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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- 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, consolidated income statement (quarterly data)
US$ in millions
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 presented demonstrates considerable fluctuation over the analyzed period. Sales to customers initially exhibited growth through December 2021, peaking at US$24.804 billion, before experiencing a notable decline beginning in April 2022. While some recovery was observed in later periods, sales remained below the 2021 peak, ending the period at US$24.564 billion in December 2025.
Gross profit mirrored the sales trend, increasing through 2021 and then declining. However, the rate of decline in gross profit appeared to moderate compared to sales, suggesting some degree of cost management. Operating earnings followed a similar pattern, with a peak in 2021 and subsequent volatility, including a significant dip resulting in a loss in April 2023. A substantial recovery in operating earnings was then observed, culminating in a peak in September 2025.
- Profitability
- Gross margins remained relatively stable, fluctuating between approximately 67% and 69% throughout the period, indicating consistent efficiency in production costs relative to revenue. Operating margins, however, were more volatile, reflecting the impact of fluctuating sales and expense levels. The significant decline in operating earnings in April 2023 resulted in a notably lower operating margin, which subsequently recovered strongly.
- Expense Management
- Selling, marketing, and administrative expenses generally tracked with sales, decreasing during periods of lower revenue and increasing with revenue growth. Research and development expenses remained consistently high, representing a significant investment in future growth. Restructuring costs were present in several quarters, with a particularly large expense in April 2023, likely contributing to the lower operating earnings in that period. The substantial increase in 'Other income (expense), net' in the period ending December 2024 significantly impacted earnings before taxes, driven by a large positive value.
- Net Earnings
- Net earnings exhibited substantial volatility, mirroring the trends in operating earnings and influenced by fluctuations in other income and tax provisions. A significant outlier occurred in October 2022, where net earnings were dramatically increased by net earnings from discontinued operations. Excluding this event, net earnings generally followed the pattern of operating earnings, with a low point in April 2023 and a strong recovery in subsequent periods. The final period showed a strong net earnings figure, largely driven by the positive impact of 'Other income (expense), net'.
Interest income and expense remained relatively stable for most of the period, with a notable increase in interest income in July 2022 and December 2022. Tax provisions fluctuated, impacting net earnings, and were a significant expense in several quarters. Overall, the financial performance demonstrates a period of initial growth followed by significant disruption and subsequent recovery, with notable influence from non-operating items.