Johnson & Johnson. Health Care.
| Income statement · $ millions | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
| Total revenues | 94,193 | 88,821 | 85,159 | 5 |
| · Innovative medicine | 60,401 | 56,964 | 54,759 | |
| · Med tech | 33,792 | 31,857 | 30,400 | |
| Cost of revenue | 30,256 | 27,471 | 26,553 | |
| Gross profit | 63,937 | 61,350 | 58,606 | |
| Research and development | 109 | 1,841 | 483 | 1 |
| Selling, general and administrative | 23,676 | 22,869 | 21,512 | |
| Depreciation, depletion and amortization | 7,503 | 7,339 | 7,486 | |
| Impairments | 204 | 405 | 1,295 | |
| Interest expense | — | — | 772 | |
| Other income (expense), net | 7,209 | (4,694) | (6,634) | |
| Income before income taxes | 32,581 | 16,687 | 15,062 | 2 |
| Income tax provision | 5,777 | 2,621 | 1,736 | 2 |
| — of which current | 4,239 | 4,804 | 5,795 | 1 |
| Net income attributable to common | 26,804 | 14,066 | 35,153 | 1 |
| Diluted earnings per share | $11.03 | $5.79 | $13.72 | |
| Weighted-average diluted shares | 2,429 | 2,429 | 2,560 |
| Cash flow · $ millions | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
| Net income incl. noncontrolling interests | 26,804 | 14,066 | 35,153 | |
| Depreciation, depletion and amortization | 7,503 | 7,339 | 7,486 | |
| Share-based compensation | 1,354 | 1,176 | 1,162 | |
| Deferred income taxes | 1,538 | (2,183) | (4,194) | |
| Change in receivables | 1,781 | 406 | 624 | |
| Change in inventories | 1,450 | 1,128 | 1,323 | |
| Change in payables | 2,377 | 1,621 | 2,346 | |
| Net cash provided by operating activities | 24,530 | 24,266 | 22,791 | 3 |
| Capital expenditure | 4,832 | 4,424 | 4,543 | 1 |
| Acquisitions, net of cash | 17,541 | 15,146 | 0 | |
| Net cash used in investing activities | (23,588) | (18,599) | 878 | |
| Repurchases of common stock | 5,953 | 2,432 | 5,054 | 1 |
| Debt issued | 9,138 | 6,660 | 0 | |
| Debt repaid | 1,757 | 1,453 | 1,551 | |
| Net cash used in financing activities | (5,539) | (3,132) | (15,825) | |
| Cash and equivalents at end of period | 0 | 0 | 0 |
| Balance sheet · $ millions | 2025 | 2024 | |
|---|---|---|---|
| Cash and cash equivalents | 19,709 | 24,105 | 1 |
| Short-term investments | 393 | 417 | |
| Receivables, net | 17,178 | 14,842 | 1 |
| Inventories | 14,191 | 12,444 | 1 |
| Total current assets | 55,624 | 55,893 | |
| Property, plant and equipment, net | 23,169 | 20,518 | |
| Goodwill | 48,772 | 44,200 | 1 |
| Intangible assets, net | 50,403 | 37,618 | |
| Total assets | 199,210 | 180,104 | 1 |
| Accounts payable | 11,991 | 10,311 | |
| Current debt | 8,500 | 6,000 | |
| Total current liabilities | 54,126 | 50,321 | |
| Long-term debt | 39,438 | 30,651 | |
| Total liabilities | 117,666 | 108,614 | |
| Stockholders' equity | 81,544 | 71,490 | |
| Total equity | 81,544 | 71,490 |
| Segments · as filed in the segment note · $ millions | Innovative medicine | Med tech | Corporate / unallocated | Consolidated |
|---|---|---|---|---|
| Net sales | 60,401 | 33,792 | — | 94,193 |
| Cost of sales | 15,646 | 14,549 | 61 | 30,256 |
| Selling, general & administrative | 11,375 | 11,354 | 947 | 23,676 |
Rows render only when the filed members reconcile to the consolidated line; Corporate / unallocated is consolidated − Σ segments, arithmetic on filed lines. A concept whose members do not faithfully partition the total is omitted, never approximated.
| Largest FY/FY moves · $ millions, ranked by |Δ| | FY2025 | FY2024 | Δ $ | Δ % | Reading |
|---|---|---|---|---|---|
| Total assets · BS | 199,210 | 180,104 | +19,106 | +10.6% | — |
| Income before income taxes · IS | 32,581 | 16,687 | +15,894 | +95.2% | ◐ outsized |
| Intangible assets, net · BS | 50,403 | 37,618 | +12,785 | +34.0% | — |
| Net income attributable to common · IS | 26,804 | 14,066 | +12,738 | +90.6% | ◐ outsized |
| Net income incl. noncontrolling interests · CF | 26,804 | 14,066 | +12,738 | +90.6% | ◐ outsized |
| Other income (expense), net · IS | 7,209 | (4,694) | +11,903 | +253.6% | ◐ outsized |
| Stockholders' equity · BS | 81,544 | 71,490 | +10,054 | +14.1% | — |
| Total equity · BS | 81,544 | 71,490 | +10,054 | +14.1% | — |
| Total liabilities · BS | 117,666 | 108,614 | +9,052 | +8.3% | — |
| Long-term debt · BS | 39,438 | 30,651 | +8,787 | +28.7% | — |
| Total revenues · IS | 94,193 | 88,821 | +5,372 | +6.0% | — |
| Net cash used in investing activities · CF | (23,588) | (18,599) | −4,989 | -26.8% | — |
| Goodwill · BS | 48,772 | 44,200 | +4,572 | +10.3% | — |
| Cash and cash equivalents · BS | 19,709 | 24,105 | −4,396 | -18.2% | — |
| Business quality — Buffett/Munger screen · deterministic · not part of the filing score | Value | Reading |
|---|---|---|
| Return on equity net income ÷ average of start- and end-of-year equity | 35.0% sector median 13.1% | 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 0.65 | moderate |
| FCF consistency, 4yr operating cash flow − capital expenditure, per year | positive 4 of 4 | consistent |
| Margin stability pre-tax income ÷ revenue, swing across up to five years | pre-tax margin 34.6% sector median 14.5% | volatile |
| Quarterly · as filed in 10-Q/10-K · $ millions | MAR 25 | JUN 25 | SEP 25 | MAR 26 | JUN 26 |
|---|---|---|---|---|---|
| Total revenues | 21,893 | 23,743 | 23,993 | 24,062 | 25,310 |
| Cost of revenue | 7,357 | 7,628 | 7,303 | 8,106 | 8,051 |
| Gross profit | 14,536 | 16,115 | 16,690 | 15,956 | 17,259 |
| Selling, general and administrative | 5,112 | 5,889 | 5,922 | 6,034 | 6,432 |
| Depreciation, depletion and amortization | 1,772 | — | — | 2,004 | — |
| Impairments | 30 | — | — | 36 | — |
| Interest expense | 204 | 308 | 245 | 272 | 281 |
| Other income (expense), net | 7,321 | (107) | 478 | (294) | (331) |
| Income before income taxes | 13,631 | 6,491 | 7,493 | 5,990 | 6,747 |
| Income tax provision | 2,632 | 954 | 2,341 | 755 | 1,213 |
| Net income attributable to common | 10,999 | 5,537 | 5,152 | 5,235 | 5,534 |
| Diluted earnings per share | $4.54 | $2.29 | $2.12 | $2.14 | $2.27 |
| Weighted-average diluted shares | 2,424 | 2,419 | 2,429 | 2,445 | 2,440 |
| Net cash provided by operating activities | 4,174 | — | — | 2,514 | — |
| Largest QoQ moves · latest vs prior filed quarter | Prior | Latest | Δ $ | Δ % |
|---|---|---|---|---|
| Net cash provided by operating activities | 4,174 | 2,514 | −1,660 | -39.8% |
| Gross profit | 15,956 | 17,259 | +1,303 | +8.2% |
| Total revenues | 24,062 | 25,310 | +1,248 | +5.2% |
| Income before income taxes | 5,990 | 6,747 | +757 | +12.6% |
| Income tax provision | 755 | 1,213 | +458 | +60.7% |
| Selling, general and administrative | 6,034 | 6,432 | +398 | +6.6% |
| Net income attributable to common | 5,235 | 5,534 | +299 | +5.7% |
| Depreciation, depletion and amortization | 1,772 | 2,004 | +232 | +13.1% |
| Ownership — insiders & floatForm 4 + 10-K cover · open-market trades only | Value | Reading |
|---|---|---|
| Public float | $367,000M | 10-K cover · as of 2025-06-29 |
| Insider Form 4s, 90d | 17 filings · 0 buys / 2 sells | net selling · −$8,204,186 |
| · Broadhurst Vanessa | SELL $5,792,686 | Form 4 filed 2026-07-21 · open market |
| · Wengel Kathryn E | SELL $2,411,500 | Form 4 filed 2026-06-12 · open market |
| Insider ownership % | — | needs the proxy statement — not read yet, never estimated |
| Institutional % | — | needs 13F aggregation — not read yet, never estimated |
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.