Jun 2025 (Q2 FY25) — Aug 7, 2025
Kenvue Q2 FY25 — Revised Guidance and Operational Turnaround Focus
Read the full callKenvue (KVUE) earnings
- Jun 2026
- Jun 2025 (Q2 FY25)
- Dec 2025
Kenvue earnings: last reported Thu, 7 Aug 2025, for the quarter ended Jun 2025.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 3,955 | +3.0% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 17.7 | −0.4 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 456 | +8.6% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
15 of 22 judged targets kept · 26 open · verdicts reflect calls analysed to Jun 2025.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Second-quarter organic sales growth | acceleration into positive territory | Dec 2024 | in quarter 2, organic sales declined 4.2%, which was below our expectations, and I'll discuss the drivers shortly | Missed |
| Full-year adjusted diluted EPS | flat to up 2% versus 2024 | Dec 2024 | Taking these factors into account and maintaining the same below-the-line assumptions gets us to a full year adjusted diluted EPS in the range of $1 to $1.05, including a low single-digit drag from currency. | Revised Down |
| Complete exit of all transition services agreements with Johnson & Johnson | fully exit all TSAs by mid-2025 | Sep 2024 | In April, we reached a major operational milestone completing our transition services agreement program, finalizing the exit of more than 2,300 TSAs as per plan and without any disruption to our business. | Achieved |
7 of Kenvue Inc.'s 48 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 45 more targets are in the full ledger.
Claimed
- Zyrtec strengthened its leadership position and grew household penetration in the U.S. allergy category despite a soft season.
- Tylenol continued its streak of 12 consecutive quarters of share improvement in the U.S. adult segment.
- Global consumption of Skin Health and Beauty brands stabilized for the first time in over a year, driven by growth in EMEA, Latin America, and Asia Pacific.
- The international Nicorette franchise achieved 7 consecutive quarters of share gains, driving top-line growth for the brand.
- Johnson's Baby in Brazil realized its second consecutive quarter of year-over-year share growth, reclaiming the #1 prescribed brand position.
Qualified
- Organic sales declined 4.2% in Q2, falling below expectations due to category deceleration, seasonal impacts, and inventory dynamics.
- Full-year 2025 organic sales guidance was revised to 'down low single digits' from prior expectations.
- Full-year 2025 adjusted diluted EPS guidance was lowered to a range of $1.00 to $1.05.
- Adjusted gross margin contracted 70 basis points year-over-year to 60.9% due to input cost inflation, unfavorable mix, currency, and strategic price investments.
- The Listerine mouthwash business is losing share across the total U.S. market, despite online gains and strong performance in its premium line.
Price
$18.87 −0.21% · −$0.04
Performance +23.4% 1Y
1Y: $15.29 on 17 Oct 2025 → $18.87. High $19.83 (2 Jul 2026), low $14.24 (30 Oct 2025).
- Previous close
- $18.91
- 52-week range
- $14.24 – $19.83
- One year
- +26.14%
Overview
- Symbol
- KVUE
- Sector
- Consumer Staples
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
15 of 22 judged targets kept · 26 open · verdicts reflect calls analysed to Jun 2025.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Second-quarter organic sales growth | acceleration into positive territory | Dec 2024 | in quarter 2, organic sales declined 4.2%, which was below our expectations, and I'll discuss the drivers shortly | Missed |
| Full-year adjusted diluted EPS | flat to up 2% versus 2024 | Dec 2024 | Taking these factors into account and maintaining the same below-the-line assumptions gets us to a full year adjusted diluted EPS in the range of $1 to $1.05, including a low single-digit drag from currency. | Revised Down |
| Complete exit of all transition services agreements with Johnson & Johnson | fully exit all TSAs by mid-2025 | Sep 2024 | In April, we reached a major operational milestone completing our transition services agreement program, finalizing the exit of more than 2,300 TSAs as per plan and without any disruption to our business. | Achieved |
Claimed
- Zyrtec strengthened its leadership position and grew household penetration in the U.S. allergy category despite a soft season.
- Tylenol continued its streak of 12 consecutive quarters of share improvement in the U.S. adult segment.
- Global consumption of Skin Health and Beauty brands stabilized for the first time in over a year, driven by growth in EMEA, Latin America, and Asia Pacific.
- The international Nicorette franchise achieved 7 consecutive quarters of share gains, driving top-line growth for the brand.
- Johnson's Baby in Brazil realized its second consecutive quarter of year-over-year share growth, reclaiming the #1 prescribed brand position.
Qualified
- Organic sales declined 4.2% in Q2, falling below expectations due to category deceleration, seasonal impacts, and inventory dynamics.
- Full-year 2025 organic sales guidance was revised to 'down low single digits' from prior expectations.
- Full-year 2025 adjusted diluted EPS guidance was lowered to a range of $1.00 to $1.05.
- Adjusted gross margin contracted 70 basis points year-over-year to 60.9% due to input cost inflation, unfavorable mix, currency, and strategic price investments.
- The Listerine mouthwash business is losing share across the total U.S. market, despite online gains and strong performance in its premium line.
The full ledger
Open Kenvue Inc.’s full ledger
A free account opens 5 company ledgers a month. All 48 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2025 (Q1 FY25) — May 8, 2025
Kenvue Q1 FY25 — Strategic Investments and Tariff Headwinds Impact Q1, Full-Year Outlook Maintained
Read the full callDec 2024 (Q4 FY24) — Feb 6, 2025
Kenvue Q4 FY24 — Organic Sales Miss Expectations Amidst Seasonal Headwinds, Strong Margin Expansion and Increased Brand Investment
Read the full callEvery analysed call
Kenvue earnings calls (KVUE)
Financials
What the filings say
Net profit, year on year: +9% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 3,899 | 3,662 | 3,741 | 3,839 | 3,764 | 3,780 | 3,909 | 3,955 |
| Operating profit | 654 | 483 | 558 | 692 | 629 | 535 | 767 | 699 |
| Operating margin | 16.8% | 13.2% | 14.9% | 18.0% | 16.7% | 14.2% | 19.6% | 17.7% |
| Other income | 19 | -42 | -6 | -10 | -10 | -10 | 0 | -11 |
| Profit before tax | 577 | 346 | 458 | 588 | 526 | 427 | 672 | 598 |
| Tax rate | 33.6% | 15.3% | 29.7% | 28.6% | 24.3% | 22.7% | 29.5% | 23.8% |
| Net profit | 383 | 293 | 322 | 420 | 398 | 330 | 474 | 456 |
| EPS ($ per share) | 0.20 | — | 0.17 | 0.22 | 0.21 | — | 0.25 | 0.24 |
| Line item | Jan 2022 | Jan 2023 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Equity capital | — | 0 | 19 | 19 | 19 |
| Reserves | — | 0 | 429 | -93 | -204 |
| Total liabilities | — | 7,346 | 16,640 | 15,933 | 16,311 |
| Fixed assets | — | 1,820 | 2,042 | 1,849 | 2,212 |
| Total assets | — | 27,316 | 27,851 | 25,601 | 27,076 |
| Line item | Jan 2022 | Jan 2023 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash from operations | 334 | 2,525 | 3,168 | 1,769 | 2,197 |
| Cash from investing | -171 | -390 | -488 | -425 | -436 |
| Cash from financing | 0 | -1,583 | -2,527 | -1,565 | -1,837 |
| Net cash flow | 122 | 491 | 151 | -312 | -8 |
| Capital expenditure | -295 | -375 | -469 | -434 | -475 |
| Free cash flow | 39 | 2,150 | 2,699 | 1,335 | 1,722 |
KVUE revenue by segment
Self Care shrank from 42% to 40% of revenue over the last two years.
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2027 | Q2 FY2027 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Self Care | 42% | 43% | 45% | 41% | 42% | 42% | 43% | 40% | +2.2% |
| Essential Health | 31% | 30% | 29% | 32% | 31% | 30% | 29% | 32% | +2.3% |
| Skin Health and Beauty | 27% | 28% | 26% | 28% | 28% | 28% | 27% | 28% | +5.1% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
Insider filings
90 filings between Nov 18, 2025 and Oct 2, 2026.
Open market
decisions to buy or sellPurchases
$110.99M
2 purchases by 1 insider
Sales
$746.7K
2 sales by 2 insiders
Compensation
not trading decisions- 5
- Award — granted as compensation
- 41
- Option exercise — converted options into shares
- 40
- Tax withheld — shares kept back by the company to cover tax
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Smith Jeffrey C | $110.99M | — | Dec 12, 2025 |
| Orlando Matthew | — | $679.7K | May 8, 2026 |
| Howlett Heather | — | $67.0K | Jun 10, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Oct 2, 2026 | Stevens Meredith Chief Operations Officer | Award | 35,754 | $615.0K |
| Oct 2, 2026 | Howlett Heather CFO & CAO | Tax withheld | 5,566 | $95.7K |
| Oct 2, 2026 | Tillett Caroline Chief Scientific Officer | Tax withheld | 8,471 | $145.7K |
| Oct 2, 2026 | Orlando Matthew General Counsel | Award | 35,754 | $615.0K |
| Oct 2, 2026 | Orlando Matthew General Counsel | Tax withheld | 14,749 | $253.7K |
| Oct 2, 2026 | Tillett Caroline Chief Scientific Officer | Award | 24,732 | $425.4K |
| Oct 2, 2026 | Howlett Heather CFO & CAO | Award | 10,881 | $187.2K |
| Oct 2, 2026 | Lawson Carlton Group President EMEA & LA | Award | 36,597 | $629.5K |
| Oct 2, 2026 | Stevens Meredith Chief Operations Officer | Tax withheld | 15,192 | $261.3K |
| Oct 1, 2026 | Wondrasch Michael Chief Tech & Data Officer | Tax withheld | 21,031 | $362.2K |
| Oct 1, 2026 | Wondrasch Michael Chief Tech & Data Officer | Option exercise | 66,029 | — |
| Sep 25, 2026 | Stevens Meredith Chief Operations Officer | Option exercise | 1,032 | — |
| Sep 25, 2026 | Stevens Meredith Chief Operations Officer | Option exercise | 429 | — |
| Sep 25, 2026 | Stevens Meredith Chief Operations Officer | Tax withheld | 1,032 | $18.4K |
| Sep 25, 2026 | Stevens Meredith Chief Operations Officer | Tax withheld | 429 | $7.6K |
| Jul 31, 2026 | Dasgupta Anindya Group President APAC | Option exercise | 16,419 | $0 |
| Jun 10, 2026 | Howlett Heather CFO & CAO | Sale | 3,700 | $67.0K |
| May 8, 2026 | Orlando Matthew General Counsel | Sale | 38,491 | $679.7K |
| May 1, 2026 | Curado Gomes de Lemos Leonardo Group President LATAM | Option exercise | 24,248 | $0 |
| May 1, 2026 | Curado Gomes de Lemos Leonardo Group President LATAM | Tax withheld | 7,141 | $124.5K |
| Mar 10, 2026 | Stevens Meredith Chief Operations Officer | Tax withheld | 358 | $6.5K |
| Mar 10, 2026 | Alvarado Luani Chief People Officer | Option exercise | 3,525 | $0 |
| Mar 10, 2026 | Stevens Meredith Chief Operations Officer | Option exercise | 840 | $0 |
| Mar 10, 2026 | Stevens Meredith Chief Operations Officer | Tax withheld | 1,738 | $31.2K |
| Mar 10, 2026 | Lawson Carlton Group President EMEA & LA | Option exercise | 6,158 | $0 |
| Mar 10, 2026 | Stevens Meredith Chief Operations Officer | Option exercise | 4,329 | $0 |
| Mar 10, 2026 | Alvarado Luani Chief People Officer | Tax withheld | 357 | $6.5K |
| Mar 10, 2026 | Alvarado Luani Chief People Officer | Option exercise | 697 | $0 |
| Mar 10, 2026 | Alvarado Luani Chief People Officer | Tax withheld | 1,721 | $30.9K |
| Mar 5, 2026 | Alvarado Luani Chief People Officer | Tax withheld | 2,094 | $38.2K |
| Mar 5, 2026 | Howlett Heather VP & Chief Accounting Officer | Tax withheld | 933 | $17.0K |
| Mar 5, 2026 | Lawson Carlton Group President EMEA & LA | Option exercise | 7,736 | $0 |
| Mar 5, 2026 | Howlett Heather VP & Chief Accounting Officer | Option exercise | 2,723 | $0 |
| Mar 5, 2026 | Alvarado Luani Chief People Officer | Option exercise | 4,289 | $0 |
| Mar 5, 2026 | Stevens Meredith Chief Operations Officer | Tax withheld | 1,677 | $30.6K |
| Mar 5, 2026 | Stevens Meredith Chief Operations Officer | Option exercise | 6,178 | $0 |
| Mar 3, 2026 | Howlett Heather VP & Chief Accounting Officer | Option exercise | 1,534 | $0 |
| Mar 3, 2026 | Howlett Heather VP & Chief Accounting Officer | Tax withheld | 526 | $9.5K |
| Feb 13, 2026 | Alvarado Luani Chief People Officer | Tax withheld | 4,843 | $90.4K |
| Feb 13, 2026 | Alvarado Luani Chief People Officer | Option exercise | 14,120 | $0 |
| Feb 13, 2026 | Lawson Carlton Group President EMEA & LA | Option exercise | 34,907 | $651.4K |
| Feb 13, 2026 | Lawson Carlton Group President EMEA & LA | Option exercise | 4,519 | $0 |
| Feb 13, 2026 | Howlett Heather VP & Chief Accounting Officer | Tax withheld | 518 | $9.7K |
| Feb 13, 2026 | Howlett Heather VP & Chief Accounting Officer | Option exercise | 12,016 | $0 |
| Feb 13, 2026 | Howlett Heather VP & Chief Accounting Officer | Option exercise | 1,555 | $0 |
| Feb 13, 2026 | Stevens Meredith Chief Operations Officer | Option exercise | 3,215 | $0 |
| Feb 13, 2026 | Alvarado Luani Chief People Officer | Tax withheld | 625 | $11.7K |
| Feb 13, 2026 | Stevens Meredith Chief Operations Officer | Tax withheld | 884 | $16.5K |
| Feb 13, 2026 | Alvarado Luani Chief People Officer | Option exercise | 1,822 | $0 |
| Feb 13, 2026 | Stevens Meredith Chief Operations Officer | Tax withheld | 7,147 | $133.4K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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