Johnson & Johnson (JNJ) financials
NYSE · Healthcare · Drug Manufacturers - General · 141,700 employees · CEO Joaquin Duato
- Price
- $273.20 -0.73%
- Market cap
- $658B
- Enterprise value
- $685B
- Last report
- Q3 '26 filed 2026-10-21
- Next report
- 2027-01-26 EPS est. $2.91
Revenue (TTM)$99.3B+7.8% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)25.7%-0.4 pp vs a year agoOperating income $25.5B
Net income (TTM)$16.1B-35.9% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$20.6B+7.9% vs a year agoCapex $5.57B
Diluted EPS (TTM)$6.60-36.3% vs a year agoSum of the last 4 quarters
Net cash-$27.4B-0.7% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $658B EV $685B
- Revenue
- $99.3B Trailing 12 months
- Revenue growth
- +7% FY2026 consensus
- Profit margin
- 16.2% Net income / revenue, TTM
- P/E
- 41.4× Forward 24.6× (FY2026)
- P/S
- 6.6× Price / sales, TTM
- EV / EBITDA
- 22.2× TTM
- Free cash flow
- $20.6B Trailing 12 months
- Net income
- $16.1B Trailing 12 months
- Revenue estimate
- $101B FY2026 consensus
- Earnings
- 2027-01-26 Revenue est. $26.4B
- Dividend
- $5.28 Per share, last 12 months
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-10-13): revenue in line, EPS beat by 2.8%Revenue $25.4B vs $25.4B expected (+0.1%); EPS $2.59 vs $2.52 (+2.8%).
- Revenue growth slowing: 5.9% year on yearQ3 '26 revenue $25.4B, against an average of 8.1% over the four quarters before.
- Operating margin 25.7% (TTM), -0.4 pp on a year agoOperating income grew 6.2% while revenue grew 7.8%.
- 43.9% of pre-tax profit is eaten by non-operating lossesPre-tax income $17.7B vs operating income $25.5B (TTM). Losses on equity stakes and other one-off items cut net income and EPS - operating income is the cleaner measure of the business.
- Capex 5.6% of revenue (a year ago 5.6%)$5.57B invested in the last 4 quarters (+8.6% on a year earlier). Free cash flow $20.6B = 127.9% of net income.
- Returned $20.6B to shareholders = 100.0% of free cash flowBuybacks $7.88B (a year earlier $4.31B), dividends $12.7B, stock-based pay $1.42B (TTM). More than the free cash flow: paid from cash or debt.
- Diluted share count up 0.8% in a year2.45B diluted shares in Q3 '26, 2.43B a year earlier.
- Net debt $27.4BCash + short-term investments $17.2B, debt incl. leases $44.7B; a year ago net debt $27.2B.
Last quarter: Q3 '26
Quarter ended 2026-09-27. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q3 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $25.4B | $24B | +5.9% |
| Gross margin | 73.0% | 69.6% | +3.4 pp |
| Operating income | $6.37B | $7.1B | -10.3% |
| Operating margin | 25.1% | 29.6% | -4.5 pp |
| Net income | $210M | $5.15B | -95.9% |
| Diluted EPS | $0.09 | $2.12 | -96.0% |
| Operating cash flow | $7.72B | $9.17B | -15.8% |
| Capex | $1.36B | $788M | +72.8% |
| Free cash flow | $6.36B | $8.38B | -24.1% |
| R&D | $4.65B | $3.67B | +26.7% |
| Stock-based compensation | $357M | $347M | +2.9% |
Reported vs consensus
2026-10-13| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $25.4B | $25.4B | +0.1% |
| EPS (as estimated) | $2.59 | $2.52 | +2.8% |
From the report of 2026-10-13 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q3 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Innovative Medicine | $16.8B | +7.7% | 66.0% | $64.3B | +9.1% | |
| MedTech | $8.64B | +2.5% | 34.0% | $35B | +5.5% |
Revenue by region
share of total| Segment | Q3 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| United States | – | – | – | – | – | |
| Europe | $5.41B | -0.6% | 51.8% | $22.6B | +8.2% | |
| Asia-Pacific, Africa | $3.65B | +1.0% | 35.0% | $14.5B | +5.0% | |
| Western Hemisphere, excluding U.S. | $1.39B | +12.5% | 13.3% | $5.26B | +11.0% |
Segment profits
Operating income per reported segment, read from the segment note of each 10-Q / 10-K (the profit split most data feeds leave out).
Segments in Q3 '26
| Segment | Revenue | y/y | Operating income | y/y | Margin | Margin a year ago | TTM operating income |
|---|---|---|---|---|---|---|---|
| Innovative Medicine | $16.8B | +7.7% | – | – | – | – | – |
| Med Tech | $8.64B | +2.5% | – | – | – | – | – |
| Corporate (unallocated) | – | – | – | – | – | – | – |
Operating income by segment
quarterlySegment operating margin
quarterlyFourth quarters are derived: the 10-K reports the full year, minus the three quarters of the 10-Qs.
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $26.2B
- Capex
- -$5.57B
- Buybacks
- -$7.88B
- Dividends
- -$12.7B
- Acquisitions
- -$3.17B
- Net debt issued
- -$787M
- Stock-based compensation
- $1.42B
- Free cash flow
- $20.6B
- Returned to shareholders / FCF
- 100.0%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 41.4× | 20.4× | 11.3× – 25.9× |
| EV / EBITDA | 22.2× | 16.1× | 13.0× – 18.4× |
| EV / Sales | 6.9× | 5.3× | 4.0× – 6.1× |
| Price / FCF | 31.9× | 22.9× | 17.4× – 26.9× |
| Price / Book | 8.2× | 5.8× | 4.8× – 6.2× |
| FCF yield | 3.1% | 4.5% | 3.7% – 5.8% |
| Return on invested capital | 15.4% | 14.0% | 12.3% – 16.6% |
| Return on equity | 19.6% | 31.0% | 19.7% – 51.1% |
Analysts
Consensus target $285.31 (+4.4%)
range $260.00 – $320.00 · rating Buy
Strong buy0
Buy21
Hold16
Sell3
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $101B | +7.5% | $11.11 | +0.7% | 24.6× | 11 |
| FY2027 | $108B | +6.6% | $11.60 | +4.4% | 23.6× | 12 |
| FY2028 | $117B | +8.2% | $13.97 | +20.5% | 19.6× | 5 |
| FY2029 | $126B | +7.6% | $15.71 | +12.5% | 17.4× | 1 |
| FY2030 | $136B | +7.9% | $17.70 | +12.6% | 15.4× | 1 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 313 figures Johnson & Johnson tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| Accounts Payable, Current | $9.32B | $9.63B | -3.2% | $12B | $10.3B | +16.3% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $19B | $17.6B | +7.8% | $17.2B | $14.8B | +15.7% |
| Accounts Receivable, Allowance for Credit Loss, Current | $187M | $176M | +6.3% | $183M | $167M | +9.6% |
| Accounts Receivable, Credit Loss Expense (Reversal) | $17M | -$9M | +288.9% | -$1M | $11M | -109.1% |
| Accrued Income Taxes, Current | $1.98B | $1.93B | +2.5% | $1.39B | $3.77B | -63.2% |
| Accrued Income Taxes, Noncurrent | $497M | $418M | +18.9% | $486M | $390M | +24.6% |
| Accrued Liabilities, Current | $12.3B | $7.6B | +61.2% | $8.59B | $8.55B | +0.5% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $31.4B | $31B | +1.1% | $31.2B | $28.3B | +10.4% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$13.8B | -$15.2B | +9.7% | -$14.9B | -$11.7B | -27.2% |
| Advertising Expense | – | – | – | $1.6B | $600M | +166.7% |
| Amortization of Intangible Assets | $1.2B | $1B | +20.0% | $4.6B | $4.5B | +2.2% |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 0 | – | 0 | 54.1 | -100.0% |
| AOCI, Cash Flow Hedge, Cumulative Gain (Loss), after Tax | -$1.3B | -$300M | -333.3% | -$300M | -$1.7B | +82.4% |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | – | – | – | $4.77B | $2.09B | +127.9% |
| Asset Impairment Charges | $581M | $93M | +524.7% | $204M | $405M | -49.6% |
| Assets | $197B | $193B | +2.4% | $199B | $180B | +10.6% |
| Assets for Plan Benefits, Defined Benefit Plan | $7.3B2025-12-28 | $6B | +21.7% | $7.3B | $6B | +21.7% |
| Assets, Current | $56.4B | $54.6B | +3.2% | $55.6B | $55.9B | -0.5% |
| Business Combination, Acquisition Related Costs | – | – | – | $300M2023-01-01 | – | – |
| Business Combination, Consideration Transferred, Liabilities Incurred | – | – | – | $0 | $112M | -100.0% |
| Business Combination, Contingent Consideration, Liability | $729M | $1.11B | -34.3% | $753M | $1.22B | -38.1% |
| Capital Expenditure, Discontinued Operations | – | – | – | $162M2023-12-31 | $303M | -46.5% |
| Cash and Cash Equivalents, at Carrying Value | $16.9B | $18.2B | -7.2% | $19.7B | $24.1B | -18.2% |
| Cash, Cash Equivalents, and Short-term Investments | $17.2B | $18.6B | -7.2% | $33.1B2014-12-28 | $29.2B | +13.3% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $16.9B | $18.2B | -7.2% | $19.7B | $24.1B | -18.2% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations | $02025-12-28 | $0 | – | $0 | $0 | – |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | -$3.51B | -$346M | -915.0% | -$4.4B | $2.25B | -295.7% |
| Commercial Paper | – | – | – | $3.6B2024-05-15 | – | – |
| Common Stock, Dividends, Per Share, Cash Paid | $1.34 | $1.30 | +3.1% | $5.14 | $4.91 | +4.7% |
| Common Stock, Par or Stated Value Per Share | $1.00 | $1.00 | 0.0% | $1.00 | $1.00 | 0.0% |
| Common Stock, Shares Authorized | 4.32B | 4.32B | 0.0% | 4.32B | 4.32B | 0.0% |
| Common Stock, Shares, Issued | 3.12B | 3.12B | 0.0% | 3.12B | 3.12B | 0.0% |
| Common Stock, Value, Issued | $3.12B | $3.12B | 0.0% | $3.12B | $3.12B | 0.0% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $396M | $4.22B | -90.6% | $8.46B2014-12-28 | $16.8B | -49.6% |
| Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | – | – | – | $23.6B | $14.9B | +59.0% |
| Cost of Goods and Services Sold | $8.1B | $7.3B | +10.9% | $30.3B | $27.5B | +10.1% |
| Current Federal Tax Expense (Benefit) | – | – | – | $1.16B | $2.2B | -47.1% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $3.08B | $2.6B | +18.1% |
| Current Income Tax Expense (Benefit) | – | – | – | $4.24B | $4.8B | -11.8% |
| Debt Securities, Available-for-sale | $3.46B | $3.83B | -9.6% | $2.85B | $7.22B | -60.4% |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year 5 Through 10 | $0 | $0 | – | $0 | $0 | – |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year One Through Five | $4M | $19M | -78.9% | $25M | $11M | +127.3% |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, Year One | $3.45B | $3.81B | -9.3% | $2.83B | $7.2B | -60.7% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year 5 Through 10 | $0 | $0 | – | $0 | $0 | – |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year One Through Five | $4M | $19M | -78.9% | $25M | $11M | +127.3% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, Year One | $3.45B | $3.81B | -9.3% | $2.83B | $7.21B | -60.7% |
| Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Amortized Cost | $3.46B | $3.83B | -9.6% | $2.85B | $7.22B | -60.4% |
| Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Fair Value | $3.46B | $3.83B | -9.6% | $2.85B | $7.22B | -60.4% |
| Debt, Current | $8.5B2025-12-28 | $6B | +41.7% | $8.5B | $6B | +41.7% |
| Deferred Compensation Liability, Current and Noncurrent | $44M2025-12-28 | $49M | -10.2% | $44M | $49M | -10.2% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | $2.01B | -$2.54B | +179.1% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | -$470M | $356M | -232.0% |
| Deferred Income Tax Assets, Net | $6.75B | $6.67B | +1.2% | $6.87B | $10.5B | -34.3% |
| Deferred Income Tax Expense (Benefit) | -$1.79B | $2.22B | -180.7% | $1.54B | -$2.18B | +170.5% |
| Deferred Income Tax Liabilities, Net | $4.84B | $5.99B | -19.3% | $6.79B | $2.45B | +177.4% |
| Deferred Tax Assets, Gross | $14.5B2025-12-28 | $16.8B | -14.0% | $14.5B | $16.8B | -14.0% |
| Deferred Tax Assets, Inventory | $378M2025-12-28 | $371M | +1.9% | $378M | $371M | +1.9% |
| Deferred Tax Assets, Net of Valuation Allowance | $12.6B2025-12-28 | $15.2B | -16.8% | $12.6B | $15.2B | -16.8% |
| Deferred Tax Assets, Operating Loss Carryforwards | $3.56B2025-12-28 | $2.66B | +34.0% | $3.56B | $2.66B | +34.0% |
| Deferred Tax Assets, Other | $620M2025-12-28 | $852M | -27.2% | $620M | $852M | -27.2% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-09-27, 10-Q 2026-06-28, 10-Q 2026-03-29, 10-K 2025-12-28, 10-Q 2025-09-28, 10-Q 2025-06-29, 10-Q 2025-03-30, 10-K 2024-12-29, 10-Q 2024-09-29
Data as of 2026-11-01