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Kenvue cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$620M in Q3 2026 · $2.3B over twelve months

Operating cash flow$700M
Capital spending−$80.0M
Free cash flow+$620M
Cash / net income1.6×
Cash conversion cycle8 days

Analysis

In Q3 2026, Kenvue generated $700M of operating cash flow and spent $80.0M on capital projects, leaving free cash flow of $620M.

Over the twelve months to Sep 27, 2026, operating cash flow was $2.7B; the largest uses were dividends ($1.6B), other financing ($747M), capital spending ($393M); the cash balance fell by $100M.

Operating cash flow was $700M against net income of $430M — 1.6× profit, cash ran ahead of reported earnings. The largest differences: payables +$189M, depreciation & amortization +$143M, inventory −$95.0M.

Its cash conversion cycle was 8 days (receivables 58 + inventory 102 − payables 152).

Free cash flow

Kenvue: free cash flow by quarterKenvue: free cash flow by quarter$661MQ4 2024$249MQ1 2025$533MQ2 2025$196MQ3 2025$744MQ4 2025$350MQ1 2026$624MQ2 2026$620MQ3 2026
Operating cash flow less capital spending.
Kenvue: operating cash flow against capital spendingKenvue: operating cash flow against capital spendingOperating cash flowCapital spending$793M$132MQ4 2024$428M$179MQ1 2025$621M$88.0MQ2 2025$294M$98.0MQ3 2025$854M$110MQ4 2025$489M$139MQ1 2026$688M$64.0MQ2 2026$700M$80.0MQ3 2026
Latest (Q3 2026): Operating cash flow $700M, Capital spending $80.0M.

Capital allocation, year by year

Kenvue: where the cash came from (up) and went (down), by fiscal yearKenvue: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingBuybacksDividendsFY2021: Operating cash flow $334MFY2021: Asset sales $25.0MFY2021: Capital spending −$295M$359MFY2021FY2022: Operating cash flow $2.5BFY2022: Capital spending −$375M$2.5BFY2022FY2023: Operating cash flow $3.2BFY2023: Net borrowing $8.8BFY2023: Shares issued $4.2BFY2023: Capital spending −$469MFY2023: Buybacks −$7.0MFY2023: Dividends −$766M$16.2BFY2023FY2024: Operating cash flow $1.8BFY2024: Net borrowing $314MFY2024: Shares issued $95.0MFY2024: Capital spending −$434MFY2024: Buybacks −$235MFY2024: Dividends −$1.6B$2.2BFY2024FY2025: Operating cash flow $2.2BFY2025: Net borrowing −$150MFY2025: Shares issued $122MFY2025: Capital spending −$475MFY2025: Buybacks −$197MFY2025: Dividends −$1.6B$2.3BFY2025
Over these 5 years operating cash flow totalled $10.0B; the largest uses were dividends ($3.9B) and capital spending ($2.0B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$1.0B
Debt$8.2B
Net debt$7.2B
Due within a year$750M

Kenvue funds itself: free cash flow was $2.3B over the last twelve months, and $1.0B of cash and investments stands against $8.2B of debt ($750M due within a year, 1.4× covered by cash).

Kenvue: debt maturities by year (FY2025)Kenvue: debt maturities by year (FY2025)$750MYear 1$1.0BYear 3$1.0BYear 5$5.0BAfter year 5
Principal due in each year as disclosed in the annual report, against $1.0B of cash and investments now.

Where the cash came from and went

Kenvue: sources (+) and uses (−) of cash, Q3 2026Kenvue: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$700MDividends−$403MNet borrowing (+) / repaid (−)−$296MCapital spending−$80.0MCash drawn (+) / kept (−)$71.0MOther financing$20.0MExchange rates−$13.0MOther investing$1.0M
Kenvue: sources (+) and uses (−) of cash, TTM to Q3 2026Kenvue: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$2.7BDividends−$1.6BOther financing−$747MCapital spending−$393MCash drawn (+) / kept (−)$100MNet borrowing (+) / repaid (−)−$86.0MOther investing−$6.0MExchange rates−$2.0M

From profit to cash

Kenvue: net income to operating cash flow, Q3 2026Kenvue: net income to operating cash flow, Q3 2026Net income$430MDepreciation & amortization$143MStock-based pay$29.0MDeferred taxes−$13.0MOther non-cash$14.0MReceivables−$39.0MInventory−$95.0MPayables$189MEmployee-related liabilities$1.0MPrepaid and other assets−$2.0MOther liabilities−$4.0MIncome taxes payable$47.0MOperating cash flow$700M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 2026581021528
Q2 2026579314110
Q1 2026579514210
Q4 2025589613617
Q3 20255710614815
Q2 20255510014113
Q1 2025549513316
Q4 2024579712925

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$700M−$80.0M—−$403M−$296M$71.0M$620M
Q2 2026$688M−$64.0M—−$398M$560M−$35.0M$624M
Q1 2026$489M−$139M—−$398M$120M−$13.0M$350M
Q4 2025$854M−$110M—−$398M−$470M$77.0M$744M
Q3 2025$294M−$98.0M−$70.0M−$398M$349M−$69.0M$196M
Q2 2025$621M−$88.0M−$64.0M−$393M−$893M−$13.0M$533M
Q1 2025$428M−$179M−$63.0M−$392M$118M$13.0M$249M
Q4 2024$793M−$132M−$121M−$393M−$101M−$13.0M$661M

Kenvue: income statement and cash flow

Kenvue, Q3 2026: revenue $3.9B (+3% year over year), operating margin 18.2%. The chart follows the revenue to costs, profit and cash.

Kenvue: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.