KMB · 10-Q · 2026Q3 · Full report
Liquidity and Debt Position
KIMBERLY CLARK CORP · 2026-11-05 · Importance 69 · Surprise 50 · From source text
Total debt from continuing operations was $6.5 billion at September 30, 2026, down from $7.2 billion at December 31, 2025, before the Kenvue acquisition financing and assumed debt were reflected. On October 29, Kimberly-Clark issued $4.9 billion of senior unsecured notes with maturities from 2028 to 2036 and coupon rates of 5.10% to 5.80%; the proceeds helped fund the Kenvue cash consideration. The company also exchanged approximately $6.4 billion, or 91.1%, of Kenvue's $7.0 billion outstanding senior notes for new senior notes on November 4, leaving approximately $0.6 billion of Kenvue notes outstanding. The new revolving credit facility provides up to $4.0 billion and matures in December 2030; short-term debt was $10 million at September 30, 2026.
Key facts
- The New Revolving Credit Facility matures in December 2030 and provides up to $4.0 billion of revolving commitments, with a possible $1.0 billion increase subject to conditions. source
- Cash used for financing was $673 million in the first nine months of 2026 versus $1.6 billion in 2025; the current-period financing included $1.3 billion of IFP Term Loan Facility proceeds, of which approximately $1.0 billion repaid U.S. commercial paper. source
- On October 29, 2026, Kimberly-Clark completed a $4.9 billion private offering of senior unsecured notes: $750 million due 2028 at 5.10%, $1.0 billion due 2029 at 5.30%, $1.25 billion due 2031 at 5.45%, $750 million due 2034 at 5.65%, and $1.15 billion due 2036 at 5.80%. source
- Kimberly-Clark reduced commitments under its existing $2.0 billion revolving credit facility, maturing June 2028, to $1.0 billion. source
- Total debt from continuing operations was $6.5 billion at September 30, 2026, compared with $7.2 billion at December 31, 2025. source
- Approximately $0.6 billion of Kenvue senior notes remained outstanding after the exchange offers and will be reflected in Kimberly-Clark's consolidated total debt following the acquisition. source
- Short-term debt was $10 million at September 30, 2026, and its average month-end balance for the first nine months of 2026 was $440 million. source
- Kimberly-Clark repurchased no common shares during the nine months ended September 30, 2026. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| liability | negative | committed | -23.5% | On October 29, 2026, Kimberly-Clark completed a $4.9 billion private offering of senior unsecured notes: $750 million due 2028 at 5.10%,… |
| cash | positive | committed | +23.5% | On October 29, 2026, Kimberly-Clark completed a $4.9 billion private offering of senior unsecured notes: $750 million due 2028 at 5.10%,… |
| liability | negative | realized | -7.3% | Cash used for financing was $673 million in the first nine months of 2026 versus $1.6 billion in 2025; the current-period financing… |
| liability | positive | realized | +5.6% | Cash used for financing was $673 million in the first nine months of 2026 versus $1.6 billion in 2025; the current-period financing… |
| cash | positive | realized | +5.2% | Cash used for financing was $673 million in the first nine months of 2026 versus $1.6 billion in 2025; the current-period financing… |
| liability | positive | realized | +4.0% | Total debt from continuing operations was $6.5 billion at September 30, 2026, compared with $7.2 billion at December 31, 2025. |
| liability | negative | probable | -1.7% | Approximately $0.6 billion of Kenvue senior notes remained outstanding after the exchange offers and will be reflected in Kimberly-Clark's… |