Manjaro does NOT update the kernel version to the latest kernel during pacman -Syu ! It does update your kernelversion say 3.18 to the latest version of kernel 3.18.
You can easily add and remove all the kernels you want - so if you want 4.2 like I just installed you can do that via the Manjaro Settings manager.
With the command line you can list all the kernels installed with:
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mhwd-kernel -li
For adding kernel 4.2 you can do a
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sudo mhwd-kernel -i linux42
Have a look here
Manjaro lets you pick your kernels so here is my mhwd-kernel -li
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mhwd-kernel -li
Currently running: 4.2.0-1-MANJARO (linux42)
The following kernels are installed in your system:
* linux314
* linux41
* linux42
This is different in Manjaro compared to Arch
In other words: If you do not install a newer kernel you are going to stay with 3.18 in Manjaro forever. 3.18 will be patched and updated but never to another version - like 3.19 or 4.1 etc