JOHNSON & JOHNSON financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data JOHNSON & JOHNSON files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	71,890	76,450	81,581	82,059	82,584	78,740	79,990	85,159	88,821	94,193
Cost of revenue	21,789	25,439	27,091	27,556	28,427	23,402	24,596	26,553	27,471	30,256
Gross profit	50,101	51,011	54,490	54,503	54,157	55,338	55,394	58,606	61,350	63,937
Research and development	9,143	10,594	10,775	11,355	12,159	0	0	483	1,841	109
Selling, general and administrative	20,067	21,520	22,540	22,178	22,084	20,118	20,246	21,512	22,869	23,676
Interest expense	726	934	1,005	318	201	183	276	772	755	971
Interest income	368	385	611	357	111	53	490	1,261	1,332	1,056
Other non-operating income	-210	42	-1,405	-2,525	-2,899	-526	-810	-6,634	-4,694	7,209
Pre-tax income	19,803	17,673	17,999	17,328	16,497	19,178	19,359	15,062	16,687	32,581
Income tax	3,263	16,373	2,702	2,209	1,783	1,377	2,989	1,736	2,621	5,777
Income from continuing operations						17,801	16,370	13,326	14,066	26,804
Net income	16,540	1,300	15,297	15,119	14,714	20,878	17,941	35,153	14,066	26,804
EPS, basic	6.04	0.48	5.70	5.72	5.59	7.93	6.83	13.88	5.84	11.13
EPS, diluted	5.93	0.47	5.61	5.63	5.51	7.81	6.73	13.72	5.79	11.03
Shares, basic (weighted)	2,737	2,692	2,682	2,645	2,633	2,632	2,625	2,534	2,407	2,407
Shares, diluted (weighted)	2,789	2,745	2,729	2,684	2,671	2,674	2,664	2,560	2,429	2,429
Dividend per share	3.15	3.32	3.54	3.75	3.98	4.19	4.45	4.70	4.91	5.14

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	18,972	17,824	18,107	17,305	13,985	14,487	12,889	21,859	24,105	19,709
Short-term investments	22,935	472	1,580	1,982	11,200	17,121	9,392	1,068	417	393
Receivables	11,699	13,490	14,098	14,481	13,576	15,283	14,039	14,873	14,842	17,178
Inventory	8,144	8,765	8,599	9,020	9,344	10,387	10,268	11,181	12,444	14,191
Other current assets	3,282	2,537	2,699	2,392	3,132	3,701	2,876	4,514	4,085	4,153
Total current assets	65,032	43,088	46,033	45,274	51,237	60,979	55,294	53,495	55,893	55,624
Property, plant and equipment	15,912	17,005	17,035	17,658	18,766	18,962	17,982	19,898	20,518	23,169
Lease right-of-use assets				1,000	1,000	900	1,100	1,000	1,100	1,300
Goodwill	22,805	31,906	30,453	33,639	36,393	25,436	36,047	36,558	44,200	48,772
Intangible assets	26,876	53,228	47,611	47,643	53,402	46,392	38,489	34,175	37,618	50,403
Other non-current assets	4,435	4,971	4,182	5,695	6,562	10,216	9,212	14,153	11,414	14,368
Total assets	141,208	157,303	152,954	157,728	174,894	182,018	187,378	167,558	180,104	199,210
Accounts payable	6,918	7,310	7,537	8,544	9,505	11,055	9,889	9,632	10,311	11,991
Accrued liabilities	5,635	7,304	7,601	9,715	13,968	13,612	10,719	10,212	8,549	8,594
Short-term debt	4,700	3,900	2,800	1,200	2,600	3,800	12,800	3,500	6,000	8,500
Total current liabilities	26,287	30,537	31,230	35,964	42,493	45,226	55,802	46,282	50,321	54,126
Long-term debt	22,442	30,675	27,684	26,494	32,635	29,985	26,886	25,881	30,651	39,438
Lease liabilities				716
Other non-current liabilities	9,536	9,017	8,589	11,734	11,944	10,686	10,146	13,398	17,549	9,868
Total liabilities	70,790	97,143	93,202	98,257	111,616	107,995	110,574	98,784	108,614	117,666
Total debt	24,142	32,175	30,284	26,494	34,434	32,116	28,437	27,350	32,400	41,438
Retained earnings	110,551	101,793	106,216	110,659	113,890	123,060	128,345	153,843	155,791	168,978
Treasury stock	-28,352	-31,554	-34,362	-38,417	-38,490	-39,099	-41,694	-75,662	-75,680	-75,624
Other comprehensive income	-14,901	-13,199	-15,222	-15,891	-15,242	-13,058	-12,967	-12,527	-11,741	-14,930
Shareholders' equity							76,804	68,774	71,490	81,544
Minority interests							0
Total equity	70,418	60,160	59,752	59,471	63,278	74,023	76,804	68,774	71,490	81,544
Total liabilities and equity	141,208	157,303	152,954	157,728	174,894	182,018	187,378	167,558	180,104	199,210

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	16,540	1,300	15,297	15,119	14,714	20,878	17,941	35,153	14,066	26,804
Depreciation and amortization	3,754	5,642	6,929	7,009	7,231	7,390	6,970	7,486	7,339	7,503
Stock-based compensation	878	962	978	977	1,005	1,135	1,138	1,162	1,176	1,354
Deferred income tax	-341	2,406	-1,016	-2,476	-1,141	-2,079	-1,663	-4,194	-2,183	1,538
Change in receivables	-1,065	-633	-1,185	-289	774	-2,402	-1,290	-624	-406	-1,781
Change in inventory	-249	581	-644	-277	-265	-1,248	-2,527	-1,323	-1,128	-1,450
Change in payables	656	2,725	3,951	4,060	5,141	2,437	1,098	2,346	1,621	2,377
Cash from operations	18,767	21,056	22,201	23,416	23,536	23,410	21,194	22,791	24,266	24,530
Capital expenditures	-3,226	-3,279	-3,670	-3,498	-3,347	-3,652	-4,009	-4,543	-4,424	-4,832
Acquisitions	-4,509	-35,151	-899	-5,810	-7,323	-60	-17,652	0	-15,146	-17,541
Purchases of investments	-33,950	-6,153	-5,626	-3,920	-21,089	-30,394	-32,384	-10,906	-1,726	-920
Sales and maturities of investments	35,780	28,117	4,289	3,387	12,137	25,006	41,609	19,390	2,462	1,661
Cash from investing	-4,761	-14,868	-3,167	-6,194	-20,825	-8,683	-12,371	878	-18,599	-23,588
Debt issued	12,004	8,992	5	3	7,431	5	2	0	6,660	9,138
Debt repaid	-2,223	-1,777	-1,555	-2,823	-1,064	-1,802	-2,134	-1,551	-1,453	-1,757
Share buybacks	-8,979	-6,358	-5,868	-6,746	-3,221	-3,456	-6,035	-5,054	-2,432	-5,953
Dividends paid	-8,621	-8,943	-9,494	-9,917	-10,481	-11,032	-11,682	-11,770	-11,823	-12,381
Cash from financing	-8,551	-7,673	-18,510	-18,015	-6,120	-14,047	-8,871	-15,825	-3,132	-5,539
Exchange rate effect	-215	337	-241	-9	89	-178	-312	-112	-289	201
Net change in cash	5,240	-1,148	283	-802	-3,320	502	-360	7,732	2,246	-4,396
Free cash flow	15,541	17,777	18,531	19,918	20,189	19,758	17,185	18,248	19,842	19,698
Interest paid	628	866	963	925	841	941	933	1,766	1,911	1,863
Income taxes paid	2,843	3,312	4,570	4,191	4,619	4,768	5,223	8,574	6,714	6,539

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 28, 2026; growth uses fiscal years. Valuation uses the share price of $271.22 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	67.9%	Gross profit / revenue.
Pre-tax margin	25.7%	Pre-tax income / revenue.
Net margin	21.5%	Net income / revenue.
FCF margin	22.7%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	28.2%	Cash from operations / revenue.
Effective tax rate	16.5%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	24.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	10.5%	Net income / average total assets.
R&D / revenue	15.4%	Research and development expense / revenue.
SG&A / revenue	25.7%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.4%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	5.5%	Capital expenditures / revenue.
D&A / revenue	7.9%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	6.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	5.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	2.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	4.2%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	4.9%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	3.4%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	90.6%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	14.3%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	12.7%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	90.5%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	17.9%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	14.9%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	1.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	5.0%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	0.8%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-0.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	4.7%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-0.5%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	4.7%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	4.9%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	5.2%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	14.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	2.0%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	10.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	2.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	2.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-3.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-1.9%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.09x	Current assets / current liabilities.
Quick ratio	0.73x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.38x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.44x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	18.6%	Total debt / total assets.
Liabilities / assets	57.7%	Total liabilities / total assets.
Net debt	$16.59B	Total debt - cash - short-term investments. Negative means more cash than debt.
Working capital	$4.88B	Current assets - current liabilities.
Goodwill and intangibles / assets	48.1%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$11.74B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.49x	Revenue / average total assets.
Fixed asset turnover	4.15x	Revenue / average property, plant and equipment.
Inventory turnover	2.08x	Cost of revenue / average inventory.
Days inventory	176 days	365 x average inventory / cost of revenue.
Receivables turnover	5.14x	Revenue / average receivables.
Days sales outstanding	71 days	365 x average receivables / revenue.
Days payables	107 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	140 days	Days inventory + days sales outstanding - days payables.
FCF conversion	105.7%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	19.4%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$8.62	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$40.13	Revenue / diluted weighted shares.
FCF per share	$9.12	Free cash flow / diluted weighted shares.
Operating cash flow per share	$11.31	Cash from operations / diluted weighted shares.
Book value per share	$34.82	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$4.81	Tangible book value / shares outstanding.
Cash per share	$8.51	(Cash + short-term investments) / shares outstanding.
Payout ratio	60.0%	Dividends paid / net income, when net income is positive.
Dividends / FCF	56.7%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	36.3%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$653.61B	Share price x shares outstanding.
Enterprise value	$670.20B	Market cap + total debt - cash - short-term investments.
P/E	31.1x	Market cap / net income. Only when net income is positive.
P/S	6.67x	Market cap / revenue.
P/B	7.69x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	29.4x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	23.7x	Market cap / cash from operations, when positive.
EV/Sales	6.84x	Enterprise value / revenue.
EV/FCF	30.1x	Enterprise value / free cash flow, when both are positive.
FCF yield	3.4%	Free cash flow / market cap.
Earnings yield	3.2%	Net income / market cap (the inverse of P/E).
Dividend yield	1.9%	Dividends paid over the period / market cap.
Shareholder yield	3.2%	(Dividends paid + share buybacks) / market cap.
PEG	1.74x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was JOHNSON & JOHNSON's revenue in fiscal 2025?

JOHNSON & JOHNSON reported revenue of $94.19B for fiscal 2025, 6% higher than the year before.

Was JOHNSON & JOHNSON profitable in fiscal 2025?

Yes. Net income was $26.80B, a net margin of 28.5%.

How much free cash flow did JOHNSON & JOHNSON generate in fiscal 2025?

Cash from operations of $24.53B minus capital expenditures of $4.83B left free cash flow of $19.70B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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