Kenvue Inc. stock research
FY2025 Q2
Kenvue (KVUE) Gross Margin — Quarter Ended Jun 29, 2025
Revenue and gross profit both increased compared to the prior quarter, while cost of revenue remained stable, leading to an improvement in gross margin. Versus the same quarter last year, revenue and gross profit were lower, cost of revenue was unchanged, and gross margin weakened slightly.
Gross margin takeaway
Quarter ended Jun 29, 2025 · FY2025 Q2
Revenue and gross profit both increased compared to the prior quarter, while cost of revenue remained stable, leading to an improvement in gross margin. Versus the same quarter last year, revenue and gross profit were lower, cost of revenue was unchanged, and gross margin weakened slightly.
- The strongest observable margin driver is the relationship between revenue growth and stable cost of revenue, which allowed gross profit to expand and gross margin to improve sequentially.
- Compared to the immediately preceding quarter, gross margin improved as revenue grew faster than cost of revenue. Compared to the same quarter one year earlier, gross margin was slightly lower, with revenue and gross profit both declining while cost of revenue remained unchanged.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
58.9%
Gross profit
$2.3B
Revenue
$3.8B
Cost of revenue
$1.6B
Quarter-over-quarter change
+0.9 pts
Year-over-year change
-0.2 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Sep 29, 2024 | $3.9B | $2.3B | $1.6B | 58.5% |
| Dec 29, 2024 | $3.7B | $2.1B | $1.6B | 56.5% |
| Mar 30, 2025 | $3.7B | $2.2B | $1.6B | 58.0% |
| Jun 29, 2025 | $3.8B | $2.3B | $1.6B | 58.9% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Mar 30, 2025
+0.9 pts
Year-over-year change
Jun 30, 2024
-0.2 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The strongest observable margin driver is the relationship between revenue growth and stable cost of revenue, which allowed gross profit to expand and gross margin to improve sequentially.
Compared to the immediately preceding quarter, gross margin improved as revenue grew faster than cost of revenue. Compared to the same quarter one year earlier, gross margin was slightly lower, with revenue and gross profit both declining while cost of revenue remained unchanged.
Monitor whether cost of revenue remains stable in future quarters, as it was unchanged both sequentially and year-over-year.