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 Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Enterprise Value to FCFF (EV/FCFF)
- Capital Asset Pricing Model (CAPM)
- Total Asset Turnover since 2005
- Analysis of Revenues
- Aggregate Accruals
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Johnson & Johnson, consolidated income statement (quarterly data)
US$ in millions
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).
Revenue trends exhibit a period of volatility followed by a steady recovery. Sales to customers peaked in late 2021 at 24.8 billion, subsequently experiencing a contraction that reached a trough of 20.8 billion in early 2023. From that point, a consistent upward trajectory is observed, with revenue climbing to 25.3 billion by June 2026, indicating a successful return to and expansion beyond previous peak levels.
- Gross Profitability and Cost Management
- Gross profit margins remained relatively stable throughout the analyzed period. While the cost of products sold generally scaled in proportion to sales, gross profit recovered from a low of 14.2 billion in early 2023 to a high of 17.2 billion by June 2026. This suggests a consistent ability to maintain pricing power and manage direct production costs despite fluctuations in sales volume.
- Operating Expense Analysis
- Selling, marketing, and administrative expenses showed significant fluctuation, with peaks occurring in December 2021 (7.1 billion) and December 2024 (6.4 billion). Research and development (R&D) expenditures remained a substantial and strategic cost driver, generally ranging between 3.1 billion and 4.7 billion, with a notable spike reaching 5.3 billion in December 2024. This pattern indicates periodic intensifications in product development and market expansion efforts.
- Operating Earnings Performance
- Operating earnings demonstrated resilience, typically fluctuating between 4.1 billion and 7.1 billion. A period of relative weakness occurred in late 2023, where earnings dipped to 4.1 billion, but this was followed by a strong recovery trend. By June 2026, operating earnings reached 7.1 billion, reflecting improved operational efficiency and the positive impact of rising sales.
- Net Income and Non-Recurring Impacts
- Net earnings were characterized by extreme volatility due to significant non-operating items. A massive anomaly occurred in October 2023, where net earnings surged to 26.0 billion, driven primarily by a 21.7 billion gain from discontinued operations. Similarly, March 2025 saw a spike in net earnings to 10.9 billion, attributed to a substantial increase in other income of 7.3 billion. Excluding these one-time events, the underlying net earnings from continuing operations remained more stable, generally oscillating between 3.2 billion and 5.5 billion.
- Financial Obligations and Tax Impact
- Interest expenses trended upward from 2022 onwards, peaking at 308 million in June 2025, while interest income also saw a general increase from 2022 through 2024. Tax provisions were highly inconsistent, with several quarters reporting tax benefits rather than expenses, most notably in early 2023 and late 2025, which contributed to the overall volatility of the net bottom line.