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Screener / SEC EDGAR /CIK 0001944048 /10-K filed Feb 20, 2026, compared with Feb 24, 2025 /Numbers from the XBRL of the 10-Ks
NYSE Consumer staples · Cosmetics

Kenvue KVUE

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The 10-K against last year's

313 changes: 99 added, 40 removed, 169 reworded, 5 quiet changes

10-K Feb 20, 2026 vs Feb 24, 2025
Risk Factors 21.0% of the text changed · 28,567 words now · 82 new paragraphs, 21 gone MD&A 29.5% of the text changed · 12,830 words now · 17 new paragraphs, 19 gone Legal Proceedings 22.3% of the text changed · 2,853 words now Accounting Policies 21.2% of the text changed · 9,165 words now

10-K 0001944048-26-000030 (Feb 20, 2026) vs 10-K 0001944048-25-000033 (Feb 24, 2025)

Every paragraph, and how much of it changed

One bar per paragraph, in the order of the 10-K. Height and colour show the share of its words not in the closest paragraph a year earlier; the tallest bars are new paragraphs.

Risk Factors

352 paragraphs · 82 new · 138 reworded · 21 gone · 10-K Feb 20, 2026 against Feb 24, 2025
New paragraph Reworded (5% of its words or more) Same or nearly
Paragraph 333 · 50% changed Every version of it
In the future, your percentage ownership in us may be diluted if we issue additional shares of our common stock or convertible securities in connection with acquisitions, capital market transactions, or other corporate purposes, including equity-based awards that we may grant to our directors, officers, and employees. The Compensation & Human Capital Committee has granted, and we expect will continue to grant, equity-based awards to our employees and directors from time to time under the Kenvue 2023 Plan (as defined in Note 11, “Stock-Based Compensation,” to the Consolidated Financial Statements included herein). Any such issuance could result in substantial dilution to our existing shareholders.
Paragraph 314 · 48% changed Every version of it
The services that J&J is providing to us pursuant to the Transition Agreements are transitional in nature. Upon the expiration of the term for each product subject to the Transition Manufacturing Agreement, we will be required to transition the manufacturing operations for such product to our own internal organization or to obtain alternative third-party sources to provide these services. Transitioning these manufacturing operations from J&J to us or one or more third parties will be a complex, time-consuming, and costly process, and could increase the risk of manufacturing defects or quality control issues. We are also in the process of creating our own, or engaging alternative third-party sources to provide, systems and services to replicate or replace many of the systems and services that J&J currently provides to us under the Transition Services Agreement. However, we may not be able to successfully replicate or replace these services or obtain the services at the same or
Paragraph 15 · 47% changed Every version of it
We •We have incurred incurred, and will continue to incur incur, significant charges costs in connection with the Separation and incremental costs as an independent, publicly traded company. Proposed Transaction.
Paragraph 297 · 47% changed Every version of it
Our rebranding strategy in connection with the Separation involves substantial costs and may not produce the intended benefits if it is not favorably received by our consumers, customers, or third-party partners. In addition, our continued use of legacy J&J branding, including the “Johnson’s®” brand, could adversely affect our reputation.
Paragraph 186 · 44% changed Every version of it
In connection with the Separation, we hired We have previously undertaken, and integrated are currently undertaking, restructuring initiatives, including a significant number of employees on an expedited basis, recently announced initiative that aims to optimize our operating model, transform our supply chain, reduce complexity, and the Separation has drive operational efficiencies, while strengthening core capabilities. These have resulted in new in, and likely will continue to result in, increased demands on our management team and other employees. Current or prospective employees could experience uncertainty about their future roles at our company as a result of the Separation business reorganization or other strategic, organizational, or operational strategic changes in the future. future, especially given the pendency and uncertainty created by the Proposed Transaction. As a result, we may lose key personnel or we may be unable to attract, integrate, retain, or motivate qualified individuals, or the costs associated with attracting, integrating, retaining, or motivating key personnel may increase. In addition, these restructuring initiatives and related workforce and strategic changes could increase the risk of employment-related litigation. See “Risks Related to the Proposed Transaction with K-C—Uncertainties associated with the Proposed Transaction may cause a loss of our or K-C’s management and other key employees, which could adversely affect the future business and operations of the combined company following the Proposed Transaction.”
Paragraph 272 · 43% changed Every version of it
Acts of war, military actions, terrorist attacks, or civil unrest may adversely affect prevailing economic conditions and our business, results of operations, or financial condition. These events could result in reduced consumer spending, reduced demand for our products, suspension of the supply of our products, disruptions to our global supply chain, increased costs of materials and other inputs for our products and suppliers, foreign currency volatility, sanctions, export controls, and other trade restrictions, work stoppages, and diminished protection for our intellectual property. For example, the ongoing Russia-Ukraine War has provoked strong reactions from the United States, the United Kingdom, the EU, and various other countries and economic and political organizations around the world. Actions taken in response to the Russia-Ukraine War include the imposition of export controls and broad financial and economic sanctions against Russia, Belarus, and specific Russian-occupied areas of Ukraine. Additional sanctions or other measures may continue to be imposed by the global community, and counteractive measures may continue to be taken by the Russian government, other entities in Russia, or governments or other entities outside of Russia.
Paragraph 220 · 42% changed Every version of it
An inability to successfully expand which could result in lost sales, damage our global operations could reputation or our brands, or otherwise adversely affect our business, results of operations, or financial condition.
Paragraph 39 · 40% changed Every version of it
•The failure to realize the intended benefits of our rebranding strategy in connection with the Separation and our •Our continued use of legacy J&J branding, including ongoing use of the “Johnson’s®” brand.

MD&A

155 paragraphs · 17 new · 90 reworded · 19 gone · 10-K Feb 20, 2026 against Feb 24, 2025
New paragraph Reworded (5% of its words or more) Same or nearly
Paragraph 113 · 49% changed
We are party to contractual obligations involving commitments to make payments to third parties, which impact our short-term and long-term liquidity and capital resource needs. Our contractual cash obligations include required payments of short-term and long-term debt principal and interest, purchase obligations, expected obligations under our pension plans, operating and finance lease payments, and tax-related obligations. Our material cash requirements include the following contractual and other obligations:
Paragraph 98 · 44% changed
As part of our continued transformation to a fit-for-purpose consumer company, during $556 million through the fiscal year 2024, we began Our Vue Forward to enhance organizational efficiencies and better position Kenvue for future growth. To further Our Vue Forward, on May 6, 2024, our Board approved the 2024 Multi-Year Restructuring Initiative to build on our strengths, improve our underlying information technology infrastructure, and optimize our cost structure by rebalancing resources to better position us for future growth. The 2024 Multi-Year Restructuring Initiative is expected to result in pre-tax restructuring expenses and other charges totaling approximately $550 million. We planned to incur approximately $275 million in pre-tax restructuring expenses and other charges in each of fiscal year 2024 and fiscal year twelve months ended December 28, 2025. We incurred lower than expected spend in fiscal year 2024 due to the shift in timing of certain information technology and project-related costs to fiscal year 2025 and lower than expected employee-related costs relating to severance spend due to employee redeployment and voluntary exits. Over the life of the initiative, a A majority of the pre-tax expenses and other charges have been, and are expected to be continue to be, paid in cash. These charges are expected to be cash and funded primarily through cash flows generated from operations. We began to realize savings resulting from the 2024 Multi-Year Restructuring Initiative in fiscal year 2024, and we expect to realize the full extent of have realized annualized pre-tax gross cost savings in excess of approximately $350 million beginning in as of the end of fiscal year 2026. 2025. We expect to reinvest all or a portion of the benefits associated with largely reinvested savings realized from the 2024 Multi-Year Restructuring Initiative in future growth opportunities, including immediate reinvestment behind advertising, product promotion, and healthcare professional engagement. Our estimates of the costs of the initiative and the expected benefits are preliminary estimates and are subject to a number of assumptions, including local law requirements in various jurisdictions. Actual charges may differ, possibly materially, from the estimates provided above. See Note 19, “Restructuring Expenses and Operating Model Optimization Initiatives,” to the Consolidated Financial Statements included herein for further information.
Paragraph 64 · 44% changed
(1) The Company defines Segment adjusted cost of sales as Cost of sales adjusted for amortization of intangible assets, Separation-related costs, conversion of stock-based awards, Founder Shares, Shares (as defined below), operating model optimization initiatives, and general corporate/unallocated expenses.
Paragraph 70 · 43% changed
On February 21, 2024, we listed our interim corporate headquarters in Skillman, New Jersey (7) Impairment charges for sale, which met the criteria to be classified as held for sale at that date. For the fiscal three twelve months ended March 31, 2024, an impairment charge of December 28, 2025 includes $23 million recognized in connection with the ORSL® trade name following regulatory changes in India. Impairment charges for the fiscal twelve months ended December 29, 2024 includes $488 million recognized in relation to Dr.Ci:Labo® long-lived assets, $68 million was recorded recognized on the held for sale asset associated with the interim Company’s former corporate headquarters in Skillman. Skillman, New Jersey, and $22 million recognized on certain software development assets. See Note 1, “Description of the Company and Summary of Significant Accounting Policies—Assets Held for Sale,” Policies—Impairment of Long-Lived Assets,” to the Consolidated Financial Statements included herein for more additional information.
Paragraph 63 · 41% changed
(1) The Company defines We define Segment adjusted cost of sales as Cost of sales adjusted for amortization of intangible assets, Separation-related costs, conversion of stock-based awards, Founder Shares, operating model optimization initiatives, and general corporate/unallocated expenses.
Paragraph 53 · 41% changed
Net cash flows used in investing activities were $425 Other expense, net was $36 million and $488 $48 million for the fiscal twelve months ended December 29, 2024 28, 2025 and December 31, 2023, 29, 2024, respectively, a decrease of $63 $12 million. Net cash flows used in investing activities were primarily Other expense, net for the fiscal twelve months ended December 28, 2025 was driven by purchases $46 million of property, plant, and equipment in both currency losses on transactions. Other expense, net for the fiscal twelve months ended December 29, 2024 and December 31, 2023, partially offset by proceeds from the sale of assets in the fiscal twelve months ended December 31, 2023.
Paragraph 104 · 40% changed
See For further details on the Senior Notes, see Note 14, “Income Taxes,” 5, “Borrowings—Senior Notes,” to the Consolidated Financial Statements included herein for additional information on our tax-related obligations. herein.
Paragraph 90 · 38% changed
Net cash flows used in financing activities were $1.6 $1.8 billion and $2.5 $1.6 billion for the fiscal twelve months ended December 29, 2024 28, 2025 and December 31, 2023, 29, 2024, respectively, a decrease an increase of $962 $272 million. Net cash flows used in financing activities for the fiscal twelve months ended December 28, 2025 were primarily driven by $1,581 million of dividends paid, the $750 million repayment of the 5.50% Senior Notes due 2025, $197 million of payments made to purchase treasury stock, and $146 million of net repayments of our commercial paper program, partially offset by $746 million of net proceeds from the issuance of the 4.85% Senior Notes due 2032. Net cash flows used in financing activities for the fiscal twelve months ended December 29, 2024 were primarily driven by $1,552 million of dividends paid and $235 million of payments made to purchase treasury stock, partially offset by $157 million of net proceeds from the issuance of our commercial paper under the Commercial Paper Program (as defined below). Net cash flows used in financing activities for the fiscal twelve months ended December 31, 2023 were primarily driven by $13.8 billion in distributions to J&J in connection with the Separation, $766 million of dividends paid, and Net transfers to J&J of $274 million, partially offset by approximately $7.7 billion of net proceeds from Senior Notes (as defined below), $4.2 billion of proceeds from the sale of common stock in connection with the Kenvue IPO, and $574 million of net proceeds from the issuance of commercial paper under the Commercial Paper Program. Net transfers to J&J were driven by cash pooling and general financing activities, indirect corporate cost allocations from J&J, and taxes deemed to be settled with J&J. For further details regarding Net transfers to J&J, see Note 12, “Relationship with J&J—Net Transfers to J&J,” to the Consolidated Financial Statements included herein. program.

A paragraph is matched with the one last year that shares the most of its words; under half in common makes it new. The paragraphs shown are the 8 reworded the most in each section.

The paragraph that changed most in each section

The redline

Marked against last year's 10-K: cut words struck through, new words highlighted.

Accounting Policies236 words changed in this paragraph; it is 31% similar to last year's version.
In November 2023, 2025, the Financial Accounting Standards Board (the “FASB”) FASB issued ASU 2023-07—Segment Reporting 2025-09—Derivatives and Hedging (Topic 280): 815): Hedge Accounting Improvements (“ASU 2025-09”). The amendments included in the five issues addressed in ASU 2025-09 are intended to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 scopes in entities more closely align hedge accounting with a single reportable segment the economics of an entity’s risk management activities and requires those entities to provide all disclosures required in Topic 280. Among other various new disclosures, ASU 2023-07 additionally requires that current annual disclosures about a reportable segment’s profit or loss and assets also be provided in interim periods. Enhanced reporting requirements for all entities include disclosure simplify the application of 1) significant segment expenses, 2) the title and position of the chief operating decision maker (the “CODM”), and 3) how the CODM uses disclosed measure(s) of a segment’s profit or loss in assessing segment performance and allocating resources. certain existing hedge accounting guidance. This guidance is effective for all public business entities for fiscal years beginning after December 15, 2023 2026, and for interim periods within those fiscal years beginning after December 15, 2024. years. Companies are required to apply the amendments retrospectively prospectively and may elect to all prior periods presented in adopt the financial statements, and early amendments for hedging relationships that exist as of the date of adoption. Early adoption is permitted. The adoption in Company is currently evaluating this guidance and the fiscal three months ended December 29, 2024 has resulted in additional disclosures, including the disclosure of significant segment expenses, within Note 18, “Segments of Business impact on its financial statements and Geographic Areas.” There was no effect on the Company’s financial position, results of operations, or cash flows. related disclosures.

Source: Item 8, Note 1 – Description of the Company and Summary of Significant Accounting Policies, 10-K 0001944048-26-000030 vs Item 8, Note 1 – Description of the Company and Summary of Significant Accounting Policies, 10-K 0001944048-25-000033

MD&A206 words changed in this paragraph; it is 55% similar to last year's version.
As part of our continued transformation to a fit-for-purpose consumer company, during the fiscal year 2024, we began Our Vue Forward to enhance organizational efficiencies and better position Kenvue for future growth. To further Our Vue Forward, on May 6, 2024, our Board approved the 2024 Multi-Year Restructuring Initiative to build on our strengths, improve our underlying information technology infrastructure, and optimize our cost structure by rebalancing resources to better position us for future growth. The 2024 Multi-Year Restructuring Initiative is expected to result in pre-tax restructuring expenses and other charges totaling approximately $550 million. We planned to incur approximately $275 million in pre-tax restructuring expenses and other charges in each of fiscal year 2024 and fiscal year 2025. We incurred lower than expected spend in fiscal year 2024 due to the shift in timing of certain information technology and project-related costs to fiscal year 2025 and lower than expected employee-related costs relating to severance spend due to employee redeployment and voluntary exits. Over the life of the initiative, a majority of the pre-tax expenses and other charges are expected to be paid in cash. These charges are expected to be funded primarily through cash flows generated from operations. We began to realize savings resulting from the 2024 Multi-Year Restructuring Initiative in fiscal year 2024, and we expect to realize the full extent of annualized pre-tax gross cost savings of approximately $350 million beginning in fiscal year 2026. We expect to reinvest all or a portion of the benefits associated with the 2024 Multi-Year Restructuring Initiative in future growth opportunities, including immediate reinvestment behind advertising, product promotion, and healthcare professional engagement. Our estimates of the costs of the initiative and the expected benefits are preliminary estimates and are subject to a number of assumptions, including local law requirements in various jurisdictions. Actual charges may differ, possibly materially, from the estimates provided above. See Note 19, “Restructuring Expenses and Operating Model Optimization Initiatives,” to the Consolidated Financial Statements included herein for further information. 2025.

Source: Item 7, 10-K 0001944048-26-000030 vs Item 7, 10-K 0001944048-25-000033

Legal Proceedings193 words changed in this paragraph; it is 38% similar to last year's version.
In 2006, J&J acquired Pfizer’s OTC business including the U.S. rights to OTC Zantac, which were on-sold to Boehringer Ingelheim (“BI”) as a condition to merger control approval such that BI assumed product liability risk for U.S. sales from and after December 2006. J&J received indemnification from BI and gave Pfizer indemnification in connection with the transfer of the Zantac business to BI from Pfizer, through J&J. In November 2019, J&J received a demand for indemnification from Pfizer, pursuant to the 2006 Stock and Asset Purchase Agreement between J&J and Pfizer. In January 2020, J&J received a demand for indemnification from BI, pursuant to the 2006 Asset Purchase Agreement among J&J, Pfizer, and BI. Pursuant to the agreements, Pfizer and BI have asserted indemnification claims against J&J ostensibly related to Zantac sales by Pfizer. In November 2022, J&J received a demand for indemnification from GlaxoSmithKline LLC, pursuant to the 2006 Stock and Asset Purchase Agreement between J&J and Pfizer, and certain 1993, 1998, and 2002 agreements between Glaxo Wellcome and Warner-Lambert entities. The notices seek indemnification for legal claims related to OTC Zantac (ranitidine) products. Plaintiffs in the underlying actions allege that Zantac and other OTC medications that contain ranitidine may degrade and result in unsafe levels of NDMA (N-nitrosodimethylamine) and can cause or have caused various cancers in individuals using the products and seek declaratory and monetary relief. J&J has rejected all the demands for indemnification relating to the underlying actions. No J&J entity sold Zantac in the United States.

Source: Item 3, via Note 17 – Commitments and Contingencies, 10-K 0001944048-26-000030 vs Item 3, via Note 17 – Commitments and Contingencies, 10-K 0001944048-25-000033

Risk Factors170 words changed in this paragraph; it is 34% similar to last year's version.
In addition, our affiliate Johnson & Johnson Consumer Inc., now known as Kenvue Brands LLC (“New JJCI”), has been named in cases cases, including one brought in October 2025 by the Attorney General of the State of Texas, alleging that prenatal exposure to Tylenol®, an acetaminophen product, is associated with the development of autism spectrum disorder and attention-deficit/hyperactivity disorder in children. In September 2025, officials in the U.S. federal government made similar allegations, and the FDA also stated it initiated the process for a label change for acetaminophen and issued a notice to physicians. A third party, Informed Consent Action Network, filed a citizen petition in September 2025 regarding safety-related labeling changes for the use of over-the-counter acetaminophen-containing drug products during pregnancy. Our subsidiary, Kenvue Brands LLC, submitted its response to the citizen petition in October 2025, requesting that the FDA deny the petition. In November 2025, a second citizen petition was filed by a third party, the Americans for Scientific Integrity, requesting the FDA update the labeling of OTC acetaminophen-containing drug products to reflect a potential risk of neurodevelopmental harm, including autism spectrum disorder, from exposure during early childhood. The foregoing actions may depress sales of products containing acetaminophen and could result in an increased risk of future litigation containing similar claims.

Source: Item 1A, 10-K 0001944048-26-000030 vs Item 1A, 10-K 0001944048-25-000033

Sentences and paragraphs added, removed or reworded

Every change, by type

Sentences and paragraphs of KVUE's Risk Factors and MD&A, 10-K Feb 20, 2026 against 10-K Feb 24, 2025. Each links to the text at sec.gov.

All 313 Added 99Removed 40Reworded 169Quiet changes 5

Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier (may, could, will, not, significant, material…). A year or date rolling forward is not counted.

The full word list

adverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, would

Quiet changesRisk Factors
However, our security efforts may not prevent or timely detect all interruptions, breakdowns, invasions, corruptions, destructions, breaches, cyberattacks, or other compromises of or interruptions to our Technology Systems or those of third parties with which we partner or their vendors (collectively, “Interruptions”), and we may not be able to timely remediate any Interruptions that we detect, which could adversely affect our business, results of operations, or financial condition.
Read it in 10-K Feb 20, 2026 at sec.gov

Sources

The two latest 10-Ks on EDGAR, section by section. Each change links to the text at sec.gov.

Also

New risk factors: paragraphs with nothing like them last year, quoted in full.

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