10-K – 2026-02-12 – kmb-20251231.htm

Exhibit No. (10)c. Seventh Amended and Restated Deferred Compensation Plan for Directors, effective January 1, 2008, incorporated by reference to Exhibit No. (10)c of the Corporation's Quarterly Report on Form 10-Q for the quarter ended March 31, 2008.*

Exhibit No. (10)d. Kimberly-Clark Corporation Voluntary Deferred Compensation Plan, incorporated by reference to Exhibit (10)d of the Corporation's Current Report on Form 8-K dated September 15, 2022.*

Exhibit No. (10)e. First Amendment to the Kimberly-Clark Corporation Voluntary Deferred Compensation Plan, effective January 1, 2023, incorporated by reference to Exhibit No. (10)e of the Corporation's Annual Report on Form 10-K for the year ended December 31, 2022.*

Exhibit No. (10)f. Summary of Kimberly-Clark Corporation Executive Long-Term Disability Plan, incorporated by reference to Exhibit (10)g of the Corporation's Quarterly Report on Form 10-Q for the quarter ended September 30, 2022.*

Exhibit No. (10)g. Outside Directors' Stock Compensation Plan, as amended, incorporated by reference to Exhibit No. 10(g) of the Corporation's Annual Report on Form 10-K for the year ended December 31, 2002.*

Exhibit No. (10)h. Supplemental Benefit Plan to the Kimberly-Clark Corporation Pension Plan, as amended and restated effective April 17, 2009, incorporated by reference to Exhibit No. (10)h of the Corporation's Annual Report on Form 10-K for the year ended December 31, 2009.*

Exhibit No. (10)i. Second Supplemental Benefit Plan to the Kimberly-Clark Corporation Pension Plan, as amended and restated, effective April 17, 2009, incorporated by reference to Exhibit (10)i of the Corporation's Annual Report on Form 10-K for the year ended December 31, 2009.*

Exhibit No. (10)j. Kimberly-Clark Corporation Supplemental Retirement 401(k) and Profit Sharing Plan, as amended and restated effective January 1, 202 6 , filed herewith. *

Exhibit No. (10)k. 2021 Outside Directors' Compensation Plan effective April 29, 2021, incorporated by reference to Exhibit No. (10)k of the Corporation's Current Report on Form 8-K filed on April 29, 2021.*

Exhibit No. (10)l. 2011 Outside Directors' Compensation Plan, as amended and restated, effective May 4, 2016, incorporated by reference to Exhibit No. (10)l of the Corporation's Quarterly Report on Form 10-Q for the quarter ended June 30, 2016.*

Exhibit No. (10)m. 2011 Equity Participation Plan, as amended and restated, effective April 21, 2011, incorporated by reference to Exhibit No. 10.2 of the Corporation's Current Report on Form 8-K filed on April 26, 2011.*

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KIMBERLY-CLARK CORPORATION - 2025 Annual Report

Exhibit No. (10)n. Form of Award Agreements under 2021 Equity Participation Plan for Nonqualified Stock Options, incorporated by reference to Exhibit No. (10)n of the Corporation's Quarterly Report on Form 10-Q for the quarter ended June 30, 2022.*

Exhibit No. (10)o. 2021 Equity Participation Plan effective April 29, 2021, incorporated by reference to Exhibit No. (10)o of the Corporation's Current Report on Form 8-K filed on April 29, 2021.*

Exhibit No. (10)p. Severance Pay Plan, as amended and restated effective August 25 , 2025, filed herewith.*

Exhibit No. (10)q. Form of Award Agreements under 2021 Equity Participation Plan for Performance Restricted Stock Units, incorporated by reference to Exhibit No. (10)q of the Corporation's Quarterly Report on Form 10-Q for the quarter ended June 30, 202 5 .*

Exhibit No. (10)r. Form of Award Agreements under 2021 Equity Participation Plan for Off-Cycle Time-Vested Restricted Stock Units, incorporated by reference to Exhibit No. (10)r of the Corporation's Quarterly Report on Form 10-Q for the quarter ended June 30, 202 5 .*

Exhibit No. (10)s. First Amendment to 2011 Equity Participation Plan, effective February 12, 2020, incorporated by reference to Exhibit No. (10)s of the Corporation's Annual Report on Form 10-K for the year ended December 31, 2019.*

Exhibit No. (10)t. Form of Award Agreements under 2021 Equity Participation Plan for Annual Time-Vested Restricted Stock Units, incorporated by reference to Exhibit No. (10)t of the Corporation's Quarterly Report on Form 10-Q for the quarter ended June 30, 202 5 .*

Exhibit No. (10)u. Equity and Asset Purchase Agreement, dated as of June 4, 2025, by and among Kimberly-Clark Corporation, as the Seller, Kimberly-Clark IFP Newco B.V., as the Company, and Suzano International Holding B.V., as the Buyer, incorporated by reference to Exhibit No. (10)u of the Corporation's Quarterly Report on Form 10-Q for the quarter ended June 30, 202 5 .*

Exhibit No. (19). Kimberly-Clark Corporation Insider Trading Policy, effective October 25, 2024, incorporated by reference to Exhib it 19 of the Corporation ' s Annua l Report on Form 10-K for the year ended December 31, 202 4 .

Exhibit No. (21). Subsidiaries of the Corporation, filed herewith.

Exhibit No. (23). Consent of Independent Registered Public Accounting Firm, filed herewith.

Exhibit No. (24). Powers of Attorney, filed herewith.

Exhibit No. (31)a. Certification of Chief Executive Officer required by Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), filed herewith.

Exhibit No. (31)b. Certification of Chief Financial Officer required by Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), filed herewith.

Exhibit No. (32)a. Certification of Chief Executive Officer required by Rule 13a-14(b) or Rule 15d-14(b) of the Exchange Act and Section 1350 of Chapter 63 of Title 18 of the United States Code, furnished herewith.

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KIMBERLY-CLARK CORPORATION - 2025 Annual Report

Exhibit No. (32)b. Certification of Chief Financial Officer required by Rule 13a-14(b) or Rule 15d-14(b) of the Exchange Act and Section 1350 of Chapter 63 of Title 18 of the United States Code, furnished herewith.

Exhibit No. (97)a. Executive Officer Incentive Compensation Recovery Policy, incorporated by reference to Exhibit No. (97)a of the Corporation's Annual Report on Form 10-K for the year ended December 31, 2023.

Exhibit No. (101).INS XBRL Instance Document - the instant document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document

Exhibit No. (101).SCH XBRL Taxonomy Extension Schema Document

Exhibit No. (101).CAL XBRL Taxonomy Extension Calculation Linkbase Document

Exhibit No. (101).DEF XBRL Taxonomy Extension Definition Linkbase Document

Exhibit No. (101).LAB XBRL Taxonomy Extension Label Linkbase Document

Exhibit No. (101).PRE XBRL Taxonomy Extension Presentation Linkbase Document

Exhibit No. (104) Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

*A management contract or compensatory plan or arrangement required to be identified pursuant to Item 15(a)(3) of this Annual Report on Form 10-K.

**The schedules to the Agreement and Plan of Merger have been omitted from this filing pursuant to Item 601(a)(5) of Regulation S-K. The Corporation agrees to furnish a supplemental copy of such schedules to the Securities and Exchange Commission upon its request.
    

ITEM 16.     FORM 10-K SUMMARY
None.

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KIMBERLY-CLARK CORPORATION - 2025 Annual Report

SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

KIMBERLY-CLARK CORPORATION

February 12, 2026 By: /s/ Andrew Scribner
Andrew Scribner
Vice President and Controller

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
 

/s/ Michael D. Hsu Chairman of the Board and Chief Executive Officer and Director
(Principal Executive Officer) February 12, 2026
Michael D. Hsu

/s/ Nelson Urdaneta Senior Vice President and Chief Financial Officer
(Principal Financial Officer) February 12, 2026
Nelson Urdaneta

/s/ Andrew Scribner Vice President and Controller
(Principal Accounting Officer) February 12, 2026
Andrew Scribner

 
 

Directors

Sylvia M. Burwell Sherilyn S. McCoy
John W. Culver    Christa S. Quarles
Mae C. Jemison    Jaime A. Ramirez
Deeptha Khanna Joseph Romanelli
S. Todd Maclin    Dunia A. Shive
Deirdre A. Mahlan    Mark T. Smucker

 

By: /s/ Andrew Scribner
February 12, 2026
Andrew Scribner
Attorney-in-Fact

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KIMBERLY-CLARK CORPORATION - 2025 Annual Report

KIMBERLY-CLARK CORPORATION AND SUBSIDIARIES

SCHEDULE II

VALUATION AND QUALIFYING ACCOUNTS
FOR THE YEARS ENDED DECEMBER 31, 2025, 2024 AND 2023
(In millions)

Description Balance at
Beginning
Of Period Additions Deductions    
Charged to
Costs and
Expenses Charged to
Other
Accounts (a)
Write-Offs and
Reclassifications   Balance
at End of
Period
December 31, 2025
Allowances deducted from assets to which they apply
Allowance for doubtful accounts $ 29   $ 1   $ 1   $ 4   (b)
$ 27  
Allowances for sales discounts 19   250   ( 10 ) 241   (c)
18  
December 31, 2024
Allowances deducted from assets to which they apply
Allowance for doubtful accounts $ 52   $ ( 6 ) $ ( 4 ) $ 13   (b)
$ 29  
Allowances for sales discounts 19   250   ( 7 ) 243   (c)
19  
December 31, 2023
Allowances deducted from assets to which they apply
Allowance for doubtful accounts $ 40   $ 15   $ 3   $ 6   (b)
$ 52  
Allowances for sales discounts 17   248   ( 4 ) 242   (c)
19  

(a) Includes bad debt recoveries and the effects of changes in foreign currency exchange rates.
(b) Primarily uncollectible receivables written off.
(c) Sales discounts allowed.

  Additions    
Description Balance at
Beginning
of Period Charged to
Costs and
Expenses Charged to
Other
Accounts Deductions (a)
Balance
at End
of  Period
December 31, 2025
Deferred taxes
Valuation allowance $ 295   $ 154   $ —   $ ( 2 ) $ 451  
December 31, 2024
Deferred taxes
Valuation allowance $ 298   $ 8   $ —   $ 11   $ 295  
December 31, 2023
Deferred taxes
Valuation allowance $ 296   $ 46   $ —   $ 44   $ 298  

(a) Represents the net currency effects of translating valuation allowances at current rates of exchange and benefits recognized to Other Comprehensive Income.

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KIMBERLY-CLARK CORPORATION - 2025 Annual Report