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KVUE · Kenvue

3 filings

10-K

KVUE 10-K Annual Reports

Kenvue - 3 annual reports

Filing record · 2023–202610-K310-Q128-K34

2025
Kenvue Annual Report, Year Ended Dec 28, 2025
Kenvue Inc. reported net sales of $15.1 billion for fiscal 2025, down $331 million or 2.1% from $15.5 billion in fiscal 2024, with organic sales decreasing 2.2% on volume declines of 2.3%. Net income rose to $1.47 billion from $1.03 billion, with diluted EPS of $0.76 versus $0.54, helped by lower impairment charges ($23 million versus $578 million in 2024). Operating income increased to $2.41 billion from $1.84 billion. Segment adjusted operating income declined 4.6% to $3.76 billion, led by a 21.4% drop in Skin Health and Beauty. Operating cash flow was $2.2 billion and dividends paid were $1.58 billion. The most significant development for investors is the pending Proposed Transaction with Kimberly-Clark. Under the November 2, 2025 Merger Agreement, each Kenvue share would convert into 0.14625 shares of K-C common stock plus $3.50 in cash. Kenvue shareholders approved the deal on January 29, 2026, and the HSR waiting period expired on February 4, 2026. Closing is expected in the second half of 2026, subject to foreign regulatory approvals. Kenvue's current shareholders are expected to own about 46% of the combined company. The Strategic Review Committee was discontinued effective February 18, 2026, and the Company is restricted from share repurchases without K-C's consent. Key risks include acetaminophen labeling and litigation developments, talc-related claims outside the United States and Canada, phenylephrine litigation, and customer concentration, with one customer accounting for about 12% of Net sales and the top 10 customers about 41%. The Board approved a new restructuring initiative on February 17, 2026, expected to produce pre-tax charges of about $250 million in fiscal 2026.
Feb 20, 2026
2024
Kenvue Annual Report, Year Ended Dec 29, 2024
Kenvue Inc. reported fiscal 2024 Net sales of $15.5 billion, essentially flat versus $15.4 billion in fiscal 2023 (an increase of $11 million, or 0.1%). Organic sales grew $230 million, or 1.5%, driven by favorable value realization of 2.7%, partially offset by volume declines of 1.2%. Gross profit margin expanded 200 basis points to 58.0%, reflecting supply chain optimization benefits, but operating income fell 26.7% to $1.84 billion. The decline was driven by $578 million of impairment charges, mainly a $488 million non-cash charge on the Dr.Ci:Labo® skin health business, and $185 million of restructuring expenses under the 2024 Multi-Year Restructuring Initiative. Net income decreased 38.1% to $1.03 billion, or $0.54 per diluted share, from $1.66 billion, or $0.90 per diluted share. Segment results were mixed. Self Care net sales rose 1.2% to $6.5 billion, and Essential Health rose 1.6% to $4.7 billion with segment adjusted operating income up 14.9%. Skin Health and Beauty net sales fell 3.2% to $4.2 billion, with adjusted operating income down 10.6%, reflecting volume declines in the United States and competitive pressures. Operating cash flow decreased to $1.77 billion from $3.17 billion, mainly due to working capital changes. Cash and cash equivalents ended the year at $1.07 billion, and total debt was $8.6 billion. Kenvue paid $1.55 billion in dividends and repurchased $235 million of stock during the year. The filing highlights ongoing exposure to talc-related and other product liability litigation. J&J has agreed to indemnify Kenvue for Talc-Related Liabilities in the United States and Canada, but Kenvue remains responsible for talc exposure claims outside those markets. The company also faces litigation related to acetaminophen, Zantac, and phenylephrine, and it expects the 2024 Multi-Year Restructuring Initiative to yield approximately $350 million in annualized gross savings beginning in fiscal 2026.
Feb 24, 2025
2023
Kenvue Annual Report, Year Ended Dec 31, 2023
Kenvue Inc. (KVUE) reported net sales of $15.4 billion for the fiscal twelve months ended December 31, 2023, up $494 million, or 3.3%, from $14.95 billion in 2022. Organic growth was $747 million, driven by value realization (price including mix) and increased demand in Self Care, while Skin Health and Beauty and Essential Health saw volume declines. Net income fell to $1.66 billion from $2.06 billion, a decrease of 19.4%, as SG&A rose 9.0% to $6.1 billion, including $468 million of non-recurring Separation-related costs and higher standalone enterprise and transition services costs. Diluted EPS was $0.90 versus $1.20 in the prior year. The filing documents the completion of the separation from Johnson & Johnson: a $4.2 billion net-proceeds IPO in May 2023 of about 10.4% of common stock, followed by the August 2023 Exchange Offer that left J&J with about 9.5% ownership. Kenvue distributed $13.8 billion to J&J in connection with the Separation, funded by $7.7 billion of Senior Notes and $1.2 billion of initial commercial paper proceeds. Total debt was $8.3 billion at year end, and cash and cash equivalents were $1.4 billion. Operating cash flow was $3.2 billion, and the company paid $0.8 billion in dividends, including a quarterly dividend of $0.20 per share. The principal investor risks in the filing relate to litigation and contingent liabilities. Kenvue faces acetaminophen (Tylenol) multi-district litigation, in which a February 2024 final judgment favored the company and dismissed most cases, along with phenylephrine class actions and securities class actions filed after a September 2023 FDA advisory committee vote, for which the company states it cannot reliably estimate the outcome. Talc-related liabilities for products sold in the United States and Canada are indemnified by J&J, but liabilities for talc products sold elsewhere remain with Kenvue. The company also depends on J&J for transitional manufacturing and services, and has joint and several liability with J&J for certain prior-period U.S. federal taxes.
Mar 1, 2024