Cash Flow Statement
Quarterly Data
The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.
The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.
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- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Geographic Areas
- Enterprise Value to FCFF (EV/FCFF)
- Selected Financial Data since 2005
- Net Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Debt to Equity since 2005
- Total Asset Turnover since 2005
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Johnson & Johnson, consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-27), 10-Q (reporting date: 2020-06-28), 10-Q (reporting date: 2020-03-29).
- Net earnings (loss)
- The net earnings show considerable volatility over the periods. Initially, strong earnings above 3,500 million US dollars declined sharply to just 1,738 million in late 2020, followed by a recovery in 2021 to peaks exceeding 6,000 million. There is a sharp loss recorded in early 2023 (-68 million), succeeded by an exceptionally large spike of 26,028 million in late 2023, which may be an anomaly or related to one-time events. Subsequent quarters revert to a more moderate positive range around 3,000 to 4,600 million, indicating fluctuations rather than stable growth.
- Depreciation and amortization
- This expense remains relatively stable, fluctuating narrowly between approximately 1,680 and 1,940 million throughout the periods, suggesting consistent capital asset usage and amortization profiles.
- Stock based compensation
- Stock-based compensation expenses exhibit minor fluctuations generally ranging from 160 to roughly 380 million, with no clear sustained trend upward or downward but some episodic increases observed in mid-2021 and early 2023.
- Asset write-downs
- There is considerable variability in asset write-downs, with occasional significant spikes in late 2021 (938 million) and mid-2022 (610 million), suggesting episodic impairments or disposals impacting the financials. After mid-2023, values show some reduction but remain volatile.
- Charge for purchase of in-process research and development assets
- This category appears only intermittently from 2023 onward with large amounts recorded (up to 1,252 million), indicating increased strategic or development investments, possibly signaling renewed focus on research initiatives.
- Gain on Kenvue separation
- A very large negative gain (-20,984 million) is recorded at one point, representing a material non-recurring charge or accounting adjustment associated with the separation, likely distorting results for that period.
- Contingent consideration reversal and net gain on sale of assets/businesses
- Both items fluctuate notably with isolated significant negative and positive impacts over the timeline, reflecting active asset management and occasional settlements of prior contingencies.
- Deferred tax provision
- Deferred tax provisions are highly volatile with large negative and positive adjustments, indicating significant tax regulation impacts and timing differences in recognition across quarters.
- Working capital components (accounts receivable, inventories, accounts payable, and other current assets and liabilities)
- Movements in working capital accounts are erratic, with large increases and decreases in accounts payable and accrued liabilities. This suggests active management of payables and receivables, possibly as a response to changing business conditions or cash flow needs. Inventory changes are consistently negative, implying build-up or slower inventory turnover in some periods.
- Cash flows from operating activities
- Operating cash flows consistently remain positive and robust, mostly exceeding 3,000 million and peaking near 8,300 million. This reflects strong ongoing cash generation capacity despite earnings volatility.
- Capital expenditures and asset disposals
- Additions to PP&E display periodic surges, especially in late 2020 and mid-2022, indicating phases of increased investment in physical assets. Proceeds from disposals are smaller but relatively consistent, suggesting routine asset sales as part of asset management.
- Acquisitions and investments
- Significant acquisitions occurred especially in 2020, including a sharp outflow exceeding 17,000 million in one quarter, reflecting major strategic moves. Purchases and sales of investments fluctuate substantially, with frequent large investment purchases and sales, indicative of an active investment portfolio management approach.
- Financing activities
- Dividends consistently hover around 2,500 to 3,000 million per quarter, reflecting steady shareholder returns. Share repurchase levels vary significantly, with notable spikes and troughs indicating opportunistic buybacks. Debt financing includes substantial swings, with spikes in proceeds and repayments of short- and long-term debt, reflecting dynamic capital structure management.
- Cash and equivalents changes
- The net changes in cash and cash equivalents show high variability—from significant decreases to sharp increases—implying a fluctuating liquidity position strongly influenced by operating cash flow volatility, investing activities, and financing operations, including one-time separation-related transactions.
- Exchange rate effects and other adjustments
- Foreign currency effects and miscellaneous adjustments, while generally smaller in magnitude, add to the cash flow variability, and indicate exposure to exchange rate fluctuations and other atypical items.