Pricing Log in Create free account
Friday 6 November 2026 Export JNJ’s income statement to Excel — free account

Johnson & Johnson

JNJ Healthcare Drug Manufacturers General

Johnson & Johnson’s revenue for fiscal 2025 (year ended December 2025) was $94.2 billion, up 6.05% from fiscal 2024.

Revenue
+5.86%
EPS
−95.8%
Free cash flow
−21.4%
Total debt
−9.16%

Quarter to September 2026, against a year earlier

272.44 3.88 −1.40%
Market cap
$655.6B
P/E
41.3×
Fwd P/E
40.0×
Dividend yield
1.94%
F-score
3/9
Altman Z
4.78
Beneish M
−2.26
Dividend safety
78/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • Innovative Medicine
  • MEDTECH

Every year since 2016 →

Insider Decisions last twelve months

Sold, $m 150.67
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — 1 7 — — — 1 1 4 1 — —
Insider Ownership 0.40%

Capital & Financial Ratios $m

Size
Market Cap 655,560.00
Revenue ttm 99,335.00
Net income ttm 16,095.00
Free cash flow ttm 20,990.00
Net debt Q 18,571.00
Valuation
P/E 41.28 (above 35: high)
Forward P/E 40.00 (above 35: high)
Price / sales 6.61
Forward P/S Powerpack
Price / FCF 31.28
Price / book 8.05 (above 6: high)
Financial health
Current ratio Q 1.02
Debt / equity Q 0.44 (at or below 0.5: strong)
Interest coverage Q 2.01
Growth
Revenue growth Q +5.86% (above 0%: growing)
Operating income growth Q −99.55% (below 0%: shrinking)
EPS, this year +3.00%
EPS, next year A +4.27%
Revenue, next year A +7.46%
EPS, past 5 yrs +14.89%
EPS, next 5 yrs A +8.95%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 6.8×, against a ten-year median of 4.8×; over the ten years it ranged from 3.8× in 2016 to 6.8× in 2026.
P/E against its own 10 years 90.72%
10-year low 10-year high
P/S against its own 10 years 99.19%
10-year low 10-year high
P/B against its own 10 years 99.89%
10-year low 10-year high
EV/Sales against its own 10 years 99.34%
10-year low 10-year high
EV/FCF against its own 10 years 99.19%
10-year low 10-year high

Dividends raised every year since 2017

Yield
1.94%
Annual rate
5.28
Payout ratio
80.0%
Growth, 2017–25
+5.62%/yr
  1. 3.32 ’17
  2. 3.54 ’18 +7
  3. 3.75 ’19 +6
  4. 3.98 ’20 +6
  5. 4.19 ’21 +5
  6. 4.45 ’22 +6
  7. 4.70 ’23 +6
  8. 4.91 ’24 +4
  9. 5.14 ’25 +5
  10. 5.34 ’26e +4
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 22,927 24,522 20,102 17,228
Receivables 14,873 14,842 17,178 18,987
Inventory 11,181 12,444 14,191 15,377
Other — — — —
53,495 55,893 55,624 56,351
2023 2024 2025 Q'26
Payables 9,632 10,311 11,991 9,317
ST’ Debt — — — —
Other — — — —
46,282 50,321 54,126 55,457

Compound Annual Growth %

10y 5y 3y
Sales 3.00% 2.67% 5.60%
Cash Flow 2.29% 0.83% 4.99%
Earnings 5.69% 12.74% 14.32%
Book Value 1.37% 5.20% 2.02%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 2.53 Actual 2.59

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 2.43 2.46 Beat by 0.03
Q1 FY26 2.67 2.70 Beat by 0.03
Q2 FY26 2.84 2.90 Beat by 0.06
Q3 FY26 2.53 2.59 Beat by 0.06
Q4 FY26 2.91 — Reports 20 January 2027

EPS $

Mar Jun Sep Dec Year
’26 2.14 2.27 0.09 — —
’25 4.54 2.29 2.12 2.10 11.03
’24 1.34 1.93 1.11 1.41 5.79
’23 (0.03) 1.96 10.21 1.67 13.72
’22 1.93 1.80 1.68 1.33 6.73
’21 2.32 2.35 1.37 1.77 7.81
’20 2.17 1.36 1.33 0.65 5.51
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 24,062 25,310 25,399 — —
’25 21,893 23,743 23,993 24,564 94,193
’24 21,383 22,447 22,471 22,520 88,821
’23 20,894 21,519 21,351 21,395 85,159
’22 23,426 24,020 19,996 12,548 79,990
’21 22,321 23,312 23,338 9,769 78,740
’20 20,691 18,336 21,082 22,475 82,584
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 2,514 8,616 7,720 — —
’25 4,174 3,878 9,169 7,309 24,530
’24 3,657 5,633 7,993 6,983 24,266
’23 3,257 4,182 7,489 7,863 22,791
’22 3,979 5,581 6,284 5,350 21,194
’21 4,074 5,314 8,290 5,732 23,410
’20 3,358 3,452 8,383 8,343 23,536
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 1,494 7,358 6,354 — —
’25 3,658 2,888 8,088 5,784 20,418
’24 3,060 5,020 7,014 5,423 20,517
’23 2,434 3,134 6,643 6,395 18,606
’22 3,620 4,784 5,340 3,984 17,728
’21 4,000 4,552 7,555 4,362 20,469
’20 2,750 2,860 7,659 7,225 20,494
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 13.0% a year for ten years. It grew 1.2% a year over the last ten.

Implied
13.0%
10 years, reported
1.2%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.9
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 71,890 76,450 81,581 82,059 82,584 78,740 79,990 85,159 88,821 94,193 99,335 +3.0% 101,222 107,749 116,507 +7.3%
Gross margin, % 69.69 66.72 66.79 66.42 65.58 70.28 69.25 68.82 69.07 67.88 67.56 (1.8) pt
EBT 19,803 17,673 17,999 17,328 16,497 19,178 19,359 15,062 16,687 32,581 17,737 +5.7%
EBT margin, % 27.55 23.12 22.06 21.12 19.98 24.36 24.20 17.69 18.79 34.59 17.86 +7.0 pt
Net income 16,540 1,300 15,297 15,119 14,714 20,878 17,941 35,153 14,066 26,804 16,095 +5.5%
Per share, $
Per share, $ Revenue 26.26 28.40 30.42 31.02 31.37 29.92 30.47 33.61 36.90 39.13 41.22 +4.5%
Earnings 5.93 0.47 5.61 5.63 5.51 7.81 6.73 13.72 5.79 11.03 6.60 +7.1%
Cash flow 6.86 7.82 8.28 8.85 8.94 8.89 8.07 9.00 10.08 10.19 10.86 +4.5%
Capex (0.72) (0.54) (0.17) (0.09) (1.16) (1.12) (1.32) (1.65) (1.56) (1.71) (2.15) +10.1%
Free cash flow 6.14 7.28 8.11 8.76 7.78 7.78 6.75 7.34 8.52 8.48 8.71 +3.7%
Book value 25.73 22.35 22.28 22.48 24.03 28.12 29.26 27.15 29.70 33.87 33.84 +3.1%
Shares, m 2,737 2,692 2,682 2,645 2,633 2,632 2,625 2,534 2,407 2,407 2,408 (1.4%)
Valuation, ×
Valuation, × P/E 19.70 357.00 23.00 25.89 28.56 21.90 26.44 11.58 24.93 18.73 41.28 55.8
P/S 4.41 4.90 4.24 4.70 5.02 5.72 5.85 4.76 3.92 5.29 6.61 4.9
P/B 4.36 6.23 5.79 6.49 6.55 6.08 6.09 5.89 4.87 6.11 8.05 5.8
EV/Sales 4.14 5.06 4.34 4.79 5.11 5.70 5.91 4.79 3.99 5.49 6.80 4.9
EV/FCF 17.71 19.75 16.29 16.95 20.58 21.92 26.65 21.94 17.27 25.35 32.16 20.4
Cash, $m
Cash, $m Operating cash flow 18,767 21,056 22,201 23,416 23,536 23,410 21,194 22,791 24,266 24,530 26,159 +3.0%
Capex (1,959) (1,447) (467) (233) (3,042) (2,941) (3,466) (4,185) (3,749) (4,112) (5,169) +8.6%
Free cash flow 16,808 19,609 21,734 23,183 20,494 20,469 17,728 18,606 20,517 20,418 20,990 +2.2%
Balance, $m
Balance, $m Working capital 38,745 12,551 14,803 9,310 8,744 15,753 (508) 7,213 5,572 1,498 894 (30.3%)
Net debt (19,465) 12,379 7,997 7,207 7,450 (1,623) 4,605 2,954 6,129 19,336 18,571 n/m
Shareholders’ equity 70,418 60,160 59,752 59,471 63,278 74,023 76,804 68,774 71,490 81,544 81,529 +1.6%
Returns, %
Returns, % ROA 12.05 0.87 9.86 9.73 8.85 11.70 9.71 19.81 8.09 14.13 8.25 +2.1 pt
ROIC 24.29 15.23 16.60 16.24 14.58 16.56 14.86 13.12 13.44 20.19 11.07 (4.1) pt
ROE 23.60 1.99 25.51 25.36 23.97 30.41 23.79 48.29 20.06 35.03 20.02 +11.4 pt
People
People Employees 126,400 134,000 135,100 132,200 134,500 141,700 155,800 131,900 138,100 138,200 — +1.0%
Revenue/emp, $m 0.57 0.57 0.60 0.62 0.61 0.56 0.51 0.65 0.64 0.68 — +2.0%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

Johnson & Johnson is a healthcare company that researches, develops, manufactures and sells prescription medicines and medical technologies. It is a holding company whose operating companies manage day-to-day operations in markets around the world. J. Duato is Chairman and Chief Executive Officer.

Its Innovative Medicine business sells prescription medicines in oncology, immunology, neuroscience, pulmonary hypertension, infectious diseases, and cardiovascular and metabolism. Its oncology portfolio includes treatments for multiple myeloma, prostate cancer, lung cancer and bladder cancer. Its immunology medicines treat inflammatory conditions including psoriasis, psoriatic arthritis, Crohn’s disease and ulcerative colitis. These medicines are supplied to retailers, wholesalers, distributors, hospitals and healthcare professionals.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Innovative Medicine 60,401 64.12%
MEDTECH 33,792 35.88%
Gross margin 67.88%
Operating margin 34.59%
Pre-tax margin 34.59%

Revenue by segment since 2016

Johnson & Johnson vs peers in Drug Manufacturers General (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
LLY Eli Lilly and Company $1.28T 44.5× 41.5× +38.61% (above 0%: growing) +16.26% (above 0%: growing) +21.80% (above 0%: growing) 83.88% 36.52% Compare
JNJ Johnson & Johnson $655.6B 41.3× 40.0× +5.86% (above 0%: growing) −95.75% (below 0%: shrinking) −21.44% (below 0%: shrinking) 68.12% 1.72%
ABBV AbbVie Inc. $509.5B 49.7× 38.6× +10.32% (above 0%: growing) +2,270.00% (above 0%: growing) +9.97% (above 0%: growing) 75.38% 36.01% Compare
MRK Merck & Co., Inc. $362.5B 118× 109× +4.68% (above 0%: growing) −130.68% (below 0%: shrinking) +77.03% (above 0%: growing) 72.95% 31.90% Compare
NVS Novartis AG $296.4B 30.9× 23.2× +4.67% (above 0%: growing) −69.08% (below 0%: shrinking) −17.81% (below 0%: shrinking) 75.99% 12.26% Compare
AZN AstraZeneca PLC $289.8B 26.3× 24.5× +6.70% (above 0%: growing) +22.50% (above 0%: growing) +1.99% (above 0%: growing) 81.82% 27.07% Compare
AMGN Amgen Inc. $248.8B 26.6× 29.6× +8.45% (above 0%: growing) +19.44% (above 0%: growing) −0.16% (below 0%: shrinking) 73.10% 35.79% Compare
GILD Gilead Sciences, Inc. $207.8B — (loss-making) — (loss-making) +6.83% (above 0%: growing) −20.33% (below 0%: shrinking) +21.13% (above 0%: growing) 81.07% 41.71% Compare
PFE Pfizer Inc. $170.3B 42.2× 18.9× −0.43% (below 0%: shrinking) −7.98% (below 0%: shrinking) +20.02% (above 0%: growing) 75.71% 22.14% Compare
Median of peers $293.1B 42.2× 29.6× +6.77% +4.14% +15.00% 75.85% 33.85%

All 21 Drug Manufacturers General stocks →

From the latest earnings call

Updated

  • Joaquin Duato said Innovative Medicine growth and new launches supported the company’s outlook, while MedTech performance fell short of management’s expectations.
  • Joseph J. Wolk said Johnson & Johnson raised its 2026 outlook, citing year-to-date performance and expectations for the fourth quarter.

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
Erste Group Oct 23, 2026 Downgrade Hold —
RBC Oct 20, 2026 Target cut Outperform 290.00 → 280.00
Bernstein Oct 20, 2026 Target raised Hold 261.00 → 270.00
Citi Oct 11, 2026 Target raised Buy 298.00 → 303.00
Guggenheim Oct 11, 2026 Reiterated Buy 287.00
JPMorgan Oct 7, 2026 Target raised Hold 270.00 → 285.00
Bank of America Oct 5, 2026 Target raised — 278.00

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 73.93%
Held by the ten largest 36.37%
Holder Shares Stake Change
Vanguard 246.86m 10.24% +2.01m
BlackRock 212.10m 8.80% −1.29m
State Street 133.78m 5.55% +299.74k
Geode Capital Management 59.09m 2.45% −78.44k
JPMorgan Chase 58.30m 2.42% −4.79m
Morgan Stanley 44.81m 1.86% +87.09k
Norges Bank 31.83m 1.32% +31.83m
State Farm 31.59m 1.31% 0.00
UBS 29.45m 1.22% −384.43k
Northern Trust 28.79m 1.19% −527.60k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 11 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 32.76m 68.28m 151.55
2024 24.30m 16.98m 102.75
2023 28.40m 13.84m 107.93
2022 26.74m 39.42m 111.40
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Read the proxy statement

Johnson & Johnson (JNJ) Latest News

5 Nov

Impact 3 · · Investing.com

30 Oct

Impact 3 · · Simply Wall St.
Impact 3 · · Zacks
Impact 3 · · Trefis

29 Oct

Impact 4 · · Simply Wall St.
Impact 4 · · GlobeNewswire
Impact 3 · · TIKR
Impact 3 · · Zacks
Impact 3 · · Trefis

27 Oct

Impact 4 · · Business Wire
Impact 3 · · Simply Wall St.
Impact 3 · · Zacks

26 Oct

Impact 4 · · Simply Wall St.
Impact 4 · · TIKR
Impact 4 · · 24/7 Wall St.
Impact 3 · · TIKR
Impact 3 · · TIKR

25 Oct

Impact 4 · · TIKR
Impact 4 · · PR Newswire
Impact 4 · · PR Newswire
Impact 3 · · Simply Wall St.

24 Oct

Impact 4 · · PR Newswire
Impact 3 · · TIKR

23 Oct

Impact 4 · · Simply Wall St.
Impact 4 · · pharmaceutical-technology.com
Impact 3 · · TIKR
Impact 3 · · MT Newswires
Impact 3 · · Zacks
Impact 3 · · MT Newswires

22 Oct

Impact 4 · · TIKR

JNJ metrics, ten years each

stockrow.com/JNJ · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com