Johnson & Johnson (JNJ) Income Statement

30Y historyFree accessUpdated daily

Revenue growth accelerated to 9.9% in 2026Q1, with gross margin expanding to 73.1% in 2026Q2, while operating margin reached 28.3%, indicating strong pricing power and disciplined cost management.

Annual statement

JNJ Income Statement

Johnson & Johnson (JNJ) annual income statement — 30-year revenue, gross profit & net income history

Annual Quarterly

Metric	TTM	Dec'25	Dec'24	Dec'23	Jan'23	Jan'22	Jan'21	Dec'19	Dec'18	Dec'17	Dec'16	Dec'15	Dec'14	Dec'13	Dec'12	Dec'11	Dec'10	Dec'09	Dec'08	Dec'07	Dec'06	Dec'05	Dec'04	Dec'03	Dec'02	Dec'01	Dec'00	Dec'99	Dec'98	Dec'97	Dec'96

Sales/Revenue	99.25B	94.19B	88.82B	85.16B	79.99B	78.74B	82.58B	82.06B	81.58B	76.45B	71.89B	70.07B	74.33B	71.31B	67.22B	65.03B	61.59B	61.9B	63.75B	61.09B	53.32B	50.51B	47.35B	41.86B	36.3B	32.32B	29.17B	28.01B	24B	22.63B	21.62B
Revenue Growth %	7.7%	6.05%	4.3%	6.46%	1.59%	-4.65%	0.64%	0.59%	6.71%	6.34%	2.59%	-5.73%	4.23%	6.08%	3.37%	5.59%	-0.5%	-2.9%	4.34%	14.57%	5.56%	6.69%	13.11%	15.33%	12.32%	10.78%	4.16%	16.72%	6.04%	4.67%	14.74%
Cost of Goods Sold	28.94B	25.64B	27.47B	26.55B	24.6B	23.4B	28.43B	27.56B	27.09B	25.44B	21.79B	21.54B	22.75B	22.34B	21.66B	20.36B	18.79B	18.45B	18.51B	17.75B	15.06B	14.01B	13.47B	12.18B	10.45B	9.58B	8.96B	8.5B	6.32B	6.08B	6.01B
COGS % of Revenue	-	27.22%	30.93%	31.18%	30.75%	29.72%	34.42%	33.58%	33.21%	33.28%	30.31%	30.73%	30.6%	31.33%	32.22%	31.31%	30.51%	29.8%	29.04%	29.05%	28.24%	27.73%	28.46%	29.09%	28.78%	29.65%	30.7%	30.34%	26.33%	26.89%	27.79%
Gross Profit	70.81B	68.56B	61.35B	58.61B	55.39B	55.34B	54.16B	54.5B	54.49B	51.01B	50.1B	48.54B	51.59B	48.97B	45.57B	44.67B	42.8B	43.45B	45.24B	43.34B	38.27B	36.5B	33.87B	29.69B	25.85B	22.74B	20.21B	19.51B	17.68B	16.54B	15.61B
Gross Margin %	71.34%	72.78%	69.07%	68.82%	69.25%	70.28%	65.58%	66.42%	66.79%	66.72%	69.69%	69.27%	69.4%	68.67%	67.78%	68.69%	69.49%	70.2%	70.96%	70.95%	71.76%	72.27%	71.54%	70.91%	71.22%	70.35%	69.3%	69.66%	73.67%	73.11%	72.21%
Gross Profit Growth %	-	11.75%	4.68%	5.8%	0.1%	2.18%	-0.63%	0.02%	6.82%	1.82%	3.22%	-5.91%	5.34%	7.47%	2.01%	4.38%	-1.51%	-3.95%	4.37%	13.27%	4.83%	7.76%	14.11%	14.84%	13.7%	12.47%	3.62%	10.37%	6.84%	5.98%	15.95%
Operating Expenses	42.74B	42.96B	39.2B	35.2B	34.38B	34.4B	34.42B	33.53B	33.31B	32.11B	29.21B	30.25B	30.45B	30.01B	28.53B	28.52B	26.27B	26.79B	29.07B	28.13B	24.56B	23.67B	21.52B	18.82B	16.17B	14.85B	13.6B	13.52B	12.65B	11.92B	11.31B
OpEx % of Revenue	-	45.61%	44.13%	41.33%	42.98%	43.68%	41.68%	40.86%	40.84%	42.01%	40.63%	43.17%	40.96%	42.09%	42.45%	43.85%	42.65%	43.28%	45.6%	46.04%	46.05%	46.86%	45.45%	44.95%	44.56%	45.95%	46.62%	48.29%	52.71%	52.68%	52.3%
Selling, General & Admin	25.14B	23.68B	21.97B	20.11B	20.25B	20.12B	22.08B	22.18B	22.54B	21.52B	20.07B	21.2B	21.95B	21.83B	20.87B	20.97B	19.42B	19.8B	21.49B	20.45B	17.43B	17.21B	16.17B	14.13B	12.22B	11.26B	10.49B	10.76B	9.03B	8.71B	10.3B
SG&A % of Revenue	-	25.14%	24.73%	23.62%	25.31%	25.55%	26.74%	27.03%	27.63%	28.15%	27.91%	30.26%	29.54%	30.61%	31.04%	32.25%	31.54%	31.99%	33.71%	33.47%	32.69%	34.07%	34.16%	33.76%	33.65%	34.84%	35.98%	38.4%	37.62%	38.51%	47.64%
Research & Development	15.1B	14.66B	17.23B	15.09B	14.13B	14.28B	12.34B	11.36B	10.78B	10.59B	9.14B	9.05B	8.49B	8.18B	7.67B	7.55B	6.84B	6.99B	7.58B	7.68B	7.13B	6.46B	5.34B	4.68B	3.96B	3.59B	3.1B	2.77B	2.34B	2.14B	0
R&D % of Revenue	-	15.57%	19.4%	17.71%	17.67%	18.13%	14.94%	13.84%	13.21%	13.86%	12.72%	12.91%	11.43%	11.47%	11.4%	11.61%	11.11%	11.29%	11.89%	12.57%	13.36%	12.79%	11.29%	11.19%	10.9%	11.11%	10.64%	9.88%	9.74%	9.46%	-
Other Operating Expenses	2M	4.62B	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	1.28B	1.07B	1.01B
Operating Income	26.33B	25.6B	22.15B	23.41B	21.01B	20.94B	19.73B	20.97B	21.18B	18.9B	20.89B	18.29B	21.14B	18.96B	17.03B	16.15B	16.53B	16.66B	16.17B	15.21B	13.71B	12.83B	12.36B	10.87B	9.68B	7.88B	6.62B	5.99B	5.03B	4.62B	4.3B
Operating Margin %	26.53%	27.17%	24.94%	27.49%	26.27%	26.6%	23.89%	25.55%	25.96%	24.72%	29.06%	26.1%	28.44%	26.58%	25.34%	24.84%	26.84%	26.92%	25.36%	24.9%	25.71%	25.4%	26.1%	25.97%	26.66%	24.4%	22.68%	21.37%	20.95%	20.43%	19.9%
Operating Income Growth %	-	15.56%	-5.38%	11.4%	0.33%	6.13%	-5.9%	-0.97%	12.05%	-9.54%	14.23%	-13.47%	11.5%	11.3%	5.44%	-2.26%	-0.82%	3.06%	6.28%	10.97%	6.84%	3.84%	13.66%	12.33%	22.74%	19.2%	10.53%	19.03%	8.78%	7.41%	22.56%
EBITDA	30.35B	33.1B	29.49B	30.89B	27.98B	28.33B	26.96B	27.98B	28.1B	24.54B	24.64B	22.04B	25.03B	23.06B	20.7B	19.31B	19.47B	19.44B	19B	17.99B	15.89B	14.92B	14.48B	12.74B	11.34B	9.49B	8.21B	7.5B	6.31B	5.69B	5.31B
EBITDA Margin %	30.58%	35.14%	33.2%	36.28%	34.98%	35.98%	32.65%	34.1%	34.45%	32.1%	34.28%	31.45%	33.68%	32.34%	30.79%	29.7%	31.61%	31.4%	29.81%	29.45%	29.79%	29.54%	30.58%	30.43%	31.24%	29.37%	28.13%	26.76%	26.31%	25.14%	24.57%
EBITDA Growth %	-3.45%	12.25%	-4.55%	10.41%	-1.24%	5.08%	-3.63%	-0.44%	14.53%	-0.43%	11.84%	-11.97%	8.55%	11.42%	7.18%	-0.8%	0.15%	2.29%	5.62%	13.24%	6.45%	3.07%	13.66%	12.35%	19.49%	15.63%	9.5%	18.72%	10.97%	7.1%	21.61%
D&A (Non-Cash Add-back)	5.79B	7.5B	7.34B	7.49B	6.97B	7.39B	7.23B	7.01B	6.93B	5.64B	3.75B	3.75B	3.9B	4.1B	3.67B	3.16B	2.94B	2.77B	2.83B	2.78B	2.18B	2.09B	2.12B	1.87B	1.66B	1.6B	1.59B	1.51B	1.28B	1.07B	1.01B
EBIT	26.13B	33.55B	17.44B	15.83B	19.64B	19.36B	16.7B	17.65B	19B	18.61B	20.53B	19.75B	21.1B	15.95B	14.31B	12.93B	17.4B	16.21B	17.36B	13.58B	13.71B	12.83B	12.36B	10.87B	9.68B	7.88B	6.62B	5.99B	5.03B	4.62B	4.3B
Net Interest Income	-144M	85M	577M	489M	214M	-130M	-90M	39M	-394M	-549M	-358M	-424M	-466M	-408M	-468M	-480M	-348M	-361M	-74M	156M	0	0	0	0	0	0	0	0	0	0	0
Interest Income	693M	1.06B	1.33B	1.26B	490M	53M	111M	357M	611M	385M	368M	128M	67M	74M	64M	91M	107M	90M	361M	452M	0	0	0	0	0	0	0	0	0	0	0
Interest Expense	793M	971M	755M	772M	276M	183M	201M	318M	1B	934M	726M	552M	533M	482M	532M	571M	455M	451M	435M	296M	0	0	0	0	0	0	0	0	0	0	0
Other Income/Expense	-1.06B	6.99B	-5.46B	-8.35B	-1.65B	-1.76B	-3.24B	-3.64B	-3.18B	-1.22B	-1.09B	907M	-574M	-3.49B	-3.26B	-3.79B	420M	-908M	760M	-1.93B	878M	285M	-25M	-563M	-387M	13M	253M	-108M	-846M	-46M	-270M
Pretax Income	25.2B	32.58B	16.69B	15.06B	19.36B	19.18B	16.5B	17.33B	18B	17.67B	19.8B	19.2B	20.56B	15.47B	13.78B	12.36B	16.95B	15.76B	16.93B	13.28B	14.59B	13.12B	12.33B	10.31B	9.29B	7.9B	6.87B	5.88B	4.18B	4.58B	4.03B
Pretax Margin %	25.39%	34.59%	18.79%	17.69%	24.2%	24.36%	19.98%	21.12%	22.06%	23.12%	27.55%	27.39%	27.66%	21.69%	20.49%	19.01%	27.52%	25.45%	26.56%	21.74%	27.36%	25.97%	26.04%	24.62%	25.6%	24.44%	23.54%	20.98%	17.43%	20.22%	18.65%
Income Tax	4.16B	5.78B	2.62B	1.74B	2.99B	1.38B	1.78B	2.21B	2.7B	16.37B	3.26B	3.79B	4.24B	1.64B	3.26B	2.69B	3.61B	3.49B	3.98B	2.71B	3.53B	3.06B	4.15B	3.11B	2.69B	2.23B	1.92B	1.6B	1.18B	1.27B	1.15B
Effective Tax Rate %	16.51%	17.73%	15.71%	11.53%	15.44%	7.18%	10.81%	12.75%	15.01%	92.64%	16.48%	19.73%	20.62%	10.6%	23.67%	21.75%	21.32%	22.15%	23.51%	20.38%	24.23%	23.3%	33.66%	30.18%	29%	28.23%	27.88%	27.29%	28.19%	27.82%	28.42%
Net Income	21.42B	26.8B	14.07B	35.15B	17.94B	20.88B	14.71B	15.12B	15.3B	1.3B	16.54B	15.41B	16.32B	13.83B	10.85B	9.67B	13.33B	12.27B	12.95B	10.58B	11.05B	10.06B	8.18B	7.2B	6.6B	5.67B	4.95B	4.27B	3B	3.3B	2.89B
Net Margin %	21.58%	28.46%	15.84%	41.28%	22.43%	26.52%	17.82%	18.42%	18.75%	1.7%	23.01%	21.99%	21.96%	19.4%	16.14%	14.87%	21.65%	19.82%	20.31%	17.31%	20.73%	19.92%	17.28%	17.19%	18.17%	17.54%	16.98%	15.26%	12.52%	14.6%	13.35%
Net Income Growth %	-14.73%	90.56%	-59.99%	95.94%	-14.07%	41.89%	-2.68%	-1.16%	1076.69%	-92.14%	7.34%	-5.6%	18.02%	27.44%	12.21%	-27.46%	8.71%	-5.27%	22.44%	-4.32%	9.87%	22.98%	13.66%	9.1%	16.39%	14.44%	15.91%	42.29%	-9.08%	14.41%	20.14%
Net Income (Continuing)	21.04B	26.8B	14.07B	13.33B	16.37B	17.8B	14.71B	15.12B	15.3B	1.3B	16.54B	15.41B	16.32B	13.83B	10.51B	9.67B	13.33B	12.27B	12.95B	10.58B	11.05B	10.06B	8.18B	7.2B	6.6B	5.67B	4.95B	4.27B	3B	3.3B	2.89B
Discontinued Operations	0	0	0	21.83B	1.57B	3.08B	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)	8.78	11.03	5.79	13.72	6.73	7.81	5.51	5.63	5.61	0.47	5.93	5.48	5.70	4.81	3.86	3.49	4.78	4.40	4.57	3.63	3.73	3.35	2.74	2.29	2.16	1.84	1.61	1.39	1.06	1.21	1.09
EPS Growth %	-15.25%	90.5%	-57.8%	103.86%	-13.83%	41.74%	-2.13%	0.36%	1093.62%	-92.07%	8.21%	-3.86%	18.5%	24.61%	10.6%	-26.99%	8.64%	-3.72%	25.9%	-2.68%	11.34%	22.26%	19.65%	6.02%	17.39%	14.29%	15.83%	31.13%	-12.4%	11.01%	17.2%
EPS (Basic)	-	11.03	5.84	13.88	6.83	7.93	5.59	5.74	5.75	0.48	6.08	5.57	5.86	4.90	3.91	3.54	4.86	4.45	4.67	3.67	3.76	3.38	2.75	2.42	2.20	1.87	1.65	1.43	1.08	1.24	1.09
Diluted Shares Outstanding	2.44B	2.43B	2.43B	2.56B	2.66B	2.67B	2.67B	2.68B	2.73B	2.75B	2.79B	2.81B	2.86B	2.88B	2.81B	2.78B	2.79B	2.79B	2.84B	2.91B	2.96B	3B	2.99B	3.14B	3.05B	3.08B	3.1B	3.07B	2.83B	2.74B	2.73B
Basic Shares Outstanding	2.44B	2.43B	2.41B	2.53B	2.61B	2.63B	2.63B	2.63B	2.66B	2.68B	2.71B	2.76B	2.78B	2.82B	2.78B	2.72B	2.74B	2.76B	2.81B	2.88B	2.94B	2.98B	2.97B	2.97B	3B	3.03B	2.99B	2.99B	2.78B	2.67B	2.66B
Dividend Payout Ratio	-	46.19%	84.05%	33.48%	65.11%	52.84%	71.23%	65.59%	62.06%	687.92%	52.12%	53.04%	47.59%	52.68%	60.94%	63.65%	43.53%	43.43%	38.8%	44.16%	38.6%	37.7%	39.74%	38.15%	36.09%	36.12%	34.81%	34.61%	43.46%	34.42%	33.74%

Key Metrics

Growth RegimeAccelerating

ProfitabilityStrong

Balance SheetHealthy

Cash FlowStable

Top Statement Risk

Talc litigation overhang

Verified Source

Metrics are mathematically derived from official filings.

SEC 10-K (2026Q2)

Revenue Momentum Builds Steadily

JNJ's revenue growth accelerated from 2.3% in 2024Q1 to 9.9% in 2026Q1, with 2026Q2 at 6.6%, reflecting sustained demand across its pharmaceutical and medtech segments, as per quarterly filings.

The sequential acceleration in revenue growth, from low single digits in early 2024 to high single digits by 2026, suggests a durable uptick in underlying demand, likely driven by new product launches and market share gains. The 2026Q1 spike to 9.9% may partly reflect favorable pricing or volume, but the consistency above 5% in subsequent quarters indicates a broad-based improvement rather than a one-off. Investors should monitor whether this pace can be maintained given the competitive landscape in immunology and oncology.

Gross Margin Expansion Signals Pricing Power

Gross margin improved from 66.4% in 2025Q1 to 73.1% in 2026Q2, a 670 basis point expansion, according to reported financials, indicating strong pricing power and favorable product mix.

The steady climb in gross margin, from the mid-60s to above 73%, suggests that JNJ is successfully offsetting cost inflation with price increases and a richer mix of higher-margin pharmaceuticals. This margin expansion outpaces peers like ABT (55.5%) and approaches LLY's 83.8%, highlighting JNJ's ability to command premium pricing. However, the 2025Q4 dip to 67.6% shows some volatility, possibly due to one-time charges or mix shifts, warranting attention to sustainability.

Operating Leverage Drives Margin Gains

Operating margin expanded from 17.1% in 2024Q4 to 28.3% in 2026Q2, as revenue growth outpaced cost growth, per income statement data, demonstrating strong operating leverage.

The operating margin recovery from the 2024Q4 trough of 17.1% to the high-20s range indicates that JNJ is scaling its cost base efficiently, with SG&A and R&D growing slower than revenue. The 2025Q3 and 2026Q2 margins of 29.6% and 28.3% respectively suggest a new normal of high-20s, which is competitive with peers like MRK (36.2%) and NVS (31.2%). This leverage is a key driver of earnings growth, but investors should watch for any resurgence in R&D spending as the pipeline matures.

Earnings Volatility Masks Core Strength

Net income swung from $11.0B in 2025Q1 to $5.5B in 2026Q2, with EPS growth ranging from -52.9% to +91.0%, reflecting one-time items and tax effects, as per quarterly reports.

The extreme volatility in net income and EPS, particularly the 2025Q1 spike to $11.0B (net margin 50.2%) and the 2024Q3 drop to $2.7B, suggests significant non-operating items such as litigation charges or tax benefits. The 2025Q1 EPS of $4.54 likely includes a one-time gain, while the 2024Q3 EPS of $1.11 may reflect a large charge. Excluding these, underlying EPS growth appears more stable, but the quality of earnings is clouded by these swings. Stock-based compensation remains modest at ~$300-450M per quarter, which is manageable relative to net income.

R&D and SG&A Discipline Supports Margins

R&D as a percentage of revenue fell from 23.6% in 2024Q4 to 14.6% in 2026Q2, while SG&A remained around 25% of revenue, indicating disciplined cost management, based on reported figures.

The sharp reduction in R&D intensity, from over 20% in late 2024 to the mid-teens by 2026, is a notable shift that has directly boosted operating margins. This could reflect a strategic pivot toward later-stage assets or a temporary pause in early-stage investment, but it also raises questions about future pipeline sustainability. SG&A has been relatively stable, suggesting no major overhead creep. Investors should monitor whether R&D cuts are a deliberate efficiency move or a sign of pipeline depletion.

Litigation and Pipeline Risks Loom

Despite strong margins, JNJ faces ongoing talc-related litigation and potential patent cliffs, which could pressure earnings, as evidenced by volatile net income in recent quarters.

The sharp swings in net income, including a 89.1% EPS decline in 2024Q3, likely reflect litigation charges or settlements, which remain a persistent overhang. Additionally, the reduced R&D spending may signal a thinner pipeline, risking future growth as key drugs face competition. Short-sellers would argue that the margin expansion is partly a result of cost-cutting rather than organic strength, and that the talc liability could lead to substantial cash outflows. These factors warrant close monitoring, as they could undermine the current earnings trajectory.

JNJ — Frequently Asked Questions

Quick answers to the most common questions about buying JNJ stock.

What was Johnson & Johnson's (JNJ) revenue in 2025?

For fiscal year 2025, Johnson & Johnson (JNJ) reported total revenue of $94.19B. This represents a 335.7% increase compared to $21.62B in 1996.

Is Johnson & Johnson (JNJ) profitable?

Johnson & Johnson (JNJ) is profitable, generating $26.80B in net income for the fiscal year ending 2025 with a net profit margin of 28.5%.

What is Johnson & Johnson's operating profit margin?

Johnson & Johnson (JNJ) reported an operating income of $25.60B, resulting in an operating profit margin of 27.2%. This margin reflects the operational efficiency of the business before interest and taxes.

What is Johnson & Johnson's gross profit and gross margin?

Johnson & Johnson (JNJ) generated $68.56B in gross profit for the year, representing a gross profit margin of 72.8%. This demonstrates the company's core pricing power and production efficiency.