Exhibit 99.4

UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION

Introduction

On November 2, 2025, Kimberly-Clark Corporation (“K-C”) entered into a merger agreement with Kenvue, Inc. (“Kenvue”) First Merger Sub, and Second Merger Sub. The merger agreement provided for, among other things, the acquisition of Kenvue by K-C pursuant to (i) the merger of First Merger Sub with and into Kenvue, with Kenvue surviving as a direct wholly owned subsidiary of K-C (the “First Merger”), and (ii) immediately following the First Merger, and as part of the same overall transaction as the First Merger, the initial surviving company merging with and into Second Merger Sub, with Second Merger Sub surviving as a direct, wholly owned subsidiary of K-C.

The unaudited pro forma condensed combined financial information presents the pro forma effects of the accounting for the mergers and other transactions described below (collectively, the “Transactions”). This includes pro forma adjustments intended to illustrate the estimated effects of the Permanent Financing (as defined below) (the “Financing Adjustments”) and the mergers and other related transactions (the “Transaction Accounting Adjustments”) (collectively, the “Adjustments”).

In the accompanying unaudited pro forma condensed combined financial information, the historical consolidated financial statements of K-C and Kenvue have been adjusted to depict the accounting for the Transactions in accordance with GAAP. The pro forma adjustments are based upon available information and certain assumptions that management believes are reasonable under the circumstances. All adjustments are preliminary and subject to change.

The unaudited pro forma condensed combined financial information has been prepared in accordance with Regulation S-X Article 11, Pro Forma Financial Information. The unaudited pro forma condensed combined balance sheet is presented as if the Transactions had occurred on June 30, 2026, and the unaudited pro forma condensed combined statements of income for the six months ended June 30, 2026, and the year ended December 31, 2025, are presented to give effect to the Transactions as if they occurred on January 1, 2025.

Description of the Transactions

Under the terms of the merger agreement, each share of Kenvue common stock, $0.01 par value per share, issued and outstanding immediately prior to the effective time of the First Merger (other than canceled shares and appraisal shares) shall be converted into the right to receive, and become exchangeable for, 0.14625 issued, fully paid and non-assessable shares of K-C common stock, subject to cash in lieu of any fractional shares, plus $3.50 in cash, in each case, without interest. Upon closing of the mergers, current K-C stockholders are expected to own approximately 54% and current Kenvue stockholders are expected to own approximately 46% of the combined company on a fully diluted basis.

The merger agreement provides that:

On January 29, 2026, the Kenvue and K-C stockholders approved the transaction. The mergers are expected to close in the fourth quarter of 2026, subject to the receipt of regulatory approvals and satisfaction of other customary closing conditions.

Accounting for the Transactions

The mergers will be accounted for as a business combination using the acquisition method of accounting in accordance with ASC 805, with K-C as the accounting acquirer. Under this method of accounting, all assets acquired and liabilities assumed are recognized and measured at their estimated fair values as of the acquisition date. The excess of purchase consideration over the estimated fair value of assets acquired and liabilities assumed, if any, is allocated to goodwill.

In connection with the merger agreement, K-C and JPMorgan Chase Bank, N.A. (the “Lender”) executed a bridge loan facility commitment letter (the “Debt Commitment Letter”), dated November 2, 2025, pursuant to which the Lender has committed to provide bridge financing, comprised of a $3.9 billion syndicated bridge facility and a $3.8 billion non-syndicated bridge facility (together, the “Bridge Facility”). On December 9, 2025, K-C terminated the $3.8 billion non-syndicated bridge facility as a result of entering into (x) the Delayed Draw Term Loan Credit Agreement by and among K-C, the Lender, and the other lenders party thereto (the “ DDTL Credit Facility”), providing K-C with the ability to borrow up to $1.8 billion at the closing date, subject to satisfaction of customary closing conditions for similar facilities and (y) the New Revolving Credit Facility, which provides K-C with the ability to borrow up to $4.0 billion (which may be increased by up to $1.0 billion upon obtaining additional commitments from the then-existing or new lenders and the satisfaction of certain other conditions), $2.0 billion of which is available with limited conditionality to ensure certainty of funds for the purposes set forth in the immediately succeeding sentence, subject to the satisfaction of customary closing conditions for similar facilities. All commitments under the DDTL Credit Facility were terminated on July 7, 2026, in connection with the consummation of the IFP Transaction (as defined in Note 3). Upon successful completion of the offering of new senior notes (the “Permanent Financing”), the remaining $3.9 billion of the Bridge Facility attributable to the syndicated bridge facility will be terminated. The total Permanent Financing amount expected to be offered is $4.9 billion. This document is not an offer to sell or solicitation of an offer to buy any such debt or other indebtedness.

The Permanent Financing is expected to be used for financing a portion of the cash consideration and fees and expenses related to the transactions contemplated by the merger agreement. The Bridge Facility (subject to termination upon successful completion of the Permanent Financing) and the New Revolving Credit Facility are available as an alternative source of funding as needed.

K-C intends to fund the transactions contemplated by the merger agreement with a combination of available cash and proceeds from Permanent Financing as disclosed in this document. Accordingly, for purposes of the unaudited pro forma condensed combined financial information, K-C assumed the issuance of the Permanent Financing.

In connection with the pending mergers, on September 28, 2026, K-C commenced offers to exchange (the “Exchange Offers”) any and all outstanding notes issued by Kenvue (the “Kenvue Senior Notes”) for up to $7.0 billion aggregate principal amount of new notes to be issued by K-C and cash, which are conditioned upon, among other things, the closing of the mergers. The expiration date of the Exchange Offers will be extended until the closing of the mergers. In conjunction with the Exchange Offers, K-C is concurrently soliciting consents to adopt certain proposed amendments to the indenture governing the Kenvue Senior Notes to eliminate substantially all of the restrictive covenants in the indenture. Due to the terms of the new notes to be issued reflecting those of the outstanding Kenvue Senior Notes, the impact of the Exchange Offers is anticipated to be immaterial to the accompanying unaudited pro forma condensed combined financial information.

The unaudited pro forma condensed combined financial information assumes that the cash portion of the merger consideration and transaction costs will be funded through a combination of K-C’s cash on hand as of June 30, 2026, proceeds from the Permanent Financing as described above, and proceeds from the sale of a majority stake of K-C’s International Family Care and Professional segment (the “IFP Business”). The unaudited pro forma condensed combined financial information gives effect to sale of the IFP Business within K-C’s pro forma historical information, as further discussed in Note 3 below. Sale of the IFP Business is not regulatorily driven.

As a condition to obtain regulatory approval of the mergers in certain jurisdictions, K-C is required to divest certain contracts, rights to brands, and assets in various jurisdictions concurrently with the close of the Transactions. The divestitures are subject to customary closing conditions, including review by regulatory authorities, and the successful closing of the mergers. The unaudited pro forma condensed combined financial information gives effect to these divestitures, which K-C does not deem as significant, as Transaction Accounting Adjustments, as further discussed in Note 4 below.

The unaudited pro forma condensed combined financial information and related notes are provided for illustrative purposes only and do not purport to represent what the combined company’s actual results of operations or financial position would have been had the Transactions been completed on the dates indicated, nor are they necessarily indicative of the combined company’s future results of operations or financial position for any future period. The pro forma adjustments, which are described in the accompanying notes, may be revised as additional information becomes available and is evaluated. It is likely that the actual adjustments upon the completion of the Transactions will differ from the pro forma adjustments, and it is possible the differences may be material.

See accompanying notes to unaudited pro forma condensed combined financial information.  

Note 1. Notes to Unaudited Pro Forma Condensed Combined Financial Information

Basis of Presentation

The unaudited pro forma condensed combined financial information has been prepared in accordance with Regulation S-X Article 11, Pro Forma Financial Information. The Adjustments have been computed in order to show the effects of the Transactions on the condensed combined historical financial information of K-C and Kenvue. These adjustments are preliminary and based upon the estimated fair value of merger consideration, hereafter referred to as purchase consideration within the context of the unaudited pro forma condensed combined financial information, and management’s estimates of fair value of the assets acquired and liabilities assumed.

The unaudited pro forma condensed combined financial information was prepared using the acquisition method of accounting in accordance with ASC 805, with K-C as the accounting acquirer, using the fair value concepts defined in ASC Topic 820, Fair Value Measurement, and based on the historical financial statements of K-C and Kenvue. Under ASC 805, all assets acquired and liabilities assumed in a business combination are recognized and measured at their estimated fair values as of the acquisition date, while transaction costs associated with the business combination are expensed as incurred. The excess of purchase consideration over the estimated fair value of assets acquired and liabilities assumed, if any, is allocated to goodwill.

The unaudited pro forma condensed combined financial information was derived from and should be read in conjunction with:

Following the Transactions, Kenvue will adopt K-C’s fiscal calendar. Differences in fiscal year end are within one quarter or less with no adjustments made, as permitted under Rule 11-02 of Regulation S-X. Accordingly, the unaudited pro forma condensed combined balance sheet as of June 30, 2026 is presented as if the Transactions had occurred on June 30, 2026, and the unaudited pro forma condensed combined statements of income for the six months ended June 30, 2026 and the year ended December 31, 2025, give effect to the Transactions as if they occurred on January 1, 2025. The unaudited pro forma condensed combined statements of income are only presented through net income from continuing operations, and therefore net income from discontinued operations is not presented.

The unaudited pro forma condensed combined financial information is provided for informational purposes only and may not be indicative of the operating results that would have occurred if the Transactions had been completed as of the dates set forth above, nor is it indicative of the future results of K-C following the Transactions. In determining the preliminary estimate of fair values of assets acquired and liabilities assumed of Kenvue, K-C used publicly available benchmarking information, indications of value derived using income approach methodologies, including discounted cash flow analyses, as well as a variety of other assumptions, including market participant assumptions. The allocation of the aggregate purchase consideration depends upon certain estimates and assumptions, all of which are preliminary. As of the date of this Current Report on Form 8-K, K-C has not completed the valuation analysis and calculations in sufficient detail necessary to arrive at the required estimates of the fair market value of Kenvue’s assets to be acquired or liabilities to be assumed, other than a preliminary estimate for intangible assets, property, plant & equipment, inventory, and debt. Accordingly, apart from the aforementioned, certain Kenvue assets and liabilities are presented at their respective carrying amounts which at this time K-C deems to approximate fair value. The same considerations apply to values attributed to certain assets to be divested (refer to Note 4m below), which were subject to adjustment from the preliminary estimate of fair value. A final determination of the fair value of Kenvue’s assets and liabilities will be based on Kenvue’s actual assets and liabilities as of the closing date, and therefore, cannot be made prior to the consummation of the mergers. The final determination of fair values of assets acquired and liabilities assumed relating to the mergers could differ materially from the preliminary allocation of aggregate purchase consideration.

The unaudited pro forma condensed combined financial information does not reflect any anticipated synergies or dis-synergies, operating efficiencies, or cost savings that may result from the Transactions. The pro forma adjustments represent K-C’s best estimates and are based upon currently available information and certain assumptions that K-C believes are reasonable under the circumstances. There were no material transactions between K-C and Kenvue during the periods presented.

Note 2. Accounting Policies and Reclassifications

During the preparation of this unaudited pro forma condensed combined financial information, management performed a preliminary review of Kenvue’s financial information to identify differences in accounting policies compared to those of K-C and differences in financial statement presentation compared to the presentation of K-C. With the information currently available, other than the reclassification adjustments described below, and certain accounting policy adjustments described in Note 4 below, K-C is not aware of any other differences that would have a material impact on the unaudited pro forma condensed combined financial information. However, K-C will continue to perform its detailed review of Kenvue’s accounting policies. Upon completion of that review, differences may be identified between the accounting policies of K-C and Kenvue that when conformed could have a material impact on the unaudited pro forma condensed combined financial information.

The following items represent certain reclassification adjustments to conform Kenvue’s historical consolidated balance sheet presentation to K-C’s historical consolidated balance sheet presentation, which have no impact on net assets:

⁽¹⁾ Kenvue historically presents Total liabilities, whereas K-C does not historically present Total liabilities. Kenvue Inc. (Historical) is presented consistent with Kenvue’s historical presentation. The Reclassification Adjustments column removes the subtotal for Total liabilities for purposes of Kenvue Inc. (Adjusted) column presenting amounts consistent with K-C’s presentation.

(2a) Reclassification of receivables from “Other current assets” and receivables from “Prepaid expenses and other receivables” to “Accounts receivable, net”.

(2b) Reclassification of “Prepaid expenses and other receivables”, excluding amounts classified as “Accounts receivable, net”, to "Other current assets".

(2c) Reclassification of “Deferred Taxes on Income” to “Other Assets”.

(2d) Reclassification of “Loans and notes payable” to “Debt payable within one year”.

(2e) Reclassification of “Accrued liabilities”, “Accrued rebates, returns, and promotions” and “Accrued taxes on income” to “Accrued expenses and other current liabilities”.

(2f) Reclassification of “Employee-related obligations” to “Non-current Employee Benefits”.

(2g) Reclassification of “Accumulated deficit” to “Retained earnings”.

(2h) Reclassification of certain other miscellaneous non-trade payables from “Accounts payable” to “Accrued expenses and other current liabilities”.

The following items represent certain reclassification adjustments to conform Kenvue’s historical consolidated statement of income presentation to K-C’s historical consolidated statement of income presentation, which have no impact on net income:

⁽¹⁾ Kenvue historically presents its expense amounts after Operating Income as positive, whereas K-C historically presents its expense amounts after Operating Profit as negative. Kenvue Inc. (Historical) and Reclassification Adjustments columns are presented consistent with Kenvue’s historical presentation, whereas final Kenvue Inc. (Adjusted) column presents amounts consistent with K-C’s presentation.

(2i) Reclassification of shipping and handling costs from “Selling, general, and administrative expenses” to “Cost of products sold”.

(2j) Reclassification of amortization expense from “Cost of sales” to “Marketing, research, and general expenses”.

(2k) Reclassification of “Selling, general, and administrative expenses,” excluding shipping and handling costs, to “Marketing, research, and general expenses.”

(2l) Reclassification of "Restructuring expenses" to " Costs of products sold" and "Marketing, research and general expenses".

(2m) Reclassification of “Other operating expense, net” to “Other (income) and expense, net”.

(2n) Reclassification of "Other expense (income), net" to "Other (income) and expense, net".

(2o) Reclassification of Interest income from “Interest expense, net” to “Interest income”.

(2p) Reclassification of royalty income from “Other (income) and expense, net” to “Net sales”.

(2q) Reclassification of certain indirect costs from “Cost of sales” to “Marketing, research, and general expenses”.

⁽¹⁾ Kenvue historically presents its expense amounts after Operating Income as positive, whereas K-C historically presents its expense amounts after Operating Profit as negative. Kenvue Inc. (Historical) and Reclassification Adjustments columns are presented consistent with Kenvue’s historical presentation, whereas final Kenvue Inc. (Adjusted) column presents amounts consistent with K-C’s presentation.

(2r) Reclassification of shipping and handling costs from “Selling, general, and administrative expenses” to “Cost of products sold”.

(2s) Reclassification of amortization expense from “Cost of sales” to “Marketing, research, and general expenses”.

(2t) Reclassification of “Selling, general, and administrative expenses,” excluding shipping and handling costs, to “Marketing, research, and general expenses.”

(2u) Reclassification of "Restructuring expenses" to "Costs of products sold", "Marketing, research and general expenses", and "Other (income) and expense, net".

(2v) Reclassification of “Other operating (income) expense, net” to “Other (income) and expense, net”.

(2w) Reclassification of “Other expense, net” to “Other (income) and expense, net”.

(2x) Reclassification of Interest income from “Interest expense, net” to “Interest income”.

(2y) Reclassification of royalty income from “Other (income) and expense, net” to “Net sales”.

(2z) Reclassification of certain indirect costs from “Cost of sales” to “Marketing, research, and general expenses”.

Note 3. Sale of IFP Business

On June 5, 2025, K-C announced that it had entered into an Equity and Asset Purchase Agreement (the “Purchase Agreement”) with Suzano S.A. (“Suzano”) and Suzano International Holding B.V., a wholly-owned subsidiary of Suzano (“Buyer”), to facilitate the sale of K-C’s IFP Business. Pursuant to the Purchase Agreement, among other things, K-C effectuated a reorganization through the transfer of substantially all assets, liabilities, and equity interests of the IFP Business to Kimberly-Clark IFP NewCo B.V., an indirect wholly-owned subsidiary of K-C (the “Joint Venture”). On June 26, 2026, Fampro Tissue Finance Co Limited (“Fampro”) entered into a facilities agreement (the “Facilities Agreement”) with FamPro Tissue Holdings B.V., as the original guarantor, Banco Bilbao Vizcaya Argentaria, S.A. New York Branch, Bank of America, N.A., London Branch, BNP Paribas and J.P. Morgan Securities plc, as mandated lead arrangers, bookrunners and global coordinators and the other lenders party thereto, that provides for (i) EUR 1,170 million of senior unsecured term loans (the “IFP Term Loan Facility”) and (ii) a EUR 260 million senior unsecured revolving credit facility (the “IFP Revolving Credit Facility”). On June 29, 2026, K-C borrowed approximately $1.3 billion under the IFP Term Loan Facility. On July 1, 2026, Buyer acquired a 51% interest in the Joint Venture for a base cash purchase price of approximately $1.7 billion, subject to certain post-closing adjustments, and K-C retained a 49% equity interest in the Joint Venture, with an initial estimated fair value of approximately $1.2 billion (collectively, the “IFP Transaction”). In connection with the closing of the IFP Transaction, the obligations under the Facilities Agreement were transferred to the Joint Venture. A portion of the cash proceeds is attributed to a long-term license granted to the Joint Venture for the use of certain of K-C’s global brands, patents, and know-how in manufacturing.

The IFP Transaction represents a strategic shift in K-C’s operations and has been classified as discontinued operations in K-C’s historical consolidated balance sheet and statements of income, in accordance with ASC 205-20 –Discontinued Operations. The historical condensed consolidated balance sheet is presented to reflect the disposal of the IFP Business and the retained interest in the equity method investment as if the IFP Transaction had been completed on June 30, 2026 and statements of income have been adjusted to reflect the disposal of the IFP Business and the retained interest in the equity method investment as if the IFP Transaction had been completed on January 1, 2025, as indicated above. As the pro forma condensed combined statements of income are only presented through net income from continuing operations, net income from discontinued operations, including the gain on sale of the IFP Business, is not presented. The adjustments below are reflected to exclude the results of the IFP Business from continuing operations and present the estimated net share of the equity method investment following the IFP Transaction.

The following represents adjustments to K-C’s historical consolidated balance sheet as of June 30, 2026:

The following represents adjustments to the historical consolidated statements of income for the six months ended June 30, 2026, and the year ended December 31, 2025:

All amounts are preliminary and subject to change upon finalization of the accounting for the IFP Transaction.

Note 4. Transaction Accounting Adjustments

Calculation of Purchase Consideration and Preliminary Purchase Price Allocation

The unaudited pro forma condensed combined financial information reflects preliminary estimated purchase consideration of $34.7 billion. The fair value of the purchase consideration expected to be transferred on the closing date includes the value of the estimated cash consideration, the estimated fair value of K-C common stock to be transferred, and the estimated fair value of assumed Kenvue equity awards attributable to pre-combination services. The calculation of estimated purchase consideration is as follows:

Consideration Transferred

The actual value of K-C’s common stock to be issued will depend on the per share price of K-C’s common stock at the closing date of the mergers, and therefore, the actual purchase consideration will fluctuate with the market price of K-C common stock until the mergers are completed. The following table shows the effect of changes in K-C’s stock price and the resulting impact on the estimated purchase consideration, with the same impact to goodwill:

Change in Stock Price

Preliminary Purchase Price Allocation

Under the acquisition method of accounting, Kenvue’s identifiable assets acquired and liabilities assumed by K-C will be recorded at the estimated acquisition date fair values. The excess purchase price over the estimated fair value of identifiable assets and liabilities, if any, is recorded as goodwill. The pro forma adjustments are preliminary and based on estimates of the fair value and useful lives of the assets acquired and liabilities assumed and are prepared to illustrate the estimated effect of the mergers. The final determination of the purchase price allocation will be completed as soon as practicable after the completion of the mergers and will be based on the fair values of the assets acquired and liabilities assumed as of the closing date.

The final amounts allocated to assets acquired and liabilities assumed could differ significantly from the amounts presented in the unaudited pro forma condensed combined financial information. Accordingly, the pro forma purchase price allocation is subject to further adjustment as additional information becomes available and as additional analyses and final valuations are completed.

The following table sets forth a preliminary allocation of the estimated purchase consideration to Kenvue’s identifiable tangible and intangible assets expected to be acquired and liabilities expected to be assumed by K-C, as if the mergers had been completed on June 30, 2026.

Goodwill represents the excess of the preliminary estimated purchase consideration over the estimated fair value of the underlying net assets acquired. Goodwill will not be amortized but reviewed for impairment annually, or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of the reporting unit below its carrying amount. Goodwill is attributable to the assembled workforce of Kenvue, planned growth in certain markets, and synergies expected to be achieved from the combined operations of K-C and Kenvue. A majority of the goodwill recognized in the mergers is not expected to be deductible for tax purposes.

The adjustments included in the Unaudited Pro Forma Condensed Combined Balance Sheet as of June 30, 2026, are as follows:

The adjustments included in the Unaudited Pro Forma Condensed Combined Statements of Income for the six months ended June 30, 2026, and for the year ended December 31, 2025 are as follows:

A 10% change in the preliminary estimated fair value of property, plant and equipment would cause a corresponding increase or decrease in the depreciation expense of approximately $12.6 million for the six months ended June 30, 2026, and $25.3 million for the year ended December 31, 2025, respectively.