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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- Statement of Comprehensive Income
- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to FCFF (EV/FCFF)
- Price to FCFE (P/FCFE)
- Return on Equity (ROE) since 2005
- Current Ratio since 2005
- Debt to Equity since 2005
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Johnson & Johnson, consolidated income statement (quarterly data)
US$ in millions
Based on: 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 and Cost Trends
- Sales to customers exhibited fluctuations over the analyzed periods, peaking notably in Q4 2021 at 24,804 million USD and displaying a general downward trend afterward with some recoveries. The lowest sales point was observed in Q2 2020 at 18,336 million USD. Cost of products sold followed a similar pattern, with costs highest in Q4 2020 and Q4 2021, marginally decreasing in subsequent quarters but rising again towards the end of the period.
- Gross Profit Analysis
- Gross profit mirrored the sales trend, with the highest values recorded around Q4 2021. After this peak, gross profit showed a slight decline but remained relatively stable, indicating consistent margin maintenance despite sales variability.
- Operating Expenses
- Selling, marketing, and administrative expenses had substantial variability, peaking significantly in Q4 2021 at 7,154 million USD. A general decrease was noticed in the most recent quarters, especially by Q1 and Q2 2025, reflecting improved expense management or changes in operational scale.
- Research and development expenses demonstrated fluctuations with peaks occurring at Q4 2020 and Q4 2021. Notably, R&D costs sharply increased in these quarters, suggesting intensified innovation efforts during those periods. Impairments related to in-process research and development were inconsistent but decreased over the last few data points, indicating lesser write-downs in later periods.
- Restructuring costs varied throughout the timeline with some high points at Q1 2023 and Q4 2021 and relatively low or positive changes in some recent quarters, hinting at fluctuating restructuring activity.
- Profitability and Earnings
- Operating earnings fluctuated considerably with high points in Q2 2021 and Q3 2024 and lowest in Q4 2023. The data suggests varying profitability impacted notably by both revenue fluctuations and expense management.
- Interest income saw a consistent increasing trend overall, peaking in late 2022 and early 2023 quarters, which may reflect higher investment income or improved financial management.
- Interest expense, net of capitalized portion, displayed volatility, spiking dramatically in Q4 2022 and early 2023, indicating periods of increased borrowing costs or debt restructuring.
- Other income (expense), net, was highly volatile with large negative spikes in Q4 2020, Q4 2022, and Q1 2023, and significant positive surges in early and late 2025, pointing to exceptional or one-time items affecting financial performance unpredictably.
- Earnings Before Taxes and Tax Provision
- Earnings before tax showed strong variability, with a peak in Q1 2025 at 13,631 million USD and some quarters, such as Q4 2022, reflecting negative or low earnings. This variance indicates sensitivity to operational performance and extraordinary item impacts.
- The provision for taxes fluctuated in line with earnings patterns, with some quarters showing tax benefits and others high tax expenses, reflecting the inconsistent profitability during the periods.
- Net Earnings Overview
- Net earnings from continuing operations followed earnings before tax fairly closely, though dampened by taxes, with visible volatility. Notably, Q4 2023 showed a net loss from continuing operations, but subsequent quarters recovered. The data manifests resilience in profitability despite external and internal challenges.
- Net earnings from discontinued operations were largely absent except for three quarters, including an extraordinary gain in Q3 2023, which significantly inflated total net earnings for that quarter. This exceptional gain impacts overall trends, necessitating consideration in performance evaluation.
- Total net earnings mirrored the pattern of continuing operations except where influenced by discontinued operations, exhibiting strong earnings in Q3 2023 due to that exceptional gain followed by a return to more normalized levels.