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Johnson & Johnson, together with its subsidiaries, engages in the research and development, manufacture, and sale of a range of products in the healthcare field worldwide. It operates in two segments, Innovative Medicine and MedTech. The Innovative Medicine segment offers products for various therapeutic areas, such as oncology, immunology, neuroscience, pulmonary hypertension, infectious diseases, and cardiovascular and metabolism distributed through retailers, wholesalers, distributors, hospitals, and healthcare professionals for prescription use. The MedTech segment provides a portfolio of products used in the surgery, orthopedic, cardiovascular, and vision fields distributed through wholesalers, hospitals and retailers, and used in the professional fields by physicians, nurses, hospitals, eye care professionals and clinics. This segment also offers products and enabling technologies that support joint reconstruction, trauma, spine, sports related injuries, and others, as well as open, laparoscopic, and robotic surgical procedures; instrumentation, energy devices, stapling systems, wound closure, biosurgery products, and digital and robotic technologies; breast aesthetics and reconstruction; contact lenses under the ACUVUE brand; intraocular lenses for cataract surgery, and other products used in cataract and refractive procedures under the TECNIS brand. The company was founded in 1886 and is based in New Brunswick, New Jersey.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $94.2B | $41.1B | $26.8B | $19.3B | 32.9% | 6.0% | 90.6% |
| 2024 | $88.8B | $24.8B | $14.1B | $18.1B | 19.7% | 4.3% | -60.0% |
| 2023 | $85.2B | $23.3B | $35.2B | $17.8B | 51.1% | 6.5% | 95.9% |
| 2022 | $80.0B | $26.6B | $17.9B | $17.2B | 23.4% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 79,990 | 85,159 | 88,821 | 94,193 |
| Operating Revenue | - | 79,990 | 85,159 | 88,821 | 94,193 |
| Cost Of Revenue | - | 24,596 | 26,553 | 27,471 | 30,256 |
| Gross Profit | - | 55,394 | 58,606 | 61,350 | 63,937 |
| Operating Expense | - | 34,381 | 36,597 | 40,101 | 38,341 |
| Research And Development | - | 14,135 | 15,085 | 17,232 | 14,665 |
| Selling General And Administration | - | 20,246 | 21,512 | 22,869 | 23,676 |
| Total Expenses | - | 58,977 | 63,150 | 67,572 | 68,597 |
| Operating Income | - | 21,013 | 22,009 | 21,249 | 25,596 |
| EBITDA | - | 26,605 | 23,320 | 24,781 | 41,055 |
| Normalized EBITDA | - | 27,663 | 24,122 | 31,826 | 35,164 |
| EBIT | - | 19,635 | 15,834 | 17,442 | 33,552 |
| Interest Income | - | 490 | 1,261 | 1,332 | 1,056 |
| Interest Expense | - | 276 | 772 | 755 | 971 |
| Net Interest Income | - | 214 | 489 | 577 | 85 |
| Other Non Operating Income Expenses | - | -810 | -6,634 | 1,900 | 1,000 |
| Other Income Expense | - | -1,868 | -7,436 | -5,145 | 6,891 |
| Interest Income Non Operating | - | 490 | 1,261 | 1,332 | 1,056 |
| Interest Expense Non Operating | - | 276 | 772 | 755 | 971 |
| Net Non Operating Interest Income Expense | - | 214 | 489 | 577 | 85 |
| Pretax Income | - | 19,359 | 15,062 | 16,687 | 32,581 |
| Tax Provision | - | 2,989 | 1,736 | 2,621 | 5,777 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -162.93 | -92.23 | -1,106.55 | 1,044.54 |
| Net Income Continuous Operations | - | 16,370 | 13,326 | 14,066 | 26,804 |
| Net Income From Continuing And Discontinued Operation | - | 17,941 | 35,153 | 14,066 | 26,804 |
| Net Income From Continuing Operation Net Minority Interest | - | 16,370 | 13,326 | 14,066 | 26,804 |
| Net Income | - | 17,941 | 35,153 | 14,066 | 26,804 |
| Net Income Common Stockholders | - | 17,941 | 35,153 | 14,066 | 26,804 |
| Net Income Including Noncontrolling Interests | - | 17,941 | 35,153 | 14,066 | 26,804 |
| Normalized Income | - | 17,265.07 | 14,035.77 | 20,004.45 | 21,957.54 |
| Diluted NI Availto Com Stockholders | - | 17,941 | 35,153 | 14,066 | 26,804 |
| Basic Average Shares | - | 2,613.60 | 2,407.08 | 2,406.92 | 2,407.94 |
| Diluted Average Shares | - | 2,663.90 | 2,560.40 | 2,429.40 | 2,429.40 |
| Reconciled Depreciation | - | 6,970 | 7,486 | 7,339 | 7,503 |
| Reconciled Cost Of Revenue | - | 24,596 | 26,553 | 27,471 | 30,256 |
| Total Unusual Items | - | -1,058 | -802 | -7,045 | 5,891 |
| Total Unusual Items Excluding Goodwill | - | -1,058 | -802 | -7,045 | 5,891 |
| Net Income Discontinuous Operations | - | 1,571 | 21,827 | 0 | 0 |
| Special Income Charges | - | -1,058 | -802 | -6,745 | 5,491 |
| Other Special Charges | - | 2,600 | 7,300 | 5,500 | -6,000 |
| Impairment Of Capital Assets | - | 783 | 313 | 211 | 81 |
| Restructuring And Mergern Acquisition | - | 275 | 489 | 1,034 | 428 |
| Gain On Sale Of Security | - | -700 | -600 | -300 | 400 |
| General And Administrative Expense | 20,118 | 20,246 | 21,512 | 22,869 | - |
| Other Gand A | 20,118 | 20,246 | 21,512 | 22,869 | - |
| Salaries And Wages | -600 | -1,200 | -1,400 | -900 | - |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Johnson & Johnsonthis co. | JNJ | $549.3B | 20.49↓ discount | 6.74 | 32.9% | 14.07 |
| AbbVie Inc. | ABBV | $397.4B | 94.94 | - | -128.0% | 26.07 |
| UnitedHealth Group Incorporated | UNH | $360.1B | 29.86 | 3.83 | 12.8% | 17.96 |
| Merck & Co., Inc. | MRK | $297.0B | 16.27 | 5.65 | 34.7% | 11.74 |
| Amgen Inc. | AMGN | $186.5B | 24.19 |
| - |
| - |
| - |
| - |
| - |
| 21.54 |
| 89.1% |
| 13.73 |
| Thermo Fisher Scientific Inc. | TMO | $179.1B | 26.72 | 3.35 | 12.6% | 18.11 |
| Gilead Sciences, Inc. | GILD | $160.4B | 18.85 | 7.06 | 37.5% | 12.94 |
| Abbott Laboratories | ABT | $158.1B | 24.24 | 3.03 | 12.5% | 13.54 |
| Intuitive Surgical, Inc. | ISRG | $148.3B | 51.94 | 8.32 | 16.0% | 39.33 |
| Peer Median | - | 25.48 | 5.65 | 14.4% | 15.84 | |