Kenvue (KVUE) FY2025 10-K Annual Report
Kenvue (KVUE) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 20, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Kenvue FY2025 10-K Analysis
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
Kenvue FY2025 Key Financial MetricsXBRL
Revenue
$15.1B
▼ -2.1% YoY
Net Income
$1.5B
▲ +42.7% YoY
Gross Margin
58.1%
▲ +16bp YoY
Operating Margin
16.0%
▲ +405bp YoY
Net Margin
9.7%
▲ +306bp YoY
ROE
13.7%
▲ +300bp YoY
Total Assets
$27.1B
▲ +5.8% YoY
EPS (Diluted)
$0.76
▲ +40.7% YoY
Operating Cash Flow
$2.2B
▲ +24.2% YoY
Source: XBRL data from Kenvue FY2025 10-K filing on SEC EDGAR. All figures in USD.
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