Common-Size Income Statement
Quarterly Data
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- Balance Sheet: Liabilities and Stockholders’ Equity
- Cash Flow Statement
- Common-Size Balance Sheet: Assets
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Equity (ROE) since 2005
- Return on Assets (ROA) since 2005
- Debt to Equity since 2005
- Price to Book Value (P/BV) since 2005
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Johnson & Johnson, common-size consolidated income statement (quarterly data)
Based on: 10-K (reporting date: 2025-12-28), 10-Q (reporting date: 2025-09-28), 10-Q (reporting date: 2025-06-29), 10-Q (reporting date: 2025-03-30), 10-K (reporting date: 2024-12-29), 10-Q (reporting date: 2024-09-29), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-10-01), 10-Q (reporting date: 2023-07-02), 10-Q (reporting date: 2023-04-02), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-02), 10-Q (reporting date: 2022-07-03), 10-Q (reporting date: 2022-04-03), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-03), 10-Q (reporting date: 2021-07-04), 10-Q (reporting date: 2021-04-04).
The financial performance, as represented by common-size income statements, exhibits considerable fluctuation over the observed period. Sales to customers remain consistently at 100% by definition. However, significant shifts are apparent in profitability metrics and expense management.
- Gross Profit
- Gross profit as a percentage of sales generally remained in the 67% to 69% range between April 2021 and December 2022. A notable increase to approximately 70% occurred in the first half of 2023, followed by a decline to 66.40% in December 2023. This decline partially recovered to 67.87% in June 2025. The cost of products sold generally remained between 30% and 33% of sales, with some fluctuations.
- Operating Expenses
- Selling, marketing, and administrative expenses consistently represented a substantial portion of sales, fluctuating between approximately 23% and 29% throughout the period. Research and development expenses also represent a significant portion, generally ranging from 14% to 23%, with a peak of 23.53% in December 2024. Restructuring costs were relatively small, generally below 1%, but exhibited some variability.
- Operating Earnings
- Operating earnings demonstrate a considerable degree of volatility. From a high of 29.55% in April 2021, they decreased to 19.72% by December 2021. A recovery occurred through mid-2023, reaching 27.12% in April 2023, before declining sharply to 15.91% in December 2024. A substantial increase to 28.24% was observed in March 2025, followed by a slight decrease to 27.99% in June 2025.
- Non-Operating Items
- Interest income remained relatively small, generally below 1.75%, but increased over time. Interest expense also remained small, but increased in later periods. Other income (expense), net, exhibited significant fluctuations, ranging from a high of 3.95% to a low of -7.93%, with a particularly large negative impact in September 2025 (-1.97%).
- Net Earnings
- Net earnings mirrored the volatility observed in operating earnings. The percentage of net earnings to sales ranged from a low of -2.35% in April 2023 to a high of 50.24% in March 2025. A significant outlier occurred in September 2025, with net earnings reaching 121.91% of sales, largely driven by a substantial impact from discontinued operations. Excluding this outlier, net earnings generally fluctuated between 18% and 27% of sales.
The period ending December 2024 appears to be a period of lower profitability, while the period ending March 2025 shows a significant improvement, heavily influenced by the impact of discontinued operations. The fluctuations in other income (expense), net, also contribute to the overall volatility in net earnings. The company's expense management appears relatively consistent, with selling, marketing, and administrative expenses and research and development expenses remaining significant portions of sales.