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Kenvue cash flow statement

In fiscal 2025, Kenvue's operations generated $2.20bn of cash; it spent $475m on capital projects, leaving free cash flow of $1.72bn. It returned $1.58bn in dividends and $197m through buybacks.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2021Jan 20222022Jan 20232023Dec 20232024Dec 20242025Dec 2025LTMSept 2026
Cash from operations3342,5253,1681,7692,1972,731
Depreciation and amortisation731644627622557437
Stock-based pay141137188254136120
Capital spending295375469434475393
Free cash flow392,1502,6991,3351,7222,338
Free cash flow after stock pay−1022,0132,5111,0811,5862,218
Dividends paid007661,5521,5811,597
Share buybacks—072351970

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from Kenvue's SEC filings (10-K and 10-Q), retrieved October 30, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Kenvue.