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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- Income Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Enterprise Value (EV)
- Present Value of Free Cash Flow to Equity (FCFE)
- Net Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Debt to Equity since 2005
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Johnson & Johnson, consolidated cash flow 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).
Operating cash flow demonstrates consistent strength, generally maintaining a range between 3 billion and 9 billion USD per quarter. While net earnings show periodic volatility—most notably a significant spike in the third quarter of 2023—the core cash generation from operations remains stable, underpinned by consistent depreciation and amortization charges that typically average between 1.7 billion and 2.0 billion USD.
- Investment Strategy and Capital Expenditure
- A pattern of aggressive strategic acquisitions is observed, characterized by substantial cash outflows in December 2022, June 2024, and June 2025. These large-scale investments are periodically offset by the sale of investments and proceeds from asset disposals. Capital expenditures for property, plant, and equipment remain relatively steady, generally ranging from 600 million to 1.8 billion USD per quarter, indicating a consistent level of reinvestment in physical infrastructure.
- Financing and Liquidity Management
- The financing profile is characterized by frequent fluctuations in short-term debt proceeds and repayments, suggesting an active approach to liquidity management. Significant long-term debt issuances were noted in June 2024 and March 2025 to support capital requirements. These activities coexist with a disciplined shareholder return policy, where quarterly dividend payments remain highly stable, fluctuating only slightly between 2.6 billion and 3.1 billion USD.
- Structural Adjustments and Non-Recurring Items
- The separation of Kenvue in 2023 represents a major structural event, resulting in a substantial one-time gain and specific cash transfers. Further volatility in the cash flow is attributed to sporadic asset write-downs and charges for acquired in-process research and development, reflecting ongoing portfolio optimization and the inherent costs of pharmaceutical pipeline development.
- Working Capital Trends
- Changes in assets and liabilities show significant quarterly variance, particularly regarding accounts payable, accrued liabilities, and other non-current assets. Large swings in these accounts often coincide with the timing of major acquisitions or structural reorganizations, impacting the overall reconciliation between net earnings and net cash provided by operating activities.