KMB 10-K & 10-Q changes, risk factors and insider trading
Kimberly Clark Corp. · Nasdaq · Converted Paper & Paperboard Prods (No Contaners/boxes) · CIK 55785 · All filings on SEC.gov
At a glance
What changed in the latest 10-K
Risk Factors
New heading “Risks Relating to the Pending Mergers with Kenvue”
New heading “K-C stockholders and Kenvue stockholders, in each case as of immediately prior to the mergers, will have reduced ownership in the combined company and less influence over management.”
New heading “The mergers may not be completed and the Merger Agreement may be terminated in accordance with its terms.”
New heading “Failure to complete the mergers, or a delay in the closing of the mergers, could negatively impact our business, results of operations, financial condition and stock price.”
New heading “Litigation relating to the mergers could result in an injunction delaying or preventing the closing of the mergers and/or substantial costs or otherwise negatively affect our business and operations.”
New heading “We will continue to incur substantial transaction-related costs in connection with the mergers.”
New heading “If the mergers are completed, the combined company may not perform as we or the market expects and may fail to realize the projected benefits and cost savings of the mergers, which could adversely affect the value of the common stock held by our stockholders.”
New heading “The market price of our common stock will continue to fluctuate after the mergers.”
New heading “The market price of our common stock after the closing of the mergers may be affected by factors different from those that historically have affected or currently affect our common stock or Kenvue common stock.”
New heading “The failure to integrate the businesses and operations of K-C and Kenvue successfully in the expected time frame may adversely affect the future results of the combined company.”
New heading “The mergers may result in a loss of customers, distributors, service providers, suppliers, vendors, joint venture participants and other business counterparties and may result in the termination of existing contracts.”
New heading “The indebtedness of the combined company following consummation of the mergers will be substantially greater than K-C’s indebtedness on a standalone basis and greater than the combined indebtedness of K-C and Kenvue, in each case, existing prior to the announcement of the Merger Agreement. The indebtedness of the combined company could adversely affect its business flexibility.”
New heading “We may record goodwill and other intangible assets that could become impaired and result in material non-cash charges to our results of operations in the future.”
Removed heading “We face various risks related to health epidemics, pandemics and similar outbreaks, which may have material adverse effects on our business, financial position, results of operations and cash flows.”
Removed heading “We may acquire or divest product lines or businesses, which could impact our results.”
Largest changes
“Following the announcement of the mergers, certain complaints related to the mergers and the related joint proxy statement/prospectus were filed. Additional stockholder complaints, including stockholder class action complaints, and other complaints may be filed in the future against us, the K-C board, and others in connection with the mergers. The outcome of such litigation cannot be predicted, including the potential costs of defense or other liabilities that may arise. …”see in full comparison
“Litigation relating to the mergers could result in an injunction delaying or preventing the closing of the mergers and/or substantial costs or otherwise negatively affect our business and operations.”see in full comparison
“We may record goodwill and other intangible assets that could become impaired and result in material non-cash charges to our results of operations in the future.”see in full comparison
“We face various risks related to health epidemics, pandemics and similar outbreaks, which may have material adverse effects on our business, financial position, results of operations and cash flows.”see in full comparison
“In addition, if the first merger is not completed by November 2, 2026 (subject to automatic extension to the extent the only conditions not satisfied are those related to certain regulatory approvals or the absence of a legal restraint prohibiting the closing), either K-C or Kenvue may choose not to proceed with the mergers by terminating the Merger Agreement, and the parties can mutually decide to terminate the Merger Agreement at any time, before or after stockholder approval. …”see in full comparison
“Under the acquisition method of accounting, the total purchase price will be allocated to Kenvue’s tangible assets and liabilities and identifiable intangible assets based on their fair values as of the date of the closing of the mergers, with any excess purchase price allocated to goodwill. To the extent the value of goodwill or intangibles, if any, becomes impaired in the future, we may be required to recognize material non-cash charges relating to such impairment. …”see in full comparison
Full comparison: every changed paragraph (71)
Increases in the cost and availability of raw materials, including pulp and petroleum-based materials, the cost of energy, transportation and other necessary services, supplier constraints, supplier consolidation which could limit our sources of supply for these items, an inability to maintain favorable supplier arrangements and relationsrelations, the impact of health pandemics or an inability to avoid disruptions in production output could have an adverse effect on our financial results.
Our international operations are subject to foreign market risks, including changes in foreign currency exchange rates, currency restrictions andrestrictions, political, social and economic instability, and the imposition of increased or new tariffs, which may adversely affect our financial results.
•Adverse political conditions. Risks related to political instabilities and hostilities (including the warswar in Ukraine and Israel), expropriation, new or revised legal or regulatory constraints, difficulties in enforcing contractual and intellectual property rights, and potentially adverse tax consequences could adversely affect our financial results.
Developing and maintaining our reputation, as well as the reputation of our brands, is a critical factor in our relationship with consumers, customers, suppliers and others. Our inability to address adverse publicity or other issues, including with respect to product safety, quality, efficacy, environmental impacts (including packaging, energy and water use and waste management), substances and ingredients of potential concern, inclusion, equityinclusion and diversity,belonging, human rights and other social responsibility or similar matters, or breaches of consumer, customer, supplier, employee or other confidential information, real or perceived, could negatively impact sentiment towards us and our products and brands, and our business and financial results could suffer. In addition, our products could face withdrawal, recall or other quality issues. Consumers increasing use and reliance on social media for information could increase the risk of adverse publicity, potentially with negative perception of our products or brands. Negative posts or comments about our company, our brands or our employees on social media or web sites (whether factual or not) or security breaches related to use of our social media accounts and failure to respond effectively to these posts, comments or activities could damage our reputation and brand image across the various regions in which we operate. Placement of our advertisements in social media may also result in damage to our brands if the media itself experiences negative publicity. Our brands may be associated with or appear alongside harmful content before these platforms or our own social media monitoring can detect this risk to our brand. Our business and results could also be negatively impacted by the effects of product-related litigation, allegations of product tampering or contamination, or the distribution and sale of counterfeit products.
Our ability to manufacture, distribute and sell products is critical to our operations. These activities are subject to inherent risks such as natural disasters, power outages, fires or explosions, labor strikes or labor shortages, terrorism, epidemics, pandemics, import restrictions, regional economic, business, environmental or political events (including the warswar in Ukraine and Israel), governmental regulatory requirements or nongovernmental voluntary actions in response to global climate change or other concerns regarding the sustainability of our business, which could disrupt our supply chain and impair our ability to manufacture or sell our products. This interruption, if not mitigated in advance or otherwise effectively managed, could adversely impact our business, financial condition and results of operations, as well as require additional resources to address.
We face various risks related to health epidemics, pandemics and similar outbreaks, which may have material adverse effects on our business, financial position, results of operations and cash flows.
Our business and financial results may be negatively impacted by health epidemics, pandemics and similar outbreaks. The COVID-19 pandemic has had and could continue to have negative impacts on our business, including causing significant volatility in demand for our products, changes in consumer behavior and preference, disruptions in our manufacturing and supply chain operations, disruptions to our cost saving programs, limitations on our employees’ ability to work and travel, significant changes in the economic or political conditions in markets in which we operate and related currency and commodity volatility. Despite our efforts to manage these impacts, their ultimate impact also depends on factors beyond our knowledge or control, including the duration and severity of any such outbreak and actions taken to contain its spread and mitigate its public health effects.
We may acquire or divest product lines or businesses, which could impact our results.
We may pursue acquisitions of product lines or businesses from third parties. Acquisitions involve numerous risks, including difficulties in the assimilation of the operations, technologies, services and products of the acquired product lines or businesses, estimation and assumption of liabilities and contingencies, personnel turnover and the diversion of management's attention from other business concerns. We may be unable to successfully integrate and manage product lines or businesses that we may acquire in the future, or be unable to achieve anticipated benefits or cost savings from acquisitions in the timeframe we anticipate, or at all.
We may periodically divest product lines or businesses. These divestitures may adversely impact our results if we are unable to offset the dilutive impacts from the loss of revenue associated with the divested products or businesses, or mitigate overhead costs allocated to those businesses. Furthermore, the divestitures could adversely affect our ongoing business operations, including by enhancing our competitors' positions or reducing consumer confidence in our ongoing brands and products.
TheOur inabilityengagement toin effectivelybusiness anddevelopment efficientlyactivities, manageincluding acquisitions andor divestitures withof theproduct results we expectlines or in the timeframe we anticipatebusinesses, could adversely affectimpact our business, consolidated financial condition, results of operations or liquidity.
We have pursued, and expect to continue to pursue, various business development activities, including joint ventures, equity investments, licensing agreements and acquisitions or divestitures of product lines or businesses. Such activities involve numerous risks, including risk of litigation or regulatory actions, unexpected costs or expenses, difficulties in the assimilation of the operations, technologies, services and products of acquired product lines or businesses, estimation and assumption of liabilities and contingencies, business disruption during the pendency of or following the proposed transaction, personnel turnover and the diversion of management's attention from other business concerns. Such activities may affect the ability of the Company to maintain relationships with customers, suppliers, employees, stockholders and others. We may be unable to successfully integrate and manage product lines or businesses that we acquire. Divestitures may adversely impact our results if we are unable to offset the dilutive impacts from the loss of revenue associated with the divested products or businesses, or mitigate overhead costs allocated to those businesses. Furthermore, divestitures could adversely affect our ongoing business operations, including by enhancing our competitors' positions or reducing consumer confidence in our ongoing brands and products. We may be unable to achieve anticipated benefits or cost savings from business development activities in the timeframe we anticipate, or at all.
The inability to effectively and efficiently manage business development activities, including acquisitions and divestitures, with the results we expect or in the timeframe we anticipate could adversely affect our business, consolidated financial condition, results of operations or liquidity.
We may be unable to anticipate or adequately respond to changes in consumer demand for our products. Demand for our products may change based on many factors, including shifting consumer purchasing patterns to lower cost options such as private-label products and mid to lower-tier value products, low birth rates in certain countries due to slow economic growth or other factors, negative customer or consumer response to pricing actions, consumer shifts in distribution from traditional retailers to e-tailers, subscription services and direct to consumer businesses, changing consumer preferences due to increased concerns in regard to post-consumer waste and packaging materials and their impact on environmental sustainability, the impact of health pandemics or other changes in consumer trends or habits. If we experience lower sales due to changes in consumer demand for our products, our earnings could decrease.
Risks Relating to the Pending Mergers with Kenvue
K-C stockholders and Kenvue stockholders, in each case as of immediately prior to the mergers, will have reduced ownership in the combined company and less influence over management.
We anticipate issuing approximately 280 million shares of common stock pursuant to the Merger Agreement. The actual number of shares of common stock to be issued pursuant to the Merger Agreement will be determined at the closing of the mergers based on the number of shares of Kenvue common stock outstanding immediately prior to the first merger. The issuance of these new shares could have the effect of depressing the market price of our common stock, through dilution of earnings per share or otherwise. Any dilution of, or delay of any accretion to, our earnings per share could cause the price of our common stock to decline or increase at a reduced rate.
Immediately after the closing of the mergers, it is expected that K-C stockholders as of immediately prior to the mergers will own approximately 54%, and Kenvue stockholders as of immediately prior to the mergers will own approximately 46%, of the issued and outstanding shares of K-C common stock, in each case calculated based on the fully diluted market capitalizations of K-C and Kenvue as of the date of signing of the Merger Agreement. As a result, current K-C stockholders and current Kenvue stockholders will have less influence on the management and policies of the combined company than they currently have on the management and policies of K-C and Kenvue, respectively.
The mergers may not be completed and the Merger Agreement may be terminated in accordance with its terms.
The mergers are subject to a number of conditions that must be satisfied or waived prior to the closing of the mergers, including, among other things, (i) the receipt of regulatory approvals, (ii) the absence of any legal restraint in effect that would prevent, make illegal, enjoin or prohibit the consummation of the mergers, (iii) the truth and accuracy of the representations and warranties made as of the date the Merger Agreement was entered into and as of the date the mergers are completed, subject to materiality standards, and (iv) the performance by all parties to the Merger Agreement in all material respects of all obligations required to be performed at or prior to closing. These conditions to the consummation of the mergers may not be satisfied or waived in a timely manner or at all, and, accordingly, the mergers may be delayed or may not be completed.
In addition, if the first merger is not completed by November 2, 2026 (subject to automatic extension to the extent the only conditions not satisfied are those related to certain regulatory approvals or the absence of a legal restraint prohibiting the closing), either K-C or Kenvue may choose not to proceed with the mergers by terminating the Merger Agreement, and the parties can mutually decide to terminate the Merger Agreement at any time, before or after stockholder approval. In addition, K-C and Kenvue may elect to terminate the Merger Agreement in certain other circumstances, including, among other things, (i) failing to cure the breach of a representation, warranty or covenant without which a closing condition would not be satisfied, or (ii) a final and non-appealable legal restraint enjoining or otherwise prohibiting the consummation of the mergers.
Failure to complete the mergers, or a delay in the closing of the mergers, could negatively impact our business, results of operations, financial condition and stock price.
The Merger Agreement is subject to a number of conditions that must be fulfilled to complete the mergers. Those conditions include, among others, certain regulatory approvals. A number of the conditions are not within our control and may prevent, delay or otherwise materially adversely affect the closing of the mergers. We cannot predict with certainty whether and when any of the required closing conditions will be satisfied or if another uncertainty may arise, and cannot assure you that we will be able to timely complete the mergers as currently contemplated under the Merger Agreement or at all. Our business, results of operations, financial condition or stock price could be adversely affected, potentially in a material way, by the failure to complete the mergers, or by a delay in the closing of the mergers, and we or Kenvue may suffer consequences that could adversely affect their business, results of operations, financial condition and stock price, including the following:
•We may not realize any or all of the potential benefits of the mergers, including any synergies that could result from combining its financial and business resources with those of Kenvue;
•Matters relating to the mergers will require substantial commitments of time and resources by our management, which would otherwise have been devoted to day-to-day operations and other opportunities that may have been beneficial to us as an independent company;
•We have incurred and will incur further substantial expenses in connection with the mergers, including financial advisory, legal, accounting, consulting and other advisory fees, severance/retention employee benefit-related costs and other regulatory fees and other costs relating to the mergers regardless of whether the mergers are completed;
•We may be subject to legal proceedings related to the potential delay of, or failure to complete, the mergers;
•We may experience disruption to our business resulting from the pendency of the mergers, including adverse changes in relationships with, or loss of, customers, business partners and employees, which may not be reversible and may continue or even intensify in the event the mergers are delayed or not completed;
•We may experience negative reactions to the mergers, including if the mergers are not completed, from the financial markets, including negative impacts on the market price of our common stock; and
•Under the Merger Agreement, we are subject to certain restrictions on the conduct of our business prior to completing the mergers, which restrictions could adversely affect our ability to conduct our business as we otherwise would have done if not subject to these restrictions.
In addition to the above risks, if the Merger Agreement is terminated under specified circumstances, either K-C or Kenvue may be required to pay the other a termination fee of $1.136 billion if (i) Kenvue or K-C, as applicable, terminates the Merger Agreement because the K-C board or Kenvue board of directors, as applicable, made an adverse recommendation change or (ii) the Merger Agreement is terminated after the outside date or because of a terminable breach including a K-C or Kenvue takeover proposal, as applicable (made or publicly announced prior to termination or entered into within twelve months of such termination).
Litigation relating to the mergers could result in an injunction delaying or preventing the closing of the mergers and/or substantial costs or otherwise negatively affect our business and operations.
Following the announcement of the mergers, certain complaints related to the mergers and the related joint proxy statement/prospectus were filed. Additional stockholder complaints, including stockholder class action complaints, and other complaints may be filed in the future against us, the K-C board, and others in connection with the mergers. The outcome of such litigation cannot be predicted, including the potential costs of defense or other liabilities that may arise. Future lawsuits that may be filed could delay or prevent the mergers, divert the attention of our management and employees from their day-to-day business or otherwise adversely affect our business, results of operations or financial condition and cause us not to realize, or delay in realizing, some or all of the benefits we expect to achieve upon completion of the mergers.
We will continue to incur substantial transaction-related costs in connection with the mergers.
We have incurred significant financial advisory, legal, accounting, consulting and other advisory fees, severance/retention employee benefit-related costs and other regulatory fees and other costs relating to the mergers. We have incurred, and expect to continue to incur, additional costs in connection with the satisfaction of the various conditions to closing of the mergers. If there is any delay in the consummation of the mergers, these costs could increase significantly.
If the mergers are completed, the combined company may not perform as we or the market expects and may fail to realize the projected benefits and cost savings of the mergers, which could adversely affect the value of the common stock held by our stockholders.
The success of the combined company will depend, in part, on the ability of the combined company to realize the anticipated benefits and cost savings from combining K-C’s and Kenvue’s respective businesses, including operational and other synergies that we believe the combined company will be able to achieve. The anticipated benefits and cost savings of the mergers may not be realized fully or at all, may take longer to realize than expected or could have other adverse effects that we do not currently foresee. Risks that may be associated with the combined company include, among others, the risks related to market fluctuations, failure of integration, unforeseen liabilities, employee and customer retention and increased indebtedness.
The market price of our common stock will continue to fluctuate after the mergers.
The market price of our common stock may fluctuate significantly following the closing of the mergers and holders of our common stock could lose some or all of the value of their investment. In addition, the stock market has experienced significant price and volume fluctuations in recent times which, if they continue to occur, could have a material adverse effect on the market for, or liquidity of, our common stock, regardless of our actual operating performance.
The market price of our common stock after the closing of the mergers may be affected by factors different from those that historically have affected or currently affect our common stock or Kenvue common stock.
Our financial position after the closing of the mergers may differ from our financial position before the closing of the mergers, and our results of operations or cash flows after the closing of the mergers may be affected by factors different from those currently affecting our financial position or results of operations or cash flows, or those of Kenvue. Accordingly, the market price and performance of our common stock after the closing of the mergers likely will be different from the performance of our common stock or Kenvue common stock in the absence of the mergers. In addition, general fluctuations in stock markets could have a material adverse effect on the market for, or liquidity of, our common stock, regardless of our actual operating performance.
The failure to integrate the businesses and operations of K-C and Kenvue successfully in the expected time frame may adversely affect the future results of the combined company.
K-C and Kenvue have operated and, until the closing of the mergers, will continue to operate independently. Following the closing of the mergers, their respective businesses may not be integrated successfully. It is possible that the integration process could result in the loss of key K-C employees or key Kenvue employees, the loss of customers, service providers, vendors or other business counterparties, the disruption of either company’s or both companies’ ongoing businesses, inconsistencies in standards, controls, procedures and policies, potential unknown liabilities and unforeseen expenses, delays or regulatory conditions associated with and following the closing of the mergers or higher-than-expected integration costs and an overall post-closing integration process that takes longer than originally anticipated. Specifically, the following challenges, among others, must be addressed in integrating the operations of K-C and Kenvue in order to realize the anticipated benefits of the mergers:
•Combining the companies’ operations and corporate functions and the resulting difficulties associated with managing a larger, more complex, diversified business and a larger portfolio of products;
•Combining the businesses of K-C and Kenvue in a manner that permits the combined company to achieve the cost savings and operating synergies anticipated to result from the mergers;
•Integrating and managing new product lines;
•Avoiding delays in connection with the mergers or the integration process;
•Integrating personnel from the two companies and minimizing the loss of key employees;
•Identifying and eliminating redundant functions and assets;
•Harmonizing the companies’ operating practices, employee development and compensation programs, internal controls, compliance and other policies, procedures and processes;
•Maintaining existing agreements with customers, service providers, vendors and other business counterparties and avoiding delays in entering into new agreements with prospective customers, service providers, vendors and other business counterparties;
•Addressing possible differences in business backgrounds, corporate cultures and management philosophies; and
•Consolidating the companies’ operating, administrative and information technology infrastructure and financial systems.
In addition, at times, the attention of certain members of either company’s or both companies’ management and other resources may be focused on the closing of the mergers and the integration of the two businesses and as such diverted from day-to-day business operations or other opportunities that may be beneficial to either company, which may disrupt either company’s ongoing operations and the operations of the combined company.
The mergers may result in a loss of customers, distributors, service providers, suppliers, vendors, joint venture participants and other business counterparties and may result in the termination of existing contracts.
Following the mergers, some of the customers, distributors, service providers, suppliers, vendors, joint venture participants and other business counterparties of K-C or Kenvue may terminate or scale back their current or prospective business relationships with the combined company. In addition, K-C and Kenvue have contracts with customers, distributors, service providers, suppliers, vendors, joint venture participants and other business counterparties that may require K-C or Kenvue to obtain consents from these other parties in connection with the mergers, which may not be obtained on favorable terms or at all. If relationships with customers, distributors, service providers, suppliers, vendors, joint venture participants or other business counterparties are adversely affected by the mergers, or if the combined company loses the benefits of the contracts of K-C or Kenvue, the business, financial condition, cash flows or results of operations of the combined company could be materially and adversely affected.
The indebtedness of the combined company following consummation of the mergers will be substantially greater than K-C’s indebtedness on a standalone basis and greater than the combined indebtedness of K-C and Kenvue, in each case, existing prior to the announcement of the Merger Agreement. The indebtedness of the combined company could adversely affect its business flexibility.
As of December 31, 2025, we had approximately $7.2 billion of outstanding indebtedness. We expect to incur acquisition-related debt financing to fund the Cash Consideration (as defined in Item 8, Note 4 to the Consolidated Financial Statements) in addition to any existing indebtedness of Kenvue we assume following consummation of the mergers. We are reviewing the treatment of Kenvue’s existing indebtedness and may, but are not obligated to refinance, repurchase, redeem, exchange or otherwise terminate all or a portion of Kenvue’s existing indebtedness in connection with or following the consummation of the mergers. We and/or Kenvue may also conduct one or more exchange offers, offers to purchase and/or consent solicitations, but no decisions with respect thereto have been made as of the issuance of these financial statements.
The combined company’s substantially increased indebtedness will reduce its flexibility to respond to changing business and economic conditions, and could have adverse effects on its financial condition, cash flows or results of operations, including by:
•Imposing additional cash requirements on the combined company in order to support interest payments, which would reduce the amount available to fund its operations and other business activities;
Management's Discussion & Analysis (MD&A)
New heading “Consolidated Results”
New heading “Income from Continuing Operations”
New heading “Income from Discontinued Operations, Net of Income Taxes”
New heading “Segment Results”
Removed heading “Overview of 2024 Results”
Removed heading “Net Income and Diluted EPS”
Removed heading “Results of Operations by Segment”
Removed heading “International Family Care & Professional”
Largest changes
The assumptions used as a basis for the forward-looking statements include many estimates that, among other things, depend on the successful completion of the mergers and the achievement of future cost savings and projected volume increases. In addition, many factors outside our control, including risks and uncertainties around the pending mergers (including the risk that the anticipated benefits and synergies of the mergers may not be realized when expected or at all, the terms and scope of the expected financing in connection with the mergers may prove to be less favorable than currently expected, that the mergers may not be completed in a timely matter or at all and the risk of litigation related to the mergers), the pending IFP Transaction (including risks related to delays or failure to complete the proposed transaction, the incurrence of significant transaction and separation costs, adverse market reactions, regulatory or legal challenges, and operational disruptions), risks that we are not able to realize the anticipated benefits of the 2024 Transformation Initiative (including risks related to disruptions to our business or operations or related to any delays in implementation), war in Ukraine (including the related responses of consumers, customers, and suppliers and sanctions issued by the U.S., the European Union, Russia or other countries), government trade or similar regulatory actions (including current and potential trade and tariff actions affecting the countries where we operate and the resulting negative impacts on our supply chain, commodity costs, and consumer spending), pandemics, epidemics, fluctuations in foreign currency exchange rates, the prices and availability of our raw materials, supply chain disruptions, disruptions in the capital and credit markets, counterparty defaults (including customers, suppliers and financial institutions with which we do business), failure to realize the expected benefits or synergies from our acquisition and disposition activity, impairment of goodwill and intangible assets and our projections of operating results and other factors that may affect our impairment testing, changes in customer preferences, severe weather conditions, regional instabilities andsee in full comparisonhostilities (including the war in Israel), government trade or similar regulatory actions,hostilities, potential competitive pressures on selling prices for our products, energy costs, general economic and political conditions globally and in the markets in which we do business, as well as our ability to maintain key customer relationships, could affect the realization of these estimates.
Gross profit ofsee in full comparison$7.2$5.9 billionfordecreasedthe year ended December 31, 2024 increased 2.1%,5.8%, while gross margin of35.8%36.0%increaseddecreased 140 basis points. Gross margin in the current and prior year included approximately70130 basis points and 85 basis points, respectively, for charges related to the 2024 TransformationInitiative.Initiative, primarily for incremental depreciation expense, workforce reductions and asset write-offs. Excluding these charges, adjusted gross marginincreasedwas20037.3%, a decrease of 100 basis pointsto 36.5%primarily due to unfavorable pricing net of cost inflation, including tariff impacts, and supply chain related investments, partially offset by gross productivity savings from integrated margin management of approximately$500 million, favorable pricing net of inflation and volume gains, partially offset by higher manufacturing costs.$460.
“As a result of our segment reorganization, we reassigned assets and liabilities to the applicable reporting units and allocated goodwill using a relative fair value approach. As this change in the composition of our reporting units was considered a goodwill triggering event, we performed an impairment test on both a pre- and post- reorganization basis. In both cases, we concluded there was no goodwill impairment as the fair value of each reporting unit significantly exceeded the respective carrying amounts.”see in full comparison
“As part of the 2024 Transformation Initiative and the realignment of our internal operating and management structure during the fourth quarter of 2024, we manage and report our operations through three reportable segments defined by geographic regions and product groupings: North America ("NA"), International Personal Care ("IPC") and International Family Care and Professional ("IFP"). …”see in full comparison
Operating Costs - Our operating costs include raw materials, labor, selling, general and administrative expenses, general business taxes, currencysee in full comparisonimpactsimpacts, financing costs andfinancingtariff-related costs. We manage these costs through cost saving and productivity initiatives, sourcing and hedging programs, and pricing actions. To remain competitive on our operating structure, we continue to work on programs to expand our profitability, including our 2024 Transformation Initiative. While we saw stabilization in input costs in20242025 with tailwinds in fiber, resin and energy, the overall cost basket remains elevated versus pre-pandemic levels. Additionally, we incurred approximately $100 of incremental tariff-related costs, primarily within our North America segment, related to changes in U.S. trade policy during fiscal 2025. In2025,2026, we expect net inputcostscosts, including as a result of tariffs, to beinflationary,broadly in line with fiscal 2025, including the impact from currency on our non-U.S. operations.
“On November 2, 2025, we entered into an Agreement and Plan of Merger (the "Merger Agreement") to acquire the outstanding equity interests of Kenvue, Inc. ("Kenvue"), a global consumer health leader, for stock and cash consideration (the "Kenvue Acquisition"). …”see in full comparison
Full comparison: every changed paragraph (122)
This MD&A is intended to provide investors with an understanding of our recent performance, financial condition, cash flows and future prospects. This discussion and analysis compares 2024consolidated and segment results to 2023, withfor the exceptionyears ofended ourDecember segment31, results,2025 whichand alsoDecember compares31, 20232024 results("2025" toand 2022"2024", as part of the change in our reportable segments discussed below.respectively). For a discussion that comparesof our consolidated 2023 results tocomparing 2022,the years ended December 31, 2024 and 2023, see Management's Discussion and Analysis of Financial Condition and Results of Operations in Part II, Item 7 of our 20232024 Annual Report on Form 10-K.10-K, as revised by our Current Report on Form 8-K filed December 4, 2025 to reflect the presentation of our IFP Business as discontinued operations. As discussed in Item 8, Notes 1 and 3 to the Consolidated Financial Statements, the results and related assets and liabilities of the IFP Business are reported as discontinued operations. As a result, unless specifically stated, all discussions included below reflect continuing operations for all periods presented. The reference to "N.M." indicates that the calculation is not meaningful. Amounts are reported in millions, except per share amounts, unless otherwise noted.
•Overview of Business and Recent Developments
•Overview of 2024 Results
•Results of Operations and Related Information
•Summary of Non-GAAP Financial Measures
•Critical Accounting Estimates
•Information Concerning Forward-Looking Statements
We are a global company focused on delivering essential products and solutions that solve unmet consumer needs and provide betterBetter careCare for a betterBetter world,World. withWe have manufacturing facilities in 30 countries, including our equity affiliates, and products sold in more than 175 countries and territories. Our products are sold under well-knownwell-known, trusted brands such as Kleenex, Scott, Huggies, Pull-Ups, Kotex and Depend.
•grow our portfolio of brands through consumer-centric and science-based innovation, category development and commercial execution;
•leverage our cost and financial discipline to fund durable growth and improve margins; and
To achieve these objectives, we will continue executing our Powering Care strategy and its three synergistic, strategic pillars: accelerate pioneering innovation, optimize our margin structure, and wire our organization for growth. Our first pillar focuses on investing in our brands to enhance our competitive advantage by leveraging our best-in-class science and proprietary, category-shaping technologies to deliver innovative product solutions that solve unmet consumer needs around the world. It also includes an emphasis on delivering breakthrough storytelling that grows category participation and brand love. Our second pillar is driven by our supply chain transformation and investment in three key areas that will enhance our value chain and improve our margin structure: value stream simplification, network optimization, and scalable automation. Our third pillar is centered on making our enterprise stronger and faster while sharpening our portfolio focus and footprint on categories and markets with the greatest long-term potential.
Our strong legacy of financial discipline supports our Powering Care strategy through consistent investment in our technologies and brands, sustained supply chain productivity and enhanced working capital efficiency. Our capital allocation approach prioritizes capital investments to drive durable growth in our business, a strong and growing dividend, value accretive acquisitions that can enhance our portfolio, and allocation of excess cash flow to share repurchases.
Pending Acquisition of Kenvue, Inc.
On November 2, 2025, we entered into an Agreement and Plan of Merger (the "Merger Agreement") to acquire the outstanding equity interests of Kenvue, Inc. ("Kenvue"), a global consumer health leader, for stock and cash consideration (the "Kenvue Acquisition"). Under the terms of the Merger Agreement, which was unanimously approved by the Boards of Directors of each of Kimberly-Clark and Kenvue, each share of Kenvue common stock, par value $0.01 per share, issued and outstanding at the close of the Kenvue Acquisition (subject to certain provisions within the Merger Agreement) will be converted into the right to receive (i) 0.14625 shares of Kimberly-Clark common stock, par value $1.25 per share (the "Stock Consideration"), plus (ii) $3.50 in cash (the "Cash Consideration" and, together with the Stock Consideration, the "Merger Consideration"). In total, we expect approximately 280 million shares of common stock to be issued and approximately $6.7 billion to be paid for the Merger Consideration. The Cash Consideration is expected to be funded through a combination of cash on hand, proceeds from new debt issuance, and proceeds from the IFP Transaction (as defined below). The actual value of the transaction will fluctuate based upon changes in the price of Kimberly-Clark common stock and the number of shares of Kenvue common stock outstanding at the time of closing.
During the year ended December 31, 2025, we incurred $32 of acquisition-related costs in connection with the Kenvue Acquisition, which are included in Marketing, research and general expenses. See Item 8, Note 4 to the Consolidated Financial Statements for further details.
International Family Care and Professional ("IFP") Transaction On June 5, 2025, we announced that the Company will form a joint venture with Suzano S.A. ("Suzano") and Suzano International Holding B.V., a wholly-owned subsidiary of Suzano ("Buyer"), comprised of substantially all the operations of the Company's former IFP segment (the "IFP Business"). To facilitate this transaction, we entered into an Equity and Asset Purchase Agreement (the "Purchase Agreement") with Buyer, pursuant to which we will, among other things, effectuate a reorganization through the transfer of certain assets, liabilities and equity interests of the IFP Business to Kimberly-Clark IFP NewCo B.V., an indirect wholly-owned subsidiary of the Company (the "Joint Venture"). At the time of closing, which is expected to take place in mid-2026 and will only take place following the satisfaction of consultation requirements and customary closing conditions, including obtaining required regulatory approvals, Buyer will acquire a 51% interest in the Joint Venture for a purchase price of approximately $1.7 billion, subject to certain closing adjustments set forth in the Purchase Agreement, and we will retain a 49% equity interest (the "IFP Transaction"). As a result, the results of operations and applicable assets and liabilities of the IFP Business are reported as discontinued operations in the Company's Consolidated Financial Statements for all periods presented and the Company has ceased depreciating and amortizing the long-lived assets of the IFP Business. See Item 8, Notes 1 and 3 to the Consolidated Financial Statements for further details.
As a result of the IFP Transaction discussed above, the Company's continuing operations are now organized into two reportable segments defined by geographic region: North America ("NA") and International Personal Care ("IPC"). The results of the IFP Business, including certain costs that were previously allocated to the IPC segment that relate to assets or activities that are part of the IFP Transaction, are reported as discontinued operations and excluded from segment results for all periods presented. Additionally, certain operations and commercial activities of the former IFP segment retained by the Company are now reported in the NA and IPC segments. Further, Corporate and Other was updated for all periods presented to include the following:
•Operations of the former IFP segment that were divested prior to the IFP Transaction and therefore not reported as discontinued operations.
•Costs previously allocated to the former IFP segment that are not directly attributable to the operations included in the IFP Transaction and therefore are not reported as discontinued operations.
Segments are described in greater detail in Item 8, Note 16 to the Consolidated Financial Statements.
On March 27, 2024, we announced theThe 2024 Transformation Initiative is designed to sharpen our strategic focus through a new operating model and strategy that leverages three synergistic forcespillars:
•Accelerating pioneering innovation to capture significant growth available in our product categories by investing in sciencescience-based and proprietary technology to satisfysolve unmet and evolving consumer needsneeds, and delivering breakthrough storytelling to drive category participation and brand love;
•Optimizing our margin structure to deliver superior consumer propositions at every rung of the good, better, best ladder, and implement initiatives and deploy technology and data analytics designed to create a fast, adaptable, integrated supply chain with greater visibility that can deliver continuous improvement; and
TheOur 2024new Transformationoperating Initiativemodel and Powering Care strategy is intended to improvedrive durable, long-term growth. Specifically, we are harnessing our inherent strengths, powerhouse brands and categories, science as our competitive advantage, and scalable capabilities led by top talent to sharpen our focus on growthgrowth. andAs we execute our strategy, we will reduce our structural cost base by realigning our internal operating and management structure to streamline our global supply chain and improve the efficiency of our corporate and regional overhead cost structures. The transformation is expected to impact our organization in all major geographies, and workforce reductions are expected to be in the range of 4% to 5%. Certain actions under the 2024 Transformation Initiative are being finalized for implementation, and accounting for such actions will commence when the actions are authorized for execution. The 2024 Transformation Initiative is expected to be completed by the end of 2026. Total pre-tax savings are expected to be $3.0 billion in gross productivity; inclusive of input cost and manufacturing cost savings, and $200 in selling, general and administrative expenses. Total costs are anticipated to be approximately $1.5 billion pre-tax. Cash costs are expected to be approximately half of that amount, primarily related to workforce reductions. Expected non-cash charges are primarily related to incremental depreciation and asset write-offs, including losses associated with the expected exit of certain markets. For the year ended December 31, 2024, total 2024 Transformation Initiative charges were $457 pre-tax ($339 after-tax).
The 2024 Transformation Initiative is expected to be completed by the end of 2026. Total pre-tax savings are expected to be $3.0 billion in gross productivity; inclusive of input cost and manufacturing cost savings, and $200 in selling, general and administrative expenses. Total costs are anticipated to be approximately $1.5 billion pre-tax. Cash costs are expected to be approximately 60% of that amount, primarily related to workforce reductions and other program costs. Expected non-cash charges are primarily related to incremental depreciation and asset write-offs, including losses associated with the expected exit of certain markets. For the years ended December 31, 2025 and 2024, total 2024 Transformation Initiative charges were $351 pre-tax ($295 after-tax) and $457 pre-tax ($339 after-tax), respectively. Through December 31, 2025, cumulative pre-tax charges for the 2024 Transformation Initiative were $808 ($634 after-tax).
Change in Reportable Segments
As part of the 2024 Transformation Initiative and the realignment of our internal operating and management structure during the fourth quarter of 2024, we manage and report our operations through three reportable segments defined by geographic regions and product groupings: North America ("NA"), International Personal Care ("IPC") and International Family Care and Professional ("IFP"). Further, our measure of segment profitability was changed to include the effects of changes in exchange rates on monetary assets and liabilities for subsidiaries where we have adopted highly inflationary accounting. These changes reflect the manner in which our chief operating decision maker develops, executes and evaluates global strategies to drive growth and profitability. Segment results for the historical periods presented in these consolidated financial statements have been recast to reflect these changes. These changes had no impact on our previously reported consolidated net sales, operating profit, net income attributable to Kimberly-Clark or earnings per share. These segments are described in greater detail in Item 8, Note 15 to the consolidated financial statements.
Completed Acquisition and Divestiture Activity
On July 1, 2024, we completed the sale transaction that was announced on April 7, 2024, of our personal protective equipment ("PPE") business for total consideration of $635, including the initial purchase price of $640 less working capital and other closing adjustments of $5. The transaction included Kimtech branded products, such as gloves, apparel and masks, and KleenGuard branded products, such as gloves, apparel, respirators and eyewear, which serve a variety of scientific and industrial industries globally.$635. Upon closure of the transaction, a pre-tax gain of $566 ($453 after-tax) was recognized in Other (income) and expense, net. This gain is net of transaction costs of $14 that were determined to be directly attributable to the sale transaction.
On February 24, 2022, we completed our acquisition of a majority and controlling share of Thinx Inc. (“Thinx”), an industry leader in the reusable period and incontinence underwear category, for total consideration of $181. Subsequently inDuring 2023, we acquired the remaining outstanding ownership interests in Thinx Inc. ("Thinx") for additional purchase consideration of $95. As the purchase of additional ownership in an already controlled subsidiary represents an equity transaction, no gain or loss was recognized in consolidated net income or comprehensive income. See Item 8, Note 3 to the consolidated financial statements for additional details.
On June 1, 2023, we completed the sale transaction of our Neve tissue brand and related consumer and professional tissue assets in Brazil for $212. Upon closure of the transaction, a gain of $74 pre-tax was recognized in Other (income) and expense, net. We incurred divestiture-related costs of $30 pre-tax which were recorded in Cost of products sold and Marketing, research and general expenses, resulting in a net benefit of $44 pre-tax ($26 after-tax). See Item 8, Note 3 to the consolidated financial statements for additional details.
See Item 8, Note 4 to the Consolidated Financial Statements for additional details.
Overview of 2024 Results
•Net sales of $20.1 billion declined 1.8% primarily due to unfavorable currency impacts and divestitures and business exits. Organic sales increased 3.2% driven by higher pricing, primarily in hyperinflationary economies, and volume and mix gains.
•Operating Profit of $3.2 billion increased 36.9% while Net Income Attributable to Kimberly-Clark of $2.5 billion increased 44.3%. Results primarily benefited from higher gross margins and the gain on sale of our PPE business, partially offset by charges related to the 2024 Transformation Initiative. Prior year results were primarily impacted by charges related to the impairment of intangible assets.
•Diluted earnings per share were $7.55 compared to $5.21, an increase of 44.9%, reflective of the growth in net income. Results in 2024 included a net benefit of $0.25 for items not reflective of our ongoing operations compared with a net charge of $1.36 in the prior year.
•We continue to focus on generating cash flow and allocating capital to shareholders. Cash provided by operations was $3.2 billion in 2024. We raised our dividend in 2024 by 3.4%, the 52nd consecutive annual increase in our dividend, and altogether share repurchases and dividends in 2024 amounted to $2.6 billion.
In 2025, we will continue executing on our Powering Care growth strategy and its three strategic pillars: accelerate pioneering innovation, optimize our margin structure, and wire our organization for growth. Our first pillar focuses on investing in our brands to enhance our competitive advantage by leveraging our best-in-class science and proprietary, category-shaping technologies for innovative product solutions that solve unmet consumer needs around the world. Our second pillar is driven by our supply chain transformation and investment in three key areas that will enhance our value chain and improve our margin structure: value stream simplification, network optimization, and scalable automation. Our third pillar is centered on making our enterprise stronger and faster while sharpening our portfolio focus and footprint on categories and markets with the greatest long-term potential.
Our strong legacy of financial discipline supports our Powering Care growth strategy through consistent investment in our technologies and brands, sustained supply chain productivity and enhanced working capital efficiency. Our capital allocation approach prioritizes capital investments to drive growth in our business, a strong and growing dividend, value accretive acquisitions that can enhance our portfolio, and allocation of excess cash flow to share repurchases.
Our results of operations have been, and we expect them to continue to be, affected by the following factors and key trends, which may cause our future results of operations to differ from our historical results discussed under “Consolidated Results of Operations.”
Competition - Our products are sold in a highly competitive global marketplace. Our competitors include global, regional and local manufacturers, including private label manufacturers which offer products that are typically sold at lower prices. In particular, we've experienced increased competitive pressures from private label market share has been increasingmanufacturers in the tissueBaby category.and Child Care and Family Care categories. Increased purchases of private label products could reduce net sales of our higher-margin products which would negatively impact our profitability. While the global marketplace in which we operate has always been highly competitive, we continue to experience increased concentration and the growing presence of large-format retailers, discounters and e-tailers. This market environment has resulted in increased pressure on pricing and other competitive factors, and we expect these pressures to continue in the coming year.
Operating Costs - Our operating costs include raw materials, labor, selling, general and administrative expenses, general business taxes, currency impactsimpacts, financing costs and financingtariff-related costs. We manage these costs through cost saving and productivity initiatives, sourcing and hedging programs, and pricing actions. To remain competitive on our operating structure, we continue to work on programs to expand our profitability, including our 2024 Transformation Initiative. While we saw stabilization in input costs in 20242025 with tailwinds in fiber, resin and energy, the overall cost basket remains elevated versus pre-pandemic levels. Additionally, we incurred approximately $100 of incremental tariff-related costs, primarily within our North America segment, related to changes in U.S. trade policy during fiscal 2025. In 2025,2026, we expect net input costscosts, including as a result of tariffs, to be inflationary,broadly in line with fiscal 2025, including the impact from currency on our non-U.S. operations.
Evolving Consumer Product and Shopping Preferences - The retail landscape in many of our markets continues to evolve due to the rapid growth of e-commerce retailers, changing consumer preferences (as consumers increasingly shop online) and the increased presence of alternative retail channels, such as subscription services and direct-to-consumer businesses. Changing consumer preferences also include increased concerns in regard to post-consumer waste and packaging materials and their impact on environmental sustainability. If we experience lower sales due to changes in consumer demand for our products, our earnings could decrease. We believe our strategicPowering Care strategy, sharpened growth focus, sustainability initiatives, innovation pipeline and continued investment in e-commerce capabilities has- underpinned by our commitment to delivering Better Care for a Better World - make us well positioned relative to these changing external dynamics.
Consolidated Results of Operations
Consolidated Results
The following discussion and analysis compares our consolidated netresults sales,of operating profitoperations and other information for 20242025 withto 2023.2024.
Summary of Results
Adjusted Results - Continuing Operations
(c) Impact of the sale of the Brazil tissue and professionalPPE business, salethe exit of the PPECompany's private label diaper business in the United States, and other exited businesses and markets in conjunction with the 2024 Transformation Initiative.
Net sales of $16.4 billion declined 2.1%, primarily from divestitures and business exits and unfavorable currency impacts, partially offset by organic sales growth. Organic sales increased 1.7% driven by volume gains of 2.5%, partially offset by lower pricing.
Net sales of $20.1 billion for the year ended December 31, 2024 declined 1.8% primarily due to unfavorable currency impacts and divestitures and business exits. Excluding these items, organic growth was 3.2% driven by a 1.9% increase in price, primarily in hyperinflationary economies, coupled with volume and mix gains across all three reportable segments.
Gross profit of $7.2$5.9 billion fordecreased the year ended December 31, 2024 increased 2.1%,5.8%, while gross margin of 35.8%36.0% increaseddecreased 140 basis points. Gross margin in the current and prior year included approximately 70130 basis points and 85 basis points, respectively, for charges related to the 2024 Transformation Initiative.Initiative, primarily for incremental depreciation expense, workforce reductions and asset write-offs. Excluding these charges, adjusted gross margin increasedwas 20037.3%, a decrease of 100 basis points to 36.5% primarily due to unfavorable pricing net of cost inflation, including tariff impacts, and supply chain related investments, partially offset by gross productivity savings from integrated margin management of approximately $500 million, favorable pricing net of inflation and volume gains, partially offset by higher manufacturing costs.$460.
Operating profit of $3.2$2.4 billion fordecreased 12.9%, inclusive of charges of $348 related to the year ended December 31, 2024 increasedTransformation 36.9%.Initiative and $32 related to the Kenvue Acquisition. Results in 2024the prior year included a $565 million gain from the sale of our PPE business, offset by charges of $456 million related to the 2024 Transformation Initiative and $136 million from the impairment of intangible assets and litigation and regulatory matters associated with a previously exited business. Results in 2023 included $658 million of charges from the impairment of intangible assets and a $44 million net benefit related to the sale of our Brazil tissue and professional business. Excluding these items, adjusted operating profit was $3.2$2.7 billionbillion, in 2024line andwith $3.0the billionprior in 2023.year.
(a) Includes net impact of productivity initiatives, product and supply chain investments and other changes in cost of products sold.
(ab) Includes impact of changes in product mix andmix, marketing, research and general expenses.expenses and other (income) and expense, net.
(bc) Adjusted Operating Profit is a non-GAAP financial measure. See "Summary of Non-GAAP Financial Measures" below for reconciliations of our GAAP to non-GAAP measures.
Adjusted operating resultsprofit benefitedwas fromin higherline with the prior year as lower adjusted gross profit discussed above, partiallycoupled with a 380 basis point impact from divestitures and business exits was offset by unfavorable currency impacts, primarily due to hyperinflationary economies, and higherlower marketing, research and general expenses.
Income from Continuing Operations
Income from Continuing Operations of $1.6 billion decreased 24.8%, reflective of the operating profit drivers discussed above, coupled with lower income from equity companies and a higher effective tax rate.
Our share of net income of equity companies was $196 compared to $216 in the prior year. The decrease was primarily driven by Kimberly-Clark de Mexico, S.A.B. de C.V., due to unfavorable currency effects and higher input costs, partially offset by pricing, productivity savings and lower general and administrative expenses.
What changed in the latest 10-Q
Risk Factors
We could not find a separate Risk Factors item in the latest 10-Q. Some companies leave it out of quarterly reports; see the annual 10-K risk factors and the original filing. Open the filing on SEC.gov.
Management's Discussion & Analysis (MD&A)
New heading “Income (Loss) from Discontinued Operations, Net of Income Taxes”
Removed heading “Income from Discontinued Operations, Net of Income Taxes”
Largest changes
“Gross profit of $3.1 billion for the six months ended June 30, 2026 increased 5.8%, while gross margin of 37.6% increased 150 basis points. Gross margin in the current and prior year included approximately 80 basis points and 160 basis points, respectively, of charges related to the 2024 Transformation Initiative, primarily for incremental depreciation expense and asset write-offs. Excluding these charges, adjusted gross margin increased 60 basis points to 38.3%. …”see in full comparison
“Operating profit for the three and six months ended June 30, 2026 of $186 and $431, increased 2.2% and 12.5%, respectively. The increase for the three months ended June 30, 2026 was primarily driven by gross productivity savings and favorable currency impacts, partially offset by a 440 basis point impact from the China social media disruption. …”see in full comparison
Gross profit ofsee in full comparison$1.5$1.6 billion for the three months endedMarchJune31,30, 2026 increased1.7%,10.1%, while gross margin of36.8%38.3%decreasedincreased40330 basis points. Gross margin in the current and prior year included approximately11050 basis points and130200 basis points, respectively, of charges related to the 2024 Transformation Initiative, primarily for incremental depreciationexpense.expense and asset write-offs. Excluding these charges, adjusted grossprofit was $1.6 billion, an increase of 0.9%, while adjusted grossmarginwasincreased37.9%, a decrease of 60190 basispoints.points to 38.8%. Thedecreaseincrease was primarily due tosupplyone-timechaintariffrelated investmentsrefunds andunfavorable pricing net of cost inflation, partially offset bygross productivity savings from integrated margin management of approximately$115.$120, partially offset by unfavorable pricing net of cost inflation.
Operating profit for the three and six months endedsee in full comparisonMarchJune31,30, 2026 of$623$725decreasedand8.1%,$1.3 billion increased 10.7% and 1.1%, respectively, driven by one-time tariff refunds and gross productivity savings, partially offset by impacts fromdivestitures andbusiness exits(approximatelyof490110 basis points),supplyandchain310relatedbasisinvestmentspoints for the three and six months ended June 30, 2026, respectively, and incremental advertisingspend, partially offset by gross productivity savings.spend.
Full comparison: every changed paragraph (43)
This Management's Discussion and Analysis ("MD&A") of Financial Condition and Results of Operations is intended to provide investors with an understanding of our recent performance, financial condition, cash flows and future prospects. The following MD&A should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2025 and the Unaudited Interim Condensed Consolidated Financial Statements and related notes contained in this Quarterly Report on Form 10-Q. Our analysis compares results for the three and six months ended MarchJune 31,30, 2026 to the same periodperiods in 2025. As discussed in the Notes to the Unaudited Interim Condensed Consolidated Financial Statements, the results and related assets and liabilities of the IFP Business are reported as discontinued operations. As a result, unless specifically stated, all discussions included below reflect continuing operations for all periods presented. Any reference to "N.M." indicates the calculation is not meaningful. Amounts are reported in millions of dollars, except per share amounts, unless otherwise noted. The following will be discussed and analyzed:
China Diapers Social Media Disruption
During the second quarter of 2026, false allegations regarding the quality of certain diaper brands in the China market emerged and were carried across social media channels. Independent testing conducted by a government-certified third party confirmed the quality and safety of our products, refuting the false allegations. While we are effectively navigating the situation, the impact from the spread of false claims across social media significantly impacted our diaper sales in China in the second quarter of 2026 and is expected to further impact sales and profits in the near term.
Ongoing geopolitical conflicts in the Middle East have led to disruptions in global energy supplies and volatility in global energy prices, including the prices for certain raw materials that are principally derived from petroleum, which may contribute to inflationary pressures, disrupt global supply chains and adversely impact consumer spending patterns. Based on preliminary analysis reflecting the current market environment and assuming oil prices remain at $100current per barrellevels for the remainder of the year, we estimate incremental input costs of approximately $200$150 (prior to consideration of mitigation actions) during the remainder of 2026. We are continuing to evaluate the evolving macroeconomic environment and our ability to mitigate the impact on our business, consolidated results of operations and financial condition.
During the three and six months ended MarchJune 31,30, 2026, we incurred $48$109 and $157, respectively, of acquisition-related costs in connection with the Kenvue Acquisition, which are included in Marketing, research and general expenses. See Item 1, Note 4 to the Unaudited Interim Condensed Consolidated Financial Statements for further details.
International Family Care and Professional ("IFP") Transaction On June 5, 2025, we announced that the Company will form a joint venture with Suzano S.A. ("Suzano") and Suzano International Holding B.V., a wholly-owned subsidiary of Suzano ("Buyer"), comprised of substantially all the operations of the Company's former IFP segment (the "IFP Business"). At the time of closing, which is expected to take place in mid-2026 and will only take place following the satisfaction of consultation requirements and customary closing conditions, including obtaining required regulatory approvals, Buyer will acquire a 51% interest in the joint venture for a purchase price of approximately $1.7 billion, subject to certain closing adjustments set forth in the Equity and Asset Purchase Agreement,Agreement (the "Purchase Agreement"), and we will retain a 49% equity interest (the "IFP Transaction"). As a result, the results of operations and applicable assets and liabilities of the IFP Business are reported as discontinued operations in the Company's financial statements for all periods presented. On July 1, 2026, subsequent to the quarter ended June 30, 2026, all consultation requirements and customary closing conditions set forth in the Purchase Agreement were satisfied and the IFP Transaction was completed. See Item 1, NotesNote 11, Note 3 and 3Note 11 to the Unaudited Interim Condensed Consolidated Financial Statements for further details.
The transformation is expected to impact our organization in all major geographies, and workforce reductions are expected to be in the range of 4% to 5%. Certain actions under the 2024 Transformation Initiative are being finalized for implementation, and accounting for such actions will commence when the actions are authorized for execution. TheDuring the second quarter of 2026, our Board of Directors approved an extension of the 2024 Transformation Initiative is expected to be completed bythrough the end of 2026.2028. Total pre-tax savings are expected to be $3.0 billion in gross productivity; inclusive of input cost and manufacturing cost savings, and $200 in selling, general and administrative expenses. Total pre-tax costs are anticipated to be approximately $1.5 billionbillion, pre-tax.with Cashcash costs are expected to be approximately 60% of that amount, primarily related to workforce reductions and other program costs. Expected non-cash charges are primarily related to incremental depreciation and asset write-offs, including losses associated with the expected exit of certain markets. For the three months ended MarchJune 31,30, 2026 and 2025, total 2024 Transformation Initiative charges were $51$54 pre-tax ($32$40 after-tax) and $77$122 pre-tax ($77$95 after-tax), respectively. For the six months ended June 30, 2026 and 2025, total 2024 Transformation Initiative charges were $105 pre-tax ($72 after-tax), and $199 pre-tax ($172 after-tax), respectively. Through MarchJune 31,30, 2026, cumulative pre-tax charges for the 2024 Transformation Initiative were $859$913 ($666$706 after-tax), and approximately 90%95% of the total expected selling, general and administrative expense savings have been realized or approved for action program to date.
Net sales of $4.2 billion for the three months ended MarchJune 31,30, 2026 increased 2.7%0.6% primarily driven by favorable currency impacts, while organic sales growth andwas favorablerelatively currencyflat impacts,compared partiallyto offsetthe byprior divestituresyear, andincluding businessan exits.approximately Organic50 salesbasis increasedpoint 2.5%negative primarilyimpact from volumethe gainsChina ofsocial 2.6%.media disruption.
Net sales of $8.4 billion for the six months ended June 30, 2026 increased 1.6% primarily driven by organic sales growth and favorable currency impacts, partially offset by divestitures and business exits. Organic sales increased 1.2% primarily from volume gains of 1.3%.
Gross profit of $1.5$1.6 billion for the three months ended MarchJune 31,30, 2026 increased 1.7%,10.1%, while gross margin of 36.8%38.3% decreasedincreased 40330 basis points. Gross margin in the current and prior year included approximately 11050 basis points and 130200 basis points, respectively, of charges related to the 2024 Transformation Initiative, primarily for incremental depreciation expense.expense and asset write-offs. Excluding these charges, adjusted gross profit was $1.6 billion, an increase of 0.9%, while adjusted gross margin wasincreased 37.9%, a decrease of 60190 basis points.points to 38.8%. The decreaseincrease was primarily due to supplyone-time chaintariff related investmentsrefunds and unfavorable pricing net of cost inflation, partially offset by gross productivity savings from integrated margin management of approximately $115.$120, partially offset by unfavorable pricing net of cost inflation.
Gross profit of $3.1 billion for the six months ended June 30, 2026 increased 5.8%, while gross margin of 37.6% increased 150 basis points. Gross margin in the current and prior year included approximately 80 basis points and 160 basis points, respectively, of charges related to the 2024 Transformation Initiative, primarily for incremental depreciation expense and asset write-offs. Excluding these charges, adjusted gross margin increased 60 basis points to 38.3%. The increase was primarily due to one-time tariff refunds and gross productivity savings from integrated margin management of approximately $235, partially offset by supply chain related investments and unfavorable pricing net of cost inflation.
Operating profit for the three months ended June 30, 2026 was $633 compared to $592 in the prior year. Results included charges related to the 2024 Transformation Initiative of $54 and $121 for the three months ended June 30, 2026 and 2025, respectively. Results in current quarter also included charges of $109 related to the Kenvue Acquisition, and a benefit of $39 related to Brazil business tax credits.
Operating profit of $753 for the threesix months ended MarchJune 31,30, 2026 increasedwas 19.3%,$1.4 inclusivebillion ofcompared to $1.2 billion in the prior year. Results included charges of $51 and $48 related to the 2024 Transformation Initiative of $105 and $196 for the six months ended June 30, 2026 and 2025, respectively. Results in the current year also included charges of $157 related to the Kenvue Acquisition, respectively, offset by a benefit of $120 related to the settlement of insurance claims from a previous acquisition.acquisition Resultsand ina the prior year included chargesbenefit of $75$39 related to theBrazil 2024business Transformationtax Initiative. Excluding these items, adjusted operating profit for the three months ended March 31, 2026 and 2025 was $732 and $706, respectively.credits.
Excluding these items, adjusted operating profit for the three and six months ended June 30, 2026 was $757 and $1.5 billion, respectively, compared to $713 and $1.4 billion in the prior year.
Adjusted operating profit for the three and six months ended MarchJune 31,30, 2026 increased 3.7%6.2% and 4.9%, respectively, driven by lowerthe marketing,increase researchin andadjusted generalgross expensesprofit discussed above and favorable currency impacts,impacts. These gains were partially offset by impacts of approximately 210 basis points and 340 basis points for the three and six months ended June 30, 2026, respectively, from divestituresa andcombination of business exits ofand approximatelythe 470China basissocial points.media disruption.
Income from Continuing Operations for the three months ended MarchJune 31,30, 2026 was $574$410 compared to $470$444 in the prior year.year, Theas the increase in operating profit drivers discussed above was primarilymore related to the settlement of insurance claims from a previous acquisition, coupled with higher income from equity companies, partiallythan offset by higher income tax expense.
OurIncome sharefrom ofContinuing net income of equity companiesOperations for the threesix months ended MarchJune 31,30, 2026 was $53$984 compared to $44$914 in the prior year.year, Theas the increase in operating profit drivers discussed above, coupled with higher income from equity companies, was primarily driven by Kimberly-Clark de Mexico, S.A.B. de C.V., due to favorable foreign currency impacts and productivity savings, partially offset by higher inputsincome costs.tax expense.
The effective tax rate for the three months ended March 31, 2026 was 23.9% compared to 23.5% in the prior year. The adjusted effective tax rate for the three months ended March 31, 2026 was 26.2% compared to 20.7% in the prior year. The increase was driven by the lapping of discrete tax benefits related to the resolution of certain tax matters in the first quarter of 2025 and a change in the US tax law effective July 2025.
Diluted earnings per share of $1.70 for the three months ended March 31, 2026 increased 22.3% reflective of the increase in income from continuing operations discussed above. Adjusted diluted earnings per share of $1.60 decreased 1.2% primarily due to the higher adjusted effective tax rate discussed above.
Income from Discontinued Operations, Net of Income Taxes
IncomeOur fromshare discontinued operations,of net income of incomeequity taxescompanies for the three and six months ended MarchJune 31,30, 2026 was $101$55 and $108, respectively, compared to $103$47 and $91 in the prior year. CurrentThe yearincreases resultsfor includedeach pre-taxperiod separationwere costsprimarily due to favorable currency impacts and pricing net of $32cost thatinflation, werepartially offset by thehigher cessation of depreciationgeneral and amortizationadministrative expense of approximately $30.expenses.
The effective tax rate for the three and six months ended June 30, 2026 was 37.9% and 30.3%, respectively, compared to 22.6% and 23.1% in the prior year. The adjusted effective tax rate for the three and six months ended June 30, 2026 was 21.1% and 23.6%, respectively, compared to 20.9% and 20.8% in the prior year. The increase was driven by the lapping of benefits from the resolution of certain tax matters in the first half of 2025.
Diluted earnings per share for the three months ended June 30, 2026 were $1.22 compared to $1.33 in the prior year, reflective of the decrease in income from continuing operations discussed above. Adjusted diluted earnings per share for the three months ended June 30, 2026 were $1.80, representing a 10.4% increase compared to the prior year, primarily driven by higher adjusted operating profit, lower net interest expense and higher income from equity companies.
Diluted earnings per share for the six months ended June 30, 2026 were $2.91 compared to $2.72 in the prior year, reflective of the increase in income from continuing operations discussed above. Adjusted diluted earnings per share for the six months ended June 30, 2026 were $3.40, representing a 4.6% increase compared to the prior year, driven by higher adjusted operating profit, lower net interest expense and higher income from equity companies, partially offset by a higher adjusted effective tax rate.
Income (Loss) from Discontinued Operations, Net of Income Taxes
Income (loss) from discontinued operations, net of income taxes for the three and six months ended June 30, 2026 was $(60) and $41, respectively, compared to $68 and $171 in the prior year. The decrease was driven by pre-tax separation costs of $72 and $104 for the three and six months ended June 30, 2026, respectively, compared to $33 in the prior year. Current year results also included net tax charges of $107 million related to the impacts from certain reorganization activities associated with the IFP Transaction. The incremental charges in the current year were partially offset by lower depreciation expense due to reporting requirements for discontinued operations.
Net sales of $2.7 billion for the three months ended MarchJune 31,30, 2026 decreased 0.6%,1.2% driven by the exit of the private label diaper business in the US and a decrease in organic sales. Organic sales decreased 0.7%, primarily driven by changes in retail inventories of 1.0% and impacts from the fire at our Los Angeles distribution center of 0.8%. Net sales of $5.3 billion for the six months ended June 30, 2026 decreased 0.9%, as the exit of the private label diaper business in the US was partially offset by organic sales growth. Organic sales increased 1.8%0.5% primarilydriven fromby volume gains of 1.9%,0.8%, drivenprimarily byin BabyConsumer & Child Care, Family CareTissue and Professional categories.categories, partially offset by lower pricing to drive sales of new product.
Operating profit for the three and six months ended MarchJune 31,30, 2026 of $623$725 decreasedand 8.1%,$1.3 billion increased 10.7% and 1.1%, respectively, driven by one-time tariff refunds and gross productivity savings, partially offset by impacts from divestitures and business exits (approximatelyof 490110 basis points), supplyand chain310 relatedbasis investmentspoints for the three and six months ended June 30, 2026, respectively, and incremental advertising spend, partially offset by gross productivity savings.spend.
Net sales of $1.5 billion for the three months ended MarchJune 31,30, 2026 increased 9.1%4.0% primarily driven by favorable currency impacts of 5.2%3.1% and organic sales growth of 4.0%.1.0%. Organic sales benefitedgrowth, which included a 140 basis point headwind from the China social media disruption, was driven by volume plus mix gains of 1.2%, reflecting growth within multiple categories, namely diapers and pants. Net sales of $3.0 billion for the six months ended June 30, 2026 increased 6.5%, primarily driven by favorable currency impacts of 4.1% and organic sales growth of 2.5%. Organic sales growth was driven by volume and mix gains of 4.1%2.2% and 1.4%,1.2%, respectively, primarily in China, Indonesia, South Korea and Brazil, partially offset by lower pricing.
Operating profit for the three and six months ended June 30, 2026 of $186 and $431, increased 2.2% and 12.5%, respectively. The increase for the three months ended June 30, 2026 was primarily driven by gross productivity savings and favorable currency impacts, partially offset by a 440 basis point impact from the China social media disruption. The increase for the six months ended June 30, 2026 was driven by gross productivity savings, favorable currency impacts and volume and mix led net sales growth, partially offset by unfavorable pricing net of cost inflation and supply chain related investments.
Operating profit for the three months ended March 31, 2026 of $245 increased 21.9% driven by gross productivity savings, volume and mix gains, favorable currency impacts and lower marketing, research and general expenses, partially offset by unfavorable pricing net of cost inflation.
Cash provided by operations was $745$1.7 billion during the threesix months ended MarchJune 31,30, 2026 compared to $327$1.1 billion in the prior year. The increase was driven primarily by an insurance recovery associated with the settlement of claims from a previous acquisition and favorable changes in operating working capital, due in part to timing and lower incentive payments in the current year.
Cash used for investing was $355$765 during the threesix months ended MarchJune 31,30, 2026 compared to $119$312 in the prior year, primarily reflecting higher planned capital spending. During the threesix months ended MarchJune 31,30, 2026, our capital spending was $424$776 compared to $204$401 in the prior year. We anticipate that full year capital spending will be approximately $1.3 billion, including incremental spending from the 2024 Transformation Initiative.
Cash used for financing was $527$222 during the threesix months ended MarchJune 31,30, 2026 compared to $683$1.2 billion in the prior year. This decrease was primarily due to andebt increaseproceeds inof $1.3 billion related to the IFP Term Loan Facility (see Item 1, Note 3 to the Unaudited Interim Condensed Consolidated Financial Statements for details), a portion of which were used to repay our U.S. commercial paper borrowings, partially offset by higher debt repayments in the current year.facilities. During the threesix months ended MarchJune 31,30, 2026, we did not repurchase any shares of common stock.
Our short-term debt, which consists of U.S. commercial paper with original maturities up to 90 days and/or other short-term debt issued by non-U.S. subsidiaries, was $595$31 as of MarchJune 31,30, 2026 (included in Debt payable within one year on the Condensed Consolidated Balance Sheets). The average month-end balance of short-term debt for the threesix months ended MarchJune 31,30, 2026 was $711.$652. These short-term borrowings provide supplemental funding to support our operations. The level of short-term debt generally fluctuates depending upon the amount of operating cash flows and the timing of customer receipts and payments for items such as pension contributions, dividends and income taxes.
As of MarchJune 31,30, 2026 and December 31, 2025, total debt from continuing operations was $7.1$6.5 billion and $7.2 billion, respectively.
Certain matters contained in this report concerning our plans and expectations regarding the pending Kenvue Acquisition (referred to below as the "pending mergers" or the "mergers") and the pending IFP Transaction, the business outlook, including raw material, energy and other input costs, the anticipated charges and savings from the 2024 Transformation Initiative, cash flow and uses of cash, growth initiatives, innovations, marketing and other spending, net sales, anticipated currency rates and exchange risks, including the impact in Argentina and Türkiye, effective tax rate, contingencies and anticipated transactions of Kimberly-Clark, including dividends, share repurchases and pension contributions, constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and are based upon management's expectations and beliefs concerning future events impacting Kimberly-Clark. There can be no assurance that these future events will occur as anticipated or that our results will be as estimated. Forward-looking statements speak only as of the date they were made, and we undertake no obligation to publicly update them.
The assumptions used as a basis for the forward-looking statements include many estimates that, among other things, depend on the successful completion of the mergers and the achievement of future cost savings and projected volume increases. In addition, many factors outside our control, including risks and uncertainties around the pending mergers (including the risk that the anticipated benefits and synergies of the mergers may not be realized when expected or at all, the terms and scope of the expected financing in connection with the mergers may prove to be less favorable than currently expected, that the mergers may not be completed in a timely manner or at all and the risk of litigation related to the mergers), the pending IFP Transaction (including risks related to delays or failure to complete the proposed transaction, the incurrence of significant transaction and separation costs, adverse market reactions, regulatory or legal challenges, and operational disruptions), risks that we are not able to realize the anticipated benefits of the 2024 Transformation Initiative (including risks related to disruptions to our business or operations or related to any delays in implementation), war in Ukraine (including the related responses of consumers, customers, and suppliers and sanctions issued by the U.S., the European Union, Russia or other countries), government trade or similar regulatory actions (including current and potential trade and tariff actions affecting the countries where we operate and the resulting negative impacts on our supply chain, commodity costs, and consumer spending), pandemics, epidemics, fluctuations in foreign currency exchange rates, the prices and availability of our raw materials, supply chain disruptions, disruptions in the capital and credit markets, counterparty defaults (including customers, suppliers and financial institutions with which we do business), failure to realize the expected benefits or synergies from our acquisition and disposition activity, impairment of goodwill and intangible assets and our projections of operating results and other factors that may affect our impairment testing, changes in customer preferences, severe weather conditions, regional instabilities and hostilities (including the war in Iran), potential competitive pressures on selling prices for our products, energy costs, general economic and political conditions globally and in the markets in which we do business, as well as our ability to maintain key customer relationships, could affect the realization of these estimates.
•Brazil Business Tax Credits - Favorable legal ruling resolving certain matters related to prior years' business taxes in Brazil.
•Insurance Recovery –- Settlement of insurance claims related to a previous acquisition.
•IFP Repatriated Earnings - In connection with the IFP Transaction, we recognized deferred tax liabilities for certain permanently reinvested earnings from the IFP Business that are expected to be repatriated.
The following tabletables providesprovide a reconciliation of Organic Sales Growth from continuing operations:
The following tabletables providesprovide a reconciliation of the continuing operations Adjusted Effective Tax Rate:
KMB insider buying and selling (Form 4)
Since 2026-04-11, insiders reported open-market purchases in 0 Form 4 filings and open-market sales in 3 filings (2 insiders, 3 trade dates, 7,096 shares, about $689.7K). Net open-market shares: -7,096 (purchases minus sales); net value about -$689.7K.Totals add up every open-market (code P and S) line in those filings, using the prices reported in the filings. Awards, option exercises, tax withholding and gifts are listed below but not counted.
| Trade date | Insider | Transaction | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-07-31 | Corsi Patricia |
Shares withheld for tax | 404 | $109.31 | $44.2K |
| 2026-07-31 | Corsi Patricia |
Option exercise | 966 | — | — |
| 2026-07-31 | Slavtcheff Craig |
Option exercise | 4,024 | — | — |
| 2026-07-31 | Slavtcheff Craig |
Shares withheld for tax | 1,711 | $109.31 | $187.0K |
| 2026-07-31 | Slavtcheff Craig |
Shares withheld for tax | 534 | $109.31 | $58.4K |
| 2026-07-31 | Slavtcheff Craig |
Option exercise | 1,255 | — | — |
| 2026-05-06 | Scribner Andrew |
Open-market sale | 4,095 | $98.00 | $401.3K |
| 2026-05-04 | Chen Katy |
Open-market sale | 1,596 | $95.34 | $152.2K |
| 2026-05-01 | Chen Katy |
Option exercise | 1,740 | — | — |
| 2026-05-01 | Chen Katy |
Option exercise | 1,716 | — | — |
| 2026-05-01 | Corsi Patricia |
Option exercise | 966 | — | — |
| 2026-05-01 | Corsi Patricia |
Shares withheld for tax | 403 | $97.67 | $39.4K |
| 2026-05-01 | Abou-Oaf Ehab |
Option exercise | 1,450 | — | — |
| 2026-05-01 | Abou-Oaf Ehab |
Option exercise | 1,430 | — | — |
| 2026-05-01 | Slavtcheff Craig |
Shares withheld for tax | 535 | $97.67 | $52.3K |
| 2026-05-01 | Slavtcheff Craig |
Option exercise | 1,257 | — | — |
| 2026-05-01 | Scribner Andrew |
Shares withheld for tax | 162 | $97.67 | $15.8K |
| 2026-05-01 | Scribner Andrew |
Shares withheld for tax | 160 | $97.67 | $15.6K |
| 2026-05-01 | Scribner Andrew |
Option exercise | 655 | — | — |
| 2026-05-01 | Scribner Andrew |
Option exercise | 665 | — | — |
| 2026-05-01 | Fenske Tamera |
Option exercise | 1,450 | — | — |
| 2026-05-01 | Fenske Tamera |
Shares withheld for tax | 1,151 | $97.67 | $112.4K |
| 2026-05-01 | Fenske Tamera |
Shares withheld for tax | 647 | $97.67 | $63.2K |
| 2026-05-01 | Fenske Tamera |
Shares withheld for tax | 637 | $97.67 | $62.2K |
| 2026-05-01 | Fenske Tamera |
Option exercise | 2,582 | — | — |
| 2026-05-01 | Fenske Tamera |
Option exercise | 1,430 | — | — |
| 2026-05-01 | Urdaneta Nelson |
Option exercise | 3,337 | — | — |
| 2026-05-01 | Urdaneta Nelson |
Shares withheld for tax | 1,332 | $97.67 | $130.1K |
| 2026-05-01 | Urdaneta Nelson |
Shares withheld for tax | 1,314 | $97.67 | $128.3K |
| 2026-05-01 | Urdaneta Nelson |
Option exercise | 3,384 | — | — |
| 2026-05-01 | Torres Russell |
Shares withheld for tax | 1,239 | $97.67 | $121.0K |
| 2026-05-01 | Torres Russell |
Option exercise | 3,146 | — | — |
| 2026-05-01 | Torres Russell |
Option exercise | 4,158 | — | — |
| 2026-05-01 | Torres Russell |
Shares withheld for tax | 1,637 | $97.67 | $159.9K |
| 2026-05-01 | Mcgee Grant B |
Shares withheld for tax | 451 | $97.67 | $44.0K |
| 2026-05-01 | Mcgee Grant B |
Shares withheld for tax | 457 | $97.67 | $44.6K |
| 2026-05-01 | Mcgee Grant B |
Option exercise | 1,144 | — | — |
| 2026-05-01 | Mcgee Grant B |
Option exercise | 1,160 | — | — |
| 2026-05-01 | Melucci Jeffrey P. |
Option exercise | 3,004 | — | — |
| 2026-05-01 | Melucci Jeffrey P. |
Shares withheld for tax | 1,183 | $97.67 | $115.5K |
| 2026-05-01 | Melucci Jeffrey P. |
Option exercise | 3,046 | — | — |
| 2026-05-01 | Melucci Jeffrey P. |
Shares withheld for tax | 1,199 | $97.67 | $117.1K |
| 2026-05-01 | Hsu Michael D. |
Option exercise | 11,122 | — | — |
| 2026-05-01 | Hsu Michael D. |
Option exercise | 10,490 | — | — |
| 2026-05-01 | Hsu Michael D. |
Shares withheld for tax | 4,377 | $97.67 | $427.5K |
| 2026-05-01 | Hsu Michael D. |
Shares withheld for tax | 4,128 | $97.67 | $403.2K |
| 2026-04-30 | Chen Katy |
Open-market sale | 1,405 | $96.96 | $136.2K |
| 2026-04-26 | Scribner Andrew |
Shares withheld for tax | 211 | $97.85 | $20.6K |
| 2026-04-26 | Scribner Andrew |
Shares withheld for tax | 788 | $97.85 | $77.1K |
| 2026-04-26 | Scribner Andrew |
Grant/award | 3,234 | — | — |
| 2026-04-26 | Scribner Andrew |
Option exercise | 862 | — | — |
| 2026-04-26 | Fenske Tamera |
Shares withheld for tax | 4,715 | $97.85 | $461.4K |
| 2026-04-26 | Fenske Tamera |
Shares withheld for tax | 839 | $97.85 | $82.1K |
| 2026-04-26 | Fenske Tamera |
Option exercise | 1,882 | — | — |
| 2026-04-26 | Fenske Tamera |
Grant/award | 10,585 | — | — |
| 2026-04-26 | Chen Katy |
Option exercise | 823 | — | — |
| 2026-04-26 | Chen Katy |
Grant/award | 3,087 | — | — |
| 2026-04-26 | Abou-Oaf Ehab |
Grant/award | 9,173 | — | — |
| 2026-04-26 | Abou-Oaf Ehab |
Option exercise | 1,631 | — | — |
| 2026-04-26 | Urdaneta Nelson |
Shares withheld for tax | 7,498 | $97.85 | $733.7K |
Well-known investors holding KMB (13F)
| Investor | Quarter | Shares | Reported value | % of their 13F | Change vs prior quarter |
|---|---|---|---|---|---|
| Two Sigma Investments | 2026-06-30 | 7,054,632 | $774.4M | 0.58% | Added 36% |
| Renaissance Technologies | 2026-06-30 | 1,499,600 | $164.6M | 0.23% | Added 14% |
| Citadel Advisors (Ken Griffin) | 2026-06-30 | 780,492 | $85.7M | 0.05% | Added 242% |
| Point72 Asset Management (Steve Cohen) | 2026-06-30 | 795,624 | $76.8M | — | Sold out |
| Millennium Management (Israel Englander) | 2026-06-30 | 572,126 | $55.2M | — | Sold out |
| AQR Capital Management (Cliff Asness) | 2026-06-30 | 501,093 | $54.8M | 0.02% | Added 90% |
| D. E. Shaw & Co. | 2026-06-30 | 496,888 | $54.5M | 0.03% | Reduced 70% |
| Gotham Asset Management (Joel Greenblatt) | 2026-06-30 | 416,254 | $45.7M | 0.11% | Added 5% |
| Bridgewater Associates | 2026-06-30 | 150,116 | $16.5M | 0.07% | Added 677% |