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
- Common-Size Income Statement
- Analysis of Solvency Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Analysis of Geographic Areas
- Present Value of Free Cash Flow to Equity (FCFE)
- Net Profit Margin since 2005
- Return on Equity (ROE) 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-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), 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 volatility with an initial decline from approximately 20.7 billion to 18.3 billion, followed by recovery and fluctuations stabilizing around 21 to 24 billion in the latest periods. The general trend suggests moderate growth with some short-term variability across quarters.
- Cost of products sold
- Costs generally followed the sales trend but remained proportionally high, fluctuating between 6.4 and 7.9 billion. Notably, costs did not decrease consistently with dips in sales and showed some periods of increase even when sales were flat or declining, indicating pressure on profit margins.
- Gross profit
- Gross profit fluctuated in line with sales and cost trends, reaching peaks near 16.8 billion but dipping below 14 billion in certain quarters. The data indicates periods of margin compression particularly coinciding with rising costs, though gross profit largely maintained above 14 billion, signaling resilience in core profitability.
- Selling, marketing, and administrative expenses
- These expenses varied between about 4.9 billion and 7.1 billion, showing a tendency to increase in periods of higher sales before partially retracting. There is evidence of cost control efforts, but occasional spikes suggest episodic investments or higher spending in certain quarters.
- Research and development expense
- R&D spending remained significant and relatively stable, generally fluctuating between 2.5 and 5.3 billion. The highest values correspond to quarters with elevated restructuring costs or impairments, indicating increased investment and possible write-offs related to innovation activities.
- In-process research and development impairments
- Impairments appeared intermittently and were generally modest in most periods except for some notable spikes, such as a -900 million recorded in a specific quarter. This suggests occasional write-downs above the regular R&D spend, likely reflecting shifting priorities or cancellations of projects.
- Restructuring
- Restructuring costs varied with amounts up to around -164 million in some quarters, and even a positive 13 million in one instance, hinting at nonrecurring adjustments. These expenses reflect ongoing organizational adjustments impacting operational earnings periodically.
- Operating earnings
- Operating earnings demonstrated volatility with values ranging from about 3.5 billion to 6.6 billion. Peaks tended to align with quarters of higher sales and controlled expenses, while troughs were observed alongside higher costs or restructuring charges, indicating sensitivity to operational efficiency and cost management.
- Interest income and expense
- Interest income showed a strong upward trend, increasing from modest single-digit millions to over 300 million in later quarters, possibly indicative of higher cash or investment income. Interest expense exhibited variability without a clear trend, sometimes increasing sharply, which may reflect changes in debt levels or interest rates.
- Other income (expense), net
- Other income and expenses were highly volatile, including significant negative swings (e.g., -6940 million) and positive gains (e.g., +7321 million), potentially representing non-operating gains or losses, asset sales, or currency effects. This volatility substantially impacted earnings before taxes.
- Earnings before taxes
- The pre-tax earnings were uneven, with a wide range from a low near 1.6 billion to highs exceeding 13.6 billion, driven by fluctuating operating performance and volatile other income or expense. Occasionally negative tax provisions impacted net earnings, suggesting complex tax management or adjustments.
- Provision for taxes on income
- Tax expenses were inconsistent, swinging between positive and negative values. Some quarters recorded tax benefits while others incurred significant charges, reflecting variability in taxable income, tax planning strategies, or adjustments from prior periods.
- Net earnings from continuing operations
- Net earnings from continuing operations presented considerable variability, with figures ranging from losses below zero to gains exceeding 11 billion. The trend suggests episodic strong profitability offset by quarters affected by impairments or higher expenses, showing underlying earnings resilience despite fluctuations.
- Net earnings from discontinued operations
- Discontinued operations were largely absent except for a few quarters showing sporadic gains or losses, including a significant positive outlier of over 21 billion, indicating a major divestiture or one-time gain in those periods.
- Total net earnings
- Total net earnings aligned closely with continuing operations except when discontinued operations had impact, most notably in a single quarter with a large spike. Overall, total net earnings showed pronounced quarterly variability with some exceptional positive results overshadowing more typical earnings performance.