Johnson & Johnson
JNJ · NYSEPharmaceutical Preparations · Fiscal year ends Jan 3
Johnson & Johnson reported revenue of $94.2B in the fiscal year ended Dec 2025, up 6.0% from the year before. Net income was $26.8B. Operating cash flow of $24.5B less capital expenditure of $4.8B left free cash flow of $19.7B. Net debt was $21.7B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Jan 2022 | Jan 2023 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $78.7B | $80B | $85.2B | $88.8B | $94.2B |
| Cost of revenue | $23.4B | $24.6B | $26.6B | $27.5B | $30.3B |
| Gross profit | $55.3B | $55.4B | $58.6B | $61.4B | $63.9B |
| Research & development | $0 | $0 | $483M | $1.8B | $109M |
| Selling, general & admin | $20.1B | $20.2B | $21.5B | $22.9B | $23.7B |
| Interest expense | $183M | $276M | $772M | $755M | $971M |
| Pre-tax income | $19.2B | $19.4B | $15.1B | $16.7B | $32.6B |
| Income tax | $1.4B | $3B | $1.7B | $2.6B | $5.8B |
| Net income | $20.9B | $17.9B | $35.2B | $14.1B | $26.8B |
| Diluted EPS | 7.81 | 6.73 | 13.72 | 5.79 | 11.03 |
| Diluted shares | 2,674M | 2,664M | 2,560M | 2,429M | 2,429M |
Balance sheet
| Fiscal year | Jan 2022 | Jan 2023 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $14.5B | $12.9B | $21.9B | $24.1B | $19.7B |
| Receivables | $15.3B | $14B | $14.9B | $14.8B | $17.2B |
| Inventory | $10.4B | $10.3B | $11.2B | $12.4B | $14.2B |
| Current assets | $61B | $55.3B | $53.5B | $55.9B | $55.6B |
| Net PP&E | $19B | $18B | $19.9B | $20.5B | $23.2B |
| Goodwill | $25.4B | $36B | $36.6B | $44.2B | $48.8B |
| Total assets | $182B | $187B | $168B | $180B | $199B |
| Payables | $11.1B | $9.9B | $9.6B | $10.3B | $12B |
| Current liabilities | $45.2B | $55.8B | $46.3B | $50.3B | $54.1B |
| Short-term debt | $2.1B | $1.6B | $1.5B | $1.7B | $2B |
| Long-term debt | $30B | $26.9B | $25.9B | $30.7B | $39.4B |
| Total liabilities | $108B | $111B | $98.8B | $109B | $118B |
| Shareholders' equity | $74B | $76.8B | $68.8B | $71.5B | $81.5B |
Cash flow
| Fiscal year | Jan 2022 | Jan 2023 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $23.4B | $21.2B | $22.8B | $24.3B | $24.5B |
| Capital expenditure | $3.7B | $4B | $4.5B | $4.4B | $4.8B |
| Free cash flow | $19.8B | $17.2B | $18.2B | $19.8B | $19.7B |
| Depreciation & amortisation | $7.4B | $7B | $7.5B | $7.3B | $7.5B |
| Stock-based compensation | $1.1B | $1.1B | $1.2B | $1.2B | $1.4B |
| Acquisitions | $60M | $17.7B | $0 | $15.1B | $17.5B |
| Share buybacks | $3.5B | $6B | $5.1B | $2.4B | $6B |
| Dividend per share | 4.19 | 4.45 | 4.70 | 4.91 | 5.14 |
Key ratios
| Fiscal year | Jan 2022 | Jan 2023 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 1.6% | 6.5% | 4.3% | 6.0% |
| EPS growth (YoY) | – | −13.8% | 103.9% | −57.8% | 90.5% |
| Gross margin | 70.3% | 69.3% | 68.8% | 69.1% | 67.9% |
| Net margin | 26.5% | 22.4% | 41.3% | 15.8% | 28.5% |
| Return on equityBlank when equity is negative | 28.2% | 23.4% | 51.1% | 19.7% | 32.9% |
| Free cash flow margin | 25.1% | 21.5% | 21.4% | 22.3% | 20.9% |
| Cash conversion (CFO ÷ net income) | 1.12x | 1.18x | 0.65x | 1.73x | 0.92x |
| Receivable days | 71 | 64 | 64 | 61 | 67 |
| Inventory days | 162 | 152 | 154 | 165 | 171 |
| Payable days | 172 | 147 | 132 | 137 | 145 |
| Debt ÷ equity | 0.43x | 0.37x | 0.40x | 0.45x | 0.51x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $17.6B | $15.5B | $5.5B | $8.3B | $21.7B |
| Current ratio | 1.35x | 0.99x | 1.16x | 1.11x | 1.03x |
Recent filings
More in Pharmaceutical Preparations
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.