow high single digits, both on a constant-currency basis. It expects adjusted EPS attributable to Kimberly-Clark to decline at a low single-digit rate on a constant-currency basis. The outlook excludes the pending Kenvue Acquisition, divestitures, and unidentified items. Final third-quarter and nine-month results are scheduled for release on November 5, 2026.
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04—See also

Related Companies

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