KVUENYSEPerfumes, Cosmetics & Other Toilet PreparationsUS GAAP · USD

Kenvue Inc.

Kenvue Inc. is a consumer health company built around everyday self-care, skin health, and essential health products sold under brands such as Tylenol, Listerine, Neutrogena, BAND-AID, Aveeno, Johnson’s, Nicorette, and Zyrtec. The company combines consumer marketing, scientific claims, and healthcare-professional trust to sell over-the-counter medicines, oral care, skin care, and personal care products in more than 165 countries.

Revenue15.1bn USD
−2.1 %y/y
Operating profit (EBIT)2,414m USD
+31.1 %y/y
EBIT margin16.0%
+4.0 ppy/y
Net income1,470m USD
+42.7 %y/y
Free cash flow1,722m USD
+29.0 %y/y

Fiscal year 2025 · change from previous year

Development 2022–2025

05101520bn USD2022: 15.1 bn USD2022: EBIT 2.9 bn USD20222023: 15.4 bn USD2023: EBIT 2.5 bn USD20232024: 15.5 bn USD2024: EBIT 1.8 bn USD20242025: 15.1 bn USD2025: EBIT 2.4 bn USD202515.12.4
RevenueOperating profit (EBIT)

Business

Share of revenue
Self Care41 %

Includes OTC medicines and consumer health products for pain, allergy, cough/cold, and smoking cessation.

Skin Health and Beauty28 %

Includes facial care, body care, and dermatologist-recommended skin brands such as Neutrogena and Aveeno.

Essential Health31 %

Includes oral care, baby care, and wound care products used in daily routines and basic household care.

Customers

Kenvue sells primarily through retail and consumer health channels to households that buy trusted, repeat-use products for everyday care. Its customers also include large-format retailers, pharmacy chains, and e-commerce platforms that use bargaining power to negotiate pricing, trade support, and promotional terms. Demand is driven by brand trust, scientific credibility, and convenience rather than complex installation or service requirements.

Mass retail and pharmacy channels

Buy Tylenol, Listerine, Neutrogena, and other staples for broad consumer resale and shelf traffic.

Household consumers

Purchase everyday care products for pain relief, oral care, skin care, baby care, and first aid.

E-commerce and digital shoppers

Buy through online marketplaces and direct digital channels where search, reviews, and convenience matter.

Healthcare-influenced consumers

Choose products such as Nicorette, Zyrtec, and Tylenol based on efficacy and professional recommendation.

Strategy

Kenvue is focused on transforming into a more efficient, digitally enabled consumer health company while improving execution and profitability. Management is using restructuring, shared services, and supply-chain optimization to fund brand investment, strengthen commercial capabilities, and support sustainable growth. In July 2025, the board also launched a strategic review of alternatives, including portfolio optimization, to unlock value.

Operational transformation and cost reductionShort term

Lower overhead and improve margins so more cash can be reinvested in brands and capabilities.

Digital and commercial capability buildingMedium term

Better consumer targeting and e-commerce execution are needed in a more fragmented retail environment.

Portfolio and strategic reviewShort term

Portfolio optimization may improve growth quality and unlock value across brands and categories.

Geography

2025

Kenvue operates globally across North America, APAC, EMEA, and LATAM, with products marketed in more than 165 countries. The company’s manufacturing and supply chain are described as globally balanced and purpose-built to shift resources across regions, which helps it manage retailer demand swings, shipping timing, and local consumer trends. China is specifically called out in the reports as a market where changing shopping patterns and consumer sentiment have affected performance in skin health.

North America34 %
United States30 %
Europe, Middle East and Africa17 %
Asia Pacific13 %
Latin America6.3 %

Share of the revenue the company reports by geography.

Risks

Kenvue faces pressure from powerful retailers, changing consumer preferences, and intense competition from CPG, pharma, private label, and niche brands. Its transformation also creates execution risk through restructuring, IT modernization, cybersecurity exposure, and dependence on third parties for manufacturing and supply. In addition, product quality, regulatory compliance, and litigation remain important because the company sells health-related products with consumer safety implications.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Retail concentration and bargaining pressure1Consumer preference and demand volatility2Supply chain and third-party manufacturing dependence3Cybersecurity and technology systems disruption4Regulatory, litigation, and product safety exposure5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Retail concentration and bargaining pressureImpact: HighLikelihood: Medium

    Large customers and buying alliances can demand more trade promotions, media support, and discounts, reducing profitability.

    Exposure: U.S. and global retail channels

  2. Consumer preference and demand volatilityImpact: HighLikelihood: Medium

    The company depends on fast response to changing shopping patterns, seasonality, and regional trends.

    ExposureSkin healthAllergyCough/coldOTC categories
  3. Supply chain and third-party manufacturing dependenceImpact: HighLikelihood: Medium

    Kenvue relies on external partners and a global network, which reduces direct control over quality and continuity.

    Exposure: Global sourcing and manufacturing

  4. Cybersecurity and technology systems disruptionImpact: HighLikelihood: Medium

    Digital strategy and third-party integrations increase exposure to breaches, outages, and data misuse.

    ExposureEnterprise systemsE-commerceVendor networks
  5. Regulatory, litigation, and product safety exposureImpact: HighLikelihood: Medium

    Consumer health products face FDA oversight, compliance scrutiny, and potential claims tied to safety or labeling.

    Exposure: OTC medicines and personal care products

Accounting

Judgemental items
Revenue recognition and variable consideration

Trade promotions, rebates, discounts, and returns are estimated at sale and reduce net sales.

Impact: Can shift reported revenue and gross margin when estimates change

Seasonality and shipment timing

Allergy, cough/cold, and pediatric pain categories can fluctuate materially by quarter.

Impact: Affects comparability of quarterly sales and inventory levels

Goodwill and intangible asset impairment

Brand and asset values depend on forecasts and market assumptions, as shown by Dr.Ci:Labo charges.

Impact: Can create large non-cash charges and signal weaker category outlook

Restructuring and operating model optimization

Our Vue Forward and related initiatives generate workforce, IT, and project costs.

Impact: Impacts operating expenses and near-term earnings

Tax and litigation contingencies

The company operates globally and faces ordinary-course legal and regulatory matters.

Impact: Can affect tax expense, reserves, and cash flows

Publicly listed companies with a comparable business focus.

Last updated: 24/09/2026

Kenvue Inc. (KVUE) Revenue, Earnings & Financials 2025 – Clarifo