Kimberly-clark Corporation · NASDAQ:KMB
Kimberly-clark — Q2 2026 Earnings Presentation
31 slides from Kimberly-clark's earnings presentation, Aug 4, 2026
Slide 1: Q2 2026 Earnings
Q2 2026 Earnings August 4, 2026 KIMBERLY-CLARK | Q2 2026 EARNINGS
Slide 2: Forward-Looking Statements
Forward-Looking Statements Certain matters contained in this presentation concerning our plans and expectations regarding the pending mergers with Kenvue and the International Family Care and Professional (“IFP”) joint venture transaction with Suzano (“IFP Transaction”), the business outlook, includ
Slide 3: Our Durable Growth Engine is Powering Our Transformation
Our Durable Growth Engine is Powering Our Transformation INVEST FOR IMPACT OUT-INNOVATE BEST PRODUCT, POWERING OUT-MARKET LOWEST COST CARE VOLUME + MIX OUT-ACTIVATE LED GROWTH KIMBERLY-CLARK | Q2 2026 EARNINGS 3
Slide 4: Q2 2026: Sustaining Underlying Momentum by Executing with Discipline & Agility
Q2 2026: Sustaining Underlying Momentum by POWERING CARE Executing with Discipline & Agility Out-Innovate | Out-Market Best Product, Lowest Cost Fast & Agile Out-Activate Operating Model • Delivering superior value • Creating margin resilience • Efficiently and effectively propositions across the go
Slide 5: Delivering Superior Innovation and Value Propositions Around the World
Delivering Superior Innovation and Value POWERING CARE Propositions Around the World U.S.: Scaling U.S.: Delivering U.S.: Breaking the Australia: Pioneering Vietnam & India: Superior Innovation Share Gains with Stigma with Pro Innovation with Out-Performing by & Value Across Viva® Signature Soccer C
Slide 6: Sustaining Industry-Leading Gross Productivity Savings
Sustaining Industry-Leading BEST PRODUCT, LOWEST Gross Productivity Savings COST Targeting 5 – 6% Gross Productivity in 20262 Q2 2026 H1 2026 Value Stream Simplification: Design to Value initiatives including standardized product platforms and strong price negotiations unlocking value 6.4% 6.2% of A
Slide 7: Digital Transformation Driving Supply Chain Efficiency
Digital Transformation Driving Supply Chain Efficiency Completed Coupa Scaling AI-Powered Building the Supply Chain Global Deployment Manufacturing Agents of the Future • End-to-end procurement • Deployed AI agent to put 15 • IT Digital University launched to software deployed globally years of inst
Slide 8: Achieving Key Milestones in Our Transformation Journey
Achieving Key Milestones in Our Transformation Journey Successful Close of Strategic Strong Progress on Unveil of Proprietary Joint Venture with Suzano Kenvue Integration Planning Alternative Natural Fiber Program Creating a global leader in tissue and hygiene and Building toward the creation of a n
Slide 9: Segment Results & Highlights
SEGMENT RESULTS & HIGHLIGHTS KIMBERLY-CLARK | Q2 2026 EARNINGS
Slide 10: North America
North America • Q2 organic growth impacted by ~100 bps y-o-y headwind from changes in retail inventories and ~80 bps impact Organic Growth1 Operating Profit Growth from LA Distribution Center fire 10.7% • Holding or gaining share in ~70% of key cells on trailing 12-month basis • YTD organic growth d
Slide 11: U.S.: Scaling Science-backed Innovation Across Our Huggies Portfolio
U.S.: Scaling Science-backed Innovation OUT- INNOVATE Across Our Huggies® Portfolio Proven Product Superiority Leveraging New FastAbsorb First and only diaper that Technology System with Snug contains a zinc oxide-enriched & Dry Softness liner, clinically proven to help reduce irritation1 All around
Slide 12: U.S.: Building Brand Love at the Speed of Culture
U.S.: Building Brand Love at OUT-MARKET the Speed of Culture ~1.5 million views +100,000 engagements, making it the most engaged Huggies U.S. organic post of all time 2nd Most Shared Organic Huggies U.S. post of all time From Concept to Viral Organic Post in Hours KIMBERLY-CLARK | Q2 2026 EARNINGS 1
Slide 13: U.S.: Delivering Share Gains with Viva Signature Cloth
U.S.: Delivering Share Gains with OUT- INNOVATE, OUT- Viva® Signature Cloth MARKET Value Market Share* 4.1 3.7 3.8 3.5 3.3 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 +80 bps L3M Market Share vs. Year Ago *Based on US All Outlet Value Share data for Viva Signature Cloth KIMBERLY-CLARK | Q2 2026 EARNINGS 13
Slide 14: "To My Younger Self" Crushing the Stigma with Goodnites
“To My Younger Self” Crushing the Stigma with Goodnites KIMBERLY-CLARK | Q2 2026 EARNINGS 14
Slide 15: International Personal Care
International Personal Care • Solid organic growth in Q2 led by volume+mix growth in Focus Markets of +3.4% Organic Growth1 Operating Profit Growth • Continued share momentum in Focus Markets led by 12.5% growth in Diapers & Pants in Indonesia +390 bps, China +80 bps, Brazil +70 bps; Indonesia Fem C
Slide 16: Australia: Pioneering Innovation With Global First-of-a-Kind Poise Pants
Australia: Pioneering Innovation With OUT- INNOVATE Global First-of-a-Kind Poise Pants A Trusted Solution For Women 92% Likeability Score Proven Product Superiority 0% 83% Purchase Intent among new users Visibility Poise Australia Market Share 100% Confidence +210 bps L3M Market Share vs. Year Ago K
Slide 17: Out-Performing in Enterprise Markets
Out-Performing in Enterprise Markets POWERING CARE Leveraging Our Proven Playbook in Vietnam and India Winning in strategic channels in Vietnam Accelerating Premium Growth in India High High 2x Double-Digit +430 bps +67% Double-Digit +80 bps E-Commerce Growth Market Share Gains Premium Diaper Market
Slide 18: Kenvue Integration Planning on Track, Building Visibility
Kenvue Integration Planning on Track, Building Visibility Regulatory & Readiness Cost Synergies Growth Acceleration Kenvue acquisition tracking to 3-year bottom-up pipeline build 4-year opportunity pipeline second half 2026 close to $1.9B goal tracking ahead of already >$1B vs $1.4B goal plan ~50 t
Slide 19: Financial Results & Outlook
FINANCIAL RESULTS & OUTLOOK KIMBERLY-CLARK | Q2 2026 EARNINGS
Slide 20: Q2 2026: Consistent Execution in a Challenging Environment
Q2 2026: Consistent Execution in a Challenging Environment Organic Sales Adjusted Operating Adjusted EPS Adjusted EPS Adjusted Free Growth1 Profit Growth1 Growth from Growth Cash Flow1 Continuing attributable to Sustained volume + mix led Operations1 Kimberly-Clark1 growth while brands held global w
Slide 21: 2026 Outlook
2026 Outlook1 • Weighted-Average Market growth currently ~2% Volume+Mix Led Organic Sales • Outlook reflects North America distribution and retail inventory headwinds as well as China Growth2 ~100bp Below Market disruption risk Growth • Reported results expected to be negatively impacted by ~50 bps
Slide 22: Core Business Momentum, Generational Value Creation Opportunity
BABY CARE W O M E N ’ S H E A LT H ACTIVE AGING GENERATIONAL VALUE CREATION CORE BUSINESS OPPORTUNITY MOMENTUM KENVUE ACQUISITION Successfully Transforming Differentiated Capabilities Core Financial Strength KIMBERLY-CLARK | Q2 2026 EARNINGS 22
Slide 23: Appendix
APPENDIX KIMBERLY-CLARK | Q2 2026 EARNINGS
Slide 24: Non-GAAP Financial Measures
Non-GAAP Financial Measures The following provides the reconciliation of the non-GAAP financial measures provided in this presentation to the most closely related GAAP measure. These measures include: Organic Sales Growth, Adjusted Cost of Goods Sold, Adjusted Gross Profit, Adjusted Operating Profit
Slide 25: Non-GAAP: Reconciliation of Organic Sales Growth
Non-GAAP: Reconciliation of Organic Sales Growth Three Months Ended June 30, 2026 Six Months Ended June 30, 2026 Percentage change vs. the prior year period NA IPC Total NA IPC Total Net Sales Growth (1.2) 4.0 0.6 (0.9) 6.5 1.6 Currency Translation (0.1) (3.1) (1.1) (0.2) (4.1) (1.5) Divestitures
Slide 26: Non-GAAP: Reconciliation of Adjusted Cost of Goods Sold
Non-GAAP: Reconciliation of Adjusted Cost of Goods Sold Three Months Ended June 30 Six Months Ended June 30 $ Millions 2026 2025 2026 2025 Cost of Products Sold $2,586 $2,707 $5,215 $5,252 2024 Transformation Initiative (22) (82) (64) (135) Adjusted Cost of Goods Sold $2,564 $2,625 $5,151 $5,117 K
Slide 27: Non-GAAP: Reconciliation of Adjusted Gross Profit
Non-GAAP: Reconciliation of Adjusted Gross Profit Three Months Ended June 30 Six Months Ended June 30 $ Millions 2026 2025 2026 2025 Gross Profit $1,603 $1,456 $3,137 $2,965 2024 Transformation Initiative 22 82 64 135 Adjusted Gross Profit $1,625 $1,538 $3,201 $3,100 KIMBERLY-CLARK | Q2 2026 EARNI
Slide 28: Non-GAAP: Reconciliation of Adjusted Operating Profit
Non-GAAP: Reconciliation of Adjusted Operating Profit Three Months Ended June 30 Six Months Ended June 30 $ Millions 2026 2025 2026 2025 Operating Profit $633 $592 $1,386 $1,223 2024 Transformation Initiative 54 121 105 196 Kenvue Acquisition 109 - 157 - Brazil Business Tax Credits (39) - (39) - I
Slide 29: Non-GAAP: Reconciliation of Adjusted Earnings Per Share from Continuing Operations
Non-GAAP: Reconciliation of Adjusted Earnings Per Share from Continuing Operations Three Months Ended June 30 Six Months Ended June 30 2026 2025 2026 2025 Diluted Earnings per Share from Continuing Operations $1.22 $1.33 $2.91 $2.72 2024 Transformation Initiative 0.12 0.27 0.22 0.50 Kenvue Acquisi
Slide 30: Non-GAAP: Reconciliation of Adjusted Earnings Per Share Attributable to Kimberly-Clark
Non-GAAP: Reconciliation of Adjusted Earnings Per Share Attributable to Kimberly-Clark Three Months Ended June 30 Six Months Ended June 30 2026 2025 2026 2025 Diluted Earnings per Share Attributable to Kimberly-Clark $1.04 $1.53 $3.03 $3.23 2024 Transformation Initiative 0.12 0.27 0.22 0.50 Kenvue
Slide 31: Non-GAAP: Reconciliation of Adjusted Free Cash Flow
Non-GAAP: Reconciliation of Adjusted Free Cash Flow Six Months Ended June 30 $ Millions 2026 2025 Cash Provided by Operations $1,653 $1,097 Capital Expenditures (776) (401) Cash Restructuring Charges 84 130 IFP Separation Costs 62 3 Kenvue Acquisition-Related Costs 46 - Adjusted Free Cash Flow $1,