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Johnson & Johnson

JNJ NYSE Pharmaceuticals Financials FY2016–FY2025

Johnson & Johnson's revenue rose 6.0% to $94.2 billion in fiscal 2025. Its net margin was 28.5%, up from 15.8% a year earlier. Free cash flow was $19.7 billion, down 0.7%. It paid out $18.3 billion in dividends and buybacks, 93% of free cash flow.

Last close · Oct 23, 2026

$263.81

1.4%
Value it Compare
Revenue Total sales reported in the income statement.
$94.2B
6.0% vs prior year
Operating margin Operating income as a share of revenue.
—
Net income Profit after all expenses, interest and tax.
$26.8B
90.6%
Free cash flow Cash from operations minus capital spending.
$19.7B
0.7%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
28.6%
10.1 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$646.0B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
40.0x
On $6.59 EPS (TTM)

About these figures. Total debt is the balance sheet's long-term debt plus its current debt line.

What Johnson & Johnson does

Johnson & Johnson makes prescription medicines and medical devices, sold in virtually every country. Its medicines treat cancer, immune diseases such as psoriasis and Crohn's disease, mental illnesses such as depression and schizophrenia, HIV, high blood pressure in the lungs, and blood clots. Its devices include heart pumps and tools for treating irregular heartbeats and clogged arteries, artificial joints and spine products, surgical instruments and staplers, and ACUVUE contact lenses. It sells to wholesalers, distributors, retailers, hospitals and doctors.

Sales were $94.2 billion in 2025. Its medicines segment brought in $60.4 billion, and its MedTech devices segment $33.8 billion. Its biggest product, the multiple myeloma drug DARZALEX, made up about 15.0% of revenue, and STELARA, an immune disease drug now facing competing copies called biosimilars, about 6.5%. It competes with companies large and small, local and global, in every product line, and especially in research to develop new products.

Incorporated in 1887, J&J has about 138,200 employees. In October 2025 it announced plans to separate its orthopaedics business, aiming to finish within 18 to 24 months of the announcement. It also faces many lawsuits, including product liability claims.

Legal name
Johnson & Johnson
Fiscal year ends
December 28, 2025
Latest annual report
10-K · Feb 11, 2026
Accession · CIK
0000200406-26-000016
0000200406

Revenue and margins

Johnson & Johnson had $94.2B of revenue in fiscal 2025, up 6.1% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 7.1% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $19.7B in fiscal 2025, 20.9% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Johnson & Johnson returned $18.3B to shareholders in fiscal 2025, 93% of free cash flow. The diluted share count rose 0.0%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Johnson & Johnson yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$27.8B and divides by 2,429.4M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 40.0x · peers 60.1x · sector 27.9x.

Balance sheet

Cash, debt and the ratios that show how comfortably Johnson & Johnson can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $31.6B$22.3B$22.9B$24.5B$20.1B
Debt incl. finance leases $33.8B$39.7B$29.4B$36.7B$47.9B
Net debt / EBITDA 0.1x0.7x0.3x0.5x0.7x
Debt / equity 0.5x0.5x0.4x0.5x0.6x
Interest coverage 105.8x71.1x20.5x23.1x34.6x
Current ratio 1.4x1.0x1.2x1.1x1.0x
Quick ratio 1.1x0.8x0.9x0.9x0.8x
Total assets $182.0B$187.4B$167.6B$180.1B$199.2B
Total liabilities $108.0B$110.6B$98.8B$108.6B$117.7B
Shareholders' equity $74.0B$76.8B$68.8B$71.5B$81.5B
Net debt (− = net cash) $2.2B$17.4B$6.5B$12.1B$27.8B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$112M

9 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Sep 2, 2026 Timothy SchmidEVP, WW Chair, MedTech Sold 33,597 $274.74 $9.2M Form 4
Aug 17, 2026 Jennifer L TaubertEVP, WWC. Innovative Medicine Sold 15,000 $263.36 $4.0M Form 4
Aug 13, 2026 Joaquin DuatoCEO and Chairman of the Board, Director Sold 123,291 $261.17 $32.2M Form 4
Aug 6, 2026 Elizabeth ForminardEVP, Chief Legal Officer Sold 15,918 $257.00 $4.1M Form 4
Aug 5, 2026 Joaquin DuatoCEO and Chairman of the Board, Director Sold 48,480 $258.15 $12.5M Form 4
Jul 20, 2026 Vanessa BroadhurstEVP, Global Corp Affairs Sold 23,054 $251.27 $5.8M Form 4
Jun 11, 2026 Kathryn E WengelEVP, Chief TO and Risk Officer Sold 10,000 $241.15 $2.4M Form 4
Feb 27, 2026 Robert J DeckerVP Corporate Controller Sold 4,075 $247.87 $1.0M Form 4
Feb 20, 2026 Timothy SchmidEVP, WW Chair, MedTech Sold 1,322 $245.66 $0.3M Form 4
Feb 18, 2026 Timothy SchmidEVP, WW Chair, MedTech Sold 22,623 $244.33 $5.5M Form 4
Feb 17, 2026 John C ReedEVP, Innovative Medicine, R&D Sold 53,931 $243.00 $13.1M Form 4
Feb 17, 2026 Joseph J WolkExec VP, CFO Sold 89,654 $242.80 $21.8M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✕ ✓
Cash from operations exceeds net income ✕ ✓ ✕
Debt fell relative to assets ✓ ✕ ✕
Current ratio rose ✓ ✕ ✕
Share count didn't rise ✓ ✓ ✓
Gross margin rose ✕ ✓ ✕
Revenue rose relative to assets ✓ ✓ ✕
F-score 7 / 96 / 94 / 9
Accruals ratio 7.0%−5.9%1.2%
Altman Z'' 4.644.364.67

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Johnson & Johnson JNJ $646.0B 6.1% — 20.9% 28.6% 40.0x 4
Pfizer PFE $171.1B −1.7% — 14.5% 7.3% 39.5x 6 Compare →
AbbVie ABBV $505.9B 8.6% 24.7% 29.1% 15.7% 80.7x 7 Compare →
Moderna MRNA $79.6B −39.9% −158.1% −106.2% −65.4% — 2 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $71.9B $76.5B $81.6B $82.1B $82.6B $78.7B $80.0B $85.2B $88.8B $94.2B
Gross profit $50.1B $51.0B $54.5B $54.5B $54.2B $55.3B $55.4B $58.6B $61.4B $63.9B
Research and development $9.1B $10.6B $10.8B $11.4B $12.2B $0.0M $0.0M $483M $1.8B $109M
Interest expense $726M $934M $1.0B $318M $201M $183M $276M $772M $755M $971M
Pretax income $19.8B $17.7B $18.0B $17.3B $16.5B $19.2B $19.4B $15.1B $16.7B $32.6B
Income tax $3.3B $16.4B $2.7B $2.2B $1.8B $1.4B $3.0B $1.7B $2.6B $5.8B
Net income $16.5B $1.3B $15.3B $15.1B $14.7B $20.9B $17.9B $35.2B $14.1B $26.8B
Diluted EPS $5.93 $0.47 $5.61 $5.63 $5.51 $7.81 $6.73 $13.72 $5.79 $11.03
Diluted shares 2.79B 2.75B 2.73B 2.68B 2.67B 2.67B 2.66B 2.56B 2.43B 2.43B
Cash flow
Cash from operations $18.8B $21.1B $22.2B $23.4B $23.5B $23.4B $21.2B $22.8B $24.3B $24.5B
Capital expenditure $3.2B $3.3B $3.7B $3.5B $3.3B $3.7B $4.0B $4.5B $4.4B $4.8B
Free cash flow $15.5B $17.8B $18.5B $19.9B $20.2B $19.8B $17.2B $18.2B $19.8B $19.7B
Depreciation and amortization $3.8B $5.6B $6.9B $7.0B $7.2B $7.4B $7.0B $7.5B $7.3B $7.5B
Stock-based compensation $878M $962M $978M $977M $1.0B $1.1B $1.1B $1.2B $1.2B $1.4B
Acquisitions $4.5B $35.2B $899M $5.8B $7.3B $60.0M $17.7B $0.0M $15.1B $17.5B
Share buybacks $9.0B $6.4B $5.9B $6.7B $3.2B $3.5B $6.0B $5.1B $2.4B $6.0B
Dividends paid $8.6B $8.9B $9.5B $9.9B $10.5B $11.0B $11.7B $11.8B $11.8B $12.4B
Dividends and buybacks $17.6B $15.3B $15.4B $16.7B $13.7B $14.5B $17.7B $16.8B $14.3B $18.3B
Balance sheet
Cash and short-term investments $41.9B $18.3B $19.7B $19.3B $25.2B $31.6B $22.3B $22.9B $24.5B $20.1B
Total debt $27.1B $34.6B $30.5B $27.7B $35.2B $33.8B $39.7B $29.4B $36.7B $47.9B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $65.0B $43.1B $46.0B $45.3B $51.2B $61.0B $55.3B $53.5B $55.9B $55.6B
Current liabilities $26.3B $30.5B $31.2B $36.0B $42.5B $45.2B $55.8B $46.3B $50.3B $54.1B
Inventory $8.1B $8.8B $8.6B $9.0B $9.3B $10.4B $10.3B $11.2B $12.4B $14.2B
Property and equipment, net $15.9B $17.0B $17.0B $17.7B $18.8B $19.0B $18.0B $19.9B $20.5B $23.2B
Total assets $141.2B $157.3B $153.0B $157.7B $174.9B $182.0B $187.4B $167.6B $180.1B $199.2B
Total liabilities $70.8B $97.1B $93.2B $98.3B $111.6B $108.0B $110.6B $98.8B $108.6B $117.7B
Shareholders' equity $70.4B $60.2B $59.8B $59.5B $63.3B $74.0B $76.8B $68.8B $71.5B $81.5B
Margins
Gross margin 69.7% 66.7% 66.8% 66.4% 65.6% 70.3% 69.3% 68.8% 69.1% 67.9%
EBITDA margin 33.8% 31.7% 31.8% 30.1% 29.0% 34.0% 33.3% 27.4% 27.9% 43.6%
Net margin 23.0% 1.7% 18.8% 18.4% 17.8% 26.5% 22.4% 41.3% 15.8% 28.5%
FCF margin 21.6% 23.3% 22.7% 24.3% 24.5% 25.1% 21.5% 21.4% 22.3% 20.9%
Returns
Return on capital 31.7% 14.1% 22.0% 22.2% 21.1% 24.0% 19.5% 16.5% 18.5% 28.6%
Return on capital employed 18.6% 15.4% 15.3% 14.5% 13.1% 14.4% 14.6% 12.5% 13.9% 24.4%
Return on equity 23.4% 2.0% 25.5% 25.4% 24.0% 30.4% 23.8% 48.3% 20.1% 35.0%
Return on assets 12.1% 0.9% 9.9% 9.7% 8.9% 11.7% 9.7% 19.8% 8.1% 14.1%
Growth
Revenue growth 2.6% 6.3% 6.7% 0.6% 0.6% −4.7% 1.6% 6.5% 4.3% 6.1%
Net income growth 7.3% −92.1% 1,076.7% −1.2% −2.7% 41.9% −14.1% 95.9% −60.0% 90.6%
EPS growth 8.2% −92.1% 1,093.6% 0.4% −2.1% 41.7% −13.8% 103.9% −57.8% 90.5%
FCF growth −3.5% 14.4% 4.2% 7.5% 1.4% −2.1% −13.0% 6.2% 8.7% −0.7%
Share count change −0.9% −1.6% −0.6% −1.6% −0.5% 0.1% −0.4% −3.9% −5.1% 0.0%
Financial health
Net debt / EBITDA −0.6x 0.7x 0.4x 0.3x 0.4x 0.1x 0.7x 0.3x 0.5x 0.7x
Debt / equity 0.4x 0.6x 0.5x 0.5x 0.6x 0.5x 0.5x 0.4x 0.5x 0.6x
Interest coverage 28.3x 19.9x 18.9x 55.5x 83.1x 105.8x 71.1x 20.5x 23.1x 34.6x
Current ratio 2.5x 1.4x 1.5x 1.3x 1.2x 1.4x 1.0x 1.2x 1.1x 1.0x
Quick ratio 2.2x 1.1x 1.2x 1.0x 1.0x 1.1x 0.8x 0.9x 0.9x 0.8x
Capital allocation
Capex / revenue 4.5% 4.3% 4.5% 4.3% 4.1% 4.6% 5.0% 5.3% 5.0% 5.1%
Stock comp / revenue 1.2% 1.3% 1.2% 1.2% 1.2% 1.4% 1.4% 1.4% 1.3% 1.4%
Payouts / FCF 113.3% 86.1% 82.9% 83.7% 67.9% 73.3% 103.1% 92.2% 71.8% 93.1%
Quality scores
Piotroski F-score 8.0 5.0 8.0 7.0 4.0 7.0 4.0 7.0 6.0 4.0
Altman Z'' 6.4 4.1 4.4 4.1 3.7 4.2 3.7 4.6 4.4 4.7
Accruals ratio −1.6% −13.2% −4.5% −5.3% −5.3% −1.4% −1.8% 7.0% −5.9% 1.2%

Source: SEC EDGAR XBRL filings (CIK 0000200406). Data updated October 21, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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