Operating cash flow exceeded net income by 2.6x in 2026Q2, but FCF margin fell to 2.5% in 2025Q1, and CapEx intensity rose to 8.4% of revenue, while dividends consumed ~$420M per quarter with buybacks halted.
Kimberly-Clark Corporation (KMB) cash flow statement — 30-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 3.33B | 2.78B | 3.23B | 3.54B | 2.73B | 2.73B | 3.73B | 2.74B | 2.97B | 2.93B | 3.23B | 2.31B | 2.85B | 3.04B | 3.29B | 2.29B | 2.74B | 3.48B | 2.52B | 2.43B | 2.58B | 2.31B | 2.97B | 2.61B | 2.42B | 2.25B | 2.13B | 2.13B | 1.99B | 1.41B | 1.67B |
| Operating CF Margin % | - | 16.13% | 16.12% | 17.34% | 13.55% | 14.04% | 19.48% | 14.83% | 16.07% | 16.04% | 17.76% | 12.4% | 14.42% | 14.37% | 15.61% | 10.98% | 13.9% | 18.21% | 12.96% | 13.3% | 15.4% | 14.54% | 19.69% | 18.21% | 17.87% | 15.52% | 15.26% | 16.41% | 16.19% | 11.21% | 12.73% |
| Operating CF Growth % | 138.63% | -14.13% | -8.7% | 29.6% | 0.11% | -26.79% | 36.29% | -7.88% | 1.4% | -9.38% | 40.16% | -18.95% | -6.41% | -7.54% | 43.71% | -16.62% | -21.17% | 38.35% | 3.59% | -5.84% | 11.58% | -22.15% | 13.65% | 7.79% | 7.56% | 5.65% | -0.05% | 7.18% | 41.57% | -15.98% | 79.71% |
| Net Income | 1.96B | 2.05B | 2.58B | 1.76B | 1.96B | 1.84B | 2.4B | 2.2B | 1.41B | 2.28B | 2.17B | 1.01B | 1.53B | 2.14B | 1.75B | 1.59B | 1.84B | 1.88B | 1.69B | 1.82B | 1.5B | 1.57B | 1.8B | 1.69B | 1.67B | 1.61B | 1.8B | 1.67B | 1.17B | 901.5M | 1.4B |
| Depreciation & Amortization | 725M | 805M | 781M | 753M | 754M | 766M | 796M | 917M | 882M | 724M | 705M | 746M | 862M | 863M | 857M | 1.09B | 813M | 783M | 775M | 806.5M | 932.8M | 844.5M | 800.3M | 745.8M | 706.6M | 739.6M | 673.4M | 628M | 542.5M | 490.9M | 561M |
| Stock-Based Compensation | 131M | 140M | 131M | 169M | 150M | 26M | 147M | 96M | 41M | 76M | 77M | 75M | 52M | 92M | 67M | 48M | 52M | 86M | 47M | 62.7M | 67.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 188M | 241M | -38M | -322M | -57M | -70M | 45M | 29M | 2M | -69M | -15M | -255M | 63M | 151M | 224M | 274M | -12M | 141M | 151M | -103M | -208M | -142.7M | -19.4M | -53M | 197.6M | 39.7M | 84.1M | 126.2M | 53.3M | 11.2M | 40.5M |
| Other Non-Cash Items | -770M | 22M | -396M | 609M | -58M | 118M | -18M | -215M | 246M | 68M | -35M | 1.17B | 518M | -50M | 271M | -454M | 24M | -518M | 188M | 169.3M | 282.7M | 326.2M | 255.5M | 109.6M | 43M | 151.9M | -86.6M | -220.9M | 166.1M | 579.9M | -189.5M |
| Working Capital Changes | 1.07B | -480M | 178M | 582M | -17M | 46M | 363M | -288M | 389M | -148M | 334M | -445M | -176M | -158M | 119M | -262M | 24M | 1.1B | -335M | -329.5M | 5.1M | -284.5M | 133M | 116.4M | -197.6M | -287.3M | -338.3M | -67.1M | 63.6M | -576.9M | -141.6M |
| Change in Receivables | 0 | 0 | 48M | 127M | -151M | -37M | 95M | -116M | 33M | -44M | -23M | 60M | 267M | 4M | -38M | -169M | 45M | -20M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 10M | 290M | -76M | -417M | -96M | 24M | -127M | -33M | 230M | -28M | 12M | 100M | 9M | 9M | -341M | 523M | -45M | -439.3M | 0 | 0 | 0 | -108.6M | 0 | -37.7M | 0 | 0 | -400K | -43.7M | 15.9M |
| Change in Payables | 0 | 0 | 179M | -109M | 109M | 627M | 239M | -153M | 392M | 174M | -61M | 44M | -30M | 128M | 45M | 161M | 263M | 278M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -3.44B | -951M | -100M | -418M | -785M | -1.06B | -2.31B | -1.04B | -902M | -851M | -732M | -1.05B | -770M | -844M | -1.18B | -681M | -781M | -1.29B | -847M | -898.1M | -1.04B | -596.2M | -495.4M | -1.26B | -1.29B | -1.25B | -1.18B | -576.8M | -698.4M | -305.8M | -633M |
| Capital Expenditures | -375M | -1.14B | -721M | -766M | -876M | -1.01B | -1.22B | -1.21B | -877M | -785M | -771M | -1.06B | -1.04B | -953M | -1.09B | -968M | -964M | -848M | -906M | -989.3M | -972.1M | -709.6M | -535M | -877.6M | -870.7M | -1.1B | -1.17B | -1.06B | -1.01B | -944.3M | -883.7M |
| CapEx % of Revenue | 2.26% | 6.61% | 3.59% | 3.75% | 4.34% | 5.18% | 6.36% | 6.55% | 4.74% | 4.3% | 4.24% | 5.68% | 5.27% | 4.51% | 5.19% | 4.64% | 4.88% | 4.44% | 4.67% | 5.42% | 5.8% | 4.46% | 3.55% | 6.12% | 6.42% | 7.57% | 8.37% | 8.14% | 8.23% | 7.53% | 6.72% |
| Acquisitions | 0 | 33M | 0 | 0 | -46M | 1.01B | -1.08B | 1.21B | 877M | 785M | 771M | 1.06B | 1.04B | -32M | 1.09B | 968M | 963M | -458M | -98M | -15.7M | -99.6M | -17.4M | 0 | -258.5M | -410.8M | -135M | -294.5M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -2.98B | 49M | 664M | 253M | -2M | -974M | 58M | -1.02B | -821M | -820M | -727M | -1.07B | -985M | 114M | -1.09B | -912M | -829M | -13M | 42M | 61.3M | 10.1M | 105.5M | 13.1M | -147M | -48.5M | -30M | 226.8M | 481.5M | 313.6M | 638.5M | 250.7M |
| Cash from Financing | 820M | -2.18B | -3.17B | -2.37B | -1.76B | -1.7B | -1.57B | -1.79B | -2.12B | -2.42B | -2.19B | -1.3B | -1.89B | -2.19B | -1.8B | -1.74B | -1.86B | -1.79B | -1.75B | -1.43B | -1.55B | -1.93B | -2.17B | -1.57B | -1.01B | -804M | -1.06B | -1.38B | -1.24B | -1.09B | -1.18B |
| Debt Issued (Net) | 876M | -275M | -553M | -483M | -51M | 239M | 430M | 302M | 66M | -184M | -213M | 850M | 1.32B | 59M | 94M | 188M | -19M | -588M | -159M | 1.83B | -233.2M | 322.3M | -215M | -365M | 244.6M | 86.3M | 613.4M | -122M | 216.6M | 209M | -594.2M |
| Equity Issued (Net) | -21M | -101M | -1B | -225M | -100M | -400M | -700M | -800M | -800M | -911M | -739M | -861M | -1.94B | -984M | -719M | -1.3B | -857M | -353M | -540M | -2.46B | -430.4M | -1.38B | -1.18B | -515.7M | -611.8M | -273.5M | -1.1B | -718.2M | -881.4M | -861.4M | -140.9M |
| Dividends Paid | -1.68B | -1.66B | -1.63B | -1.59B | -1.56B | -1.52B | -1.45B | -1.41B | -1.39B | -1.36B | -1.31B | -1.27B | -1.26B | -1.22B | -1.15B | -1.1B | -1.07B | -986M | -950M | -932.9M | -884M | -838.4M | -767.9M | -671.9M | -612.7M | -590.1M | -580.1M | -551.3M | -545.5M | -530.6M | -461.5M |
| Share Repurchases | -21M | -141M | -1B | -225M | -100M | -400M | -700M | -800M | -800M | -911M | -739M | -861M | -1.94B | -1.22B | -1.28B | -1.25B | -803M | -300M | -700M | -2.81B | -761.5M | -1.52B | -1.6B | -546.7M | -680.7M | -891.5M | -1.19B | -779M | -919.7M | -910.6M | -348.8M |
| Other Financing | 1.64B | -143M | 15M | -78M | -51M | -19M | 154M | 114M | 5M | 33M | 78M | -15M | -19M | -37M | -26M | 473M | 83M | 139M | -98M | 138M | -3.7M | -36.8M | -9M | -18.3M | -34.9M | -26.7M | 2.5M | 12.8M | -29.4M | 89.8M | 17M |
| Net Change in Cash | 693M | -519M | -72M | 666M | 157M | -33M | -139M | -97M | -77M | -307M | 304M | -170M | -265M | -52M | 342M | -112M | 78M | 434M | -109M | 111.9M | -3.2M | -230M | 303.4M | -203.9M | 130M | 198.7M | -116.3M | 178.8M | 53.2M | 7.6M | -138.4M |
| Free Cash Flow | 2.56B | 1.64B | 2.51B | 2.78B | 1.86B | 1.72B | 2.51B | 1.53B | 2.09B | 2.14B | 2.46B | 1.25B | 1.81B | 2.09B | 2.19B | 1.32B | 1.78B | 2.63B | 1.61B | 1.44B | 1.61B | 1.6B | 2.43B | 1.74B | 1.55B | 1.15B | 962.9M | 1.08B | 979.3M | 462.3M | 790.5M |
| FCF Margin % | 15.46% | 9.52% | 12.53% | 13.59% | 9.2% | 8.86% | 13.12% | 8.28% | 11.32% | 11.74% | 13.52% | 6.72% | 9.16% | 9.87% | 10.42% | 6.33% | 9.01% | 13.77% | 8.29% | 7.88% | 9.6% | 10.08% | 16.14% | 12.1% | 11.45% | 7.95% | 6.89% | 8.27% | 7.96% | 3.68% | 6.01% |
| FCF Growth % | 21.84% | -34.78% | -9.47% | 49.49% | 7.78% | -31.41% | 64.51% | -27.04% | -2.38% | -12.88% | 96.88% | -30.79% | -13.46% | -4.92% | 66.29% | -25.84% | -32.4% | 63.54% | 11.84% | -10.44% | 0.32% | -34.19% | 40.29% | 11.71% | 34.58% | 19.88% | -10.51% | 9.87% | 111.83% | -41.52% | 593.42% |
| FCF per Share | 7.68 | 4.92 | 7.46 | 8.19 | 5.49 | 5.09 | 7.33 | 4.42 | 5.99 | 6.02 | 6.80 | 3.41 | 4.79 | 5.39 | 5.54 | 3.31 | 4.30 | 6.32 | 3.85 | 3.23 | 3.48 | 3.35 | 4.88 | 3.41 | 2.99 | 2.17 | 1.77 | 1.99 | 1.67 | 0.83 | 1.38 |
| FCF Conversion (FCF/Net Income) | 1.31x | 1.37x | 1.27x | 2.01x | 1.41x | 1.50x | 1.59x | 1.27x | 2.11x | 1.29x | 1.49x | 2.28x | 1.86x | 1.42x | 1.88x | 1.44x | 1.49x | 1.85x | 1.49x | 1.33x | 1.72x | 1.47x | 1.65x | 1.54x | 1.45x | 1.40x | 1.18x | 1.28x | 1.71x | 1.56x | 1.19x |
| Interest Paid | 0 | 0 | 268M | 277M | 270M | 243M | 245M | 255M | 264M | 354M | 315M | 308M | 300M | 307M | 299M | 273M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 587M | 648M | 468M | 492M | 533M | 528M | 395M | 961M | 744M | 695M | 926M | 776M | 451M | 463M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying KMB stock.
Kimberly-Clark Corporation (KMB) generated $2.78B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Kimberly-Clark Corporation (KMB) generated $1.64B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Kimberly-Clark Corporation (KMB) spent $1.14B on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Kimberly-Clark Corporation (KMB) returned $1.66B to shareholders via cash dividends and spent $141.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Raw material cost inflation
Metrics are mathematically derived from official filings.
Cash Conversion Volatility Signals Earnings Distortions
Operating cash flow exceeded net income by 2.6x in 2026Q2, per recent SEC filings, but dipped to 0.58x in 2025Q1, indicating volatile accruals and one-time items distorting earnings quality.
The OCF/NI ratio swung from 0.58 in 2025Q1 to 2.63 in 2026Q2, suggesting that reported net income is not a reliable indicator of cash generation. The 2026Q2 spike appears driven by a large working capital release of $515 million, which may not recur. Investors should monitor whether this volatility reflects operational shifts or accounting timing.
Free Cash Flow Resilience Amid Revenue Decline
Despite a 14.2% revenue drop, FCF margin reached 13.3% in 2026Q2, as reported in financial statements, though it fell to 2.5% in 2025Q1, highlighting quarter-to-quarter volatility.
FCF has been erratic, ranging from $123 million in 2025Q1 to $1.1 billion in 2025Q3, with no clear upward trend. The recent improvement in 2026Q2 appears tied to working capital timing rather than sustained operational gains. Given the revenue contraction, maintaining FCF margins above 10% will require continued cost discipline.
Capital Intensity Rising as Revenue Base Shrinks
CapEx as a percentage of revenue climbed to 8.4% in 2026Q2 from 3.8% in 2024Q1, based on reported figures, suggesting higher investment relative to a shrinking top line.
The increase in capital intensity may indicate a shift toward growth-oriented projects or maintenance of aging assets, but with revenue declining, this could pressure future FCF. The 2025Q4 and 2025Q3 positive CapEx figures are anomalies, possibly reflecting asset sales or data reporting quirks, warranting further investigation.
Working Capital Swings Drive Cash Flow Volatility
Working capital changes swung from -$477 million in 2025Q1 to +$515 million in 2026Q2, as per cash flow statements, indicating significant timing effects that obscure underlying cash generation.
The large positive working capital contributions in 2026Q2 and 2025Q3 suggest aggressive collection or inventory reduction, while negative contributions in 2025Q1 and 2024Q1 point to buildup. These swings appear to be a primary driver of OCF volatility, making it difficult to assess operational efficiency. Investors should focus on multi-quarter averages to smooth these effects.
Dividend Commitment Outpaces Buyback Activity
Dividends consumed roughly $420 million per quarter, while buybacks fell to zero in 2026, as reported in financial statements, indicating a shift toward preserving cash amid uncertainty.
The consistent dividend payout, despite volatile earnings, underscores management's commitment to returning capital, but the cessation of buybacks in 2026 suggests a more cautious stance. With FCF sometimes below dividend payments (e.g., 2025Q1), the dividend may be absorbing a significant portion of cash generation, limiting flexibility for debt reduction or reinvestment.
Cumulative Cash Generation Outpaces Net Income
Over the last ten quarters, cumulative operating cash flow of $7.7 billion exceeded cumulative net income of $5.6 billion, based on reported figures, indicating strong cash conversion despite earnings volatility.
The persistent OCF/NI ratio above 1.0 in most quarters suggests that earnings are backed by cash, but the gap may reflect non-cash charges like D&A and working capital timing. However, the 2024Q3 net income spike of $907 million appears to be a one-time gain, as OCF/NI was only 1.06 that quarter, suggesting that earnings quality is mixed. Investors should monitor whether this cumulative outperformance continues as revenue declines.
Cash Flow Statement Masks Working Capital Timing
The cash flow statement reveals that working capital changes contributed $1.3 billion over the last ten quarters, as per SEC filings, but these swings may obscure underlying operational cash generation.
The large positive and negative working capital adjustments suggest that management may be using timing levers to smooth cash flow, but this is not necessarily a red flag. Additionally, SBC of roughly $30-40 million per quarter is added back to OCF, but it represents a real economic cost to shareholders. The lack of acquisition activity in recent quarters may indicate a pause in M&A, but this could change.