Detailed financial statements for Kimberly-Clark Corporation (KMB): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Kimberly-Clark Corporation, together with its subsidiaries, manufactures and markets personal care products in the United States. It operates in two segments, North America and International Personal Care.
Analysis Summary
Kimberly-Clark Corporation reported revenue of $17.22B in the most recent fiscal year, growing at a 5-year CAGR of -2.1%. Net income reached $2.02B, with a -3.0% 5-year CAGR.
Trailing-twelve-month margins: gross margin 36.7%, operating margin 12.4%, net margin 11.8%. Free cash flow grew at -8.2% CAGR over 5 years.
At $108.40 (closing price, October 28, 2026), KMB trades at a P/E of 18.44 and an ROE of 122.57%. Market capitalisation stands at $36.1B, placing it among large-cap names.
Balance sheet quality for KMB: current ratio of 0.7, net debt of $6.61B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is decent: free cash flow of $1.64B represents 81% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $18.20B | $18.26B | $18.49B | $18.45B | $19.14B | $19.44B | $20.18B | $20.43B | $20.06B | $17.22B |
| Cost of Revenue | $11.55B | $11.71B | $12.89B | $12.41B | $12.32B | $13.45B | $13.96B | $13.40B | $12.88B | $11.09B |
| Gross Profit | $6.69B | $6.59B | $5.60B | $6.04B | $6.82B | $5.99B | $6.22B | $7.03B | $7.18B | $6.13B |
| Research & Development | $328.0M | $309.0M | $317.0M | $284.0M | $276.0M | $269.0M | $292.0M | $312.0M | $338.0M | 0 |
| Selling, General & Admin | $2.97B | $3.23B | $3.37B | $2.87B | $3.25B | $3.02B | $3.29B | $4.06B | $4.31B | $3.61B |
| Operating Expenses | $3.31B | $3.23B | $3.37B | $3.04B | $3.58B | $3.43B | $3.54B | $4.69B | $3.97B | $3.64B |
| Operating Income | $3.38B | $3.36B | $2.23B | $2.99B | $3.24B | $2.56B | $2.68B | $2.34B | $3.21B | $2.49B |
| EBITDA | $4.03B | $4.03B | $2.96B | $3.83B | $3.98B | $3.25B | $3.38B | $3.07B | $3.98B | $3.30B |
| Interest Expense | $319.0M | $318.0M | $263.0M | $261.0M | $252.0M | $256.0M | $282.0M | $293.0M | $270.0M | $256.0M |
| Pre-tax Income | $3.01B | $2.99B | $1.81B | $2.65B | $2.93B | $2.32B | $2.46B | $2.22B | $3.14B | $2.23B |
| Income Tax | $922.0M | $776.0M | $471.0M | $576.0M | $676.0M | $479.0M | $495.0M | $453.0M | $565.0M | $527.0M |
| Net Income | $2.17B | $2.28B | $1.41B | $2.16B | $2.35B | $1.81B | $1.93B | $1.76B | $2.54B | $2.02B |
| EPS | $6.03 | $6.44 | $4.05 | $6.28 | $6.90 | $5.38 | $5.73 | $5.21 | $7.58 | $6.08 |
| EPS (Diluted) | $5.99 | $6.40 | $4.03 | $6.24 | $6.87 | $5.35 | $5.72 | $5.21 | $7.55 | $6.07 |
| Shares Outstanding (Diluted) | 361.7 M | 355.9 M | 349.6 M | 345.6 M | 342.5 M | 338.8 M | 338.3 M | 338.8 M | 337.0 M | 333.1 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $4.13B | $4.08B | $4.16B | $4.19B |
| Gross Profit | $1.48B | $1.47B | $1.53B | $1.60B |
| Operating Income | $621.0M | $507.0M | $475.0M | $448.0M |
| EBITDA | $833.0M | $685.0M | $878.0M | $792.0M |
| Net Income | $446.0M | $499.0M | $665.0M | $345.0M |
| EPS | $1.34 | $1.50 | $2.00 | $1.04 |
| EPS (Diluted) | $1.34 | $1.50 | $2.00 | $1.04 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $923.0M | $616.0M | $539.0M | $442.0M | $303.0M | $270.0M | $427.0M | $1.09B | $1.02B | $688.0M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $2.18B | $2.31B | $2.16B | $2.26B | $2.23B | $2.21B | $2.28B | $2.13B | $2.01B | $1.89B |
| Inventory | $1.68B | $1.79B | $1.81B | $1.79B | $1.90B | $2.24B | $2.27B | $1.96B | $1.82B | $1.48B |
| Total Current Assets | $5.12B | $5.21B | $5.04B | $5.06B | $5.17B | $5.57B | $5.73B | $5.70B | $5.58B | $5.31B |
| Property, Plant & Equipment | $7.17B | $7.44B | $7.16B | $7.45B | $8.04B | $8.10B | $7.88B | $7.91B | $7.51B | $6.78B |
| Goodwill | $1.48B | $1.58B | $1.47B | $1.47B | $1.90B | $1.84B | $2.07B | $2.08B | $1.96B | $1.84B |
| Intangible Assets | $83.0M | 0 | 0 | $29.0M | $832.0M | $810.0M | $851.0M | $197.0M | $87.0M | $77.0M |
| Total Assets | $14.60B | $15.15B | $14.52B | $15.28B | $17.52B | $17.84B | $17.97B | $17.34B | $16.55B | $17.23B |
| Accounts Payable | $2.61B | $2.83B | $3.19B | $3.06B | $3.34B | $3.84B | $3.81B | $3.65B | $3.71B | $3.39B |
| Short-term Debt | $1.13B | $953.0M | $1.21B | $1.53B | $486.0M | $433.0M | $844.0M | $567.0M | $552.0M | $694.0M |
| Total Current Liabilities | $5.85B | $5.86B | $6.54B | $6.92B | $6.44B | $6.75B | $7.33B | $6.93B | $7.00B | $7.12B |
| Long-term Debt | $6.44B | $6.47B | $6.25B | $6.21B | $7.88B | $8.14B | $7.58B | $7.42B | $6.88B | $6.47B |
| Total Liabilities | $14.48B | $14.27B | $14.56B | $15.09B | $16.65B | $17.10B | $17.27B | $16.28B | $15.57B | $15.57B |
| Retained Earnings | $5.83B | $5.77B | $5.95B | $6.69B | $7.57B | $7.86B | $8.20B | $8.37B | $9.26B | $9.61B |
| Total Equity | -$102.0M | $629.0M | -$287.0M | -$33.0M | $626.0M | $514.0M | $547.0M | $915.0M | $840.0M | $1.50B |
| Total Debt | $7.57B | $7.42B | $7.46B | $7.88B | $8.50B | $8.70B | $8.55B | $8.11B | $7.92B | $7.30B |
| Net Debt | $6.65B | $6.81B | $6.92B | $7.43B | $8.19B | $8.43B | $8.12B | $7.02B | $6.89B | $6.61B |
| Working Capital | -$731.0M | -$647.0M | -$1.50B | -$1.86B | -$1.27B | -$1.18B | -$1.60B | -$1.23B | -$1.42B | -$1.81B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $617.0M | $688.0M | $542.0M | $956.0M |
| Total Assets | $16.89B | $17.23B | $17.18B | $18.55B |
| Total Liabilities | $15.42B | $15.57B | $15.27B | $16.66B |
| Total Equity | $1.33B | $1.50B | $1.80B | $1.75B |
| Total Debt | $7.24B | $7.30B | $7.08B | $6.52B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $2.17B | $2.28B | $1.41B | $2.20B | $2.40B | $1.84B | $1.96B | $1.76B | $2.58B | $2.05B |
| Depreciation & Amortization | $705.0M | $724.0M | $882.0M | $917.0M | $796.0M | $766.0M | $754.0M | $753.0M | $781.0M | $805.0M |
| Stock-based Compensation | $77.0M | $76.0M | $41.0M | $96.0M | $147.0M | $26.0M | $150.0M | $169.0M | $131.0M | $140.0M |
| Change in Working Capital | $334.0M | -$148.0M | $389.0M | -$288.0M | $363.0M | $46.0M | -$17.0M | $582.0M | $178.0M | -$480.0M |
| Operating Cash Flow | $3.23B | $2.93B | $2.97B | $2.74B | $3.73B | $2.73B | $2.73B | $3.54B | $3.23B | $2.78B |
| Capital Expenditure | -$771.0M | -$785.0M | -$877.0M | -$1.21B | -$1.22B | -$1.01B | -$876.0M | -$766.0M | -$721.0M | -$1.14B |
| Acquisitions | $771.0M | $785.0M | $877.0M | $1.21B | -$1.08B | $1.01B | -$46.0M | 0 | 0 | $33.0M |
| Stock Repurchased | -$739.0M | -$911.0M | -$800.0M | -$800.0M | -$700.0M | -$400.0M | -$100.0M | -$225.0M | -$1.00B | -$141.0M |
| Dividends Paid | -$1.31B | -$1.36B | -$1.39B | -$1.41B | -$1.45B | -$1.52B | -$1.56B | -$1.59B | -$1.63B | -$1.66B |
| Free Cash Flow | $2.46B | $2.14B | $2.09B | $1.53B | $2.51B | $1.72B | $1.86B | $2.78B | $2.51B | $1.64B |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $708.0M | $972.0M | $745.0M | $908.0M |
| Capital Expenditure | $401.0M | -$397.0M | -$424.0M | -$352.0M |
| Free Cash Flow | $1.11B | $575.0M | $321.0M | $556.0M |
| Dividends Paid | -$418.0M | -$418.0M | -$418.0M | -$425.0M |
| Stock-based Compensation | $42.0M | $25.0M | $23.0M | $41.0M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +0.3% | +1.2% | -0.2% | +3.7% | +1.6% | +3.8% | +1.3% | -1.8% | -14.2% | |
| Net Income Growth (YoY) | +5.2% | -38.1% | +53.0% | +9.0% | -22.9% | +6.6% | -8.8% | +44.3% | -20.6% | |
| EPS Growth (YoY) | +6.8% | -37.1% | +55.1% | +9.9% | -22.0% | +6.5% | -9.1% | +45.5% | -19.8% | |
| Shares Change (YoY) | -1.6% | -1.8% | -1.1% | -0.9% | -1.1% | -0.1% | +0.1% | -0.5% | -1.2% | |
| FCF Growth (YoY) | -12.9% | -2.4% | -27.0% | +64.5% | -31.4% | +7.8% | +49.5% | -9.5% | -34.8% | |
| Gross Margin | 36.8% | 36.1% | 30.3% | 32.7% | 35.6% | 30.8% | 30.8% | 34.4% | 35.8% | 35.6% |
| Operating Margin | 18.6% | 18.4% | 12.1% | 16.2% | 16.9% | 13.2% | 13.3% | 11.5% | 16.0% | 14.5% |
| EBITDA Margin | 22.2% | 22.1% | 16.0% | 20.7% | 20.8% | 16.7% | 16.7% | 15.0% | 19.8% | 19.1% |
| Net Margin | 11.9% | 12.5% | 7.6% | 11.7% | 12.3% | 9.3% | 9.6% | 8.6% | 12.7% | 11.7% |
| FCF Margin | 13.5% | 11.7% | 11.3% | 8.3% | 13.1% | 8.9% | 9.2% | 13.6% | 12.5% | 9.5% |
| Effective Tax Rate | 30.6% | 25.9% | 26.0% | 21.7% | 23.1% | 20.6% | 20.2% | 20.4% | 18.0% | 23.6% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $6.80 | $6.02 | $5.99 | $4.42 | $7.33 | $5.09 | $5.49 | $8.19 | $7.46 | $4.92 |
| Dividends Per Share | $3.62 | $3.82 | $3.96 | $4.07 | $4.24 | $4.47 | $4.61 | $4.69 | $4.83 | $4.98 |
| Shares Outstanding (Basic) | 359.4 M | 353.6 M | 348.0 M | 343.6 M | 340.7 M | 337.3 M | 337.4 M | 338.6 M | 337.0 M | 333.1 M |
What to look at in Consumer Defensive companies
- Gross margin (stable 5y) (Stable >=35%) — Brand pricing power — Coca-Cola does not drop margins.
- ROE / ROIC stable (ROE >=15% stable) — Defensive businesses have high consistent ROEs — Lynch's stalwarts.
- FCF / Net Income (>=90%) — Earnings to cash conversion — best names exceed 95%.
- Dividend growth 10y (>=6%/year) — Dividend Aristocrats raise 25+ years — moat signal.
- Payout Ratio (<75%) — >80% = dividend at risk. <60% comfortable.
- Net Debt / EBITDA (<2.5x) — Defensive with high debt loses its essence.
Profitability
| Return on Equity | 122.57% |
| Return on Invested Capital | 12.46% |
| Return on Assets | 10.54% |
| Gross Margin | 36.69% |
| Operating Margin | 12.38% |
| Net Margin | 11.80% |
Financial Health
| Debt / Equity | 3.72 |
| Current Ratio | 0.91 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 3.43 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 18.93 | 18.74 | 28.13 | 21.90 | 19.54 | 26.57 | 23.69 | 23.32 | 17.29 | 16.59 |
| P/B | -402.11 | 67.83 | -138.16 | -1,432.19 | 73.38 | 93.79 | 83.73 | 44.96 | 52.57 | 22.37 |
| P/S | 2.25 | 2.34 | 2.14 | 2.56 | 2.40 | 2.48 | 2.27 | 2.01 | 2.20 | 1.95 |
| Gross Margin | 36.8% | 36.1% | 30.3% | 32.7% | 35.6% | 30.8% | 30.8% | 34.4% | 35.8% | 35.6% |
| Operating Margin | 18.6% | 18.4% | 12.1% | 16.2% | 16.9% | 13.2% | 13.3% | 11.5% | 16.0% | 14.5% |
| Net Margin | 11.9% | 12.5% | 7.6% | 11.7% | 12.3% | 9.3% | 9.6% | 8.6% | 12.7% | 11.7% |
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