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10-K annual report · filed Feb 20, 2026

Kenvue (KVUE) FY2025 10-K Annual Report

KVUE overviewOriginal on SEC EDGAR
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Kenvue (KVUE) filed its fiscal 2025 10-K annual report with the SEC on Feb 20, 2026. It reported revenue of $15.1B (−2.1% year over year) and net income of $1.5B.

  • Top risk flagged: Regulatory risk from Section 368(a) Internal Revenue Code uncertainty; potential additional U.S. federal income taxes if Proposed Transaction fails to qualify as a “reorganization”

FY2025 key financial metrics · XBRL

Revenue
$15.1B
−2.1% YoY
Net income
$1.5B
+42.7% YoY
Operating margin
16.0%
+4.0 pp YoY
Gross margin
58.1%
+0.2 pp YoY
EPS (diluted)
$0.76
+40.7% YoY
ROE
13.7%
+3.0 pp YoY
Operating cash flow
$2.2B
+24.2% YoY

Source: XBRL data from the Kenvue (KVUE) FY2025 10-K on SEC EDGAR. USD.

Kenvue FY2025 10-K analysis

AI summary of each section, grounded in the filing text

Business Overview

  • Core business: Global pure-play consumer health company with $15.1B FY2025 sales, focused on Self Care, Skin Health & Beauty, and Essential Health segments
  • New emphasis: Completed full independence from J&J by August 2023, exiting TSAs and building standalone systems and capabilities
  • Strategic shift: Entered merger agreement with Kimberly-Clark in Nov 2025, aiming to combine consumer health and personal care portfolios
  • Quantitative metrics: Approximately 22,000 employees globally as of Dec 2025, with 23% in North America, 28% EMEA, 30% APAC, 19% LATAM
  • Noteworthy fact: FY2025 in-house manufacturing covered 60% of sales volume, rest from third-party suppliers, supporting global operational flexibility

Management Discussion & Analysis

  • Operating cash flow $2.2B in FY 2025, up $428M from $1.8B in FY 2024, driven by working capital timing in payables and receivables
  • Financing cash outflow $1.8B in FY 2025 vs $1.6B in FY 2024; included $1.58B dividends, $197M share repurchases, $750M debt repayment, $746M long-term notes issuance
  • Capital expenditures $475M in FY 2025, slight increase from $425M investing outflows in prior year
  • Share repurchases totaled $197M for ~9.18M shares before merger agreement restriction; no repurchases post-merger agreement signed Nov 2025
  • Management expects sufficient liquidity from $1.1B cash, $2.2B operating cash flow, $4B credit facility, and $4B commercial paper; warns financing availability risk

Risk Factors

  • Regulatory risk from Section 368(a) Internal Revenue Code uncertainty; potential additional U.S. federal income taxes if Proposed Transaction fails to qualify as a “reorganization”
  • Geopolitical/macroeconomic risk with inflationary pressures and raw material cost volatility linked to military conflicts and tariffs
  • Operational risk from reliance on third-party manufacturing and supply chains causing potential disruptions to operations
  • Competitive risk from intense competition across all segments from multinational corporations, smaller regional companies, private-label, and generic products
  • Financial risk due to increased Kimberly-Clark indebtedness from Proposed Transaction financing, reducing cash flow available for debt servicing and increasing liquidity risk

Generated from the filing text; verify against the original. How to read a 10-K

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