Kimberly-Clark

Kimberly-Clark makes personal care and tissue products, which people use every day. Its brands include Huggies, Kleenex, Scott, Kotex, Cottonelle, Poise, Depend and Pull-Ups, and the company says that its brands hold the number one or number two share position in about 70 countries. It sells in more than 175 countries and territories. On July 1, 2026, it put most of its former International Family Care and Professional business into Arbex, a joint venture in which Suzano owns 51% and Kimberly-Clark owns 49%.

Kimberly-Clark now reports that business as discontinued operations. In November 2025, it agreed to buy Kenvue, the maker of Tylenol, Listerine and Neutrogena, for shares and cash, and it completed the purchase on November 2, 2026. The purchase made Kimberly-Clark a much larger health and wellness company. It now reports four segments: North America, Asia Pacific Focus Markets, Europe, Middle East and Africa, and Enterprise Markets.

The market prices Kimberly-Clark for two concerns. The first is slow growth in its current business. In Q3 2026, organic sales fell 1.3%, and false social media claims about the quality of its diapers in China lowered organic sales by about 2.7 percentage points. The second is the Kenvue purchase, which closed on November 2, 2026.

Kimberly-Clark issued about 281 million new shares and paid about $6.7 billion in cash, which it funded partly with new debt. Investors fear that the company paid too much, took on too much debt, and must combine two large companies while its own sales are weak. For the gap to close, two things must be true. Organic sales must return to growth as the effect of the China disruption fades.

The combined company must show that it can get its planned run-rate synergies of about $2.1 billion and pay down the new debt. The final Q3 2026 report on November 5, 2026 matched the preliminary data and kept the 2026 outlook. The 2027 outlook of the combined company with the Q4 2026 report, expected in early February 2027, is the next test. If these checks pass, the gap can close over the next four to six quarters.

The main reason it may not close is a weak start for the combined company, which would leave Kimberly-Clark with more debt and slow growth.

1. Nov 2, 2026Passed

   Kenvue purchase closesA close by the end of 2026 on the agreed terms passes; a delay into 2027 or new conditions from regulators fail.Outcome: Kimberly-Clark completed the purchase on November 2, 2026, on the agreed terms of 0.14625 Kimberly-Clark shares and $3.50 in cash for each Kenvue share.
2. Nov 5, 2026Passed

   Q3 2026 earnings: organic salesFinal results that match the preliminary data and an unchanged 2026 outlook pass; a cut to the outlook or a larger fall in organic sales fails.Outcome: Final Q3 2026 results matched the preliminary data, with organic sales down 1.3% and adjusted EPS from continuing operations of $1.70, and the 2026 outlook stayed the same.
3. Feb 5, 2027 · est.Pending

   Q4 2026 results and 2027 outlook of the combined companyA 2027 outlook that keeps the synergy target of about $2.1 billion and shows a plan to reduce debt passes; a lower synergy target or slow integration fails.

Every passed and failed checkpoint across all picks

• November 5, 2026Kimberly-Clark reported Q3 2026 results. Net sales from continuing operations were $4.1 billion, down 0.4%, and organic sales fell 1.3%, with a headwind of about 2.7 percentage points from the China social media disruption. The adjusted gross margin fell 1.3 percentage points to 35.5%. Adjusted EPS from continuing operations was $1.70, up 17.2%, because of lower interest expense and a lower tax rate. The company kept its 2026 standalone outlook.
• November 4, 2026Kimberly-Clark completed its exchange offers for Kenvue's $7.0 billion of senior notes. Holders exchanged about $6.4 billion, or 91.1%, for new Kimberly-Clark notes, and about $0.6 billion of Kenvue notes stay outstanding.
• November 2, 2026Kimberly-Clark completed its purchase of Kenvue. Each Kenvue share became 0.14625 Kimberly-Clark shares and $3.50 in cash, and Kimberly-Clark issues about 281 million new shares for them. The company repeated its target of about $2.1 billion of yearly run-rate synergies: about $1.9 billion of cost savings within three years, and about $500 million of profit from added sales less about $300 million of reinvestment within four years. Three Kenvue directors joined the board, and three Kimberly-Clark directors left it, so the board now has 13 directors.

Last earnings

November 5, 2026 (8-K on sec.gov)

Next earnings

Expected about February 5, 2027. The company has not confirmed the date.

• 10-QQuarterly report for the period ended Sep 30, 2026Filed November 5, 2026 · kmb-20260930
• 8-KEarnings releaseFiled November 5, 2026 · Press release and exhibits
• 8-KNew material agreement and New debt or financial obligationFiled November 4, 2026 · Read it on sec.gov
• 8-KAcquisition or sale completed and Exit or restructuring costsFiled November 2, 2026 · Read it on sec.gov
• 8-KNew material agreement and New debt or financial obligationFiled October 29, 2026 · Read it on sec.gov
• 8-KOther company newsFiled October 28, 2026 · Read it on sec.gov
• 8-KOther company newsFiled October 20, 2026 · Read it on sec.gov
• 8-KEarnings release and Investor disclosureFiled October 15, 2026 · Press release and exhibits
• 8-KOther company newsFiled October 13, 2026 · Read it on sec.gov
• 8-KChange of directors or officersFiled October 1, 2026 · Read it on sec.gov

Every filing on SEC EDGAR (CIK 55785)

• The Kenvue purchase is large. Kimberly-Clark issued about 281 million new shares and paid about $6.7 billion in cash, and it expects about $3.1 billion of pre-tax integration charges through 2029. If the combined company does not get the cost savings it expects, or if the integration is slow, earnings per share can fall and the new debt can stay high for a long time.
• Organic sales fell 1.3% in Q3 2026. False claims about diaper quality in China lowered sales, and the company expects that this disruption lowers its 2026 organic growth by about 1 percentage point.
• The President and Chief Operating Officer leaves on November 2, 2026, the day the Kenvue purchase closed. A change in senior management during a large integration can slow decisions.

At September 30, 2026, before the Kenvue purchase closed, debt of continuing operations was $6.49 billion: long-term debt of $5.87 billion and debt payable within one year of $621 million. Cash was $1.87 billion. Read more

Yield at the current rate

4.7% (current annual rate, at today’s price)

Dividend yield

4.7% (last 12 months, at today’s price of $108.86)

Paid per share

$5.10 in the last 12 months (4 payments)

Current annual rate

$5.12 ($1.28 × 4 a year)

Payout ratio

83% of the last fiscal year’s earnings (the year that ended December 31, 2025)

Latest ex-dividend date

September 4, 2026, $1.28 per share

Dividends per share by year

From 2020 to 2025, the dividend grew by about 3.3% a year. From 2015 to 2025, the dividend grew by about 3.7% a year.

Source: company filings and market data, read on November 13, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.