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JNJ

Johnson & Johnson

JNJ

Johnson & Johnson • NYSE
$206.46 ▼ -0.53% (-1.10)
Market Cap $497.42 B
52w High $207.81
52w Low $140.68
Dividend Yield 5.14%
P/E 19.93
Volume 5.50M
Outstanding Shares 2.41B

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $23.993B ▲ $9.594B ▲ $5.152B ▼ 21.473% ▼ $2.12 ▼ $9.288B ▲
Q2-2025 $23.743B ▲ $9.305B ▲ $5.537B ▼ 23.321% ▼ $2.29 ▼ $8.742B ▼
Q1-2025 $21.893B ▼ $8.237B ▼ $10.999B ▲ 50.24% ▲ $4.57 ▲ $15.607B ▲
Q4-2024 $22.52B ▲ $11.551B ▲ $3.431B ▲ 15.235% ▲ $1.43 ▲ $5.92B ▲
Q3-2024 $22.471B $10.23B $2.694B 11.989% $1.12 $5.377B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $18.562B ▼ $192.816B ▼ $113.539B ▼ $79.277B ▲
Q2-2025 $18.88B ▼ $193.389B ▼ $114.916B ▼ $78.473B ▲
Q1-2025 $38.781B ▲ $193.671B ▲ $115.562B ▲ $78.109B ▲
Q4-2024 $24.522B ▲ $180.104B ▲ $108.614B ▲ $71.49B ▲
Q3-2024 $20.297B $178.287B $108.129B $70.158B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $5.152B ▼ $9.169B ▲ $-542M ▲ $-8.927B ▼ $-346M ▲ $8.381B ▲
Q2-2025 $5.537B ▼ $3.878B ▼ $-18.264B ▼ $-5.665B ▼ $-19.897B ▼ $2.48B ▼
Q1-2025 $10.999B ▲ $4.174B ▼ $-297M ▲ $10.422B ▲ $14.369B ▲ $3.365B ▼
Q4-2024 $3.431B ▲ $6.983B ▼ $-1.32B ▲ $-1.34B ▲ $4.125B ▲ $4.838B ▼
Q3-2024 $2.694B $7.993B $-3.128B $-9.882B $-4.898B $5.714B

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Innovative Medicine
Innovative Medicine
 $14.33Bn ▲$13.87Bn ▼$15.20Bn ▲$15.56Bn ▲
MedTech
MedTech
 $8.19Bn ▲$8.02Bn ▼$8.54Bn ▲$8.43Bn ▼

Five-Year Company Overview

Income Statement

Income Statement Johnson & Johnson’s sales have trended upward over the past five years, with only modest ups and downs, showing a generally healthy growth path. Profitability has stayed strong, with solid margins at each level of the income statement, reflecting good pricing power and cost control. There is one standout year for earnings where profit jumped unusually high, likely tied to one‑time items rather than the underlying business, so the more recent year looks like a more realistic baseline. Overall, the income statement reflects a large, diversified company with steady demand and resilient earnings, rather than rapid but volatile growth.

Balance Sheet

Balance Sheet The balance sheet looks sturdy and conservative. Total assets have been fairly stable to slightly rising, and the company holds a meaningful cushion of cash that has grown in recent years. Debt levels move around but appear manageable relative to the size and stability of the business, and shareholders’ equity has generally trended higher over time. This combination suggests a strong financial foundation, with flexibility to handle shocks, invest in new opportunities, and navigate regulatory or legal challenges.

Cash Flow

Cash Flow Cash generation is a key strength. Johnson & Johnson consistently produces a large amount of cash from its operations each year, and that cash has gently increased over time. Even after funding its capital investments, there is still a substantial surplus of free cash flow. This steady inflow supports ongoing R&D, acquisitions, dividends, and debt management, and it reduces reliance on external financing. The pattern points to a business that reliably converts accounting profits into real cash.

Competitive Edge

Competitive Edge Johnson & Johnson holds a very strong competitive position built on brand trust, global scale, and diversification across pharmaceuticals and medical devices. Its broad portfolio of drugs and technologies gives it multiple revenue pillars, which helps cushion the impact of patent expirations or weakness in any single product line. Deep relationships with hospitals, physicians, and health systems, combined with large manufacturing and distribution networks, make it hard for smaller rivals to compete on cost or reach. At the same time, the company still faces familiar industry pressures: patent cliffs (such as key immunology drugs), pricing scrutiny from governments and insurers, and ongoing legal and regulatory risks. Even with these headwinds, its moat appears wide relative to many peers.

Innovation and R&D

Innovation and R&D Innovation is at the center of Johnson & Johnson’s strategy, with significant and consistent spending on research and development. The company is pushing ahead in high‑value areas like oncology, immunology, and neuroscience, while also expanding its MedTech offerings in surgical robotics, digital surgery, and interventional cardiovascular care. It is increasingly using artificial intelligence, data science, and connected devices to speed drug discovery and improve medical outcomes, which could deepen its technological edge over time. The pipeline includes a mix of entirely new therapies and extensions of existing products, helping to offset future patent losses. The main risks are the usual ones for pharma and medtech: clinical trial failures, regulatory delays, and the uncertainty around how quickly new products will be adopted.

Summary

Overall, Johnson & Johnson looks like a mature healthcare giant with stable growth, strong profitability, and very reliable cash generation. Its balance sheet and cash flows provide substantial financial strength, giving it room to invest, weather legal and regulatory issues, and adapt to market changes. The company’s competitive moat rests on brand, scale, and diversification, while its innovation engine focuses on high‑growth areas like cancer, immunology, and advanced medical technologies. The key things to watch going forward are how effectively it replaces revenue from aging drugs, how successful its new therapies and devices become, and how it manages industry‑wide pressures on pricing and regulation.

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