KIMBERLY CLARK CORPKMB
KIMBERLY CLARK CORP Segments Disclosure
Segment Reporting
The Company's continuing operations are organized by operating segments aggregated into two reportable segments defined by geographic region: North America ("NA") and International Personal Care ("IPC").
These segments differ from those used in prior periods due to the following changes:
IFP Transaction
As a result of the IFP Transaction discussed in Notes 1 and 3, the results of operations and applicable assets and liabilities of the IFP Business are reported as discontinued operations in the Company's financial statements and are excluded from segment results for all periods presented. This includes certain costs that were previously allocated to the IPC segment that relate to assets or activities that are part of the IFP Transaction. These costs have been removed from the results of the IPC segment and are reported as discontinued operations. Additionally, certain operations and commercial activities of the former IFP segment retained by K-C are now reported in the NA and IPC segments.
Corporate and Other
Corporate and Other was updated for all periods presented to include the following:
•Operations of the former IFP segment that were divested prior to the IFP Transaction and therefore not reported as discontinued operations.
•Costs previously allocated to the former IFP segment that are not directly attributable to the operations included in the IFP Transaction and therefore are not reported as discontinued operations.
The reportable segments were determined in accordance with how our Chief Executive Officer, who is our chief operating decision maker ("CODM"), develops and executes global strategies to drive growth and profitability. These strategies include global plans for branding and product positioning, technology, research and development programs, cost reductions including supply chain management, and capacity and capital investments for each of these businesses. The primary measure of segment profitability utilized by our CODM is segment operating profit. Our CODM uses this measure to assess the operating results and performance of our segments, perform analytical comparisons to budget and allocate resources to each segment. Segment operating profit excludes Corporate & Other, which primarily encompasses certain unallocated general corporate expenses, impairment charges, one-time (gains) or losses associated with acquisitions and divestitures, costs related to our reorganization activities that are not associated with the ongoing operations of the segments, certain operations of the former IFP segment that were divested prior to the IFP Transaction, and costs previously allocated to the former IFP segment that aren't reported as discontinued operations. Our CODM does not use assets by segment to evaluate performance or allocate resources. Therefore, we do not disclose assets by segment.
The principal sources of revenue in each segment are described below:
•North America consists of products encompassing each of our five global daily-need categories across consumer and professional channels including disposable diapers, training and youth pants, swimpants, baby wipes, feminine and incontinence care products, reusable underwear, facial and bathroom tissue, paper towels, napkins, wipers, tissue, towels, soaps and sanitizers and other related products. These products are sold under the Huggies, Pull-Ups, GoodNites, Kotex, Poise, Depend, Kleenex, Scott, Cottonelle, Viva, Wypall and other brand names.
•International Personal Care consists of three core categories — Baby & Child Care, Adult Care and Feminine Care, including disposable diapers, training and youth pants, swimpants, baby wipes, feminine and incontinence care products, reusable underwear and other related products. These products are sold under the Huggies, Kotex, Goodfeel, Intimus, Depend and other brand names.
The tables below present net sales and the significant expense categories that are included in Segment Operating Profit and regularly provided to our CODM:
| Year Ended December 31, 2025 | ||||||||||||||||||||
| NA | IPC | Total | ||||||||||||||||||
| Segment Net Sales | $ | 10,753 | $ | 5,694 | $ | 16,447 | ||||||||||||||
| Corporate & Other | — | |||||||||||||||||||
| Total Net Sales | $ | 16,447 | ||||||||||||||||||
| Cost of Products Sold | $ | 6,452 | $ | 3,781 | $ | 10,233 | ||||||||||||||
| Advertising and Promotion Expense | 719 | 391 | 1,110 | |||||||||||||||||
| Research, Selling and General Expense | 1,029 | 718 | 1,747 | |||||||||||||||||
Other (Income) and Expense, net(a) | — | 8 | 8 | |||||||||||||||||
| Segment Operating Profit | $ | 2,553 | $ | 796 | $ | 3,349 | ||||||||||||||
| Corporate & Other | (998) | |||||||||||||||||||
| Total Operating Profit | $ | 2,351 | ||||||||||||||||||
| Year Ended December 31, 2024 | ||||||||||||||||||||
| NA | IPC | Total | ||||||||||||||||||
| Segment Net Sales | $ | 11,017 | $ | 5,743 | $ | 16,760 | ||||||||||||||
| Corporate & Other | 45 | |||||||||||||||||||
| Total Net Sales | $ | 16,805 | ||||||||||||||||||
| Cost of Products Sold | $ | 6,518 | $ | 3,755 | $ | 10,273 | ||||||||||||||
| Advertising and Promotion Expense | 806 | 416 | 1,222 | |||||||||||||||||
| Research, Selling and General Expense | 1,151 | 733 | 1,884 | |||||||||||||||||
Other (Income) and Expense, net(a) | — | 13 | 13 | |||||||||||||||||
| Segment Operating Profit | $ | 2,542 | $ | 826 | $ | 3,368 | ||||||||||||||
| Corporate & Other | (668) | |||||||||||||||||||
| Total Operating Profit | $ | 2,700 | ||||||||||||||||||
| Year Ended December 31, 2023 | ||||||||||||||||||||
| NA | IPC | Total | ||||||||||||||||||
| Segment Net Sales | $ | 10,996 | $ | 5,940 | $ | 16,936 | ||||||||||||||
| Corporate & Other | 210 | |||||||||||||||||||
| Total Net Sales | $ | 17,146 | ||||||||||||||||||
| Cost of Products Sold | $ | 6,608 | $ | 4,012 | $ | 10,620 | ||||||||||||||
| Advertising and Promotion Expense | 739 | 400 | 1,139 | |||||||||||||||||
| Research, Selling and General Expense | 1,135 | 759 | 1,894 | |||||||||||||||||
Other (Income) and Expense, net(a) | — | 96 | 96 | |||||||||||||||||
| Segment Operating Profit | $ | 2,514 | $ | 673 | $ | 3,187 | ||||||||||||||
| Corporate & Other | (1,259) | |||||||||||||||||||
| Total Operating Profit | $ | 1,928 | ||||||||||||||||||
(a)Other (income) and expense, net primarily includes the effects of changes in exchange rates on monetary assets and liabilities for subsidiaries where we have adopted highly inflationary accounting.
Depreciation and amortization expense by segment:
| Year Ended December 31 | ||||||||||||||||||||
| 2025 | 2024 | 2023 | ||||||||||||||||||
| NA | $ | 481 | $ | 440 | $ | 430 | ||||||||||||||
| IPC | 247 | 200 | 205 | |||||||||||||||||
| Total Segment Depreciation and Amortization | 728 | 640 | 635 | |||||||||||||||||
| Corporate & Other | 9 | 8 | 3 | |||||||||||||||||
Total(a) | $ | 737 | $ | 648 | $ | 638 | ||||||||||||||
(a) Excludes discontinued operations. See Note 3 for depreciation and amortization of discontinued operations.
Capital spending by segment:
| Year Ended December 31 | ||||||||||||||||||||
| 2025 | 2024 | 2023 | ||||||||||||||||||
| NA | $ | 714 | $ | 443 | $ | 455 | ||||||||||||||
| IPC | 157 | 157 | 196 | |||||||||||||||||
| Total Segment Capital Spending | 871 | 600 | 651 | |||||||||||||||||
| Corporate & Other | 149 | 5 | 15 | |||||||||||||||||
Total(a) | $ | 1,020 | $ | 605 | $ | 666 | ||||||||||||||
(a) Excludes discontinued operations. See Note 3 for capital spending of discontinued operations.
Sales of Principal Products:
| Year Ended December 31 | ||||||||||||||||||||
| 2025 | 2024 | 2023 | ||||||||||||||||||
| Baby and Child Care | $ | 6,773 | $ | 7,056 | $ | 7,054 | ||||||||||||||
| Family Care | 4,056 | 3,928 | 4,024 | |||||||||||||||||
| Professional | 1,841 | 2,152 | 2,385 | |||||||||||||||||
| Adult Care | 1,947 | 1,864 | 1,809 | |||||||||||||||||
| Feminine Care | 1,706 | 1,721 | 1,787 | |||||||||||||||||
| All Other | 124 | 84 | 87 | |||||||||||||||||
| Total | $ | 16,447 | $ | 16,805 | $ | 17,146 | ||||||||||||||
Net sales in the U.S. to third parties totaled $10.1 billion in 2025 and $10.4 billion in 2024 and 2023. No other individual country's net sales exceed 10% of net sales from continuing operations.
Net sales to Walmart Inc. as a percent of our net sales from continuing operations were approximately 16% in 2025 and 2024 and 15% in 2023. Net sales to Walmart Inc. were primarily in the NA segment.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 12, 2026 | Showing above |
| 2024 | Feb 13, 2025 | |
| 2023 | Feb 8, 2024 | |
| 2022 | Feb 9, 2023 | |
| 2021 | Feb 10, 2022 | |
| 2020 | Feb 11, 2021 | |
| 2019 | Feb 13, 2020 | |
| 2018 | Feb 7, 2019 | |
| 2017 | Feb 8, 2018 | |
| 2016 | Feb 8, 2017 | |
| 2015 | Feb 11, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.