Kenvue Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 5 fiscal years, taken from the XBRL data Kenvue Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2021	FY2023	FY2023	FY2024	FY2025
Revenue	15,054	14,950	15,444	15,455	15,124
Cost of revenue	6,635	6,665	6,801	6,496	6,332
Gross profit	8,419	8,285	8,643	8,959	8,792
Research and development	355	375	399	408	382
Selling, general and administrative	5,484	5,633	6,141	6,329	6,088
Operating income	2,920	2,675	2,512	1,841	2,414
Interest expense	0	0	250	431	430
Interest income			108	53	51
Other non-operating income	5	-38	-72	-48	-36
Pre-tax income	2,925	2,637	2,190	1,415	1,999
Income tax	847	573	526	385	529
Net income	2,078	2,064	1,664	1,030	1,470
EBITDA	3,651	3,319	3,139	2,463	2,971
EPS, basic	1.21	1.20	0.90	0.54	0.77
EPS, diluted	1.21	1.20	0.90	0.54	0.76
Shares, basic (weighted)	1,716	1,716	1,846	1,915	1,917
Shares, diluted (weighted)	1,716	1,716	1,850	1,923	1,924
Dividend per share			0.40	0.81	0.83

Balance sheet

	FY2021	FY2023	FY2023	FY2024	FY2025
Cash and equivalents	740	1,231	1,382	1,070	1,062
Receivables		2,122	2,073	2,165	2,382
Inventory		2,226	1,851	1,591	1,666
Other current assets		123	265	205	155
Total current assets		5,877	6,138	5,525	5,697
Property, plant and equipment		1,820	2,042	1,849	2,212
Lease right-of-use assets		110	139	111	151
Goodwill	9,810	9,185	9,271	8,843	9,509
Intangible assets		9,853	9,619	8,474	8,694
Other non-current assets		434	623	726	727
Total assets		27,316	27,851	25,601	27,076
Accounts payable		1,829	2,489	2,254	2,473
Accrued liabilities		906	1,456	1,132	1,159
Short-term debt		0	599	1,552	1,453
Total current liabilities		3,926	5,481	5,739	5,945
Lease liabilities		81	97	76	107
Other non-current liabilities		727	491	536	601
Total liabilities		7,346	16,640	15,933	16,311
Total debt		0	7,687	750	750
Paid-in capital		0	16,147	16,130	16,348
Retained earnings		0	429	-93	-204
Treasury stock		0	-7	-242	-439
Other comprehensive income		-5,455	-5,377	-6,146	-4,959
Shareholders' equity	20,491	19,970	11,211	9,668	10,765
Total equity	20,491	19,970	11,211	9,668	10,765
Total liabilities and equity		27,316	27,851	25,601	27,076
Shares outstanding		1,915	1,915	1,914	1,916

Cash flow statement

	FY2021	FY2023	FY2023	FY2024	FY2025
Net income	2,078	2,064	1,664	1,030	1,470
Depreciation and amortization	731	644	627	622	557
Stock-based compensation	141	137	188	254	136
Deferred income tax	521	180	-114	-285	-108
Change in receivables	-303	-142	44	-218	-112
Change in inventory	-77	-582	349	182	-12
Change in payables	330	52	390	-536	41
Cash from operations	334	2,525	3,168	1,769	2,197
Capital expenditures	-295	-375	-469	-434	-475
Cash from investing	-171	-390	-488	-425	-436
Debt repaid			0	0	-750
Stock issued			7	95	122
Share buybacks		0	-7	-235	-197
Dividends paid	0	0	-766	-1,552	-1,581
Cash from financing	0	-1,583	-2,527	-1,565	-1,837
Exchange rate effect	-41	-61	-2	-91	68
Net change in cash	122	491	151	-312	-8
Free cash flow	39	2,150	2,699	1,335	1,722
Interest paid	0	0	224	439	440
Income taxes paid	363	316	699	810	595

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 28, 2026; growth uses fiscal years. Valuation uses the share price of $17.80 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	58.2%	Gross profit / revenue.
Operating margin	17.1%	Operating income / revenue.
EBITDA margin	20.3%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	14.4%	Pre-tax income / revenue.
Net margin	10.8%	Net income / revenue.
FCF margin	12.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	15.1%	Cash from operations / revenue.
Effective tax rate	25.4%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	15.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	6.2%	Net income / average total assets.
Return on invested capital (ROIC)	20.8%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	2.4%	Research and development expense / revenue.
SG&A / revenue	39.2%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.8%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.7%	Capital expenditures / revenue.
D&A / revenue	3.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-2.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	0.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit growth, 1y	-1.9%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	2.0%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income growth, 1y	31.1%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-3.4%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	20.6%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-3.6%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	42.7%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-10.7%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	40.7%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-14.1%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	24.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-4.5%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow growth, 1y	29.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-7.1%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share growth, 1y	1.9%	Dividend per share vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	11.3%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-18.6%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	5.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-0.3%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Share count change, 1y	0.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	3.9%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.01x	Current assets / current liabilities.
Quick ratio	0.61x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.19x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.00x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	0.0%	Total debt / total assets.
Liabilities / assets	60.5%	Total liabilities / total assets.
Net debt	-$1.11B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-0.35x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	6.19x	Operating income / interest expense.
Working capital	$32.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	66.1%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$7.12B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.58x	Revenue / average total assets.
Fixed asset turnover	6.92x	Revenue / average property, plant and equipment.
Inventory turnover	3.74x	Cost of revenue / average inventory.
Days inventory	98 days	365 x average inventory / cost of revenue.
Receivables turnover	6.22x	Revenue / average receivables.
Days sales outstanding	59 days	365 x average receivables / revenue.
Days payables	146 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	10 days	Days inventory + days sales outstanding - days payables.
FCF conversion	115.4%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	17.7%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.86	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$8.01	Revenue / diluted weighted shares.
FCF per share	$1.00	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.21	Cash from operations / diluted weighted shares.
Book value per share	$5.50	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$3.71	Tangible book value / shares outstanding.
Cash per share	$0.58	(Cash + short-term investments) / shares outstanding.
Payout ratio	96.0%	Dividends paid / net income, when net income is positive.
Dividends / FCF	83.2%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	3.7%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$34.19B	Share price x shares outstanding.
Enterprise value	$33.08B	Market cap + total debt - cash - short-term investments.
P/E	20.6x	Market cap / net income. Only when net income is positive.
P/S	2.22x	Market cap / revenue.
P/B	3.24x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	17.9x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	14.7x	Market cap / cash from operations, when positive.
EV/Sales	2.15x	Enterprise value / revenue.
EV/EBIT	12.6x	Enterprise value / operating income, when both are positive.
EV/EBITDA	10.6x	Enterprise value / EBITDA, when both are positive.
EV/FCF	17.3x	Enterprise value / free cash flow, when both are positive.
FCF yield	5.6%	Free cash flow / market cap.
Earnings yield	4.8%	Net income / market cap (the inverse of P/E).
Dividend yield	4.7%	Dividends paid over the period / market cap.
Shareholder yield	4.9%	(Dividends paid + share buybacks) / market cap.

What was Kenvue Inc.'s revenue in fiscal 2025?

Kenvue Inc. reported revenue of $15.12B for fiscal 2025, 2.1% lower than the year before.

Was Kenvue Inc. profitable in fiscal 2025?

Yes. Net income was $1.47B, a net margin of 9.7%.

How much free cash flow did Kenvue Inc. generate in fiscal 2025?

Cash from operations of $2.20B minus capital expenditures of $475.0M left free cash flow of $1.72B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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