Kenvue Inc. (KVUE) Income Statement
KVUE 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsKVUE revenue and net income
Where KVUE's revenue goes
2025Each bar shows an amount and its share of revenue. KVUE kept 9.7% of revenue as net income.
KVUE profit margins
KVUE growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −2.1% | +0.4% | +0.9% | — |
| Gross profit | −1.9% | +2.0% | +2.3% | — |
| Operating income | +46.9% | +0.4% | — | — |
| Net income | +42.7% | −10.7% | — | — |
| EPS (diluted) | −5.3% | −1.5% | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
KVUE quarterly EPS vs estimates
Kenvue beat the analyst EPS estimate in 7 of the last 8 quarters. Next report: November 2, 2026 (estimate $0.28).
KVUE income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|
| Revenue | $15.12B | $15.46B | $15.44B | $14.95B | $15.05B | $14.47B | $14.32B |
| Cost of revenue | $6.33B | $6.50B | $6.80B | $6.67B | $6.63B | $6.62B | $6.66B |
| Gross profit | $8.79B | $8.96B | $8.64B | $8.29B | $8.42B | $7.85B | $7.66B |
| Research & development | $382.0M | — | $399.0M | $375.0M | $355.0M | $320.0M | $391.0M |
| Sales, general & admin | $6.09B | $6.03B | $5.68B | $4.28B | $4.02B | $4.96B | $5.20B |
| Total operating expenses | $6.09B | $7.12B | $6.13B | $5.61B | $5.50B | $8.83B | $5.82B |
| Operating income | $2.70B | $1.84B | $2.51B | $2.67B | $2.92B | −$979.0M | $1.85B |
| Interest income | $51.0M | $53.0M | $108.0M | $0 | $0 | — | — |
| Interest expense | $379.0M | $431.0M | $358.0M | $0 | $0 | — | — |
| Income before taxes | $2.00B | $1.42B | $2.19B | $2.64B | $2.92B | −$1.02B | $2.12B |
| Income taxes | $529.0M | $385.0M | $526.0M | $573.0M | $847.0M | −$137.0M | $685.0M |
| Net income | $1.47B | $1.03B | $1.66B | $2.06B | $2.08B | −$879.0M | $1.44B |
| EBITDA | $2.94B | $2.47B | $3.17B | $3.28B | $3.66B | $3.73B | $3.11B |
| EPS (diluted) | $1.08 | $1.14 | $1.13 | $1.13 | $1.10 | — | — |
| Gross margin | 58.1% | 58.0% | 56.0% | 55.4% | 55.9% | 54.2% | 53.5% |
| Operating margin | 17.9% | 11.9% | 16.3% | 17.9% | 19.4% | −6.8% | 12.9% |
| Net margin | 9.7% | 6.7% | 10.8% | 13.8% | 13.8% | −6.1% | 10.0% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.96B | $3.91B | $3.78B | $3.76B | $3.84B | $3.74B | $3.66B | $3.90B | $4.00B | $3.89B | $3.67B | $3.92B |
| Cost of revenue | $1.65B | $1.61B | $1.64B | $1.54B | $1.58B | $1.57B | $1.59B | $1.62B | $1.64B | $1.65B | $1.62B | $1.67B |
| Gross profit | $2.30B | $2.30B | $2.14B | $2.23B | $2.26B | $2.17B | $2.07B | $2.28B | $2.37B | $2.24B | $2.04B | $2.25B |
| Research & development | — | $84.0M | — | — | $91.0M | $99.0M | $106.0M | $97.0M | $105.0M | $100.0M | $133.0M | $78.0M |
| Sales, general & admin | $1.54B | $1.45B | $1.53B | $1.51B | $1.50B | $1.54B | $403.0M | $1.59B | $1.64B | $1.57B | $237.0M | $1.53B |
| Total operating expenses | $1.60B | $1.45B | $1.31B | $1.60B | $1.57B | $1.61B | $1.59B | $1.63B | $2.21B | $1.69B | $1.58B | $1.54B |
| Operating income | $699.0M | $855.0M | $825.0M | $629.0M | $692.0M | $558.0M | $483.0M | $654.0M | $154.0M | $550.0M | $460.0M | $710.0M |
| Interest income | $13.0M | $11.0M | $11.0M | $14.0M | $13.0M | $13.0M | — | — | $14.0M | $14.0M | — | — |
| Interest expense | $90.0M | $95.0M | $98.0M | $93.0M | $107.0M | $107.0M | $148.0M | $96.0M | $106.0M | $109.0M | $204.0M | $100.0M |
| Income before taxes | $598.0M | $672.0M | $427.0M | $526.0M | $588.0M | $458.0M | $346.0M | $577.0M | $65.0M | $427.0M | $357.0M | $585.0M |
| Income taxes | $142.0M | $198.0M | $97.0M | $128.0M | $168.0M | $136.0M | $53.0M | $194.0M | $7.0M | $131.0M | $30.0M | $147.0M |
| Net income | $456.0M | $474.0M | $330.0M | $398.0M | $420.0M | $322.0M | $293.0M | $383.0M | $58.0M | $296.0M | $327.0M | $438.0M |
| EBITDA | $833.0M | $910.0M | $663.0M | $760.0M | $837.0M | $701.0M | $644.0M | $855.0M | $312.0M | $685.0M | $735.0M | $838.0M |
| EPS (diluted) | $0.31 | $0.32 | $0.27 | $0.28 | $0.29 | $0.24 | $0.26 | $0.28 | $0.32 | $0.28 | $0.31 | $0.31 |
| Gross margin | 58.2% | 58.9% | 56.5% | 59.1% | 58.9% | 58.0% | 56.5% | 58.5% | 59.1% | 57.6% | 55.7% | 57.5% |
| Operating margin | 17.7% | 21.9% | 21.8% | 16.7% | 18.0% | 14.9% | 13.2% | 16.8% | 3.9% | 14.1% | 12.5% | 18.1% |
| Net margin | 11.5% | 12.1% | 8.7% | 10.6% | 10.9% | 8.6% | 8.0% | 9.8% | 1.5% | 7.6% | 8.9% | 11.2% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in KVUE's financial statements (latest annual report filed February 20, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
KVUE financial results
In fiscal year 2025 (ended December 31, 2025), Kenvue reported revenue of $15.1 billion, down 2.1% from the year before. It had net income of $1.5 billion (up 42.7%), a net profit margin of 9.7%. Diluted earnings per share came to $1.08. Over five years revenue grew at an average rate of 0.9% a year.
See the KVUE stock overview for the latest quote and news, or the KVUE chart for price history and technical indicators.
KVUE income statement FAQ
What is Kenvue's annual revenue?
Kenvue reported total revenue of $15.1 billion for fiscal year 2025, which ended on December 31, 2025. That was down 2.1% from $15.5 billion the previous year.
Is Kenvue profitable?
Yes. Kenvue reported net income of $1.5 billion in fiscal 2025, a net profit margin of 9.7%; its operating margin was 17.9%.
What is Kenvue's gross margin?
Kenvue's gross margin was 58.1% in fiscal 2025: for every $100 of revenue, Kenvue kept $58 after the direct cost of its products and services.
How much does Kenvue spend on research and development?
Kenvue spent $382.0 million on research and development in fiscal 2025, 2.5% of revenue.
How fast is Kenvue growing?
Revenue grew 0.9% a year on average over the last five fiscal years, from $14.5 billion to $15.1 billion.
What are Kenvue's earnings per share?
Kenvue earned $1.08 per diluted share in fiscal 2025, compared with $1.14 a year earlier.
When will Kenvue report its next earnings?
Kenvue is expected to report results for the quarter ending September 30, 2026 on November 2, 2026.
When does Kenvue's fiscal year end?
Kenvue's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 20, 2026.