Common-Size Income Statement
Quarterly Data
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- Statement of Comprehensive Income
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Solvency Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value (EV)
- Return on Assets (ROA) since 2005
- Current Ratio since 2005
- Debt to Equity since 2005
- Price to Earnings (P/E) 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-Q (reporting date: 2026-03-29), 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 over the analyzed period demonstrates a high degree of stability in gross margins, contrasted by significant volatility in operating expenses and non-operating items. While core revenue generation remains consistent, the bottom-line net earnings are periodically influenced by substantial one-time gains and losses.
- Gross Profitability and Direct Costs
- Gross profit margins remained resilient, generally fluctuating between 66% and 70%. The cost of products sold remained relatively stable, typically ranging from 30% to 33% of sales. A peak in gross margin was observed in July 2023 at 69.97%, while the lowest points occurred in March 2024 and March 2026, both dipping to approximately 66%.
- Operating Expense Trends
- Selling, marketing, and administrative expenses exhibited moderate volatility, typically oscillating between 23% and 28% of sales. Research and development (R&D) spending showed more pronounced cyclicality. While the baseline hovered around 14% to 17%, significant spikes occurred in December 2021 (19.03%), December 2023 (20.94%), and late 2024, where it reached a peak of 23.53% in December. These fluctuations suggest periodic intensified investment in the product pipeline or specific accounting adjustments.
- Operating Earnings Performance
- Operating earnings margins displayed notable variance, ranging from a high of 29.55% in April 2021 to a low of 15.91% in September 2024. The contraction in late 2024 aligns with the aforementioned peak in R&D and administrative expenditures, indicating that operating efficiency is heavily influenced by the timing of strategic investments and impairment charges.
- Non-Operating Impact and Net Income
- The most significant volatility is observed in the "Other income (expense), net" line and discontinued operations. A substantial negative impact occurred in April 2023 (-33.22%), which was countered by a massive positive swing in March 2025 (+33.44%). Additionally, net earnings were heavily skewed in October 2023, reaching 121.91% due to a one-time gain from discontinued operations totaling 101.72% of sales. Excluding these anomalies, net earnings from continuing operations generally stabilized between 15% and 27% of sales.
- Financial Obligations and Tax Effects
- Interest income showed a general upward trend from 2021 through 2023, peaking at 1.76% in June 2024 before stabilizing near 0.95%. Interest expenses remained low but saw a gradual increase, peaking at 1.30% in June 2025. Tax provisions were inconsistent, occasionally providing a benefit—such as the 3.81% benefit in April 2023—while typically acting as a drag of 2% to 5% on net earnings.