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AI核心结论
Kenvue (KVUE) delivered a strong Q1 2026 with revenue up 4.5% YoY to $3.91B, while operating income surged 37.5% and net income jumped 47.2% to $474M, driven by significant cost discipline and margin expansion.
营业收入
$3.91B
同比 ++4.49%
每股收益（基本）
$0.25
同比 ++47.06%
毛利率
58.9%
同比 ++0.94%
营业利润
$767M
同比 ++37.46%
提交于 · 来源: SEC EDGAR 10-Q 原文
Kenvue (KVUE) Q1 FY2026 营收 $3.91B，同比增长 4.5%。 净利润 $474M，同比增长 47.2%，稀释每股收益 $0.25。 毛利率 58.9%。
Kenvue grew total revenue by 4.5% YoY to $3.91B in Q1 2026 (vs. $3.74B in Q1 2025), reflecting continued consumer demand for its self-care and consumer health brands despite a challenging macro environment.
来源: Source: 10-Q Income Statement
Gross margin improved approximately 94 basis points YoY to 58.9%, while operating margin expanded dramatically by ~470 basis points to 19.6%, indicating strong operating leverage and cost efficiency improvements.
来源: Source: 10-Q Income Statement, Key Ratios
SG&A expenses declined 5.5% YoY to $1.45B and R&D expenses fell 15.2% YoY to $84M, together contributing meaningfully to the operating income surge of 37.5% to $767M.
来源: Source: 10-Q Income Statement
Net income rose 47.2% YoY to $474M, with both basic and diluted EPS increasing 47.1% to $0.25, reflecting the combined benefit of revenue growth and cost discipline flowing through to the bottom line.
来源: Source: 10-Q Income Statement
Operating cash flow grew 14.3% YoY to $489M, supporting the company's ability to fund its $398M dividend payment, though the company did not repurchase any shares in Q1 2026 compared to $63M in buybacks in Q1 2025.
来源: Source: 10-Q Cash Flow Statement
Kenvue's current ratio stands at 0.983, meaning current liabilities of $5.90B slightly exceed current assets of $5.80B. While current liabilities declined 11.6% YoY, this sub-1.0 ratio warrants monitoring as it indicates the company technically cannot cover all short-term obligations with liquid assets alone.
来源: Source: 10-Q Balance Sheet, Key Ratios
The debt-to-equity ratio of 1.53 indicates that Kenvue carries significantly more debt than equity, with total liabilities of $16.25B against stockholders' equity of $10.61B. This leverage constrains financial flexibility and increases sensitivity to interest rate movements.
来源: Source: 10-Q Balance Sheet, Key Ratios
R&D spending fell 15.2% YoY to $84M, which may reflect cost optimization but could also signal reduced investment in new product innovation. For a consumer health company, sustained underinvestment in R&D could erode long-term brand competitiveness.
来源: Source: 10-Q Income Statement
Kenvue paid $398M in dividends in Q1 2026 against operating cash flow of $489M and investing outflows of $167M, implying free cash flow of approximately $322M — below the dividend payment. This means dividends are partially funded by sources other than free cash flow, which may not be sustainable indefinitely.
来源: Source: 10-Q Cash Flow Statement
Kenvue repurchased $0 in shares during Q1 2026 versus $63M in Q1 2025, a 100% decline. This may reflect a deliberate prioritization of debt management or dividend payments, but could also indicate reduced confidence in deploying capital for shareholder returns beyond dividends.
来源: Source: 10-Q Cash Flow Statement
Q1 FY2026 实际 EPS $0.32，分析师一致预期 $0.27，超预期 +19.6%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $3.91B | $3.74B | +4.49% |
营业成本 | $1.61B | $1.57B | +2.16% |
毛利润 | $2.3B | $2.17B | +6.18% |
营业利润 | $767M | $558M | +37.46% |
净利润 | $474M | $322M | +47.20% |
每股收益（基本） | $0.25 | $0.17 | +47.06% |
每股收益（稀释） | $0.25 | $0.17 | +47.06% |
研发费用 | $84M | $99M | -15.15% |
销售及管理费用 | $1.45B | $1.54B | -5.47% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $26.85B | $26.26B | +2.27% |
流动资产 | $5.79B | $5.71B | +1.49% |
总负债 | $16.25B | $16.2B | +0.26% |
流动负债 | $5.9B | $6.67B | -11.55% |
股东权益 | $10.61B | $10.05B | +5.52% |
现金及等价物 | $1.07B | $1.06B | +1.70% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流 | $489M | $428M | +14.25% |
投资活动现金流 | $-167M | $-167M | 0.00% |
筹资活动现金流 | $-295M | $-310M | +4.84% |
股息支出 | $398M | $392M | +1.53% |
股票回购 | $0 | $63M | -100.00% |
折旧及摊销 | $143M | $136M | +5.15% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
毛利率 | 58.9% | 58.0% | +0.94% |
营业利润率 | 19.6% | 14.9% | +4.71% |
净利率 | 12.1% | — | — |
净资产收益率 | 4.5% | — | — |
总资产收益率 | 1.8% | — | — |
流动比率 | $0.983 | — | — |
资产负债率 | $1.531 | — | — |
Kenvue (KVUE) had a strong Q1 2026, with revenue rising 4.5% YoY to $3.91B and net income jumping 47.2% to $474M. EPS came in at $0.25, up from $0.17 in Q1 2025, driven by significant cost reductions in SG&A (-5.5%) and R&D (-15.2%).
The biggest takeaway from KVUE's Q1 2026 report is the dramatic margin expansion: operating margin improved nearly 5 percentage points to 19.6%, and net income grew nearly 50% despite only modest revenue growth of 4.5%. Cost discipline — particularly in SG&A and R&D — was the primary driver of this earnings outperformance.
Yes, Kenvue grew revenue 4.5% YoY to $3.91B in Q1 2026, up from $3.74B in Q1 2025. Gross profit grew even faster at 6.2% to $2.30B, as cost of revenue increased only 2.2%, reflecting improved pricing or product mix.
Kenvue paid $398M in dividends in Q1 2026, while generating $489M in operating cash flow and spending $167M on investing activities, resulting in free cash flow of approximately $322M — slightly below the dividend amount. While the dividend is currently being maintained, investors should note it is partially funded by financing activities, which warrants ongoing monitoring.
The key financial risks for Kenvue include a debt-to-equity ratio of 1.53 indicating significant leverage, a current ratio just below 1.0 (0.983) suggesting modest near-term liquidity pressure, and a 15.2% decline in R&D spending that could impact long-term product innovation. These factors, combined with dividends exceeding free cash flow in Q1, are the primary concerns highlighted by the Q1 2026 financial data.