Kenvue Inc.

kenvue.com

What Do They Do?

Sells over-the-counter medicines, skin and hair care, and oral, baby and wound care products to consumers.

How Do They Make Money?

Customers buy finished products, with sales tied to shipment or customer receipt depending on contract terms; payment follows the terms set with each customer.

revenue

Segment	Share	How money arrives
Self Care Sold outright	42% FY2022: 40%	Sold outright
Skin Health and Beauty Sold outright	27% FY2022: 29%	Sold outright
Essential Health Sold outright	31% FY2022: 31%	Sold outright

Who Are Their Customers?

Kenvue markets products to consumers and works with retailer partners through its sales organization and distribution network across markets and channels.

Customers above 10% of revenue, FY2025

of revenue from one customer

FY2023: 12% from one customer

Do Revenues Turn Into Profits?

Yes. It kept 10 cents of every revenue dollar as net income in FY2025 and turned 11 cents into free cash flow.

Operating income, FY2025

16% of revenue

▲ +31% vs FY2024 ($1.8B, 12%)

Net income, FY2025

10% of revenue

▲ +43% vs FY2024 ($1B, 7%)

Free cash flow, FY2025

11% of revenue

▲ +29% vs FY2024 ($1.3B, 9%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 28, 2026

Revenue: ▲ +3%; vs $3.8B in Q2 FY2025
Net income: ▲ +9%; vs $420M in Q2 FY2025

Self Care share of revenue vs 40.5% in Q2 FY2025

Apr 15, 2026 CFO departure and interim replacement announced Amit Banati was set to step down on May 12, 2026, and Heather Howlett was appointed interim CFO effective that date.

Flat. Revenue was $15.1B in FY2025, about the same as the $15.1B of FY2021.

Revenue over time

Self Care Skin Health and Beauty Essential Health

$20B$10B$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Haleon, Procter & Gamble, Reckitt Benckiser Group, Beiersdorf, Estée Lauder, L’Oréal, Unilever, Church & Dwight, Colgate-Palmolive, and Kimberly-Clark

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