Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
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- Analysis of Profitability Ratios
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Common Stock Valuation Ratios
- Dividend Discount Model (DDM)
- Debt to Equity since 2005
- Price to Earnings (P/E) since 2005
- Analysis of Revenues
- Analysis of Debt
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Johnson & Johnson, common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
Based on: 10-Q (reporting date: 2026-06-28), 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 capital structure is characterized by a consistent reliance on liabilities, which generally fluctuate between 57% and 64% of total liabilities and shareholders' equity. Total equity remains relatively stable over the analyzed period, typically oscillating around 40%, suggesting a balanced approach to financing assets through a mix of debt and equity.
- Current Liability Trends
- Current liabilities exhibit a general upward trajectory, moving from 23.72% in early 2021 to a peak of 30.81% in April 2023, before stabilizing between 26% and 29%. A significant driver of this increase is the steady rise in accrued rebates, returns, and promotions, which grew from 6.91% to a peak of 11.08% in September 2025. Conversely, accrued liabilities showed a gradual decline, falling from 7.66% to approximately 4.71% by June 2026.
- Debt and Long-Term Obligations
- Loans and notes payable demonstrate high volatility, characterized by periodic spikes. While values remained below 3% for much of 2021 and 2022, significant increases were observed in April 2023 (9.17%), March 2025 (7.18%), and March 2026 (8.69%). Long-term debt, excluding the current portion, remained stable around 16-17% until 2024, after which it increased to a range of 18% to 20%, indicating a shift toward longer-term leverage. Notably, long-term taxes payable decreased drastically from 3.81% to 0.24% over the period.
- Equity and Capital Management
- Total equity remained resilient, ending the period at 42.26%. A profound shift in the components of equity occurred starting in October 2023, where retained earnings and additional paid-in capital surged from approximately 67% to peaks above 91%. This was accompanied by a substantial increase in common stock held in treasury, which expanded from -22.29% to a low of -45.55% in October 2023, before moderating to roughly -37.73% by June 2026. This pattern suggests an aggressive program of share repurchases offset by strong retained earnings.
- Non-Current Liability Dynamics
- Non-current liabilities experienced a general contraction from a high of 38.62% in July 2021 to 30.44% by June 2026. This reduction is primarily attributed to the decline in long-term taxes payable and a reduction in employee-related obligations, which fell from 6.09% to 3.31%. These declines were partially offset by the aforementioned increase in long-term debt during the latter half of the period.