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Kenvue (KVUE) investor relations material
Kenvue Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Leadership changes include a new interim CEO and CFO, with additional appointments in Asia Pacific and technology, focusing on operational improvements and accelerating growth.
The board is conducting a comprehensive review of strategic alternatives to unlock shareholder value and optimize the brand portfolio.
Immediate priorities include strengthening leadership, simplifying operations, focusing on core brands/markets, and improving execution.
The company acknowledges underperformance and is committed to urgent interventions and restructuring to improve results.
Updated 2025 guidance reflects more muted expectations for the second half, with a focus on operational discipline.
Financial highlights
Q2 2025 organic sales declined 4.2% year-over-year; net sales down 4.0% to $3.8B.
Adjusted gross profit margin was 60.9% (down 70 bps); gross profit margin was 58.9% (down 20 bps) year-over-year.
Adjusted operating margin was 22.7% (down 10 bps); operating margin rose to 18.0% from 3.9% due to prior-year impairments.
Adjusted diluted EPS was $0.29 (down from $0.32); reported EPS was $0.22 (up from $0.03); adjusted net income was $560M (down from $611M); net income was $420M (up from $58M).
Adjusted effective tax rate was 26.9% (up from 25.7%); effective tax rate was 28.6% (up from 10.8%).
Outlook and guidance
Full-year 2025 net and organic sales expected to decline low single digits, with neutral currency impact.
Adjusted operating margin and adjusted diluted EPS expected to be flat to down year-over-year; guidance range for EPS is $1.00–$1.05.
Adjusted effective tax rate for FY25 projected at 25.5%–26.5%.
Most restructuring savings to be reinvested in growth initiatives; cost savings of ~$350M expected by 2026.
More innovation is expected in the second half, with Q4 benefiting from easier comps.
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