Kenvue Inc. (KVUE) financials
NYSE · Consumer Defensive · Household & Personal Products · 21,890 employees · CEO Kirk L. Perry
- Price
- $19.31 -1.28%
- Market cap
- $37.1B
- Enterprise value
- $44.4B
- Last report
- Q3 '26 filed 2026-10-30
- Next report
- 2027-02-16 EPS est. $0.28
Revenue (TTM)$15.5B+3.5% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)19.9%+4.1 pp vs a year agoOperating income $3.09B
Net income (TTM)$1.69B+17.9% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$2.54B+55.0% vs a year agoCapex $190M
Diluted EPS (TTM)$0.88+17.3% vs a year agoSum of the last 4 quarters
Net cash-$7.3B+8.4% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $37.1B EV $44.4B
- Revenue
- $15.5B Trailing 12 months
- Revenue growth
- +3% FY2026 consensus
- Profit margin
- 10.9% Net income / revenue, TTM
- P/E
- 21.9× Forward 16.4× (FY2026)
- P/S
- 2.4× Price / sales, TTM
- EV / EBITDA
- 13.6× TTM
- Free cash flow
- $2.54B Trailing 12 months
- Net income
- $1.69B Trailing 12 months
- Revenue estimate
- $15.6B FY2026 consensus
- Earnings
- 2027-02-16 Revenue est. $3.88B
- Dividend
- $0.83 Per share, last 12 months
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-10-30): revenue beat by 0.6%, EPS missed by 0.5%Revenue $3.89B vs $3.86B expected (+0.6%); EPS $0.29 vs $0.29 (-0.5%).
- Revenue growth accelerating: 3.2% year on yearQ3 '26 revenue $3.89B, against an average of 1.8% over the four quarters before.
- Operating margin 19.9% (TTM), +4.1 pp on a year agoOperating income grew 30.6% while revenue grew 3.5%.
- 33.8% of pre-tax profit is eaten by non-operating lossesPre-tax income $2.31B vs operating income $3.09B (TTM). Losses on equity stakes and other one-off items cut net income and EPS - operating income is the cleaner measure of the business.
- Capex 1.2% of revenue (a year ago 3.3%)$190M invested in the last 4 quarters (-61.7% on a year earlier). Free cash flow $2.54B = 150.3% of net income.
- Returned $16M to shareholders = 0.6% of free cash flowBuybacks $0 (a year earlier $318M), dividends $16M, stock-based pay $59M (TTM).
- Diluted share count up 0.2% in a year1.93B diluted shares in Q3 '26, 1.92B a year earlier.
- Net debt $7.3BCash + short-term investments $1.04B, debt incl. leases $8.34B; a year ago net debt $7.97B.
Last quarter: Q3 '26
Quarter ended 2026-09-27. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q3 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $3.89B | $3.76B | +3.2% |
| Gross margin | 59.5% | 59.1% | +0.4 pp |
| Operating income | $706M | $629M | +12.2% |
| Operating margin | 18.2% | 16.7% | +1.5 pp |
| Net income | $430M | $398M | +8.0% |
| Diluted EPS | $0.22 | $0.21 | +4.8% |
| Operating cash flow | $700M | $294M | +138.1% |
| Capex | $80M | $98M | -18.4% |
| Free cash flow | $620M | $196M | +216.3% |
| R&D | $96M | $0 | – |
| Stock-based compensation | $29M | $25M | +16.0% |
Reported vs consensus
2026-10-30| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $3.89B | $3.86B | +0.6% |
| EPS (as estimated) | $0.29 | $0.29 | -0.5% |
From the report of 2026-10-30 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q3 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Self Care | $1.66B | +5.9% | 42.6% | $6.54B | +2.8% | |
| Essential Health | $1.19B | +2.5% | 30.6% | $4.74B | +3.9% | |
| Skin Health and Beauty | $1.04B | +0.1% | 26.7% | $4.25B | +4.1% |
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $2.73B
- Capex
- -$190M
- Buybacks
- $0
- Dividends
- -$16M
- Acquisitions
- $0
- Net debt issued
- -$147M
- Stock-based compensation
- $59M
- Free cash flow
- $2.54B
- Returned to shareholders / FCF
- 0.6%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 21.9× | 27.0× | 22.3× – 39.2× |
| EV / EBITDA | 13.6× | 16.0× | 13.7× – 19.5× |
| EV / Sales | 2.9× | 3.2× | 2.7× – 4.0× |
| Price / FCF | 14.6× | 278.2× | 14.7× – 1,302.9× |
| Price / Book | 3.7× | 3.2× | 2.5× – 4.2× |
| FCF yield | 6.9% | 3.9% | 0.1% – 6.8% |
| Return on invested capital | 10.5% | 8.2% | 6.2% – 8.9% |
| Return on equity | 16.1% | 11.9% | 10.2% – 14.8% |
Analysts
Consensus target $19.50 (+1.0%)
range $19.00 – $20.00 · rating Hold
Strong buy0
Buy4
Hold10
Sell0
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $15.6B | +3.2% | $1.17 | +54.5% | 16.4× | 7 |
| FY2027 | $16B | +2.3% | $1.24 | +5.9% | 15.5× | 8 |
| FY2028 | $16.5B | +3.2% | $1.33 | +7.1% | 14.5× | 3 |
| FY2029 | $17.1B | +3.5% | $1.43 | +7.3% | 13.5× | 1 |
| FY2030 | $17.4B | +2.2% | $1.43 | -0.1% | 13.5× | 1 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 341 figures Kenvue Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| Accounts Payable, Current | $2.69B | $2.45B | +9.8% | $2.47B | $2.25B | +9.7% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $2.5B | $2.42B | +3.6% | $2.38B | $2.17B | +10.0% |
| Accounts Receivable, Allowance for Credit Loss, Current | $15M | $25M | -40.0% | $26M | $26M | 0.0% |
| Accounts Receivable, Allowance for Credit Loss, Writeoff | – | – | – | $12M | $4M | +200.0% |
| Accounts Receivable, Credit Loss Expense (Reversal) | – | – | – | $11M | $6M | +83.3% |
| Accrued Income Taxes, Current | $118M | $103M | +14.6% | $105M | $74M | +41.9% |
| Accrued Income Taxes, Noncurrent | $246M | $213M | +15.5% | $219M | $185M | +18.4% |
| Accrued Liabilities, Current | $1.52B | $958M | +58.9% | $1.16B | $1.13B | +2.4% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $3.02B2025-12-28 | $2.7B | +11.8% | $3.02B | $2.7B | +11.8% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$5.41B | -$5.13B | -5.4% | -$4.96B | -$6.15B | +19.3% |
| Additional Paid in Capital | $16.4B | $16.3B | +0.7% | $16.3B | $16.1B | +1.4% |
| Advertising Expense | – | – | – | $1.84B | $1.87B | -1.8% |
| Amortization of Intangible Assets | $64M | $66M | -3.0% | $257M | $269M | -4.5% |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 56M | 50M | +12.0% | 54M | 52M | +3.8% |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $29M | $25M | +16.0% | $136M | $254M | -46.5% |
| Asset Impairment Charges | $23M2025-12-28 | $0 | – | $23M | $578M | -96.0% |
| Assets | $26.7B | $27.2B | -2.1% | $27.1B | $25.6B | +5.8% |
| Assets for Plan Benefits, Defined Benefit Plan | $86M2025-12-28 | $84M | +2.4% | $86M | $84M | +2.4% |
| Assets, Current | $5.94B | $6.03B | -1.5% | $5.7B | $5.53B | +3.1% |
| Cash and Cash Equivalents, at Carrying Value | $1.04B | $1.14B | -8.8% | $1.06B | $1.07B | -0.7% |
| Cash Equivalents, at Carrying Value | $130M | $145M | -10.3% | $79M | $118M | -33.1% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $1.04B | $1.14B | -8.8% | $1.06B | $1.07B | -0.7% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | -$71M | $69M | -202.9% | -$8M | -$312M | +97.4% |
| Commercial Paper | $1.12B | $1.16B | -3.4% | $700M | $800M | -12.5% |
| Common Stock, Dividends, Per Share, Cash Paid | $0.42 | $0.21 | +102.4% | $0.83 | $0.81 | +1.9% |
| Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 | 0.0% | $0.01 | $0.01 | 0.0% |
| Common Stock, Shares Authorized | 12.5B | 12.5B | 0.0% | 12.5B | 12.5B | 0.0% |
| Common Stock, Shares, Issued | 1.94B | 1.94B | +0.3% | 1.94B | 1.92B | +0.6% |
| Common Stock, Shares, Outstanding | 1.92B | 1.92B | +0.3% | 1.92B | 1.91B | +0.1% |
| Common Stock, Value, Issued | $19M | $19M | 0.0% | $19M | $19M | 0.0% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $376M | $340M | +10.6% | $2.66B | $261M | +918.0% |
| Concentration Risk, Percentage | 100.0% | 100.0% | 0.0% | 100.0% | 100.0% | 0.0% |
| Cost of Goods and Services Sold | $1.57B | $1.54B | +2.2% | $6.33B | $6.5B | -2.5% |
| Current Federal Tax Expense (Benefit) | – | – | – | $148M | $287M | -48.4% |
| Current Federal, State and Local, Tax Expense (Benefit) | – | – | – | $201M | $287M | -30.0% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $436M | $383M | +13.8% |
| Current Income Tax Expense (Benefit) | – | – | – | $637M | $670M | -4.9% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $53M | – | – |
| Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $58M | $65M | -10.8% | $63M | $64M | -1.6% |
| Debt Issuance Costs, Net | – | – | – | $64M2024-12-29 | $72M | -11.1% |
| Debt, Current | $1.12B | $1.91B | -41.4% | $1.45B | $1.55B | -6.4% |
| Debt, Long-term and Short-term, Combined Amount | $8.21B | $8.97B | -8.5% | $8.52B | $8.61B | -1.0% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | -$50M | -$178M | +71.9% |
| Deferred Federal, State and Local, Tax Expense (Benefit) | – | – | – | -$90M | -$178M | +49.4% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | -$18M | -$107M | +83.2% |
| Deferred Income Tax Assets, Net | $244M | $237M | +3.0% | $237M | $184M | +28.8% |
| Deferred Income Tax Expense (Benefit) | -$13M | $16M | -181.3% | -$108M | -$285M | +62.1% |
| Deferred Income Tax Liabilities, Net | $2.3B | $2.43B | -5.3% | $2.35B | $2.26B | +4.1% |
| Deferred Income Taxes and Other Tax Liabilities, Noncurrent | $125M | $151M | -17.2% | $135M | $143M | -5.6% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | -$40M | – | – |
| Deferred Tax Assets, Gross | $590M2025-12-28 | $560M | +5.4% | $590M | $560M | +5.4% |
| Deferred Tax Assets, Net of Valuation Allowance | $517M2025-12-28 | $471M | +9.8% | $517M | $471M | +9.8% |
| Deferred Tax Assets, Operating Loss Carryforwards | $77M2025-12-28 | $64M | +20.3% | $77M | $64M | +20.3% |
| Deferred Tax Assets, Other | $67M2025-12-28 | $66M | +1.5% | $67M | $66M | +1.5% |
| Deferred Tax Assets, Property, Plant and Equipment | $15M2025-12-28 | $2M | +650.0% | $15M | $2M | +650.0% |
| Deferred Tax Assets, Tax Credit Carryforwards | $101M2025-12-28 | $58M | +74.1% | $101M | $58M | +74.1% |
| Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Employee Benefits | $34M2025-12-28 | $18M | +88.9% | $34M | $18M | +88.9% |
| Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost | $63M2025-12-28 | $70M | -10.0% | $63M | $70M | -10.0% |
| Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals | $120M2025-12-28 | $110M | +9.1% | $120M | $110M | +9.1% |
| Deferred Tax Assets, Valuation Allowance | $73M2025-12-28 | $89M | -18.0% | $73M | $89M | -18.0% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-09-27, 10-Q 2026-06-28, 10-Q 2026-03-29, 10-K 2025-12-28, 10-Q 2025-09-28, 10-Q 2025-06-29, 10-Q 2025-03-30, 10-K 2024-12-29, 10-Q 2024-09-29
Data as of 2026-11-01