Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
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.
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Johnson & Johnson, consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
US$ in millions
Based on: 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).
An examination of the balance sheet information reveals notable fluctuations in liabilities and shareholders’ equity over the observed period, spanning from April 2021 to December 2025. Total liabilities generally increased throughout the period, with significant peaks in late 2022 and early 2023, before exhibiting some moderation. Shareholders’ equity demonstrated a more stable, albeit fluctuating, pattern.
- Loans and Notes Payable
- Loans and notes payable remained relatively stable between April 2021 and October 2022, fluctuating between approximately US$3.17 billion and US$4.42 billion. A substantial increase occurred in December 2022, reaching US$12.77 billion, followed by a decrease to US$3.45 billion by December 2023. Further increases were observed in early 2024 and 2025, peaking at US$13.897 billion in March 2025 before decreasing again.
- Current Liabilities
- Current liabilities exhibited a general upward trend from US$38.72 billion in July 2021 to a peak of US$60.37 billion in April 2023. A subsequent decline was observed, falling to US$44.37 billion in October 2023, followed by a rise to US$54.126 billion by December 2025. Accounts payable and accrued rebates, returns and promotions consistently contributed significantly to the overall current liability balance.
- Non-Current Liabilities
- Non-current liabilities showed a more moderate fluctuation compared to current liabilities. They ranged between approximately US$54.77 billion and US$68.14 billion between October 2022 and July 2023. A notable increase occurred in March 2025, reaching US$78.109 billion. Employee related obligations and deferred taxes on income were substantial components of this category.
- Total Liabilities
- Total liabilities generally increased from US$106.72 billion in April 2021 to US$117.666 billion in December 2025. The most significant increase occurred between October 2022 and April 2023, reaching US$125.100 billion. The fluctuations in both current and non-current liabilities drove the overall trend.
- Shareholders’ Equity
- Total shareholders’ equity demonstrated a more stable pattern, ranging between US$65.83 billion and US$81.544 billion. A general upward trend was observed from April 2021 to December 2025, with a dip in April 2023. Retained earnings and additional paid-in capital constituted the largest portion of shareholders’ equity, while accumulated other comprehensive loss consistently represented a significant deduction. Common stock held in treasury also had a substantial impact, particularly with a large increase in treasury stock between July 2022 and December 2023.
- Total Liabilities and Shareholders’ Equity
- The combined total of liabilities and shareholders’ equity increased from US$172.557 billion in April 2021 to US$199.210 billion in December 2025. This growth was primarily driven by the increase in total liabilities, although shareholders’ equity also contributed to the overall expansion.
The observed increases in liabilities, particularly loans and notes payable and current liabilities, suggest potential financing activities or increased operational demands. The fluctuations in shareholders’ equity, influenced by treasury stock activity and accumulated other comprehensive loss, warrant further investigation to understand the underlying drivers. The overall trend indicates a growing financial scale for the entity over the analyzed period.