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Kenvue
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Latest analysis
Updated Nov 4, 2026
Kenvue completes $7B debt exchange with Kimberly-Clark, eliminates restrictive covenants ahead of NYSE delisting.
Kenvue completed a comprehensive debt refinancing on November 4, 2026, exchanging $5.4 billion in aggregate principal of outstanding notes for $7 billion in new Kimberly-Clark notes and cash. Simultaneously, the company eliminated substantially all restrictive covenants, removed event-of-default triggers, and stripped SEC reporting requirements from its indentures. The exchange reflects Kenvue's transition into Kimberly-Clark's operational structure ahead of its November 12, 2026 NYSE delisting.
Tone: neutralRevenue
$15.1B
KVUE 10-K · FY 2025
Employees
22,000
Revenue FY2024
$15.5B
Founded
2022
Profile
KVUE 10-K Item 1 · Feb 20, 2026Kenvue is the world's largest pure-play consumer health company by revenue, operating across Self Care, Skin Health and Beauty, and Essential Health segments. The company markets iconic brands including Tylenol, Neutrogena, Listerine, and BAND-AID in more than 165 countries. In November 2025, Kenvue entered into a merger agreement with Kimberly-Clark Corporation, pending regulatory approvals expected to close in the second half of 2026.
Read filing description ↓ Collapse description ↑
At Kenvue, our purpose is to realize the extraordinary power of everyday care. As a global leader at the intersection of healthcare and consumer goods, we are the world's largest pure-play consumer health company by revenue with $15.1 billion in Net sales in the fiscal year 2025. By combining the power of science with meaningful consumer insights and our digital strategy, we empower consumers to live healthier lives every day. Built on more than a century of heritage and trusted by generations, our differentiated portfolio of iconic brands—including Aveeno®, BAND-AID® Brand, Johnson's®, Listerine®, Neutrogena®, Nicorette®, Tylenol®, and Zyrtec®—is backed by science and recommended by healthcare professionals, which further reinforces our consumers' connections to our brands. Our portfolio includes Self Care, Skin Health and Beauty, and Essential Health products, allowing us to connect with consumers across North America, Asia Pacific ('APAC'), Europe, Middle East, and Africa ('EMEA'), and Latin America ('LATAM') in their daily rituals and the moments that matter most. Our products are marketed across more than 165 countries worldwide. Our global scale and the breadth of our brand portfolio are complemented by our well-developed capabilities and accelerated through our digital strategy, allowing us to dynamically capitalize on and respond to current trends impacting our categories and geographic markets. With a sole focus on consumer health, our marketing organization operates efficiently by leveraging our precision marketing, e-commerce, and broader digital capabilities to develop unique consumer insights and further enhance the relevance of our brands.
Primary products
- Aveeno®
- BAND-AID® Brand
- Benadryl®
- Calpol®
- Carefree®
- Desitin®
Business segments
End markets
Geographies
Named competitors
“we are the world's largest pure-play consumer health company by revenue with $15.1 billion in Net sales in the fiscal year 2025.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Net sales declined from $15,455 million in fiscal 2024 to $15,124 million in fiscal 2025, driven by softness across all three segments.
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