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
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Solvency Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value (EV)
- Return on Assets (ROA) since 2005
- Current Ratio since 2005
- Debt to Equity since 2005
- Price to Earnings (P/E) 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: 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).
The financial performance across the observed period is characterized by stable core operations juxtaposed with significant non-recurring volatility in net earnings. Revenue exhibits a pattern of cyclical fluctuation, with a notable contraction in early 2023 followed by a gradual recovery through 2025.
- Revenue and Gross Profitability
- Sales to customers peaked at 24.8 billion in December 2021 before experiencing a decline that bottomed at 20.8 billion in April 2023. A sustained recovery trend followed, with revenue returning to levels between 23.7 billion and 24.5 billion by the end of 2025. Gross profit has remained relatively resilient, tracking closely with sales figures and maintaining a consistent margin, although a dip to 14.2 billion was noted in early 2023.
- Operating Expense Analysis
- Selling, marketing, and administrative expenses generally fluctuate between 4.9 billion and 7.1 billion, showing a slight contraction during the 2023 revenue dip. Research and development (R&D) expenses show a more volatile pattern, with significant spikes in late 2024, reaching 5.2 billion in December 2024, suggesting periodic acceleration in innovation investment. Restructuring charges have remained a consistent quarterly drag, though they reached a peak of 164 million in December 2023.
- Operating Earnings Performance
- Operating earnings demonstrate stability in the range of 4.1 billion to 7.0 billion. A period of relative weakness occurred in late 2023 and late 2024, with earnings dipping as low as 3.5 billion in December 2024. Performance rebounded strongly in mid-2025, peaking at 7.0 billion in September 2025, indicating improved operational efficiency or the realization of cost-saving measures.
- Non-Operating Volatility and Net Income
- Net earnings are heavily influenced by non-operating items, leading to extreme volatility. A massive spike in net earnings to 26.0 billion in October 2023 was driven primarily by a 21.7 billion gain from discontinued operations. Other income and expenses also show significant variance, notably a 6.9 billion loss in April 2023 and a 7.3 billion gain in March 2025. Consequently, net earnings from continuing operations are far more stable, typically ranging between 3.2 billion and 5.5 billion, with a notable outlier of 10.9 billion in March 2025 tied to the aforementioned other income gain.
- Taxation and Interest Trends
- Interest income has seen a marked increase from early 2021 levels, rising from approximately 15 million to peaks above 390 million by mid-2024, reflecting changes in cash management or interest rate environments. Interest expenses have similarly increased, peaking at 308 million in June 2025. The tax provision remains variable, with a significant tax benefit of 150 million recorded in September 2025, contrasting with larger provisions in preceding quarters.