Kenvue (KVUE) financial statements
Kenvue reported revenue of $15.1B in fiscal 2025, up 0.1% a year over 4 years.
Net income was $1.5B and the operating margin 16.0%, against 19.4% in 2021.
Free cash flow was $1.7B, and the company returned $1.6B in dividends and $197M in net buybacks.
The diluted share count rose 12% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Kenvue's 10-K filings with the SEC.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $15.1B | $14.9B | $15.4B | $15.5B | $15.1B |
| Cost of revenue | $6.6B | $6.7B | $6.8B | $6.5B | $6.3B |
| Gross profit | $8.4B | $8.3B | $8.6B | $9.0B | $8.8B |
| Research and development | $355M | $375M | $399M | $408M | $382M |
| Selling, general and admin | $5.5B | $5.6B | $6.1B | $6.3B | $6.1B |
| Operating income | $2.9B | $2.7B | $2.5B | $1.8B | $2.4B |
| Interest expense | $0 | $0 | $250M | $431M | $430M |
| Pre-tax income | $2.9B | $2.6B | $2.2B | $1.4B | $2.0B |
| Income tax | $847M | $573M | $526M | $385M | $529M |
| Net income | $2.1B | $2.1B | $1.7B | $1.0B | $1.5B |
| EPS (diluted) | $1.21 | $1.20 | $0.90 | $0.54 | $0.76 |
| Diluted shares | 1.72B | 1.72B | 1.85B | 1.92B | 1.92B |
| Gross margin | 55.9% | 55.4% | 56.0% | 58.0% | 58.1% |
| Operating margin | 19.4% | 17.9% | 16.3% | 11.9% | 16.0% |
| Net margin | 13.8% | 13.8% | 10.8% | 6.7% | 9.7% |
Balance sheet
Fiscal years, from Kenvue's 10-K filings with the SEC.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash and short-term investments | $740M | $1.2B | $1.4B | $1.1B | $1.1B |
| Receivables | — | $2.1B | $2.1B | $2.2B | $2.4B |
| Inventory | — | $2.2B | $1.9B | $1.6B | $1.7B |
| Total current assets | — | $5.9B | $6.1B | $5.5B | $5.7B |
| Property, plant and equipment | — | $1.8B | $2.0B | $1.8B | $2.2B |
| Goodwill | $9.8B | $9.2B | $9.3B | $8.8B | $9.5B |
| Total assets | — | $27.3B | $27.9B | $25.6B | $27.1B |
| Total current liabilities | — | $3.9B | $5.5B | $5.7B | $5.9B |
| Total liabilities | — | $7.3B | $16.6B | $15.9B | $16.3B |
| Shareholders' equity | $20.5B | $20.0B | $11.2B | $9.7B | $10.8B |
| Net debt | -$740M | -$1.2B | -$783M | $482M | $391M |
Cash flow
Fiscal years, from Kenvue's 10-K filings with the SEC.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $334M | $2.5B | $3.2B | $1.8B | $2.2B |
| Capital spending | $295M | $375M | $469M | $434M | $475M |
| Free cash flow | $39M | $2.1B | $2.7B | $1.3B | $1.7B |
| Stock-based compensation | $141M | $137M | $188M | $254M | $136M |
| Dividends paid | $0 | $0 | $766M | $1.6B | $1.6B |
| Share buybacks (net) | — | $0 | -$7M | -$235M | -$197M |
| Net borrowing | — | — | $574M | $157M | -$146M |
| Free cash flow margin | 0.3% | 14.4% | 17.5% | 8.6% | 11.4% |
| Dividends per share | — | — | $0.41 | $0.81 | $0.82 |
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Open KVUE in InvestinglyQuestions
What was Kenvue's revenue in 2025?
$15.1B in fiscal 2025, from its 10-K filing.
How much free cash flow does Kenvue generate?
$1.7B in fiscal 2025 (operating cash flow minus capital spending).
From Kenvue's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.