Income Statement
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
- Analysis of Profitability Ratios
- Analysis of Solvency Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Capital Asset Pricing Model (CAPM)
- Return on Assets (ROA) since 2005
- Current Ratio since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Revenues
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Johnson & Johnson, consolidated income statement
US$ in millions
Based on: 10-K (reporting date: 2024-12-29), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
- Sales to Customers
- Sales showed an increasing trend from 2020 to 2022, rising from 82,584 million US dollars to 94,943 million. However, in 2023, sales declined to 85,159 million before slightly recovering to 88,821 million in 2024.
- Cost of Products Sold
- The cost of products sold increased steadily from 28,427 million in 2020 to 31,089 million in 2022, then decreased significantly to 26,553 million in 2023, with a minor increase to 27,471 million in 2024. This pattern partially mirrors the sales performance.
- Gross Profit
- Gross profit increased from 54,157 million in 2020 to a peak of 63,920 million in 2021, maintained at a similar level in 2022, then declined in 2023 to 58,606 million before showing a partial rebound to 61,350 million in 2024. The decline in 2023 corresponds with lower sales and reduced cost of products sold.
- Selling, Marketing, and Administrative Expenses
- These expenses followed a pattern of increase from 22,084 million in 2020 to 24,765 million in 2022, followed by a significant decrease to 21,512 million in 2023, before rising again to 22,869 million in 2024.
- Research and Development Expense
- Research and development expenses consistently increased over the period, from 12,159 million in 2020 to 17,232 million in 2024, highlighting increased investment in innovation and product development.
- In-Process Research and Development Impairments
- Impairments related to in-process research and development fluctuated, peaking at 900 million in 2021 but generally decreasing to 211 million by 2024, suggesting a reduction in the write-down of research-related assets over time.
- Restructuring Costs
- Restructuring expenses saw small variations, with a low of 234 million in 2024 and a peak of 489 million in 2023, indicating some operational adjustments primarily in 2023.
- Operating Earnings
- Operating earnings rose from 19,486 million in 2020 to a high of 23,395 million in 2021 and remained stable through 2022. However, they declined in 2023 and 2024, ending at 20,804 million, reflecting the impact of decreased sales and fluctuations in expenses.
- Interest Income
- Interest income showed a marked increase, rising significantly from 111 million in 2020 to 1,332 million in 2024, which may have positively contributed to overall earnings in recent years.
- Interest Expense, Net
- Interest expense increased notably from 201 million in 2020 to 772 million in 2023, slightly declining to 755 million in 2024, indicating higher borrowing or financing costs in recent periods.
- Other Expense, Net
- Other net expenses were volatile, with a high of 6,634 million in 2023. The trend indicates increased non-operational costs during 2023, which reduced to 4,694 million in 2024 but remain elevated compared to earlier years.
- Earnings Before Provision for Taxes on Income
- These earnings improved from 16,497 million in 2020 to 22,776 million in 2021, followed by a decline to 15,062 million in 2023, with partial recovery to 16,687 million in 2024. This reflects the combined effect of operating results and interest and other expenses.
- Provision for Taxes on Income
- The provision for taxes varied considerably, with a peak of 3,784 million in 2022 and lower amounts in other years, suggesting fluctuations in taxable income and potentially tax strategy or rates.
- Net Earnings from Continuing Operations
- Net earnings from continuing operations increased from 14,714 million in 2020 to a high of 20,878 million in 2021, then declined steadily to 13,326 million in 2023 before recovering slightly to 14,066 million in 2024. This decline corresponds with the drop in operating and pre-tax earnings.
- Net Earnings from Discontinued Operations
- There is only data for discontinued operations in 2023, showing net earnings of 21,827 million, indicating a significant one-time gain or divestiture in that year.
- Net Earnings
- Overall net earnings rose from 14,714 million in 2020 to 20,878 million in 2021, dipped to 17,941 million in 2022, peaked sharply to 35,153 million in 2023 mostly due to discontinued operations, and then fell back to 14,066 million in 2024. The 2023 spike is driven by gains from discontinued operations rather than ongoing business performance.