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- **Sustained Growth Momentum**: 7 consecutive quarters of volume/mix growth driven by innovation, with U.S. diaper share +90bps YTD.
- **Margin Expansion Path**: Gross margin improving in Q4, targeting ≥40% by end-decade; operating margin 18-20% with tariff mitigation progress.
- **Strategic Moves**: Club channel growth (+10% YTD) and premiumization (70% of U.S. diaper sales in premium tiers) offsetting mix headwinds.
- **Risk Mitigation**: $70M tariff reduction in Q3, with full mitigation by end-2026; Brazilian eucalyptus exclusion reducing fiber volatility.
- **Innovation Edge**: Differentiating with superior technology (e.g., Generation 2 core) and cascading innovation across tiers.


**【CEO Summary Section】**
- Kimberly-Clark achieved 7 consecutive quarters of volume plus mix-led growth, driven by innovation across the 'good, better, best' spectrum.
- Maintained global market share despite competitive promotion activity, with Q3 diaper share up 10 basis points and 90 basis points year-to-date.
- Delivered operating margin expansion and industry-leading productivity, supporting reinvestment and profitable growth.
- Promoted Russell Torres to President & COO to accelerate transformation.

**【CFO Financial Commentary】**
- Targeting gross margin ≥40% and operating profit margin 18-20% by end of decade, with progress on tariff mitigation ($70M reduction in Q3).
- Q4 gross margin expected to improve as supply chain investments and tariff mitigations materialize.
- 2025 organic sales growth expected to align with category growth (~2%), with reinvestment in innovation and brand building.

**【Q&A Key Highlights】**
- **U.S. Diaper Market Dynamics**: 
  - Competitive promotion activity navigated effectively; innovation (e.g., HuggFit 360, Snug & Dry) driving trial and share gains.
  - Club channel growth (+10% year-to-date) and premiumization (70% of North America diaper sales in premium tiers) offsetting mix headwinds.
  - Promotional activity focused on trial, with Q4 timing adjustments supporting solid Q3 performance.
- **Tariff & Cost Management**: 
  - $50M of $100M gross tariffs mitigated in Q3, with full mitigation expected by end-2026.
  - Brazilian eucalyptus exclusion reducing fiber cost volatility, supporting long-term margin targets.
- **Ultra-Premium Competition**: 
  - Differentiating through technology (e.g., Generation 2 core) and cascading innovation across tiers.
  - Premium mix in North America up to 70% vs. 40% 10 years ago, with China premium mix >40% vs. 6% 5 years ago.


Kimberly-Clark Corporation (KMB) Q3 2025 Earnings Call Transcript

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KMB

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