Common-Size Income Statement
Quarterly Data
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- Statement of Comprehensive Income
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Selected Financial Data since 2005
- Total Asset Turnover since 2005
- Price to Earnings (P/E) since 2005
- Analysis of Revenues
- Analysis of Debt
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Johnson & Johnson, common-size consolidated income statement (quarterly data)
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-27), 10-Q (reporting date: 2020-06-28), 10-Q (reporting date: 2020-03-29).
- Cost of products sold
- The cost of products sold as a percentage of sales shows a general declining trend after the first two quarters of 2020. From a peak near -35.88%, the cost steadily declines, reaching approximately -30.0% to -31.0% range in 2023 and 2024, indicating improved cost efficiency. However, there is some variability with occasional upticks, such as in early 2025 when it increased to about -33.6% before slightly decreasing again.
- Gross profit
- Gross profit margins demonstrate a corresponding upward trend, starting around 65-67% range in 2020 and generally rising to near 69-70% in 2023 and early 2024. This improvement aligns with the lower cost of products sold and suggests enhanced profitability on sales over time, with a mild contraction toward the end of the reported period.
- Selling, marketing and administrative expenses
- These expenses fluctuate between approximately -23.35% and -28.84% of sales. They exhibit an inconsistent pattern with no clear long-term directional trend but tend to dip lower in mid periods such as early 2023 and mid-2025, suggesting occasional efforts to control operating expenses.
- Research and development expense
- Research and development (R&D) expenses generally maintain a range between -12.47% and -23.53% of sales, with increased spending observed particularly in late 2023 and parts of 2024 where the percentage peaks near or above -20%. This may indicate intensified investment in innovation or product development phases during that time.
- In-process research and development impairments
- This item shows sporadic and relatively minor negative impacts on sales, with occasional peaks such as -3.86% in late 2021, but often remaining near zero or slightly negative, reflecting inconsistent, though generally limited, impairment charges against R&D assets.
- Restructuring
- Restructuring expenses remain minimal and relatively stable throughout the period, typically below -1%, with intermittent fluctuations. Positive value noted once in mid-2024 is an outlier but generally these charges exert minor impact on the income statement.
- Operating earnings
- Operating earnings show volatility, with percentages varying from as low as about 15.91% to highs above 28%. Peaks in profitability appear in early 2021 and mid-2023, while troughs occur near the end of 2020, late 2023, and mid-2024. The oscillations suggest sensitivity to underlying costs and one-time gains or expenses.
- Interest income and interest expense
- Interest income steadily increases over time, growing from around 0.32% to peaks above 1.7% of sales, indicating improved returns on invested capital or cash. In contrast, net interest expense fluctuates with occasional increases in cost, particularly in late 2022 and mid-2024, potentially reflecting changes in financing strategies or interest rates.
- Other income (expense), net
- This item shows high volatility and considerable swings including significant negative spikes such as -33.22% in early 2023 and a large positive spike of 33.44% in early 2025. The variability points to irregular, non-operating gains or losses affecting income unpredictably.
- Earnings before taxes
- Earnings before taxes generally fluctuate in line with operating earnings but with more pronounced variability due to net interest and other income components. A notable decline to negative territory occurs in early 2023, followed by recovery and a sharp increase to 62.26% in early 2025, suggesting episodic extraordinary items or tax adjustments influencing results significantly.
- Provision for taxes on income
- The tax provision varies and in some periods turns positive, indicating benefits from taxes. Values generally range between -5.73% and 3.81%, with an unusual high negative tax provision around -12.02% in early 2025, likely reflecting tax effects of the extraordinary earnings noted previously.
- Net earnings from continuing operations
- Net earnings from continuing operations trend upward after 2020 lows, peaking substantially in mid-2023 and again showing volatility in 2024 before a large jump to over 50% in early 2025. This pattern mirrors earnings before taxes but includes tax effects and indicates strong recovery and profit growth after mid-period troughs.
- Net earnings from discontinued operations
- Discontinued operations are minimal and largely absent except for anomalous spikes in late 2022 and early 2023, with a massive 101.72% figure in one quarter. These outliers suggest the impact of significant one-time gains or losses due to disposal activities but are not part of the ongoing business results.
- Total net earnings
- Total net earnings closely track net earnings from continuing operations except for quarters impacted by discontinued operations gains or losses. The data indicate persistent profitability with marked volatility tied to non-operational items and tax effects, culminating in exceptional earnings in certain periods such as mid-2023 and early 2025.