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KVUE · Kenvue

12 filings

10-Q

KVUE 10-Q Quarterly Reports

Kenvue - 12 quarterly reports

Filing record · 2023–202610-K310-Q128-K35

2026-Q3
Kenvue Quarterly Report for Q3 Ended Sep 27, 2026
Kenvue Inc. reported third-quarter 2026 results for the fiscal three months ended September 27, 2026, with Net sales of $3,886 million, up 3.2% from $3,764 million a year earlier, and Net income of $430 million versus $398 million. Organic sales rose 2.9%, driven by volume growth of 1.6% and value realization of 1.3%. For the fiscal nine months, Net sales were $11,750 million (up 3.6%) and Net income was $1,360 million (up from $1,140 million). Operating income rose to $706 million for the quarter from $629 million, though restructuring expenses fell to $33 million from $84 million and Pending Transaction and other related costs of $28 million were incurred. The pending merger with Kimberly-Clark remains the central event. Under the Merger Agreement signed November 2, 2025, Kenvue shareholders will receive 0.14625 shares of K-C common stock plus $3.50 in cash per share, with current Kenvue shareholders expected to own about 46% of the combined company. Shareholders approved the deal on January 29, 2026, and the HSR waiting period expired February 4, 2026, but other customary closing conditions remain. K-C commenced exchange offers for up to $7.0 billion of Kenvue Senior Notes on September 28, 2026, and Kenvue entered into a supplemental indenture on October 9, 2026 to remove substantially all restrictive covenants once those offers settle. Balance sheet and cash flow metrics were stable. Cash and cash equivalents stood at $1,039 million and total debt at $8,206 million as of September 27, 2026. Nine-month operating cash flow was $1,877 million, up from $1,343 million, while dividends paid totaled $1,199 million. The company declared a quarterly dividend of $0.21 per share, and the 2026 Restructuring Initiative is expected to cost about $250 million in fiscal 2026, with targeted annualized gross savings of about $200 million.
Oct 30, 2026
2026-Q2
Kenvue Quarterly Report for Q2 Ended Jun 28, 2026
Kenvue Inc. reported net sales of $3.96 billion for the fiscal three months ended June 28, 2026, up from $3.84 billion a year earlier, and net income of $456 million, up from $420 million. For the fiscal six months, net sales were $7.86 billion and net income was $930 million, compared with $7.58 billion and $742 million in the prior-year period. Segment adjusted operating income for the six months rose to $2.11 billion from $1.92 billion, led by Skin Health and Beauty, while Essential Health's three-month segment adjusted operating income declined. Organic sales grew 1.6% in the quarter and 1.2% for the six months, with pricing and volume both contributing. The pending merger with Kimberly-Clark remains the central event. Kenvue shareholders approved the Merger Agreement on January 29, 2026, and the HSR waiting period expired on February 4, 2026. Completion is still subject to foreign regulatory approvals, and the filing states the transaction is expected to close in the fourth quarter of 2026. Shareholders would receive 0.14625 shares of Kimberly-Clark common stock plus $3.50 in cash per share, with Kenvue holders expected to own about 46% of the combined company. Restructuring charges under the 2026 Restructuring Initiative, approximately $250 million for fiscal 2026, weighed on operating results and are expected to yield about $200 million in annualized gross cost savings. Balance sheet and cash flow were stable. Cash and cash equivalents were $1.11 billion, total debt was $8.48 billion, and operating cash flow for the six months was $1.18 billion. The company repaid $750 million of 5.35% Senior Notes due 2026 and paid $796 million in dividends. Litigation remains significant, notably acetaminophen, talc, and phenylephrine matters, though the company states the outcome is not expected to have a material adverse effect on its financial position, and it has accrued for certain matters deemed probable and estimable.
Aug 6, 2026
2026-Q1
Kenvue Quarterly Report for Q1 Ended Mar 29, 2026
Kenvue Inc. reported net sales of $3.9 billion for the fiscal three months ended March 29, 2026, up $168 million, or 4.5%, from $3.7 billion a year earlier. Organic sales rose 0.7%, driven by favorable value realization of 1.0% and volume-related decreases of 0.3%, while favorable foreign currency changes contributed 3.8%. Operating income rose to $767 million from $558 million, and net income increased to $474 million, or $0.25 per diluted share, from $322 million, or $0.17 per diluted share. Gross profit margin expanded 90 basis points to 58.9%, and selling, general, and administrative expenses fell to 37.2% of net sales from 41.1%. The pending transaction with Kimberly-Clark remains the central strategic event. Under the Merger Agreement signed November 2, 2025, Kenvue shareholders will receive 0.14625 shares of K-C common stock plus $3.50 in cash per share, with Kenvue shareholders expected to own approximately 46% of the combined company. Shareholders approved the merger on January 29, 2026, and the HSR waiting period expired February 4, 2026. Closing is expected in the second half of 2026, subject to foreign regulatory approvals and other customary conditions. The Company recorded $16 million of Pending Transaction and other related costs in the quarter. Balance sheet and cash flow items were steady. Cash and cash equivalents were $1,075 million, total debt was $8,661 million, and operating cash flow was $489 million, compared with $428 million a year earlier. The Company repaid $750 million of 5.35% Senior Notes due 2026 and paid $398 million in dividends. The Board launched a 2026 Restructuring Initiative expected to cost approximately $250 million in fiscal 2026 and yield about $200 million of annualized pre-tax gross cost savings. The Company also estimated gross tariff exposure of approximately $90 million annualized and disclosed ongoing product liability litigation involving acetaminophen, talc, and Zantac, among other matters.
May 7, 2026
2025-Q3
Kenvue Quarterly Report for Q3 Ended Sep 28, 2025
Kenvue Inc. reported net sales of $3.76 billion for the fiscal three months ended September 28, 2025, down $135 million, or 3.5%, from $3.90 billion a year earlier. Organic sales decreased 4.4%, driven by volume declines of 4.0% and unfavorable value realization of 0.4%, with shipment timing in China, trade inventory reductions in the United States, and lower seasonal incidence cited as drivers. Net income rose to $398 million from $383 million, helped by a lower tax provision, and diluted EPS was $0.21 versus $0.20. For the nine months, net sales were $11.34 billion (down 3.8%) and net income was $1.14 billion versus $737 million, which included a $578 million impairment charge in the prior-year period. Segment adjusted operating income fell 7.1% for the nine months to $2.89 billion, with Skin Health and Beauty down 24.7%. The most significant event is the Merger Agreement signed November 2, 2025 with Kimberly-Clark Corporation. Kenvue shareholders would receive 0.14625 shares of K-C common stock plus $3.50 in cash per share, with Kenvue holders expected to own about 46% of the combined company on a fully diluted basis. The transaction is expected to close in the second half of 2026 and requires Kenvue shareholder approval, K-C shareholder approval, and U.S. antitrust and foreign regulatory clearances. The filing discloses a $1,136 million termination fee payable in certain circumstances. The filing also flags risks including the September 2025 federal acetaminophen statements and possible FDA label change, a Texas state lawsuit filed October 2025, and talc and other product litigation. The Skin Health and Beauty reporting unit's fair value exceeded its carrying value by approximately 10%, and the filing notes that further deterioration could lead to a goodwill impairment. Total debt was $8.97 billion at quarter end, and cash and cash equivalents were $1.14 billion.
Nov 3, 2025
2025-Q2
Kenvue Quarterly Report for Q2 Ended Jun 29, 2025
Kenvue Inc. reported net sales of $3.84 billion for the fiscal three months ended June 29, 2025, down $161 million, or 4.0%, from $4.00 billion a year earlier. Organic sales declined 4.2%, driven by volume decreases of 3.3% and unfavorable value realization of 0.9%. Operating income rose to $692 million from $154 million, but the prior-year period included a $510 million impairment charge, so the comparison is distorted. Net income was $420 million, or $0.22 per diluted share, versus $58 million, or $0.03, a year earlier. For the six months, net sales were $7.58 billion, down 4.0%, and net income was $742 million, or $0.39 per diluted share. Cash flow from operations for the six months was $1.05 billion, up from $727 million, mainly due to working capital timing. Cash and cash equivalents were $1.07 billion at June 29, 2025, flat versus year-end 2024. The company paid $785 million in dividends and $127 million to repurchase treasury stock, and issued $750 million of 4.85% Senior Notes due 2032 while repaying $750 million of 5.50% Senior Notes due 2025. Total debt was $8.61 billion. Restructuring expenses under the 2024 Multi-Year Restructuring Initiative were $120 million for the six months, and the company expects annualized gross cost savings of approximately $350 million beginning in fiscal 2026. The filing also discloses that Kenvue's Board has initiated a comprehensive strategic alternatives review under a Strategic Review Committee, which could include optimizing the brand portfolio. The company estimates incremental gross tariff exposure of approximately $150 million annualized. Talc-related liabilities in the United States and Canada remain indemnified by J&J, while the company retains talc liabilities for sales outside those markets. The company also faces product liability and other litigation, including acetaminophen, phenylephrine, Zantac-related and benzoyl peroxide matters, for which it states it cannot reasonably estimate potential liability in several cases. The company has no current CEO, with an Interim Chief Executive Officer serving.
Aug 7, 2025
2025-Q1
Kenvue Quarterly Report for Q1 Ended Mar 30, 2025
Kenvue Inc. reported net sales of $3.74 billion for the fiscal three months ended March 30, 2025, down $153 million, or 3.9%, from $3.89 billion a year earlier. Organic sales declined 1.2%, with foreign currency reducing reported sales by 2.7%. Volume fell 0.9% and value realization fell 0.3%. Skin Health and Beauty was the weakest segment, with Organic sales down 4.8% on competitive pressures and strategic price investments, mainly in the United States. Segment adjusted operating income fell 11.3% to $897 million. Net income rose to $322 million from $296 million, helped by lower impairment charges (none this quarter versus $68 million a year earlier) and lower Other expense, net. Diluted EPS was $0.17 versus $0.15. Cash flow from operations was $428 million, up from $287 million, largely from working capital timing. The company repaid $750 million of 5.50% Senior Notes due 2025 and increased commercial paper borrowings to $1.68 billion from $800 million. Total debt was $8.74 billion, and cash was $1.06 billion. Management believes existing cash and operating cash flow will cover obligations for at least 12 months. Restructuring expenses under the 2024 Multi-Year Restructuring Initiative rose to $60 million, and the initiative is expected to total approximately $550 million, with annualized gross savings of about $350 million beginning in fiscal 2026. The filing estimates incremental gross tariff exposure of approximately $150 million for fiscal 2025. Litigation remains a key overhang. Acetaminophen, phenylephrine, benzoyl peroxide, and Zantac-related lawsuits are pending, and the company says it cannot reasonably estimate its potential liability for several of them. Talc liabilities outside the United States and Canada remain with Kenvue, while J&J indemnifies talc claims in the United States and Canada. Management says the ultimate outcome of legal proceedings is not expected to have a material adverse effect on financial position, though results could be affected in any period.
May 8, 2025
2024-Q3
Kenvue Quarterly Report for Q3 Ended Sep 29, 2024
Kenvue Inc. reported third-quarter 2024 results for the fiscal three months ended September 29, 2024, with Net sales of $3.90 billion, essentially flat versus $3.92 billion a year earlier. Net sales decreased $16 million, or 0.4%, reflecting unfavorable foreign currency of $50 million, or 1.3%, offset by Organic growth of $34 million, or 0.9%. Net income fell to $383 million from $438 million, and diluted EPS was $0.20 versus $0.23. Operating income declined 7.9% to $654 million, pressured by higher brand marketing spend in SG&A, which rose to 40.8% of net sales from 39.1%, partly offset by gross margin expansion to 58.5% from 57.5%. For the nine months, Net income declined 44.9% to $737 million, driven largely by a $578 million impairment charge, of which $488 million related to the Dr.Ci:Labo® business. Operating cash flow was $976 million versus $2,218 million, primarily due to working capital timing. Cash and cash equivalents were $1.06 billion at quarter end, and total debt was $8.70 billion, including $1.65 billion in loans and notes payable. The company paid $1.16 billion in dividends and repurchased $114 million of shares during the nine months. The company also disclosed a 2024 Multi-Year Restructuring Initiative with expected pre-tax charges of approximately $550 million, and ongoing litigation exposures including acetaminophen, phenylephrine, benzoyl peroxide and Zantac-related matters. The company stated it is not able to reasonably estimate the likelihood or magnitude of potential liability for several of these matters.
Nov 7, 2024
2024-Q2
Kenvue Quarterly Report for Q2 Ended Jun 30, 2024
Kenvue Inc. reported second-quarter 2024 results in this Form 10-Q for the period ended June 30, 2024. Net sales were $4.00 billion for the fiscal three months, essentially flat versus $4.01 billion a year earlier, while gross profit rose to $2.37 billion from $2.23 billion. Operating income fell sharply to $154 million from $702 million, driven by a $510 million impairment charge, mainly a $488 million non-cash charge tied to the Dr.Ci:Labo® skin health business, along with $48 million of restructuring expenses. Net income declined to $58 million from $430 million, and diluted earnings per share were $0.03 versus $0.23. For the six months, net income was $354 million versus $899 million, and net cash from operating activities was $727 million versus $1,544 million. On the balance sheet, total assets fell to $26.44 billion from $27.85 billion at year-end 2023, largely reflecting the impairments and currency translation, and total equity declined to $10.18 billion. Loans and notes payable rose to $1.43 billion from $599 million, and cash and cash equivalents fell to $1.01 billion from $1.38 billion. The company paid $766 million in dividends in the first half and $91 million to repurchase shares. J&J's Debt for Equity Exchange in May 2024 meant J&J no longer owned any Kenvue common stock. Management approved a 2024 Multi-Year Restructuring Initiative with expected pre-tax charges of approximately $275 million in each of fiscal 2024 and 2025, and the filing discloses ongoing product liability and litigation matters, including acetaminophen, phenylephrine, and benzoyl peroxide claims, for which the company states it cannot reasonably estimate potential liability beyond amounts accrued.
Aug 6, 2024
2024-Q1
Kenvue Quarterly Report for Q1 Ended Mar 31, 2024
Kenvue Inc. reported first-quarter 2024 results with net sales of $3.9 billion, essentially flat versus $3.85 billion a year earlier (an increase of $42 million, or 1.1%). Organic growth was $73 million, driven by value realization, partially offset by volume declines. Gross profit rose to $2.24 billion from $2.13 billion, and the filing states gross profit margin increased to 57.6% from 55.2%. Net income fell to $296 million from $469 million, or $0.15 per diluted share versus $0.27. The decline reflects higher interest expense of $95 million (versus $1 million), a $68 million impairment on the Skillman, New Jersey interim headquarters, $41 million of restructuring expenses, and higher SG&A. The prior-year period also included a GILTI accounting change that the filing says raised that period's net income by $139 million. Cash flow from operations was $287 million, down from $802 million, mainly due to working capital timing. The company paid $383 million in dividends and repurchased $91 million of shares, and it had $1.16 billion in cash and cash equivalents at quarter end. Total debt was $8.56 billion, including $7.78 billion of Senior Notes and other long-term debt and $769 million of commercial paper. Total equity declined to $10.6 billion from $11.2 billion, largely due to foreign currency translation losses in accumulated other comprehensive loss. Looking ahead, on May 6, 2024, the Board approved a multi-year initiative expected to generate pre-tax restructuring expenses and other charges of about $275 million in each of fiscal 2024 and 2025. The filing also discloses ongoing litigation, including product liability claims related to acetaminophen, phenylephrine, and benzoyl peroxide products, and securities class actions related to phenylephrine. The company states it cannot reasonably estimate the potential liability for these matters.
May 9, 2024
2023-Q3
Kenvue Quarterly Report for Q3 Ended Oct 1, 2023
Kenvue Inc. (KVUE) reported results for the fiscal three and nine months ended October 1, 2023 in this Form 10-Q, its first quarterly report following the Separation from Johnson & Johnson. Net sales for the fiscal three months were $3.9 billion ($3,915 million), up 3.3% from $3.8 billion a year earlier, driven primarily by value realization (Price/Mix), partly offset by lower volume. Operating income fell to $710 million from $763 million, and net income declined to $438 million from $586 million, reflecting higher SG&A expenses of $1.5 billion (up 11.3%), $133 million of non-recurring Separation-related costs, and $100 million of net interest expense that did not exist in the prior-year period. Diluted EPS was $0.23 versus $0.34. For the fiscal nine months, net sales were $11.8 billion, up 5.3%, with organic growth of 7.5% stated in the filing, led by Self Care. Net income was $1,337 million compared with $1,703 million. The balance sheet was reshaped by the Separation: total debt was $8,198 million, including $7,685 million of long-term debt and $513 million of commercial paper, and Kenvue paid a $13.8 billion distribution to J&J. Total equity fell to $10,893 million from $19,970 million at January 1, 2023. Cash and cash equivalents were $1,062 million at October 1, 2023. Investors should note that the filing discloses a change in accounting principle for GILTI taxes, which lowered the fiscal nine-month provision for taxes by $127 million, and that Kenvue faces ongoing product liability and litigation matters, including Zantac, acetaminophen, benzene in sunscreen, and phenylephrine claims, for which the company says it cannot reasonably estimate potential liability. Its declared quarterly dividend is $0.20 per share, and J&J retains Talc-Related Liabilities for the United States and Canada.
Nov 3, 2023
2023-Q3
Kenvue Quarterly Report for Q3 Ended Jul 2, 2023
Kenvue Inc. reported a quarter ended July 2, 2023 in which net sales rose to $4.01 billion from $3.80 billion, an increase of $207 million or 5.4%, driven primarily by value realization (price/mix). Net income fell to $430 million from $604 million, reflecting higher selling, general and administrative expenses (up 10.7% to $1.52 billion, including $102 million of non-recurring Separation-related costs), a higher effective tax rate of 32.7% versus 22.1%, and $53 million of net interest expense. Operating income declined 8.8% to $702 million, and Adjusted operating income fell 5.0% to $1.03 billion. For the six months, net sales were $7.86 billion (up 6.3%) and net income was $760 million versus $1.13 billion a year earlier. The period was dominated by the Separation from Johnson & Johnson: Kenvue sold 198.7 million shares in its May 2023 IPO at $22 per share for net proceeds of about $4.2 billion, issued $7.75 billion of senior notes, and distributed $13.8 billion to J&J. J&J retains roughly 89.6% of the outstanding shares. Total debt stood at $8.44 billion at quarter-end, against $1.23 billion of cash and cash equivalents, and total equity fell to $11.04 billion from $20.02 billion. Investors should note the Talc-Related Liabilities for products sold in the United States and Canada are indemnified by J&J, while the company retains exposure for talc products sold elsewhere. The filing also discloses a $188 million valuation allowance on foreign tax credit assets, ongoing Zantac and Tylenol-related litigation where the company cannot estimate potential liability, and a planned $0.20 per share third-quarter dividend. Operating cash flow rose to $1.54 billion from $1.15 billion.
Aug 2, 2023
2023-Q2
Kenvue Quarterly Report for Q2 Ended Apr 2, 2023
Kenvue Inc. filed this Form 10-Q for the fiscal quarter ended April 2, 2023, its first quarterly report as a company that had been a wholly owned subsidiary of Johnson & Johnson. Net sales rose to $3.85 billion from $3.59 billion in the prior-year quarter, an increase of $262 million or 7.3%, with organic net sales up $403 million (11.2%) after $141 million of unfavorable currency effects. Price actions and stronger Cough, Cold and Allergy demand drove growth, while Essential Health sales declined 1.1%. Net income fell to $330 million from $528 million, mainly because the provision for taxes rose to $279 million from $84 million, including a $171 million valuation allowance on foreign tax credit benefits tied to the new debt. Adjusted net income was $630 million versus $613 million, and Adjusted EBITDA was $867 million versus $801 million. The balance sheet changed significantly as a result of the Separation financing. On March 22, 2023, Kenvue issued $7.75 billion of senior unsecured notes, with net proceeds of about $7.7 billion held as restricted cash of $7.7 billion at quarter end. Long-term debt stood at $7.68 billion, and the company had undrawn access to a $4.0 billion revolving credit facility and a $4.0 billion commercial paper program. Subsequent to quarter end, the company completed its initial public offering on May 8, 2023, selling 198,734,444 shares at $22 per share for net proceeds of $4.2 billion, and paid $13.2 billion to J&J as partial consideration for the business transfer. J&J retains approximately 89.6% ownership after the offering. Investors should note that the company's historical results are presented on a combined, carve-out basis from J&J and may not reflect standalone costs. Separation-related costs were $98 million in the quarter, up from $10 million, and management expects them to continue through at least fiscal 2024. Talc-related liabilities in the United States and Canada are indemnified by J&J, while the company retains exposure for talc products sold elsewhere. The filing also discloses ongoing product liability litigation related to acetaminophen, Zantac indemnification demands, and a benzene-related sunscreen settlement that is subject to appeal.
Jun 2, 2023