JOHNSON & JOHNSONJNJ
JOHNSON & JOHNSON Financial Overview 2022–2025
Updated Jul 10, 2026Johnson & Johnson’s earnings before taxes more than doubled to $32.6 billion in FY2025, driven by a massive $7.0 billion reversal of a talc litigation reserve. Beyond the courtroom math, the underlying investment thesis is clear: the company is successfully insulating its top line from severe patent cliffs by aggressively acquiring MedTech growth engines and leaning into high-growth oncology treatments.
Despite spinning off its consumer health unit in 2023, worldwide sales grew from $93.8 billion in FY2021 to $94.2 billion in FY2025. This revenue resilience relies heavily on acquired assets offsetting legacy declines. While biosimilar competition crushed STELARA sales by 41.3% in FY2025, the MedTech segment's cardiovascular franchise surged 15.8% following the integrations of Abiomed and Shockwave Medical. Oncology products like DARZALEX further anchored the Innovative Medicine segment, pushing total top-line growth to 9.9% in Q1 2026 and generating $24.1 billion in a single quarter.
The company’s capital return strategy remains largely untouched by its ongoing restructuring and legal maneuvering. Management raised the dividend for the 64th consecutive year to an annualized $5.36 per share in Q1 2026, even as net debt expanded to $27.8 billion in FY2025 to fund pipeline buyouts. The market priced in this operational durability at the close of FY2025, when the stock traded at 18.8x earnings at a price of $207.63 per share.
Recent Developments (Q4 2025 and Q1 2026)
Johnson & Johnson aims to streamline operations by separating its Orthopaedics business within 18-24 months, a strategic pivot announced following Q4 2025. During Q1 2026, segment-level performance remained solid. Innovative Medicine sales climbed 11.2% to $15.4 billion, and MedTech rose 7.7% to $8.6 billion. However, net earnings for Q1 2026 plunged to $5.2 billion from $11.0 billion in Q1 2025, primarily due to the absence of prior reserve reversals, even as the effective tax rate dropped to 12.6%.
The pipeline also expanded via the strategic buyout of CAPLYTA. Bulls argue that shedding slower-growth orthopaedics will permanently lift operating margins and amplify high-growth therapies. Bears caution that steep net earnings declines expose the underlying cost of corporate restructuring and a heavy reliance on one-off tax benefits. Investors priced the stock at 20.5x earnings at a share price of $226.10 as of April 2026.
What to watch: progress on the Orthopaedics separation timeline; margin impacts from the CAPLYTA acquisition
Rev
$94.19B
FY2025
NI
$26.80B
FY2025
EPS
$11.13
FY2025
OCF
$24.53B
FY2025
Year-over-year comparison from 10-K annual reports
Data from SEC Company Facts
Recent SEC Filings
JOHNSON & JOHNSON 8-K Report, Shareholder Vote Results (Apr 28, 2026)
Johnson & Johnson (JNJ) filed an 8-K on April 28, 2026, detailing the outcomes of its 2026 Annual Meeting of Shareholders held on April 23, 2026. The report indicates strong shareholder support for the company's slate of director nominees and its executive compensation practices. All 12 director nominees were elected to the Board of Directors, and the executive compensation, as described in the proxy statement, was approved on an advisory basis. Additionally, shareholders ratified the appointment of PricewaterhouseCoopers LLP as the company's independent registered public accounting firm for fiscal year 2026, reflecting confidence in the company's governance and financial oversight. Notably, a shareholder proposal seeking to adopt a policy requiring an independent board chair was not approved. This outcome suggests that the current board structure and leadership model are favored by the majority of JNJ's shareholders. The detailed voting results for each item are provided in the filing, offering transparency into shareholder sentiment on key governance matters.
JOHNSON & JOHNSON 8-K Report, Financial Results (Apr 14, 2026)
Johnson & Johnson (JNJ) has filed an 8-K report on April 14, 2026, announcing key financial updates for the first quarter ended March 29, 2026. The report includes details on the company's sales and earnings, as presented in an attached press release (Exhibit 99.1). While specific financial figures for sales and earnings are not detailed within the 8-K itself, investors are directed to the press release for this information. Additionally, the company's Board of Directors has declared a significant increase in its quarterly dividend, marking the 64th consecutive year of dividend growth. This demonstrates a continued commitment to returning value to shareholders and reflects confidence in the company's financial health and future prospects. The dividend increase and its payout details are important considerations for income-focused investors.
JOHNSON & JOHNSON 8-K Report, Financial Results (Jan 21, 2026)
Johnson & Johnson (JNJ) has filed an 8-K report on January 21, 2026, to announce its financial results for the fourth quarter and full year ended December 28, 2025. The filing primarily directs investors to a press release (Exhibit 99.1) and supplementary data (Exhibit 99.2) for detailed sales and earnings information. While the 8-K itself does not contain the specific figures, these attached exhibits are the primary source for understanding the company's performance during the reported periods, including key financial metrics and operational achievements.
JOHNSON & JOHNSON 8-K Report, Financial Results (Oct 14, 2025)
Johnson & Johnson has filed an 8-K report highlighting key developments from its third quarter of 2025. The company announced its sales and earnings results for the quarter ended September 28, 2025, providing investors with updated financial performance data. This report also contains a significant strategic announcement regarding the company's intention to separate its Orthopaedics business. This separation could reshape JNJ's business portfolio and potentially unlock value for shareholders by allowing each segment to focus on its distinct growth opportunities.
JOHNSON & JOHNSON 8-K Report, Executive Changes (Sep 9, 2025)
Johnson & Johnson (JNJ) has announced a significant addition to its Board of Directors with the election of John Morikis, effective September 8, 2025. Mr. Morikis brings extensive leadership experience, having served as Executive Chairman, President, and CEO of The Sherwin-Williams Company from 2016 to 2024, with a career spanning nearly forty years at the company. His appointment is expected to enhance the Board's expertise, particularly given his significant tenure in executive roles. Mr. Morikis has been assigned to key committees, including the Audit Committee and the Compensation & Benefits Committee, indicating his immediate and strategic role within the company's governance. His compensation as a non-employee director will align with the standard practices outlined in JNJ's 2025 Proxy Statement.
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