KVUE · 10-Q · 2026Q3 · Full report

Inflation, Tariffs and FX

Kenvue Inc. · 2026-10-30 · Importance 20 · Surprise 24

For the nine months ended September 27, 2026, Kenvue cited net input cost inflation, unfavorable foreign-currency movements, and the impact of the conflict in the Middle East as offsets to adjusted operating income growth. These pressures were reported in the Self Care, Skin Health and Beauty, and Essential Health segments. The filing does not quantify the separate financial impact of inflation, the conflict, or FX.

Key facts

• After the February 2026 Supreme Court ruling striking down IEEPA tariffs, Kenvue submitted refund claims for a majority of its paid eligible IEEPA tariffs and recovered all refunds claimed during the fiscal three months ended September 27, 2026. source
• The availability, timing, and amount of additional IEEPA tariff refunds remain uncertain and could depend on further legal, regulatory, and administrative developments or actions. source
• Following expiration of baseline tariffs in July 2026, the U.S. government imposed new tariffs; Kenvue is monitoring impacts from increased tariffs and trade restrictions and pursuing internal mitigating actions to partially offset them. source
• Kenvue estimates gross tariff exposure of approximately $80 million annualized based on tariffs and retaliatory measures in effect as of the reporting date. source