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JOHNSON & JOHNSONJNJ

Sector
Healthcare
Industry
Pharmaceutical Preparations
Exchange
NYSE

Stock Price $JNJ

Latest filings

You are here#2 of 40 in Healthcare by market cap

Filing record · 2016–202610-K1110-Q338-K134

JNJ filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 134 current reports (8-K) between 2016 and 2026.

  1. Deal closed8-K · Jun ’17Jun ’17
  2. FY2018 annual report10-K · Feb ’19Feb ’19
  3. Leadership change8-K · Oct ’21Oct ’21
  4. Leadership change8-K · Sep ’25Sep ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  16. $94.19B
YoY changeLargest recent move+9.1%in FY17Latest +6.0%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

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All JNJ Financial Metrics59 metrics

Income Statement15

Balance Sheet25

Cash Flow14

Per Share5

02—Overview

JOHNSON & JOHNSON Financial Overview 2022–2025

Updated Jul 10, 2026

Johnson & Johnson’s earnings before taxes more than doubled to $32.6 billiona 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 billionb 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 $5.36c 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 billiond, 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 $226.10e as of April 2026.

What to watch: progress on the Orthopaedics separation timeline; margin impacts from the CAPLYTA acquisition

03—Filings

Recent SEC Filings

  1. 8-KJOHNSON & JOHNSON 8-K Report, Financial Results (Oct 13, 2026)Johnson & Johnson reported third-quarter 2026 results (quarter ended September 27, 2026) with reported sales of $25.4 billion, up 5.9% year over year (6.0% operational, 6.1% adjusted operational). Growth was led by the U.S. (+9.1%) and Innovative Medicine (+7.7% reported, +8.0% adjusted operational), driven by TREMFYA, oncology franchises (DARZALEX, CARVYKTI, TECVAYLI, RYBREVANT/LAZCLUZE) and neuroscience (SPRAVATO, CAPLYTA), partially offset by the STELARA erosion (roughly 690 basis points of drag). MedTech grew 2.5%, with electrophysiology, Shockwave and contact lenses leading. GAAP profitability was sharply lower: net earnings fell 95.9% to $210 million and diluted EPS was $0.09, versus $2.12 a year ago. The decline reflects a one-time special charge of about $5.5 billion in litigation-related pre-tax adjustments tied to the proposed ovarian talc litigation resolution, plus IPR&D impairments of $339 million, Orthopaedics separation costs, and the Firefly Bio acquisition and Sail Biomedicines collaboration. Excluding these special items and intangible amortization, adjusted EPS was $2.59, down 7.5% from $2.80. Free cash flow was estimated at about $15.1 billion year to date. Management raised full-year 2026 guidance: estimated reported sales of $101.0-$101.4 billion (7.4% growth at midpoint, up from 7.3%) and adjusted EPS of $11.05-$11.15 (midpoint $11.10, up $0.06). Investors should weigh the strong top-line momentum against the large talc-related charge, the continued STELARA decline and the still-pending cash timing of the talc settlement, which the release does not fully quantify in this filing.
  2. 8-KJOHNSON & JOHNSON 8-K Report, Executive Changes (Aug 4, 2026)Johnson & Johnson (NYSE: JNJ) filed an 8-K on August 4, 2026 under Item 5.02 to announce the planned retirement of Jennifer Taubert, Executive Vice President and Worldwide Chairman of Innovative Medicine and a member of the Executive Committee, effective September 1, 2026. The filing reports a leadership succession rather than a financial event: no earnings, guidance, or capital allocation changes are disclosed in the report or its press release. Taubert is credited with growing the Innovative Medicine segment to more than $60 billion in annual revenue over a tenure of more than 21 years, and with overseeing commercial strategy, acquisitions, and the build-out of key therapeutic areas including oncology, immunology, neuroscience, and cardiovascular disease. Her successor, Tom Cavanaugh, is currently Company Group Chairman, North America, Innovative Medicine. He joined J&J in 2017 after nearly 15 years at Celgene, and will also join the Executive Committee effective September 1, 2026. The internal promotion suggests continuity in the segment's strategy. For investors, the key points are the orderly, planned nature of the transition, the choice of an internal successor with deep commercial experience, and the absence of any disclosed impact on financial results or outlook. The filing does not describe any change in compensation arrangements for either executive, so the practical significance is limited to watching whether the Innovative Medicine growth trajectory and pipeline execution continue under new leadership.
  3. 8-KJOHNSON & JOHNSON 8-K Report, Regulation FD Disclosure (Jul 29, 2026)On July 29, 2026, Johnson & Johnson disclosed two oncology and immunology transactions that together reduce its 2026 adjusted operational EPS and adjusted EPS guidance by approximately $0.64 at the midpoint. The Firefly Bio acquisition closed for $1 billion in cash and adds the Firelink degrader antibody conjugate (DAC) platform, aimed at KRAS-driven and other hard-to-treat solid tumors. The company will record an approximately $1 billion in-process R&D charge in Q3 2026 because the deal is accounted for as an asset acquisition, which accounts for about $0.46 of the 2026 dilution. The Sail Biomedicines agreements give J&J a collaboration on an in vivo CAR-T platform for immune-mediated diseases, initial payments of $785 million (including a $465 million equity investment), up to $140 million in contingent development milestones, and an exclusive option to acquire Sail for $2.58 billion. The Sail transaction contributes about $0.18 of 2026 dilution and about $1.28 of 2027 dilution, and the 2027 figure assumes milestone achievement and exercise of the option, so it is the most uncertain part of the update. Updated 2026 guidance sets adjusted operational EPS at $10.86-$11.01 (midpoint $10.94, down from $11.58, a 5.9% reduction) and adjusted EPS at $10.96-$11.11 (midpoint $11.04, down from $11.68). Adjusted operational sales growth guidance is maintained at 6.2%-6.8%, and the adjusted pre-tax operating margin is expected to fall about 150 bps versus the prior outlook. Investors should weigh the near-term earnings hit against the longer-term pipeline optionality, and the 2027 dilution is contingent on the Sail option being exercised.
  4. 8-KJOHNSON & JOHNSON 8-K Report, Regulation FD Disclosure (Jul 28, 2026)Johnson & Johnson disclosed in an 8-K filed July 28, 2026 (press release dated July 27, 2026) that it has reached a proposed agreement to comprehensively resolve the ovarian talc litigation with the plaintiff firms leading the federal Multi-District Litigation (MDL) and related state court proceedings. The deal is conditioned on, among other things, participation by plaintiff firms representing at least 95% of the remaining claims, and calls for per-claim payments with a total Company commitment of $5.5 billion. The first payment is capped at no more than $3 billion and is due in 2027, with no additional payments due before 2028. The company frames the agreement as an efficient end to litigation covering roughly 76,000 remaining ovarian talc claims. The announcement follows a July 22, 2026 MDL court ruling that ordered plaintiffs to show cause why remaining claims should not be dismissed for inability to prove specific causation, after plaintiffs withdrew their specific causation experts in two bellwether cases. Management attributes the settlement to this favorable development and says it remains confident it would have prevailed at trial, given its record in ovarian cases tried to date. The company also notes it previously settled about 95% of filed mesothelioma lawsuits, all state consumer protection claims, and all talc-supplier disputes. For investors, the key points are the size and timing of the commitment: $5.5 billion in total, with a first payment of up to $3 billion in 2027, which spreads cash outflows over multiple years. The filing does not disclose an accounting charge, reserve amount, or the effect on earnings, and the 95% participation threshold means completion is not assured. The release also includes standard forward-looking statement cautions, and the company states it cannot predict the timing or ultimate financial impact of the matter.
  5. 8-KJOHNSON & JOHNSON 8-K Report, Financial Results (Jul 15, 2026)Johnson & Johnson reported second-quarter 2026 results on July 15, 2026, with reported sales of $25.3 billion, up 6.6% year over year (5.6% operational, 5.7% adjusted operational growth). Growth was led by Innovative Medicine, where sales rose 7.8% reported, driven by DARZALEX, CARVYKTI, TREMFYA, TECVAYLI and CAPLYTA, partly offset by a steep decline in STELARA (down 55% reported) following biosimilar erosion. MedTech sales rose 4.5% reported, with the strongest contributions from wound closure, biosurgery, electrophysiology, Shockwave and contact lenses. GAAP EPS was $2.27, down 0.9%, as GAAP net earnings were roughly flat at $5.5 billion, weighed down by higher SG&A (up 9.2%), higher other expense (including litigation and Orthopaedics separation costs) and a higher effective tax rate of 18.0%. Adjusted EPS rose 4.7% to $2.90, and free cash flow was estimated at roughly $8.7 billion year to date versus $6.2 billion a year earlier. Management raised full-year 2026 guidance. Estimated reported sales are now $100.8B to $101.4B (midpoint $101.1B, up 7.3%, previously $100.8B midpoint), and adjusted EPS is $11.60 to $11.75 (midpoint $11.68, up $0.13). Adjusted operational EPS guidance rose $0.18 to a midpoint of $11.58. The company is also targeting more than $100 billion in annual revenue for the first time in its history. Note that the guidance midpoint for reported sales ($101.1B) is above the $100B target, and the raised guidance reflects a modest currency tailwind assumption embedded in the euro rate ($1.15 versus $1.17 previously). Key watch items include the STELARA erosion, a new supply chain restructuring program (estimated $650 to $750 million through 2029, with $200 million recorded in Q2), the ongoing Orthopaedics separation (which generated $258 million of pre-tax costs in the quarter), and continued litigation exposure. The disclosure is an Item 2.02 filing furnishing the earnings release and supplementary data; the 8-K itself contains no new financial statements beyond what is attached as exhibits.
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04—See also

Related Companies

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