Income Statement
Quarterly Data
The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.
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- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Geographic Areas
- Enterprise Value to FCFF (EV/FCFF)
- Capital Asset Pricing Model (CAPM)
- Net Profit Margin since 2005
- Debt to Equity since 2005
- Price to Book Value (P/BV) since 2005
- Aggregate Accruals
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Johnson & Johnson, consolidated income statement (quarterly data)
US$ in millions
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).
- Sales to customers
- Sales exhibited some volatility over the observed periods, initially decreasing from 20,691 million USD in March 2020 to 18,336 million USD in June 2020, followed by a recovery and general upward trend peaking at 24,804 million USD in December 2021. Subsequent quarters showed fluctuations, with sales declining again in early 2023 before recovering to 23,743 million USD by June 2025.
- Cost of products sold
- Costs generally followed sales trends but with some divergence. There was an increase in costs from 7,062 million USD in March 2020 to a peak of 7,955 million USD in December 2020, followed by fluctuations. A notable decrease occurred in early 2023, but costs rose again towards mid-2025, indicating pressure on cost management or changes in product mix.
- Gross profit
- Gross profit mirrored sales and cost behavior, peaking at 16,849 million USD in December 2021. After a dip in early 2023, gross profit recovered by mid-2025, suggesting overall resilience in profitability despite sales variability.
- Selling, marketing and administrative expenses
- These expenses fluctuated throughout the periods, with peaks in December 2021 at 7,154 million USD and occasional reductions, notably a drop in early 2023. The fluctuations suggest changing investment levels in marketing and administration in response to market conditions.
- Research and development expense
- R&D expenses were generally increasing, peaking at 5,298 million USD in September 2024. Spikes in certain quarters, such as December 2020 and December 2021, suggest increased focus on innovation or pipeline development during those times.
- In-process research and development impairments
- Several impairments occurred irregularly, with significant values in October 2021 (-900 million USD) and other quarters showing smaller impairments or none, reflecting occasional write-downs of R&D assets or project terminations.
- Restructuring
- Restructuring costs showed variable amounts each quarter, with increases in some periods such as early 2023, indicative of ongoing organizational adjustments or efficiency-driven initiatives.
- Operating earnings
- Operating earnings fluctuated considerably, with highs near 6,595 million USD in April 2021 and lower levels in late 2020 and early 2023. This volatility reflects mixed operational performance outcomes influenced by sales, costs, and expense changes.
- Interest income and expense
- Interest income rose significantly over time, reaching 374 million USD in October 2023, indicating growing returns on investments or cash balances. Interest expenses showed variability, with peaks around late 2022 and mid-2025, indicating fluctuating debt servicing costs.
- Other income (expense), net
- Other income and expenses showed substantial swings, including large negative values in 2020 and early 2022 and a major positive spike in March 2025 (7,321 million USD). This volatility suggests irregular or non-operational financial items affecting net results.
- Earnings before taxes
- Earnings before taxes exhibited significant volatility, with strong results in early 2021 exceeding 7,429 million USD and downturns resulting in negative or low profit periods in 2023. The pattern indicates sensitivity to operational and non-operational income influences.
- Provision for taxes
- Tax provisions varied, occasionally showing benefits as in December 2020, but generally reflecting a tax burden consistent with earnings fluctuations. Notably, tax charges were high during periods of operating profitability peaks.
- Net earnings from continuing operations
- Net earnings show mixed results, with strong earnings during 2021 and declines in 2023, including a negative value in April 2023, indicating challenges in sustaining profitability. Recovery occurs by mid-2025, though fluctuations remain pronounced.
- Net earnings from discontinued operations
- Discontinued operations impact earnings irregularly, with large items such as 21,719 million USD gain in October 2023 indicating major divestitures or business sales affecting results.
- Net earnings
- Overall net earnings reflect the sum of continuing and discontinued operations, demonstrating large variations driven by both operational performance and significant one-time events, highlighted by the substantial gain in late 2023. The general trend reflects a company undergoing transitions with fluctuating profitability and material nonrecurring items.