Financial Data and Key Metrics Changes - The third quarter results indicate strong progress in transforming Kimberly-Clark into an industry-leading personal care company, with consistent operating margin expansion and industry-leading productivity [4][5] - The company achieved its seventh consecutive quarter of volume plus mix-led growth, despite challenges in the broader consumer packaged goods (CPG) industry [4][5] Business Line Data and Key Metrics Changes - In North America, Kimberly-Clark gained 10 basis points of market share in diapers during the third quarter, with a year-to-date increase of 90 basis points [9][10] - The promotional activity in North America is lower than pre-2019 levels, with a focus on driving trial for innovation [10][11] Market Data and Key Metrics Changes - The company is experiencing double-digit growth in the club channel, which is positively impacting its business [12][13] - Digital channels accounted for 100% of growth in North America, with a significant share benefit compared to brick-and-mortar [39][40] Company Strategy and Development Direction - Kimberly-Clark's strategy is centered on innovation-led growth, focusing on improving products across the good, better, best spectrum [8][10] - The company aims to achieve a gross margin of at least 40% and an operating profit of 18%-20% by the end of the decade [28][29] Management's Comments on Operating Environment and Future Outlook - Management noted that consumer purchasing power is under pressure, but demand for essential categories remains resilient [47][48] - The company is confident in its ability to mitigate stranded costs from the IFB transaction and expects to see a step-up in growth in adjusted EPS from continuing operations [28][29] Other Important Information - The company is working to stabilize fiber costs through a joint venture with Suzano, which is expected to reduce volatility in input costs [74][76] - The transition to integrated margin management is helping the company proactively manage cost volatility [76][77] Q&A Session Summary Question: Update on competitive dynamics in U.S. diapers - Management acknowledged increased competitive activity but noted solid performance and market share gains in diapers [8][9] Question: Shape of the P&L in 2026 and 2027 - Management indicated it is premature to provide specifics but highlighted targets for organic growth and operating profit consistent with long-term algorithms [26][28] Question: Performance gap in North America - Management explained that the gap was due to hurricane-related shipment impacts and timing of promotional expenses [37][38] Question: Promotional activity and margin implications - Management stated that promotional activity is a tactic to drive trial and that gross margins are expected to expand in Q4 [51][52] Question: Full 2025 guidance and top-line expectations - Management expects to grow in line with category growth and anticipates an acceleration in Q4 [60][62] Question: Competition in the ultra-premium diaper segment - Management expressed confidence in competing through innovation and premiumization strategies [69][70]