KVUE · 10-Q · 2026Q3 · Full report
Liquidity and Debt Position
Kenvue Inc. · 2026-10-30 · Importance 37 · Surprise 6 · In source text
As of September 27, 2026, Kenvue held $1,039 million in cash and cash equivalents and had $8,206 million of total debt. Debt included $6,942 million of Senior Notes, net of $58 million in discounts and issuance costs, and $1,118 million of commercial paper, net of a $2 million discount; the $4.0 billion revolving credit facility had no borrowings. The company also had a $4.0 billion commercial paper program and said cash and cash generated from operations were expected to cover current obligations for at least 12 months. Cash declined $23 million from December 28, 2025, and foreign subsidiaries held $1,026 million of cash at September 27, 2026.
Key facts
- Net cash flows used in financing activities were $1,561 million for the fiscal nine months ended September 27, 2026 and $968 million for the fiscal nine months ended September 28, 2025, an increase of $593 million. source
- Fiscal 2026 nine-month financing outflows were primarily driven by $1,199 million of dividends paid and repayment of $750 million of 5.35% Senior Notes due 2026, partly offset by $384 million of net commercial paper proceeds. source
- As of September 27, 2026, Kenvue's primary liquidity sources included $1,039 million of cash and cash equivalents, a $4.0 billion revolving credit facility expiring in March 2029, and an authorized $4.0 billion commercial paper program. source
- As of September 27, 2026, total debt was $8,206 million; Senior Notes outstanding net of $58 million of discounts and debt issuance costs were $6,942 million, revolving credit facility borrowings were zero, and commercial paper outstanding net of a $2 million discount was $1,118 million. source
- Cash and cash equivalents held by foreign subsidiaries were $1,026 million as of September 27, 2026 and $1,020 million as of December 28, 2025. source
- Kenvue paid $283 million for property, plant, and equipment purchases during the fiscal nine months ended September 27, 2026, and expected capital expenditures to be a primary cash requirement for fiscal 2026. source
- Kenvue stated that its existing cash and cash generated from operations would be sufficient to service current obligations for at least the next 12 months, based on its history of generating positive cash flows. source
- Cash and cash equivalents decreased $23 million during the fiscal nine months ended September 27, 2026, to $1,039 million from $1,062 million as of December 28, 2025. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| cash | negative | realized | -2.2% | Net cash flows used in financing activities were $1,561 million for the fiscal nine months ended September 27, 2026 and $968 million for… |
| liability | positive | realized | +1.4% | Fiscal 2026 nine-month financing outflows were primarily driven by $1,199 million of dividends paid and repayment of $750 million of 5.35%… |
| cash | negative | realized | -1.1% | Kenvue paid $283 million for property, plant, and equipment purchases during the fiscal nine months ended September 27, 2026, and expected… |
| cash | positive | realized | +0.0% | Cash and cash equivalents held by foreign subsidiaries were $1,026 million as of September 27, 2026 and $1,020 million as of December 28,… |
| cash | negative | probable | — | Kenvue paid $283 million for property, plant, and equipment purchases during the fiscal nine months ended September 27, 2026, and expected… |