JNJ Johnson & Johnson FILING REVIEW ONLY
FORM 10-K · FY2025 ENDED 2025-12-28 · FILED 2026-02-11 · 2,429M DILUTED WTD-AVG SHARES
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Diluted weighted-average shares: the average share count across the fiscal year, including shares that in-the-money options and awards would add — the denominator of diluted EPS.
· EDGAR ↗

Johnson & Johnson. Health Care.

S&P 500 · Dow Industrials · HEALTH CARE · CIK 200406

S&P 500Dow Industrials

REVENUE$94.2B+6.0% YoY
NET INCOME$26.8B+90.6% YoY
OPERATING CASH FLOW$24.5B+1.1% YoY
FREE CASH FLOW
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Free cash flow = operating cash flow − capital expenditure, both as filed.
$19.7B-0.7% YoY
68
FILING SCORE / 100
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How the score is computed: 7 management claims are checked against the filed statements and 7 earnings-quality warning signs are computed from them. Each check earns 2 points when the numbers fully back it, 1 when partly, 0 when they contradict or flag red — 10/14 on claims and 9/14 on warning signs, averaged to 0–100. 70+ reads strong; 45–69 mixed; below 45 weak. Every check's arithmetic is on this page.
MIXED14 CHECKS · 1 red · 3 watchNEXT 10-Q ~NOV 2026 (EST.)
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Estimated from the filer's own quarter cadence: last filed quarter end + one quarter; filing typically ~40 days later. An estimate, not an announcement.
Statements & commentary
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Statements as filed on the left — every figure from the company's own XBRL filing, in millions of dollars. What management wrote on the right, quoted verbatim. Open any claim for its arithmetic. The gold number beside a statement line counts the claims resting on that line. ✓ matches · ◐ partly · ✗ contradicts or red flag · ◐ watch.
EVERY FIGURE AS FILED · $M EXCEPT PER-SHARE
Income statement · $ millions202520242023
Total revenues94,19388,82185,1595
· Innovative Medicine60,40156,96454,759
· MedTech33,79231,85730,400
Cost of revenue30,25627,47126,553
Gross profit63,93761,35058,606
Research and development1091,8414831
Selling, general and administrative23,67622,86921,512
Depreciation, depletion and amortization7,5037,3397,486
Impairments2044051,295
Interest expense——772
Other income (expense), net7,209(4,694)(6,634)
Income before income taxes32,58116,68715,0622
Income tax provision5,7772,6211,7362
— of which current4,2394,8045,7951
Net income attributable to common26,80414,06635,1531
Diluted earnings per share$11.03$5.79$13.72
Weighted-average diluted shares2,4292,4292,560
Cash flow · $ millions202520242023
Net income incl. noncontrolling interests26,80414,06635,153
Depreciation, depletion and amortization7,5037,3397,486
Share-based compensation1,3541,1761,162
Deferred income taxes1,538(2,183)(4,194)
Change in receivables1,781406624
Change in inventories1,4501,1281,323
Change in payables2,3771,6212,346
Net cash provided by operating activities24,53024,26622,7913
Capital expenditure4,8324,4244,5431
Acquisitions, net of cash17,54115,1460
Net cash used in investing activities(23,588)(18,599)878
Repurchases of common stock5,9532,4325,0541
Debt issued9,1386,6600
Debt repaid1,7571,4531,551
Net cash used in financing activities(5,539)(3,132)(15,825)
Cash and equivalents at end of period000
Balance sheet · $ millions20252024
Cash and cash equivalents19,70924,1051
Short-term investments393417
Receivables, net17,17814,8421
Inventories14,19112,4441
Total current assets55,62455,893
Property, plant and equipment, net23,16920,518
Goodwill48,77244,2001
Intangible assets, net50,40337,618
Total assets199,210180,1041
Accounts payable11,99110,311
Current debt8,5006,000
Total current liabilities54,12650,321
Long-term debt39,43830,651
Total liabilities117,666108,614
Stockholders' equity81,54471,490
Total equity81,54471,490
Segments · as filed in the segment note · $ millionsInnovative MedicineMedTechCorporate / otherConsolidated
Net sales60,40133,792—94,193
Cost of sales15,64614,5496130,256
Selling, general & administrative11,37511,35494723,676
Depreciation & amortization3,7723,4902417,503

Not shown: Assets. The filed segment lines for these do not reconcile to the consolidated line, so the row is left out rather than approximated.

Revenue by product or service

Product revenue is tagged under the filer's own concept, not a standard one; not read.

Revenue by geography · as filed · $ millionsFY2025Share
United States53,75257.1%
Europe21,53522.9%
Asia-Pacific, Africa14,03114.9%
Western Hemisphere excluding U.S.4,8755.2%
Total revenues, as filed94,193100.0%

Geographic lines sum to the filed total.

Lines render when they sum to the filed total within 0.5 percent. A reconciling line the company filed closes the gap at any size, and the table is split: every line shown is filed, nothing is implied. A computed line, the filed total less the lines shown, closes up to 5 percent of the total; beyond that the table is partial and says so. Members that add to more than the filed total are a conflict and are not shown. The tolerance is 0.5 percent of the filed total or 2 million dollars, whichever is larger; for a filed total under 400 million dollars the floor is the binding one and the table says within tolerance. Every figure is as filed, in millions of dollars; shares are arithmetic on filed lines.

Largest FY/FY moves · $ millions, ranked by |Δ|FY2025FY2024Δ $Δ %Reading
Total assets · BS199,210180,104+19,106+10.6%—
Income before income taxes · IS32,58116,687+15,894+95.2%◐ outsized
Intangible assets, net · BS50,40337,618+12,785+34.0%—
Net income attributable to common · IS26,80414,066+12,738+90.6%◐ outsized
Net income incl. noncontrolling interests · CF26,80414,066+12,738+90.6%◐ outsized
Other income (expense), net · IS7,209(4,694)+11,903+253.6%◐ outsized
Stockholders' equity · BS81,54471,490+10,054+14.1%—
Total equity · BS81,54471,490+10,054+14.1%—
Total liabilities · BS117,666108,614+9,052+8.3%—
Long-term debt · BS39,43830,651+8,787+28.7%—
Total revenues · IS94,19388,821+5,372+6.0%—
Net cash used in investing activities · CF(23,588)(18,599)−4,989-26.8%—
Goodwill · BS48,77244,200+4,572+10.3%—
Cash and cash equivalents · BS19,70924,105−4,396-18.2%—
Business quality — Buffett/Munger screen · deterministic · not part of the filing scoreValueReading
Return on equity
net income ÷ average of start- and end-of-year equity
35.0%
sector median 13.2%
strong
Share count, year-end
(year-end shares − prior year-end) ÷ prior year-end
+0.0%
sector median -0.3%
flat
Debt to equity
(current debt + long-term debt) ÷ year-end equity
0.59
sector median 0.64
moderate
FCF consistency, 4yr
operating cash flow − capital expenditure, per year
positive 4 of 4consistent
Margin stability
pre-tax income ÷ revenue, swing across up to five years
pre-tax margin 34.6%
sector median 15.1%
volatile
Quarterly · as filed in 10-Q/10-K · $ millionsMAR 25JUN 25SEP 25MAR 26JUN 26
Total revenues21,89323,74323,99324,06225,310
Cost of revenue7,3577,6287,3038,1068,051
Gross profit14,53616,11516,69015,95617,259
Selling, general and administrative5,1125,8895,9226,0346,432
Depreciation, depletion and amortization1,772——2,004—
Impairments30——36—
Interest expense204308245272281
Other income (expense), net7,321(107)478(294)(331)
Income before income taxes13,6316,4917,4935,9906,747
Income tax provision2,6329542,3417551,213
Net income attributable to common10,9995,5375,1525,2355,534
Diluted earnings per share$4.54$2.29$2.12$2.14$2.27
Weighted-average diluted shares2,4242,4192,4292,4452,440
Net cash provided by operating activities4,174——2,514—
Largest QoQ moves · latest vs prior filed quarterPriorLatestΔ $Δ %
Net cash provided by operating activities4,1742,514−1,660-39.8%
Gross profit15,95617,259+1,303+8.2%
Total revenues24,06225,310+1,248+5.2%
Income before income taxes5,9906,747+757+12.6%
Income tax provision7551,213+458+60.7%
Selling, general and administrative6,0346,432+398+6.6%
Net income attributable to common5,2355,534+299+5.7%
Depreciation, depletion and amortization1,7722,004+232+13.1%
Ownership — insiders & floatForm 4 + 10-K cover · open-market trades onlyValueReading
Public float$367,000M10-K cover · as of 2025-06-29
Insider Form 4s, 90d10 filings · 0 buys / 11 sellsnet selling · −$70,190,923
· Duato JoaquinSELL $26,704,215Form 4 filed 2026-08-14 · open market
· Duato JoaquinSELL $10,827,256Form 4 filed 2026-08-07 · open market
· Schmid TimothySELL $6,189,068Form 4 filed 2026-09-04 · open market
· Broadhurst VanessaSELL $5,792,686Form 4 filed 2026-07-21 · open market
· Duato JoaquinSELL $5,495,712Form 4 filed 2026-08-14 · open market
Insider ownership %—needs the proxy statement — not read yet, never estimated
Institutional %—needs 13F aggregation — not read yet, never estimated
Five-year seriesEACH OPENS ITS OWN PAGE WITH DERIVATION AND HISTORY
Revenue →Net income →Operating cash flow →Free cash flow →Capital expenditure →Cash & equivalents →Total assets →Shareholders' equity →Total debt →Return on equity →Days sales outstanding →
Terms and acronyms used on this page
Income statement & cash flow
OCFOperating cash flow — net cash provided by operating activities, as reported.
FCFFree cash flow. Not a GAAP measure and not defined in this filing. Derived here as operating cash flow less additions to oil and gas property less leasehold acquisitions. The method is shown wherever the figure is used.
Balance sheet & market
Public floatThe market value of shares held by non-affiliates, disclosed on the 10-K cover at the prior 30 June. Converting it to a float percentage needs a share price on that date, which the filing does not contain.
Filing & document terms
10-KThe annual report filed with the SEC. Item 7 is management's discussion and analysis; Item 1A is risk factors; Item 8 and Item 15 carry the audited financial statements.
YoY · CAGRYear over year · compound annual growth rate.
Keep readingWHERE AN ANALYST GOES NEXT
Peers in Health Care →Strongest reviewed · HD 100 →Weakest reviewed · APA 29 →

Not investment advice. DHI Signal publishes impersonal, rules-based research; no recommendation to buy or sell any security is made or implied. Every statement figure is transcribed from Johnson & Johnson's Form 10-K for FY2025 (accession 0000200406-26-000016), pulled from EDGAR XBRL. Derived measures are computed only from lines shown on this page and the arithmetic is displayed so it can be checked. JNJ is not in the tracked book. Market posture attaches only when the dashboard feed carries the name; this page computes none of it.