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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Johnson & Johnson, consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 10-Q (reporting date: 2026-06-28), 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).
The cash flow profile exhibits a strong capacity for generating liquidity from core operations, which is utilized to fund aggressive strategic acquisitions and maintain consistent shareholder distributions. While net earnings show significant volatility due to non-cash adjustments and one-time events, net cash flows from operating activities remain relatively stable, typically ranging between 3 billion and 9 billion US dollars per quarter.
- Operating Activities and Cash Generation
- Net cash flows from operating activities demonstrate resilience, with a notable peak in September 2025 at 9.17 billion US dollars. A significant decoupling between net earnings and operating cash flow occurred in October 2023, where net earnings spiked to 26.03 billion US dollars, yet operating cash flow was only 7.49 billion US dollars. This discrepancy is primarily attributed to a non-cash gain of 20.98 billion US dollars related to the Kenvue separation. Depreciation and amortization remain consistent, averaging approximately 1.8 billion to 2.0 billion US dollars per quarter, indicating a steady rate of asset consumption.
- Investing Activities and Capital Deployment
- Investing activities are characterized by large, periodic outflows for strategic acquisitions. Major capital deployments occurred in December 2022 (17.13 billion US dollars), June 2024 (12.99 billion US dollars), and June 2025 (14.46 billion US dollars). These outflows are partially offset by the sale of investments, though the volume of sales has trended downward from peaks of over 15 billion US dollars in late 2022 to less than 1 billion US dollars by 2026. Additions to property, plant, and equipment show a gradual increase, rising from roughly 600-800 million US dollars in 2021 to consistently exceeding 1 billion US dollars in 2024 and 2025.
- Financing Activities and Shareholder Returns
- A disciplined approach to shareholder returns is evident through stable quarterly dividend payments, which have grown marginally from 2.66 billion US dollars in April 2021 to 3.23 billion US dollars by June 2026. Stock repurchases are more erratic, with significant spikes such as the 4.03 billion US dollars spent in March 2026. The company utilizes short-term debt actively to manage liquidity, with large fluctuations in proceeds and repayments. Notably, a substantial inflow of 10.42 billion US dollars in financing occurred in March 2025, primarily driven by short-term and long-term debt proceeds.
- Liquidity and Balance Sheet Adjustments
- Working capital movements show high volatility, particularly in accounts payable and accrued liabilities, which frequently swing between multi-billion dollar inflows and outflows. The impact of exchange rate changes on cash equivalents remains a minor factor, generally fluctuating within a range of 50 million to 300 million US dollars. The overall increase or decrease in cash and cash equivalents is heavily influenced by the timing of major acquisitions and the issuance of debt, resulting in a variable quarterly cash position.