Kenvue Inc. (KVUE) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.32	$0.31	-3.1%	—	$4B	—
Q1 26	$0.26	$0.32	+23.1%	—	$3.9B	—
Q4 25	$0.2	$0.18	-10.0%	—	$3.8B	—
Q3 25	$0.26	$0.28	+7.7%	—	$3.8B	—
Q2 25	$0.28	$0.29	+3.6%	—	$3.8B	—
Q1 25	$0.23	$0.24	+4.3%	—	$3.7B	—
Q4 24	$0.26	$0.26	0.0%	—	$3.7B	—
Q3 24	$0.27	$0.28	+3.7%	—	$3.9B	—
Q2 24	$0.28	$0.32	+14.3%	—	$4B	—
Q1 24	$0.25	$0.28	+12.0%	—	$3.9B	—
Q4 23	$0.28	$0.31	+10.7%	—	$3.7B	—
Q3 23	$0.31	$0.31	0.0%	—	$3.9B	—
Q2 23	$0.3	$0.32	+6.7%	—	$4B	—
Q1 23	$0.32	$0.19	-40.6%	—	$3.9B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$0.77	—	—	$15.1B	—
FY24	—	$0.54	—	—	$15.5B	—
FY23	—	$0.9	—	—	$15.4B	—
FY22	—	$1.09	—	—	$14.9B	—
FY21	—	$1.1

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$14.3B	$14.5B	$15.1B	$14.9B	$15.4B	$15.5B	$15.1B
YoY change	—	+1%	+4.06%	-0.69%	+3.3%	+0.07%	-2.14%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	14.3B	14.5B	15.1B	14.9B	15.4B	15.5B	15.1B
Cost of revenue	6.7B	6.6B	6.6B	6.7B	6.8B	6.5B	6.3B
Gross profit	7.7B	7.8B	8.4B	8.3B	8.6B	9B	8.8B
Gross margin	53.5%	54.2%	55.9%	55.4%	56%	58%	58.1%
Research & development	—	—	—	—	—	—	—
Selling, general & administrative	5.2B	5B	5.5B	5.6B	6.1B	6.3B	6.1B
Operating expenses	5.3B	4.9B	5.4B	5.6B	6.1B	6.3B	6.1B
Operating income	2.4B	3B	3B	2.7B	2.5B	2.6B	2.7B
Operating margin	16.7%	20.7%	20.2%	17.9%	16.4%	17%	18%
Non-operating income, net	-279M	-4B	-109M	-39M	-89M	-842M	-337M
Pretax income	2.1B	-1B	2.9B	2.6B	2.2B	1.4B	2B
Income tax	685M	-137M	847M	573M	526M	385M	529M
Net income	1.4B	-879M	2.1B	2.1B	1.7B	1B	1.5B
Net margin	10%	-6.08%	13.8%	13.8%	10.8%	6.66%	9.72%
EBITDA	3.7B	7.7B	3.8B	3.3B	3.3B	3.3B	3.3B
EPS	0.76	-0.47	1.1	1.09	0.9	0.54	0.77
Diluted EPS	0.76	-0.47	1.1	1.09	0.9	0.54	0.76

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	3.9B	3.7B	3.9B	4B	3.9B	3.7B	3.7B	3.8B	3.8B	3.8B	3.9B	4B
Cost of revenue	1.7B	1.6B	1.7B	1.6B	1.6B	1.6B	1.6B	1.6B	1.5B	1.6B	1.6B	1.7B
Gross profit	2.3B	2B	2.2B	2.4B	2.3B	2.1B	2.2B	2.3B	2.2B	2.1B	2.3B	2.3B
Gross margin	57.5%	55.7%	57.6%	59.1%	58.5%	56.5%	58%	58.9%	59.1%	56.5%	58.9%	58.2%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	1.5B	1.6B	1.6B	1.6B	1.6B	1.5B	1.5B	1.5B	1.5B	1.5B	1.5B	1.5B
Operating expenses	1.5B	1.6B	1.6B	1.7B	1.6B	1.5B	1.6B	1.5B	1.5B	1.5B	1.5B	1.5B
Operating income	710M	466M	661M	714M	703M	557M	618M	752M	713M	632M	838M	758M
Operating margin	18.1%	12.7%	17%	17.8%	18%	15.2%	16.5%	19.6%	18.9%	16.7%	21.4%	19.2%
Non-operating income, net	-25M	-13M	-139M	-557M	-30M	-116M	-66M	-70M	-94M	-107M	-71M	-70M
Pretax income	585M	357M	427M	65M	577M	346M	458M	588M	526M	427M	672M	598M
Income tax	147M	30M	131M	7M	194M	53M	136M	168M	128M	97M	198M	142M
Net income	438M	327M	296M	58M	383M	293M	322M	420M	398M	330M	474M	456M
Net margin	11.2%	8.92%	7.6%	1.45%	9.82%	8%	8.61%	10.9%	10.6%	8.73%	12.1%	11.5%
EBITDA	861M	748M	809M	858M	884M	763M	767M	908M	878M	780M	992M	917M
EPS	0.23	0.17	0.15	0.03	0.2	0.15	0.17	0.22	0.21	0.17	0.25	0.24
Diluted EPS	0.23	0.17	0.15	0.03	0.2	0.15	0.17	0.22	0.21	0.17	0.25	0.24

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	—	—	—	39.7B	40.9B	33.1B	34.3B
Enterprise value	—	—	—	—	46.8B	48.5B	40.7B	41.7B
Shares outstanding	1.9B	1.9B	1.9B	1.9B	1.8B	1.9B	1.9B	1.9B

Valuation

Metric	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	—	—	23.9	39.7	22.5	20.9
P/S	—	—	—	—	2.57	2.65	2.19	2.22
P/B	—	—	—	—	3.55	4.23	3.07	3.24
EV/EBITDA	—	—	—	—	14.4	14.6	12.2	12
EV/Sales	—	—	—	—	3.03	3.14	2.69	2.71
Earnings yield	—	—	—	—	4.19%	2.52%	4.45%	4.78%
FCF yield	—	—	—	—	6.79%	3.27%	5.21%	5.55%
PEG	—	—	—	—	—	—	—	2.3

Profitability

Metric	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	53.5%	54.2%	55.9%	55.4%	56%	58%	58.1%	58.2%
Operating margin	16.7%	20.7%	20.2%	17.9%	16.4%	17%	18%	19.4%
Net margin	10%	-6.08%	13.8%	13.8%	10.8%	6.66%	9.72%	10.8%
ROE	—	-4.79%	10.2%	10.3%	14.8%	10.7%	13.7%	15.6%
ROA	—	-3.01%	7.44%	7.56%	5.97%	4.02%	5.43%	6.99%
ROIC	—	16.8%	10.9%	11.1%	10.5%	11.1%	10.9%	12.1%
Return on tangible assets	—	5.98%	-15.9%	-19.2%	-16.8%	-11.4%	-15.8%	-19.3%

Financial health

Metric	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	—	0.61	1.22	1.5	1.12	0.96	0.96	1
Quick ratio	—	0.39	0.8	0.93	0.78	0.69	0.68	0.71
Debt / equity	—	—	0.01	0.01	0.75	0.9	0.81	0.82
Debt / assets	—	—	0	0	0.3	0.34	0.32	0.32
Net debt / EBITDA	—	—	-0.16	-0.34	2.17	2.31	2.28	2.1
Interest coverage	—	—	—	—	7.12	4.28	5.65	6.23
Effective tax rate	32.3%	0%	29%	21.7%	24%	27.2%	26.5%	25.4%

Per share

Metric	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	7.58	7.66	7.97	7.91	8.37	8.07	7.89	8.04
EPS (basic)	0.76	-0.47	1.1	1.09	0.9	0.54	0.77	0.77
EPS (diluted)	0.76	-0.47	1.1	1.09	0.9	0.54	0.76	0.85
Book value per share	—	9.72	10.8	10.6	6.07	5.05	5.62	5.5
FCF per share	1.43	1.68	0.02	1.14	1.46	0.7	0.9	1
Cash per share	—	0.33	0.39	0.65	0.75	0.56	0.55	0.58
Capex per share	0.15	0.12	0.16	0.2	0.25	0.23	—	—

Capital allocation

Metric	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	2.02%	1.58%	1.96%	2.51%	3.04%	2.81%	—	—
Capex / operating cash flow	10.1%	-995.7%	8.86%	14.7%	19.3%	36.8%	—	—
Payout ratio	—	—	0%	0%	874.6%	150.7%	107.6%	97.7%
Dividend yield	—	—	—	—	36.6%	3.8%	4.78%	4.7%

Yield

4.7%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.21

ex-dividend Sep 21, 2026

Payout ratio

98%

of earnings

Dividend growth

2 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 21, 2026	$0.21
Aug 12, 2026	$0.21
May 13, 2026	$0.208
Feb 11, 2026	$0.208
Nov 12, 2025	$0.208
Aug 13, 2025	$0.208
May 14, 2025	$0.205
Feb 12, 2025	$0.205

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	618M	740M	1.2B	1.4B	1.1B	1.1B
Receivables	1.9B	2.1B	2.1B	2.1B	2.2B	2.4B
Inventory	1.7B	1.7B	2.2B	1.9B	1.6B	1.7B
Total current assets	4.6B	4.9B	5.9B	6.1B	5.5B	5.7B
Property, plant & equipment	170M	83M	111M	293M	250M	359M
Goodwill & intangibles	43.9B	41B	38.1B	37.8B	34.6B	36.4B
Total assets	29.2B	27.9B	27.3B	27.9B	25.6B	27.1B
Accounts payable	1.6B	1.8B	1.8B	2.5B	2.3B	2.5B
Short-term debt	—	47M	35M	643M	1.6B	1.5B
Total current liabilities	7.5B	4B	3.9B	5.5B	5.7B	5.9B
Long-term debt	—	82M	81M	7.8B	7.1B	7.2B
Total liabilities	10.8B	7.5B	7.3B	16.6B	15.9B	16.3B
Shareholders' equity	18.4B	20.4B	20B	11.2B	9.7B	10.8B
Total debt	—	129M	116M	8.4B	8.7B	8.7B
Net debt	—	-611M	-1.1B	7B	7.6B	7.6B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	1.1B	—	—	—	—	—	—	—	1.1B	1.1B	1.1B	1.1B
Receivables	2.1B	—	—	—	—	—	—	—	2.4B	2.4B	2.5B	2.5B
Inventory	1.9B	—	—	—	—	—	—	—	1.8B	1.7B	1.7B	1.7B
Total current assets	5.9B	—	—	—	—	—	—	—	6B	5.7B	5.8B	5.9B
Property, plant & equipment	—	—	—	—	—	—	—	—	—	359M	—	—
Goodwill & intangibles	36.9B	—	—	—	—	—	—	—	36.3B	36.4B	35.8B	35.3B
Total assets	27.1B	—	—	—	—	—	—	—	27.2B	27.1B	26.9B	26.7B
Accounts payable	2.3B	—	—	—	—	—	—	—	2.4B	2.5B	2.5B	2.6B
Short-term debt	559M	—	—	—	—	—	—	—	2B	1.5B	1.6B	1.4B
Total current liabilities	5.2B	—	—	—	—	—	—	—	6.2B	5.9B	5.9B	5.9B
Long-term debt	7.8B	—	—	—	—	—	—	—	7.2B	7.2B	7.2B	7.2B
Total liabilities	16.2B	—	—	—	—	—	—	—	16.6B	16.3B	16.2B	16.2B
Shareholders' equity	10.9B	—	—	—	—	—	—	—	10.6B	10.8B	10.6B	10.6B
Total debt	8.3B	—	—	—	—	—	—	—	9.1B	8.7B	8.8B	8.6B
Net debt	7.3B	—	—	—	—	—	—	—	8B	7.6B	7.7B	7.5B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	1.4B	-879M	2.1B	2.1B	1.7B	1B	1.5B
Depreciation & amortization	709M	746M	731M	644M	627M	622M	557M
Stock-based compensation	102M	115M	141M	137M	188M	254M	136M
Change in working capital	506M	796M	-136M	-491M	64M	-510M	79M
Operating cash flow	2.8B	-23M	3.3B	2.5B	2.4B	1.2B	2.2B
Capital expenditure	-289M	-229M	-295M	-375M	-469M	-434M	—
Investing cash flow	-2.2B	-83M	-47M	-405M	-488M	-425M	39M
Dividends paid	—	—	0	0	-14.6B	-1.6B	-1.6B
Share repurchases	—	—	—	—	—	-235M	-197M
Financing cash flow	-685M	-3.5B	0	-1.6B	-2.5B	-1.6B	-2B
Net change in cash	9M	-3.6B	3.3B	559M	-580M	-810M	253M
Free cash flow	2.7B	3.2B	39M	2.1B	2.7B	1.3B	1.7B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	438M	327M	296M	58M	383M	293M	322M	420M	398M	330M	474M	456M
Depreciation & amortization	153M	174M	149M	141M	182M	150M	136M	142M	141M	138M	143M	145M
Stock-based compensation	2M	113M	81M	61M	58M	54M	44M	37M	25M	30M	29M	32M
Change in working capital	94M	374M	-366M	-72M	-404M	332M	-139M	110M	-256M	364M	-236M	98M
Operating cash flow	520M	1B	161M	32M	227M	791M	366M	621M	294M	854M	489M	688M
Capital expenditure	-114M	-223M	-153M	-90M	-59M	-132M	-179M	—	—	—	—	—
Investing cash flow	-105M	-251M	-152M	-85M	-56M	-132M	-167M	-2M	-6M	35M	-28M	-14M
Dividends paid	-383M	-383M	-383M	-383M	-393M	-393M	-392M	-393M	-398M	-398M	-398M	-398M
Share repurchases	0	—	-91M	0	-23M	-121M	-63M	-64M	-70M	0	0	0
Financing cash flow	-726M	-383M	-326M	-490M	-162M	-587M	-310M	-1.3B	-85M	-1B	-295M	-1.3B
Net change in cash	-311M	368M	-317M	-543M	9M	72M	-111M	-700M	203M	-126M	166M	-663M
Free cash flow	560M	727M	134M	350M	190M	661M	249M	533M	196M	744M	350M	624M

Kenvue Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement