Johnson & Johnson (JNJ) financial statements
Johnson & Johnson reported revenue of $94.2B in fiscal 2025, up 3.0% a year over 9 years.
Net income was $26.8B.
Free cash flow was $19.7B, and the company returned $6.0B in net buybacks.
The diluted share count fell 13% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Johnson & Johnson's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $71.9B | $76.5B | $81.6B | $82.1B | $82.6B | $78.7B | $80.0B | $85.2B | $88.8B | $94.2B |
| Cost of revenue | $21.8B | $25.4B | $27.1B | $27.6B | $28.4B | $23.4B | $24.6B | $26.6B | $27.5B | $30.3B |
| 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 | $14.3B | $14.1B | $15.1B | $17.2B | $14.7B |
| Selling, general and admin | $20.1B | $21.5B | $22.5B | $22.2B | $22.1B | $20.1B | $20.2B | $21.5B | $22.9B | $23.7B |
| Interest expense | $726M | $934M | $1.0B | $318M | $201M | $183M | $276M | $772M | $755M | $971M |
| Pre-tax 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 |
| EPS (diluted) | $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 |
| Gross margin | 69.7% | 66.7% | 66.8% | 66.4% | 65.6% | 70.3% | 69.3% | 68.8% | 69.1% | 67.9% |
| Net margin | 23.0% | 1.7% | 18.8% | 18.4% | 17.8% | 26.5% | 22.4% | 41.3% | 15.8% | 28.5% |
Balance sheet
Fiscal years, from Johnson & Johnson's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 |
| Receivables | $11.7B | $13.5B | $14.1B | $14.5B | $13.6B | $15.3B | $14.0B | $14.9B | $14.8B | $17.2B |
| Inventory | $8.1B | $8.8B | $8.6B | $9.0B | $9.3B | $10.4B | $10.3B | $11.2B | $12.4B | $14.2B |
| Total current assets | $65.0B | $43.1B | $46.0B | $45.3B | $51.2B | $61.0B | $55.3B | $53.5B | $55.9B | $55.6B |
| Property, plant and equipment | $15.9B | $17.0B | $17.0B | $17.7B | $18.8B | $19.0B | $18.0B | $19.9B | $20.5B | $23.2B |
| Goodwill | $22.8B | $31.9B | $30.5B | $33.6B | $36.4B | $25.4B | $36.0B | $36.6B | $44.2B | $48.8B |
| Total assets | $141.2B | $157.3B | $153.0B | $157.7B | $174.9B | $182.0B | $187.4B | $167.6B | $180.1B | $199.2B |
| Total current liabilities | $26.3B | $30.5B | $31.2B | $36.0B | $42.5B | $45.2B | $55.8B | $46.3B | $50.3B | $54.1B |
| Long-term debt | $22.4B | $30.7B | $27.7B | $26.5B | $32.6B | $30.0B | $26.9B | $25.9B | $30.7B | $39.4B |
| 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 |
| Net debt | $5.2B | $14.4B | $12.2B | $10.4B | $20.4B | $17.6B | $15.5B | $5.5B | $8.3B | $21.7B |
Cash flow
Fiscal years, from Johnson & Johnson's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $18.8B | $21.1B | $22.2B | $23.4B | $23.5B | $23.4B | $21.2B | $22.8B | $24.3B | $24.5B |
| Capital spending | $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 |
| Stock-based compensation | $878M | $962M | $978M | $977M | $1.0B | $1.1B | $1.1B | $1.2B | $1.2B | $1.4B |
| Share buybacks (net) | -$9.0B | -$6.4B | -$5.9B | -$6.7B | -$3.2B | -$3.5B | -$6.0B | -$5.1B | -$2.4B | -$6.0B |
| Net borrowing | $9.8B | $7.2B | -$1.6B | -$2.8B | $6.4B | -$1.8B | -$2.1B | -$1.6B | $5.2B | $7.4B |
| Free cash flow margin | 21.6% | 23.3% | 22.7% | 24.3% | 24.4% | 25.1% | 21.5% | 21.4% | 22.3% | 20.9% |
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What was Johnson & Johnson's revenue in 2025?
$94.2B in fiscal 2025, from its 10-K filing.
How much free cash flow does Johnson & Johnson generate?
$19.7B in fiscal 2025 (operating cash flow minus capital spending).
From Johnson & Johnson's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.