Kenvue Inc. (KVUE) Balance Sheet

NYSE: KVUEAssets, liabilities, debt and equity over 6 years.

KVUE balance sheet, 2025

December 31, 2025 · U.S. dollars

$27.08B assets = $16.31B liabilities + $10.77B equity

Both columns are drawn to the same scale: what KVUE owns equals what it owes plus shareholders’ equity. Hover a block for its value.

KVUE financial health

Current ratio0.96

Tight · current assets cover current liabilities 0.96×

Debt / equity0.79

Moderate leverage · $0.79 of debt for each $1 of equity

Equity / assets39.8%

Balanced · of assets funded by shareholders

Cash / debt12.5%

Low cash cover · cash & short-term investments vs total debt

Goodwill & intangibles67.2%

Mostly intangible · of total assets

Descriptive bands, not a rating. Fiscal 2025.

KVUE balance sheet trends, 2020–2025

Kenvue Inc. balance sheet trends
Metric	Then	Latest	Change
Total assets	$29.18B2020	$27.08B2025	−1.5%/yr
Total liabilities	$10.82B2020	$16.31B2025	+8.6%/yr
Shareholders’ equity	$18.36B2020	$10.77B2025	−10.1%/yr
Cash & short-term investments	$618.0M2020	$1.06B2025	+11.4%/yr
Total debt	$320.0M2020	$8.52B2025	+92.8%/yr
Net cash (debt)	$298.0M2020	−$7.46B2025	−$7.8B
Working capital	−$2.90B2020	−$248.0M2025	+$2.7B
Book value per share	$9.722020	$5.602025	−10.5%/yr
Current ratio	0.612020	0.962025	+0.35
Debt / equity	0.022020	0.792025	+0.77
Shares outstanding	1.89B2020	1.92B2025	+0.4%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

KVUE assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

KVUE liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

KVUE debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

KVUE balance sheet

Kenvue Inc. annual balance sheet
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	$1.06B	$1.07B	$1.38B	$1.23B	$740.0M	$618.0M
Cash & equivalents	$1.06B	$1.07B	$1.38B	$1.23B	$740.0M	$618.0M
Receivables	$2.81B	$2.66B	$2.64B	$2.30B	$2.33B	$2.13B
Inventory	$1.67B	$1.59B	$1.85B	$2.23B	$1.70B	$1.69B
Other current assets	$155.0M	$205.0M	$265.0M	$123.0M	$154.0M	$162.0M
Total current assets	$5.70B	$5.53B	$6.14B	$5.88B	$4.93B	$4.59B
Property, plant & equipment (net)	$2.21B	$1.85B	$2.04B	$1.82B	$1.83B	$1.96B
Goodwill & intangible assets	$18.20B	$17.32B	$18.89B	$19.04B	$20.51B	$21.94B
Long-term investments	$0	$0	$0	$0	$0	$0
Other non-current assets	$964.0M	$910.0M	$781.0M	$581.0M	$664.0M	$689.0M
Total assets	$27.08B	$25.60B	$27.85B	$27.32B	$27.93B	$29.18B
Liabilities
Accounts payable	$2.47B	$2.25B	$2.49B	$1.83B	$1.83B	$1.58B
Short-term debt	$1.45B	$1.59B	$643.0M	$35.0M	$47.0M	$160.0M
Deferred revenue	—	—	$894.0M	—	−$129.0M	−$160.0M
Total current liabilities	$5.95B	$5.74B	$5.48B	$3.93B	$4.04B	$7.49B
Long-term debt	$6.94B	$6.94B	$7.69B	$8.93B	$0	$0
Lease obligations	$283.0M	$225.0M	$141.0M	$116.0M	$129.0M	—
Other long-term liabilities	$3.43B	$3.25B	$3.47B	$0	$3.49B	$3.33B
Total liabilities	$16.31B	$15.93B	$16.64B	$7.35B	$7.53B	$10.82B
Shareholders' equity
Common stock & paid-in capital	$19.0M	$19.0M	$19.0M	$25.43B	$24.87B	$21.93B
Retained earnings (deficit)	−$204.0M	−$93.0M	$429.0M	$0	—	—
Accumulated other comprehensive income	−$4.96B	−$6.15B	−$5.38B	−$5.46B	−$4.47B	−$3.57B
Total shareholders' equity	$10.77B	$9.67B	$11.21B	$19.97B	$20.40B	$18.36B
Key figures
Total debt	$8.52B	$8.72B	$8.43B	$9.05B	$129.0M	$320.0M
Net cash (debt)	−$7.46B	−$7.65B	−$7.04B	−$7.82B	$611.0M	$298.0M
Working capital	−$248.0M	−$214.0M	$657.0M	$1.95B	$885.0M	−$2.90B
Tangible book value	−$7.44B	−$7.65B	−$7.68B	$932.0M	−$112.0M	−$3.58B
Book value per share	$5.60	$5.03	$5.85	$10.43	$10.80	$9.72
Shares outstanding	1.92B	1.92B	1.92B	1.91B	1.89B	1.89B
Current ratio	0.96	0.96	1.12	1.50	1.22	0.61
Quick ratio	0.65	0.65	0.73	0.90	0.76	0.37
Debt / equity	0.79	0.90	0.75	0.45	0.01	0.02
Equity / assets	39.8%	37.8%	40.3%	73.1%	73.0%	62.9%

Kenvue Inc. quarterly balance sheet
	Jun '26	Mar '26	Dec '25	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24	Mar '24	Dec '23	Sep '23
Assets
Cash & short-term investments	$1.11B	$1.07B	$1.06B	$1.14B	$1.07B	$1.06B	$1.07B	$1.06B	$1.01B	$1.16B	$1.38B	$1.06B
Cash & equivalents	$1.11B	$1.07B	$1.06B	$1.14B	$1.07B	$1.06B	$1.07B	$1.06B	$1.01B	$1.16B	$1.38B	$1.06B
Receivables	$2.93B	$2.91B	$2.81B	$2.95B	$2.86B	$2.82B	$2.66B	$2.85B	$2.80B	$2.81B	$2.64B	$2.73B
Inventory	$1.72B	$1.67B	$1.67B	$1.79B	$1.78B	$1.68B	$1.59B	$1.82B	$1.85B	$1.88B	$1.85B	$1.89B
Other current assets	$141.0M	$135.0M	$155.0M	$152.0M	$152.0M	$156.0M	$205.0M	$210.0M	$221.0M	$253.0M	$265.0M	$219.0M
Total current assets	$5.90B	$5.79B	$5.70B	$6.03B	$5.85B	$5.71B	$5.53B	$5.94B	$5.88B	$6.10B	$6.14B	$5.89B
Property, plant & equipment (net)	$2.23B	$2.21B	$2.21B	$2.09B	$2.04B	$1.93B	$1.85B	$1.78B	$2.00B	$2.00B	$2.04B	$1.87B
Goodwill & intangible assets	$17.67B	$17.92B	$18.20B	$18.16B	$18.29B	$17.72B	$17.32B	$18.18B	$17.73B	$18.41B	$18.89B	$18.46B
Long-term investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Other non-current assets	$939.0M	$935.0M	$964.0M	$967.0M	$950.0M	$898.0M	$910.0M	$1.02B	$823.0M	$771.0M	$781.0M	$850.0M
Total assets	$26.73B	$26.85B	$27.08B	$27.25B	$27.13B	$26.26B	$25.60B	$26.93B	$26.44B	$27.28B	$27.85B	$27.08B
Liabilities
Accounts payable	$2.58B	$2.53B	$2.47B	$2.44B	$2.57B	$2.33B	$2.25B	$2.27B	$2.44B	$2.60B	$2.49B	$2.28B
Short-term debt	$1.41B	$1.59B	$1.45B	$1.95B	$1.59B	$2.47B	$1.59B	$1.69B	$1.47B	$1.57B	$643.0M	$559.0M
Deferred revenue	—	—	—	—	—	—	—	—	$96.0M	$164.0M	$142.0M	—
Total current liabilities	$5.87B	$5.90B	$5.95B	$6.16B	$5.99B	$6.67B	$5.74B	$5.95B	$5.94B	$6.17B	$5.48B	$5.16B
Long-term debt	$7.07B	$7.07B	$6.94B	$7.06B	$7.06B	$6.20B	$6.94B	$7.05B	$7.05B	$7.03B	$7.69B	$7.68B
Lease obligations	$133.0M	$141.0M	$283.0M	$136.0M	$134.0M	$225.2M	$225.0M	$126.0M	$128.0M	$142.0M	$141.0M	$152.0M
Other long-term liabilities	$3.24B	$3.28B	$3.43B	$3.40B	$3.36B	$3.34B	$3.25B	$3.28B	$3.28B	$3.46B	$3.47B	$3.34B
Total liabilities	$16.18B	$16.25B	$16.31B	$16.61B	$16.40B	$16.20B	$15.93B	$16.28B	$16.27B	$16.66B	$16.64B	$16.18B
Shareholders' equity
Common stock & paid-in capital	$19.0M	$19.0M	$19.0M	$19.0M	$19.0M	$19.0M	$19.0M	$19.0M	$19.0M	$19.0M	$19.0M	$19.0M
Retained earnings (deficit)	−$70.0M	−$128.0M	−$204.0M	−$136.0M	−$136.0M	−$163.0M	−$93.0M	$7.0M	$17.0M	$342.0M	$429.0M	$485.0M
Accumulated other comprehensive income	−$5.35B	−$5.21B	−$4.96B	−$5.13B	−$5.07B	−$5.70B	−$6.15B	−$5.36B	−$5.83B	−$5.67B	−$5.38B	−$5.74B
Total shareholders' equity	$10.55B	$10.61B	$10.77B	$10.63B	$10.73B	$10.05B	$9.67B	$10.64B	$10.18B	$10.62B	$11.21B	$10.89B
Key figures
Total debt	$8.48B	$8.66B	$8.52B	$9.11B	$8.74B	$8.85B	$8.72B	$8.83B	$8.61B	$8.70B	$8.43B	$8.35B
Net cash (debt)	−$7.37B	−$7.59B	−$7.46B	−$7.97B	−$7.67B	−$7.80B	−$7.65B	−$7.77B	−$7.59B	−$7.54B	−$7.04B	−$7.29B
Working capital	$32.0M	−$101.0M	−$248.0M	−$124.0M	−$134.0M	−$956.0M	−$214.0M	−$5.0M	−$56.0M	−$69.0M	$657.0M	$733.0M
Tangible book value	−$7.12B	−$7.31B	−$7.44B	−$7.52B	−$7.56B	−$7.67B	−$7.65B	−$7.54B	−$7.56B	−$7.79B	−$7.68B	−$7.57B
Book value per share	$5.49	$5.52	$5.61	$5.53	$5.57	$5.22	$5.01	$5.53	$5.30	$5.53	$5.85	$5.69
Shares outstanding	1.92B	1.92B	1.92B	1.92B	1.93B	1.93B	1.93B	1.92B	1.92B	1.92B	1.92B	1.91B
Current ratio	1.01	0.98	0.96	0.98	0.98	0.86	0.96	1.00	0.99	0.99	1.12	1.14
Quick ratio	0.69	0.68	0.65	0.66	0.66	0.58	0.65	0.66	0.64	0.64	0.73	0.73
Debt / equity	0.80	0.82	0.79	0.86	0.81	0.88	0.90	0.83	0.85	0.82	0.75	0.77
Equity / assets	39.5%	39.5%	39.8%	39.0%	39.5%	38.3%	37.8%	39.5%	38.5%	38.9%	40.3%	40.2%

Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 20, 2026); data from EODHD.

KVUE financial position

At the end of fiscal 2025 (December 31, 2025), Kenvue had total assets of $27.1 billion (up 5.8% from a year earlier), total liabilities of $16.3 billion and shareholders' equity of $10.8 billion. It held $1.1 billion in cash and short-term investments against $8.5 billion of debt, net debt of $7.5 billion. Its current ratio was 0.96. In the latest quarter (ended June 30, 2026) total assets were $26.7 billion and equity $10.6 billion.

Related: KVUE income statement, KVUE cash flow statement, KVUE key metrics. See the KVUE stock overview for the latest quote and news.

KVUE balance sheet FAQ

What are Kenvue's total assets?

Kenvue reported total assets of $27.1 billion at the end of fiscal 2025 (December 31, 2025), compared with $25.6 billion a year earlier.

How much debt does Kenvue have?

Kenvue had $8.5 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.79.

How much cash does Kenvue have?

Kenvue held $1.1 billion in cash and short-term investments at the end of fiscal 2025; with $8.5 billion of debt that is net debt of $7.5 billion.

What is Kenvue's book value?

Kenvue's shareholders' equity (book value) was $10.8 billion at the end of fiscal 2025, or $5.60 per share.

What is Kenvue's current ratio?

Kenvue had current assets of $5.7 billion and current liabilities of $5.9 billion, a current ratio of 0.96 (current liabilities exceed current assets).

How much goodwill does Kenvue have?

Kenvue carried $18.2 billion of goodwill and intangible assets, 67.2% of total assets, at the end of fiscal 2025.