Top-line performance remains under pressure with a 14.0% revenue contraction in 2026Q1, while gross margins remain constrained within a narrow 34.0% to 37.7% range.
| 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 |
|---|
| Sales/Revenue | 16.54B | 17.22B | 20.06B | 20.43B | 20.18B | 19.44B | 19.14B | 18.45B | 18.49B | 18.26B | 18.2B | 18.59B | 19.72B | 21.15B | 21.06B | 20.85B | 19.75B | 19.11B | 19.41B | 18.27B | 16.75B | 15.9B | 15.08B | 14.35B | 13.57B | 14.52B | 13.98B | 13.01B | 12.3B | 12.55B | 13.15B |
| Revenue Growth % | -8.84% | -14.17% | -1.83% | 1.27% | 3.78% | 1.57% | 3.74% | -0.19% | 1.24% | 0.31% | -2.09% | -5.74% | -6.75% | 0.42% | 1.04% | 5.57% | 3.3% | -1.55% | 6.29% | 9.07% | 5.31% | 5.43% | 5.12% | 5.76% | -6.6% | 3.88% | 7.5% | 5.77% | -1.98% | -4.58% | -4.64% |
| Cost of Goods Sold | 10.61B | 11.09B | 12.88B | 13.4B | 13.96B | 13.45B | 12.32B | 12.41B | 12.89B | 11.71B | 11.55B | 11.97B | 13.04B | 13.91B | 14.31B | 14.69B | 13.2B | 12.7B | 13.56B | 12.56B | 11.66B | 10.83B | 10.01B | 9.45B | 8.54B | 8.62B | 7.64B | 7.1B | 7.09B | 7.48B | 7.68B |
| COGS % of Revenue | - | 64.39% | 64.2% | 65.58% | 69.17% | 69.2% | 64.36% | 67.29% | 69.72% | 64.11% | 63.46% | 64.37% | 66.12% | 65.77% | 67.96% | 70.49% | 66.83% | 66.41% | 69.83% | 68.77% | 69.65% | 68.09% | 66.4% | 65.85% | 62.93% | 59.32% | 54.62% | 54.55% | 57.64% | 59.63% | 58.41% |
| Gross Profit | 5.93B | 6.13B | 7.18B | 7.03B | 6.22B | 5.99B | 6.82B | 6.04B | 5.6B | 6.59B | 6.69B | 6.62B | 6.68B | 7.24B | 6.75B | 6.15B | 6.55B | 6.42B | 5.86B | 5.7B | 5.42B | 5.08B | 5.07B | 4.9B | 4.69B | 5.91B | 6.35B | 5.91B | 5.21B | 5.06B | 5.47B |
| Gross Margin % | 35.86% | 35.61% | 35.8% | 34.42% | 30.83% | 30.8% | 35.64% | 32.71% | 30.28% | 36.08% | 36.76% | 35.63% | 33.88% | 34.23% | 32.04% | 29.51% | 33.17% | 33.59% | 30.17% | 31.23% | 32.39% | 31.91% | 33.6% | 34.15% | 34.6% | 40.68% | 45.38% | 45.45% | 42.36% | 40.37% | 41.59% |
| Gross Profit Growth % | - | -14.62% | 2.1% | 13.07% | 3.86% | -12.23% | 13.04% | 7.83% | -15.03% | -1.55% | 1.01% | -0.88% | -7.69% | 7.28% | 9.7% | -6.08% | 2.02% | 9.59% | 2.7% | 5.15% | 6.88% | 0.13% | 3.44% | 4.39% | -20.56% | -6.88% | 7.34% | 13.48% | 2.85% | -7.38% | -1.33% |
| Operating Expenses | 3.74B | 3.64B | 3.97B | 4.69B | 3.54B | 3.43B | 3.58B | 3.04B | 3.37B | 3.23B | 3.31B | 5.01B | 4.16B | 4.03B | 4.01B | 3.76B | 3.67B | 3.5B | 3.29B | 3.09B | 2.98B | 2.74B | 2.56B | 2.49B | 2.33B | 3.57B | 3.82B | 3.68B | 3.43B | 3.28B | 3.42B |
| OpEx % of Revenue | - | 21.15% | 19.79% | 22.95% | 17.54% | 17.63% | 18.69% | 16.5% | 18.22% | 17.68% | 18.17% | 26.95% | 21.1% | 19.06% | 19.06% | 18.04% | 18.6% | 18.3% | 16.95% | 16.9% | 17.8% | 17.21% | 16.99% | 17.34% | 17.14% | 24.58% | 27.29% | 28.32% | 27.9% | 26.15% | 25.97% |
| Selling, General & Admin | 3.59B | 3.61B | 4.31B | 4.06B | 3.29B | 3.02B | 3.25B | 2.87B | 3.37B | 3.23B | 2.97B | 3.44B | 3.71B | 3.7B | 3.66B | 3.76B | 3.67B | 3.5B | 3.29B | 3.11B | 2.95B | 2.74B | 2.51B | 2.38B | 2.28B | 3.1B | 2.86B | 2.81B | 2.66B | 2.58B | 2.85B |
| SG&A % of Revenue | - | 20.99% | 21.49% | 19.85% | 16.3% | 15.53% | 16.96% | 15.56% | 18.21% | 17.67% | 16.29% | 18.52% | 18.8% | 17.49% | 17.37% | 18.04% | 18.6% | 18.3% | 16.95% | 17% | 17.61% | 17.21% | 16.65% | 16.56% | 16.8% | 21.36% | 20.49% | 21.57% | 21.66% | 20.55% | 21.7% |
| Research & Development | 0 | 0 | 338M | 312M | 292M | 269M | 276M | 284M | 317M | 309M | 328M | 324M | 368M | 333M | 335M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 295.3M | 277.4M | 249.8M | 224.8M | 211.8M | 0 |
| R&D % of Revenue | - | - | 1.69% | 1.53% | 1.45% | 1.38% | 1.44% | 1.54% | 1.71% | 1.69% | 1.8% | 1.74% | 1.87% | 1.57% | 1.59% | - | - | - | - | - | - | - | - | - | - | 2.03% | 1.98% | 1.92% | 1.83% | 1.69% | - |
| Other Operating Expenses | 3M | 27M | -679M | 320M | -43M | 139M | 55M | -111M | -316M | -307M | 14M | 1.24B | 85M | 0 | 0 | 0 | 0 | 0 | 0 | -18.4M | 32.3M | 0 | 51.2M | 111.9M | 47M | 173.1M | 673.4M | 628M | 542.5M | 490.9M | 561M |
| Operating Income | 2.19B | 2.49B | 3.21B | 2.34B | 2.68B | 2.56B | 3.24B | 2.99B | 2.23B | 3.36B | 3.38B | 1.61B | 2.52B | 3.21B | 2.69B | 2.85B | 2.92B | 3.1B | 2.64B | 2.72B | 2.61B | 2.57B | 2.54B | 2.41B | 2.37B | 2.34B | 2.53B | 2.23B | 1.78B | 1.78B | 2.05B |
| Operating Margin % | 13.27% | 14.46% | 16% | 11.47% | 13.29% | 13.17% | 16.95% | 16.21% | 12.06% | 18.39% | 18.59% | 8.68% | 12.78% | 15.17% | 12.75% | 13.69% | 14.77% | 16.21% | 13.59% | 14.89% | 15.59% | 16.14% | 16.86% | 16.81% | 17.46% | 16.1% | 18.09% | 17.13% | 14.45% | 14.22% | 15.62% |
| Operating Income Growth % | - | -22.46% | 36.95% | -12.57% | 4.69% | -21.05% | 8.46% | 34.19% | -33.62% | -0.74% | 109.73% | -36.02% | -21.42% | 19.43% | -5.89% | -2.13% | -5.87% | 17.39% | -2.95% | 4.18% | 1.71% | 0.9% | 5.43% | 1.86% | 1.29% | -7.57% | 13.52% | 25.36% | -0.38% | -13.12% | 24.24% |
| EBITDA | 2.84B | 3.1B | 3.99B | 3.1B | 3.44B | 3.33B | 4.04B | 3.91B | 3.11B | 4.08B | 4.09B | 2.36B | 3.38B | 4.07B | 3.54B | 3.94B | 3.73B | 3.88B | 3.41B | 3.53B | 3.54B | 3.41B | 3.34B | 3.16B | 3.07B | 3.08B | 3.2B | 2.86B | 2.32B | 2.28B | 2.61B |
| EBITDA Margin % | 17.17% | 18.04% | 19.9% | 15.16% | 17.03% | 17.11% | 21.11% | 21.18% | 16.83% | 22.36% | 22.46% | 12.69% | 17.15% | 19.25% | 16.82% | 18.92% | 18.88% | 20.3% | 17.58% | 19.3% | 21.16% | 21.45% | 22.17% | 22.01% | 22.67% | 21.19% | 22.91% | 21.96% | 18.87% | 18.13% | 19.89% |
| EBITDA Growth % | -23.16% | -22.2% | 28.87% | -9.84% | 3.25% | -17.65% | 3.38% | 25.62% | -23.79% | -0.15% | 73.29% | -30.27% | -16.9% | 14.9% | -10.19% | 5.79% | -3.92% | 13.68% | -3.17% | -0.49% | 3.87% | 2.01% | 5.87% | 2.71% | -0.09% | -3.91% | 12.13% | 23.12% | 1.97% | -12.98% | 17% |
| D&A (Non-Cash Add-back) | 645M | 616M | 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 |
| EBIT | 2.42B | 2.49B | 3.2B | 2.31B | 2.62B | 2.48B | 3.18B | 2.91B | 2.08B | 3.31B | 3.33B | 1.63B | 2.54B | 3.23B | 2.7B | 2.46B | 2.79B | 2.85B | 2.55B | 2.62B | 2.1B | 2.31B | 2.51B | 2.33B | 2.37B | 2.34B | 2.53B | 2.23B | 1.78B | 1.78B | 2.05B |
| Net Interest Income | -228M | -232M | -222M | -227M | -268M | -250M | -244M | -250M | -253M | -308M | -308M | -278M | -266M | -262M | -267M | -259M | -223M | -249M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 22M | 24M | 48M | 66M | 14M | 6M | 8M | 11M | 10M | 10M | 11M | 17M | 18M | 20M | 18M | 18M | 20M | 26M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 250M | 256M | 270M | 293M | 282M | 256M | 252M | 261M | 263M | 318M | 319M | 295M | 284M | 283M | 284M | 277M | 243M | 275M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 31M | -254M | -67M | -127M | -225M | -238M | -314M | -341M | -416M | -367M | -374M | -278M | -266M | -262M | -267M | -259M | -223M | -249M | -258M | -298.9M | -256.6M | -341.7M | -303M | -255.3M | -166.2M | -173.8M | 29.5M | 169.9M | -38.7M | -467.2M | 50.9M |
| Pretax Income | 2.23B | 2.23B | 3.14B | 2.22B | 2.46B | 2.32B | 2.93B | 2.65B | 1.81B | 2.99B | 3.01B | 1.33B | 2.25B | 2.64B | 2.11B | 2.18B | 2.55B | 2.58B | 2.29B | 2.32B | 1.84B | 1.97B | 2.2B | 2.08B | 2.2B | 2.16B | 2.56B | 2.4B | 1.74B | 1.32B | 2.1B |
| Pretax Margin % | 13.46% | 12.98% | 15.67% | 10.85% | 12.17% | 11.95% | 15.31% | 14.36% | 9.81% | 16.38% | 16.53% | 7.18% | 11.43% | 12.49% | 10.02% | 10.47% | 12.91% | 13.48% | 11.79% | 12.69% | 11.02% | 12.38% | 14.61% | 14.47% | 16.23% | 14.9% | 18.3% | 18.44% | 14.14% | 10.5% | 16.01% |
| Income Tax | 526M | 527M | 565M | 453M | 495M | 479M | 676M | 576M | 471M | 776M | 922M | 418M | 856M | 828M | 660M | 660M | 788M | 746M | 618M | 536.5M | 469.2M | 438.4M | 483.9M | 484.1M | 629.9M | 645.7M | 758.5M | 730.2M | 561.9M | 433.1M | 700.8M |
| Effective Tax Rate % | 23.63% | 23.58% | 17.98% | 20.43% | 20.15% | 20.62% | 23.07% | 21.74% | 25.98% | 25.94% | 30.64% | 31.31% | 37.96% | 31.35% | 31.28% | 30.23% | 30.9% | 28.96% | 27% | 23.15% | 25.43% | 22.27% | 21.96% | 23.32% | 28.6% | 29.83% | 29.64% | 30.45% | 32.31% | 32.88% | 33.3% |
| Net Income | 2.12B | 2.02B | 2.54B | 1.76B | 1.93B | 1.81B | 2.35B | 2.16B | 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 |
| Net Margin % | 12.81% | 11.74% | 12.69% | 8.63% | 9.59% | 9.33% | 12.29% | 11.69% | 7.63% | 12.48% | 11.9% | 5.45% | 7.74% | 10.13% | 8.31% | 7.63% | 9.33% | 9.86% | 8.7% | 9.98% | 8.95% | 9.86% | 11.94% | 11.81% | 12.34% | 11.08% | 12.88% | 12.82% | 9.48% | 7.19% | 10.68% |
| Net Income Growth % | -14.04% | -20.59% | 44.27% | -8.79% | 6.62% | -22.87% | 9.04% | 52.98% | -38.1% | 5.17% | 113.82% | -33.62% | -28.76% | 22.4% | 9.99% | -13.67% | -2.18% | 11.48% | -7.29% | 21.57% | -4.39% | -12.88% | 6.26% | 1.17% | 4.02% | -10.59% | 7.94% | 43.09% | 29.32% | -35.78% | 4128.31% |
| Net Income (Continuing) | 1.7B | 1.71B | 2.58B | 1.76B | 1.96B | 1.84B | 2.25B | 2.07B | 1.34B | 2.21B | 2.09B | 917M | 1.4B | 2.02B | 1.65B | 1.52B | 1.76B | 1.83B | 1.67B | 1.78B | 1.38B | 1.53B | 1.72B | 1.64B | 1.63B | 1.61B | 1.8B | 1.67B | 1.18B | 884M | 1.4B |
| Discontinued Operations | 4M | 297M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 50M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 29.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 118M | 150M | 135M | 153M | 153M | 223M | 243M | 227M | 241M | 253M | 219M | 214M | 270M | 284M | 302M | 280M | 285M | 284M | 404M | 484.1M | 422.6M | 394.5M | 368.4M | 298.3M | 255.5M | 309.4M | 281.3M | 244.6M | 198M | 162.6M | 248.7M |
| EPS (Diluted) | 6.36 | 6.07 | 7.55 | 5.21 | 5.72 | 5.35 | 6.87 | 6.24 | 4.03 | 6.40 | 5.99 | 2.77 | 4.04 | 5.53 | 4.42 | 3.99 | 4.45 | 4.52 | 4.04 | 4.09 | 3.25 | 3.28 | 3.61 | 3.33 | 3.22 | 3.02 | 3.31 | 3.09 | 1.99 | 1.61 | 2.49 |
| EPS Growth % | -13.22% | -19.6% | 44.91% | -8.92% | 6.92% | -22.13% | 10.1% | 54.84% | -37.03% | 6.84% | 116.25% | -31.44% | -26.94% | 25.11% | 10.78% | -10.34% | -1.55% | 11.88% | -1.22% | 25.85% | -0.91% | -9.14% | 8.41% | 3.42% | 6.62% | -8.76% | 7.12% | 55.28% | 23.6% | -35.34% | 4050% |
| EPS (Basic) | - | 6.08 | 7.58 | 5.21 | 5.73 | 5.38 | 6.90 | 6.28 | 4.05 | 6.44 | 6.03 | 2.78 | 4.07 | 5.58 | 4.45 | 4.02 | 4.47 | 4.53 | 4.06 | 4.13 | 3.27 | 3.30 | 3.64 | 3.34 | 3.24 | 3.04 | 3.34 | 3.11 | 2.00 | 1.62 | 2.49 |
| Diluted Shares Outstanding | 333.2M | 333.1M | 337M | 338.8M | 338.3M | 338.8M | 342.5M | 345.6M | 349.6M | 355.9M | 361.7M | 366.3M | 377.4M | 387.3M | 396.1M | 398.6M | 414.4M | 416.8M | 418.6M | 445.7M | 461.38M | 478.14M | 498.67M | 508.77M | 520.06M | 533.08M | 543.99M | 539.84M | 585.83M | 559.94M | 571.19M |
| Basic Shares Outstanding | 331.9M | 333.1M | 337M | 338.58M | 337.4M | 337.3M | 340.7M | 343.6M | 348M | 353.6M | 359.4M | 363.8M | 374.5M | 384M | 393M | 395.7M | 412.4M | 416.1M | 416.7M | 441.38M | 458.56M | 475.24M | 494.56M | 507.25M | 516.85M | 529.57M | 539.1M | 536.37M | 582.9M | 556.48M | 563.78M |
| Dividend Payout Ratio | - | 82.14% | 63.97% | 90.02% | 80.56% | 83.57% | 61.69% | 65.28% | 98.3% | 59.66% | 60.53% | 125.57% | 82.31% | 57.1% | 65.77% | 69.08% | 57.84% | 52.34% | 56.21% | 51.18% | 58.95% | 53.46% | 42.66% | 36.16% | 36.59% | 36.65% | 32.22% | 33.05% | 46.79% | 58.86% | 32.88% |
Persistent Top-Line Contraction
As reported in the company's quarterly financial filings, KMB has experienced a sustained period of top-line pressure, evidenced by a 14.0% year-over-year revenue decline in 2026Q1, which follows a consistent pattern of negative growth rates observed across the majority of the preceding ten quarters.
The persistent revenue contraction suggests that the company is struggling to maintain volume in core categories, potentially due to aggressive private-label competition or intentional portfolio pruning. Investors should monitor whether these declines represent a structural shift in market share or a temporary byproduct of strategic divestitures aimed at improving long-term profitability.
Based on the provided income statement data, KMB's gross margin has remained tightly range-bound between 34.0% and 37.7%, indicating that the company's reliance on commodity-linked inputs like pulp and resins creates a structural ceiling that limits significant margin expansion despite various cost-saving initiatives.
The inability to consistently break above the 38% gross margin threshold suggests limited pricing power in the highly competitive tissue and personal care segments. This margin profile appears vulnerable to commodity price volatility, as the company often faces a significant lag in passing through input cost increases to end consumers.
According to recent financial statements, operating income has demonstrated extreme volatility, swinging from a 24.8% margin in 2024Q3 to 11.1% in 2024Q4, which suggests that the company's operating leverage is currently hampered by inconsistent SG&A efficiency and periodic restructuring-related expenses.
The lack of a clear, upward trend in operating margins despite revenue fluctuations implies that the company has not yet achieved the necessary scale-driven efficiencies to decouple operating income growth from top-line volatility. Analysts should investigate whether the recent organizational restructuring is successfully streamlining overhead or merely masking underlying operational inefficiencies.
Based on reported figures, EPS has shown significant quarterly variance, with a notable 55.5% growth spike in 2024Q3 followed by a 50.2% contraction in 2025Q3, highlighting that net income is frequently influenced by non-operating items and inconsistent quarterly performance rather than steady operational growth.
The frequent fluctuations in net income suggest that investors should be cautious when extrapolating short-term EPS trends, as they appear heavily influenced by one-time charges or accounting adjustments. The presence of stock-based compensation, while relatively stable, warrants further investigation to ensure it does not obscure the true underlying cash-generating capability of the business.
As indicated by the persistent revenue declines and the competitive landscape, a primary concern for short-sellers is the potential for long-term brand erosion as consumers increasingly shift toward lower-cost private-label alternatives in the essential household goods category during periods of sustained inflationary pressure.
The company's reliance on legacy categories like consumer tissue leaves it exposed to commoditization, where brand loyalty may be insufficient to maintain premium pricing. If the current revenue contraction is not reversed, the market may be forced to re-evaluate the company's valuation multiples to reflect a lower-growth, defensive utility-like profile.
Quick answers to the most common questions about buying KMB stock.
For fiscal year 2025, Kimberly-Clark Corporation (KMB) reported total revenue of $17.22B. This represents a 30.9% increase compared to $13.15B in 1996.
Kimberly-Clark Corporation (KMB) is profitable, generating $2.02B in net income for the fiscal year ending 2025 with a net profit margin of 11.7%.
Kimberly-Clark Corporation (KMB) reported an operating income of $2.49B, resulting in an operating profit margin of 14.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Kimberly-Clark Corporation (KMB) generated $6.13B in gross profit for the year, representing a gross profit margin of 35.6%. This demonstrates the company's core pricing power and production efficiency.