Kimberly-Clark Corporation (KMB) Cash Flow Statement
Where KMB’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $2.78B −14.1% vs 2024
- Capital expenditures
- $1.14B 6.6% of revenue
- Free cash flow
- $1.64B 9.5% margin
- Returned to shareholders
- $1.80B 110% of free cash flow
- Change in cash
- −$519.0M cash at year-end $688.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
KMB operating cash flow, capex and free cash flow
KMB cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $3.23B2016 | $2.78B2025 | −1.7%/yr | |
| Capital expenditures | $771.0M2016 | $1.14B2025 | +4.4%/yr | |
| Free cash flow | $2.46B2016 | $1.64B2025 | −4.4%/yr | |
| Free cash flow margin | 13.5%2016 | 9.5%2025 | −4.0 pts | |
| Operating cash flow / net income | 1.492016 | 1.362025 | −0.14 | |
| Stock-based compensation | $77.0M2016 | $140.0M2025 | +6.9%/yr | |
| Dividends paid | $1.31B2016 | $1.66B2025 | +2.7%/yr | |
| Share buybacks (net) | $739.0M2016 | $141.0M2025 | −16.8%/yr | |
| Capex / revenue | 4.2%2016 | 6.6%2025 | +2.4 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
KMB cash flow by activity
KMB net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
KMB cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $2.05B | $2.58B | $1.76B | $1.96B | $1.84B | $2.40B | $2.20B | $1.41B | $2.28B | $2.17B |
| Depreciation & amortization | $805.0M | $781.0M | $753.0M | $754.0M | $766.0M | $796.0M | $917.0M | $882.0M | $724.0M | $705.0M |
| Stock-based compensation | $140.0M | $131.0M | $169.0M | $150.0M | $26.0M | $147.0M | $96.0M | $41.0M | $76.0M | $77.0M |
| Change in working capital | −$480.0M | $178.0M | $582.0M | −$17.0M | $46.0M | $363.0M | −$288.0M | $389.0M | −$148.0M | $334.0M |
| Other non-cash items | $263.0M | −$434.0M | $274.0M | −$115.0M | $48.0M | $27.0M | −$186.0M | $248.0M | −$1.0M | −$50.0M |
| Cash from operating activities | $2.78B | $3.23B | $3.54B | $2.73B | $2.73B | $3.73B | $2.74B | $2.97B | $2.93B | $3.23B |
| Investing activities | ||||||||||
| Capital expenditures | −$1.14B | −$721.0M | −$766.0M | −$876.0M | −$1.01B | −$1.22B | −$1.21B | −$877.0M | −$785.0M | −$771.0M |
| Investments (net) | $105.0M | −$100.0M | −$534.0M | −$785.0M | −$82.0M | −$63.0M | −$568.0M | −$353.0M | −$214.0M | −$193.0M |
| Acquisitions & other investing | $82.0M | $721.0M | $882.0M | $876.0M | $33.0M | −$1.02B | $735.0M | $328.0M | $148.0M | $232.0M |
| Cash from investing activities | −$951.0M | −$100.0M | −$418.0M | −$785.0M | −$1.06B | −$2.31B | −$1.04B | −$902.0M | −$851.0M | −$732.0M |
| Financing activities | ||||||||||
| Dividends paid | −$1.66B | −$1.63B | −$1.59B | −$1.56B | −$1.52B | −$1.45B | −$1.41B | −$1.39B | −$1.36B | −$1.31B |
| Share repurchases & issuance (net) | −$141.0M | −$1.00B | −$225.0M | −$100.0M | −$400.0M | −$700.0M | −$800.0M | −$800.0M | −$911.0M | −$739.0M |
| Net borrowing (repayment) | −$275.0M | −$553.0M | −$483.0M | −$51.0M | $239.0M | $430.0M | $302.0M | $66.0M | −$184.0M | −$213.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$103.0M | $15.0M | −$78.0M | −$51.0M | −$19.0M | $154.0M | $114.0M | $5.0M | $33.0M | $78.0M |
| Cash from financing activities | −$2.18B | −$3.17B | −$2.37B | −$1.76B | −$1.70B | −$1.57B | −$1.79B | −$2.12B | −$2.42B | −$2.19B |
| Summary | ||||||||||
| Net change in cash | −$519.0M | −$72.0M | $666.0M | $157.0M | −$33.0M | −$139.0M | −$97.0M | −$77.0M | −$307.0M | $304.0M |
| Cash at end of period | $688.0M | $1.02B | $1.09B | $427.0M | $270.0M | $303.0M | $442.0M | $539.0M | $616.0M | $923.0M |
| Free cash flow | $1.64B | $2.51B | $2.78B | $1.86B | $1.72B | $2.51B | $1.53B | $2.09B | $2.14B | $2.46B |
| Free cash flow margin | 9.5% | 12.5% | 13.6% | 9.2% | 8.9% | 13.1% | 8.3% | 11.3% | 11.7% | 13.5% |
| Capex / revenue | 6.6% | 3.6% | 3.7% | 4.3% | 5.2% | 6.4% | 6.6% | 4.7% | 4.3% | 4.2% |
| Operating cash flow / net income | 1.36 | 1.25 | 2.01 | 1.39 | 1.48 | 1.56 | 1.25 | 2.11 | 1.29 | 1.49 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $350.0M | $675.0M | $510.0M | $454.0M | $512.0M | $573.0M | $452.0M | $935.0M | $544.0M | $647.0M | $512.0M | $591.0M |
| Depreciation & amortization | $167.0M | $193.0M | $189.0M | $176.0M | $222.0M | $218.0M | $217.0M | $191.0M | $188.0M | $185.0M | $187.0M | $189.0M |
| Stock-based compensation | $41.0M | $23.0M | $25.0M | $42.0M | $41.0M | $32.0M | $21.0M | $39.0M | $39.0M | $32.0M | $38.0M | $60.0M |
| Change in working capital | $515.0M | −$116.0M | $199.0M | $472.0M | $5.0M | −$477.0M | $24.0M | $289.0M | $232.0M | −$372.0M | $471.0M | $146.0M |
| Other non-cash items | −$165.0M | −$30.0M | $49.0M | −$436.0M | −$10.0M | −$19.0M | $103.0M | −$496.0M | $18.0M | −$54.0M | $7.0M | −$59.0M |
| Cash from operating activities | $908.0M | $745.0M | $972.0M | $708.0M | $770.0M | $327.0M | $817.0M | $958.0M | $1.02B | $438.0M | $1.22B | $927.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −$352.0M | −$424.0M | −$397.0M | −$401.0M | −$197.0M | −$204.0M | −$209.0M | −$160.0M | −$158.0M | −$194.0M | −$217.0M | −$160.0M |
| Investments (net) | −$67.0M | $33.0M | $64.0M | −$338.0M | −$193.0M | −$119.0M | −$194.0M | $470.0M | −$195.0M | −$181.0M | −$152.0M | −$191.0M |
| Acquisitions & other investing | $9.0M | $36.0M | −$2.66B | $1.05B | $197.0M | $204.0M | $209.0M | $160.0M | $158.0M | $194.0M | $217.0M | $85.0M |
| Cash from investing activities | −$410.0M | −$355.0M | −$2.99B | $312.0M | −$193.0M | −$119.0M | −$194.0M | $470.0M | −$195.0M | −$181.0M | −$152.0M | −$266.0M |
| Financing activities | ||||||||||||
| Dividends paid | −$425.0M | −$418.0M | −$418.0M | −$418.0M | −$419.0M | −$405.0M | −$408.0M | −$411.0M | −$411.0M | −$398.0M | −$399.0M | −$399.0M |
| Share repurchases & issuance (net) | $0 | $0 | −$1.0M | −$20.0M | −$59.0M | −$61.0M | −$248.0M | −$596.0M | −$102.0M | −$54.0M | −$130.0M | −$32.0M |
| Net borrowing (repayment) | $764.0M | −$87.0M | −$139.0M | $63.0M | $6.0M | −$205.0M | −$1.0M | −$559.0M | — | — | — | −$29.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$34.0M | −$22.0M | $417.0M | $1.56B | −$28.0M | −$12.0M | −$29.0M | $84.0M | $0 | −$33.0M | −$225.0M | −$8.0M |
| Cash from financing activities | $305.0M | −$527.0M | −$141.0M | $1.18B | −$500.0M | −$683.0M | −$686.0M | −$1.48B | −$513.0M | −$485.0M | −$754.0M | −$468.0M |
| Summary | ||||||||||||
| Net change in cash | $804.0M | −$142.0M | $71.0M | −$40.0M | $94.0M | −$458.0M | −$90.0M | −$52.0M | $310.0M | −$240.0M | $279.0M | $234.0M |
| Cash at end of period | $1.36B | $559.0M | $688.0M | $617.0M | $657.0M | $563.0M | $1.02B | $1.11B | $1.16B | $853.0M | $1.09B | $814.0M |
| Free cash flow | $556.0M | $321.0M | $575.0M | $1.11B | $573.0M | $123.0M | $608.0M | $798.0M | $863.0M | $244.0M | $998.0M | $767.0M |
| Free cash flow margin | 13.3% | 7.7% | 14.1% | 26.8% | 13.8% | 2.5% | 12.3% | 19.3% | 20.4% | 4.7% | 20.1% | 14.9% |
| Capex / revenue | 8.4% | 10.2% | 9.7% | 9.7% | 4.7% | 4.2% | 4.2% | 3.9% | 3.7% | 3.8% | 4.4% | 3.1% |
| Operating cash flow / net income | 2.59 | 1.10 | 1.91 | 1.56 | 1.50 | 0.57 | 1.81 | 1.02 | 1.88 | 0.68 | 2.37 | 1.57 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
KMB cash generation
In fiscal 2025 (ended December 31, 2025), Kimberly-Clark generated $2.8 billion of cash from operations (down 14.1%) and spent $1.1 billion on capital expenditures, leaving free cash flow of $1.6 billion, 9.5% of revenue. It returned $1.8 billion to shareholders through dividends ($1.7 billion) and net share buybacks ($141.0 million). Cash and equivalents fell by $519.0 million over the year.
Related: KMB income statement, KMB balance sheet, KMB dividend history. See the KMB stock overview for the latest quote and news.
KMB cash flow FAQ
What is Kimberly-Clark's free cash flow?
Kimberly-Clark's free cash flow was $1.6 billion in fiscal 2025: $2.8 billion of operating cash flow minus $1.1 billion of capital expenditures It was $2.5 billion a year earlier..
How much cash does Kimberly-Clark generate from operations?
Kimberly-Clark generated $2.8 billion of cash from operating activities in fiscal 2025, 1.36 times its net income of $2.0 billion.
How much does Kimberly-Clark spend on capital expenditures?
Kimberly-Clark spent $1.1 billion on capital expenditures in fiscal 2025, 6.6% of revenue, compared with $721.0 million the year before.
How much stock does Kimberly-Clark buy back?
Kimberly-Clark spent $141.0 million on net share repurchases in fiscal 2025.
How much does Kimberly-Clark pay in dividends?
Kimberly-Clark paid $1.7 billion in dividends in fiscal 2025, 101.3% of free cash flow.