Balance Sheet: Liabilities and Stockholders’ Equity

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.

Johnson & Johnson, consolidated balance sheet: liabilities and stockholders’ equity

US$ in millions

	Dec 28, 2025	Dec 29, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Loans and notes payable	8,495)	5,983)	3,451)	12,771)	3,766)
Accounts payable	11,991)	10,311)	9,632)	11,703)	11,055)
Accrued liabilities	8,594)	8,549)	10,212)	11,456)	13,612)
Accrued rebates, returns and promotions	19,124)	17,580)	16,001)	14,417)	12,095)
Accrued compensation and employee related obligations	4,534)	4,126)	3,993)	3,328)	3,586)
Accrued taxes on income	1,388)	3,772)	2,993)	2,127)	1,112)
Current liabilities	54,126)	50,321)	46,282)	55,802)	45,226)
Long-term debt, excluding current portion	39,438)	30,651)	25,881)	26,888)	29,985)
Deferred taxes on income	6,791)	2,448)	3,193)	6,374)	7,487)
Employee related obligations	6,957)	7,255)	7,149)	6,767)	8,898)
Long-term taxes payable	486)	390)	2,881)	4,306)	5,713)
Other liabilities	9,868)	17,549)	13,398)	10,437)	10,686)
Non-current liabilities	63,540)	58,293)	52,502)	54,772)	62,769)
Total liabilities	117,666)	108,614)	98,784)	110,574)	107,995)
Preferred stock, without par value, unissued	—)	—)	—)	—)	—)
Common stock, par value $1.00 per share	3,120)	3,120)	3,120)	3,120)	3,120)
Accumulated other comprehensive loss	(14,930)	(11,741)	(12,527)	(12,967)	(13,058)
Retained earnings and Additional-paid-in-capital	168,978)	155,791)	153,843)	128,345)	123,060)
Common stock held in treasury, at cost	(75,624)	(75,680)	(75,662)	(41,694)	(39,099)
Shareholders’ equity	81,544)	71,490)	68,774)	76,804)	74,023)
Total liabilities and shareholders’ equity	199,210)	180,104)	167,558)	187,378)	182,018)

Based on: 10-K (reporting date: 2025-12-28), 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).

The liabilities of the company demonstrate fluctuating behavior over the five-year period. Total liabilities initially increased from 2021 to 2022, then decreased significantly in 2023, before rising again in 2024 and 2025. A similar pattern is observed in both current and non-current liabilities.

Shareholders’ equity also exhibits variability, with a slight increase from 2021 to 2022, a decrease in 2023, a modest recovery in 2024, and a more substantial increase in 2025. The overall trend in total liabilities and shareholders’ equity results in a fluctuating total for the company’s financing.

Current Liabilities: Current liabilities increased notably from $45.226 billion in 2021 to $55.802 billion in 2022, then decreased to $46.282 billion in 2023. A subsequent rise to $50.321 billion in 2024 was followed by a further increase to $54.126 billion in 2025. Accounts payable remained relatively stable, fluctuating between $9.632 billion and $11.703 billion. Accrued liabilities generally decreased from 2021 to 2024, stabilizing in 2025. A consistent increase is observed in accrued rebates, returns, and promotions throughout the period, rising from $12.095 billion to $19.124 billion. Accrued taxes on income show a marked increase from 2021 to 2024, before decreasing significantly in 2025.
Non-Current Liabilities: Non-current liabilities decreased from $62.769 billion in 2021 to $52.502 billion in 2023, then increased to $58.293 billion in 2024 and $63.540 billion in 2025. Long-term debt, excluding the current portion, decreased from 2021 to 2023, then increased substantially in 2024 and 2025. Deferred taxes on income decreased from 2021 to 2024, with a notable increase in 2025. Long-term taxes payable experienced a significant decline throughout the period. Other liabilities increased from 2021 to 2024, then decreased in 2025.
Shareholders’ Equity Components: Common stock remained constant at $3.120 billion throughout the period. Accumulated other comprehensive loss increased in magnitude as a negative value, moving from -$13.058 billion to -$14.930 billion. Retained earnings and additional-paid-in-capital increased consistently throughout the period, rising from $123.060 billion to $168.978 billion. Common stock held in treasury increased significantly as a negative value, from -$39.099 billion to -$75.624 billion, indicating substantial share repurchase activity.

The increase in treasury stock suggests the company is actively returning capital to shareholders through share buybacks. The growth in retained earnings indicates profitability and reinvestment in the business, while the increasing negative balance in accumulated other comprehensive loss warrants further investigation to understand the underlying factors contributing to this trend.

The overall financial structure of the company is characterized by substantial liabilities and a significant shareholders’ equity base. The fluctuations in both categories suggest dynamic financial management and responsiveness to changing economic conditions.

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Johnson & Johnson (NYSE:JNJ)

Balance Sheet: Liabilities and Stockholders’ Equity