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 pages available for free this week:
- Balance Sheet: Assets
- Analysis of Solvency Ratios
- Analysis of Geographic Areas
- Common Stock Valuation Ratios
- Price to FCFE (P/FCFE)
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Debt to Equity since 2005
- Price to Earnings (P/E) since 2005
- Price to Sales (P/S) since 2005
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Johnson & Johnson, consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 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), 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 Trend
- Net earnings demonstrate significant volatility across the periods, with notable peaks and troughs. There was a marked increase in several quarters, particularly a substantial spike around late 2023, followed by a sharp decline and some recovery. This suggests episodic gains possibly linked to extraordinary items or operational shifts.
- Depreciation and Amortization
- Depreciation and amortization expenses have remained relatively stable over time, typically hovering around similar levels each quarter, indicating consistent investment in property and intangible assets without drastic changes in asset base or valuation.
- Stock Based Compensation
- Stock-based compensation shows an overall upward trend with periodic fluctuations, reflecting increasing employee incentives or changes in share-based remuneration policies.
- Asset Write-downs and In-Process R&D Charges
- Asset write-downs are highly irregular with several quarters showing significant spikes, pointing to occasional impairments or asset devaluations. Charges for in-process research and development assets also appear sporadically, implying selective investment in R&D projects or acquisitions.
- Deferred Tax Provision
- Deferred tax provisions demonstrate high variability, including both large positive and negative values, signaling fluctuations in tax-related adjustments possibly due to changes in earnings composition or tax law impacts.
- Working Capital Changes
- Accounts receivable and inventories have periods of both increases and decreases, indicating fluctuations in sales cycles and inventory management. Accounts payable and accrued liabilities exhibit sharp swings, including large increases and decreases, suggesting varying payment policies and supplier negotiations. Other current and non-current assets and liabilities also show volatility, contributing to the unpredictability of cash flows.
- Operating Cash Flows
- Net cash flows from operating activities generally maintain positive levels with occasional dips, reflecting solid core business cash generation albeit influenced by working capital fluctuations.
- Investing Activities
- Investing cash flows predominantly indicate cash outflows, mainly due to consistent capital expenditures in property, plant, and equipment. Occasional spikes in proceeds from disposal of assets and large acquisitions lead to some inflows, but overall net investing cash use is negative, showing ongoing investment growth efforts.
- Financing Activities
- Financing cash flows are notably volatile, with periods of significant outflows driven by dividends to shareholders and repurchases of common stock. Borrowing activities through short-term and long-term debt issuance and repayments fluctuate considerably, reflecting active capital structure management. Occasional spikes in proceeds from stock option exercises contribute inflows.
- Special Items and One-Time Events
- There are significant one-time or special items such as a large gain related to a business separation event, major asset sales, and debt settlements that cause abrupt variations in net earnings and cash flow figures, complicating trend analysis.
- Currency Effects
- The effect of exchange rate changes on cash and cash equivalents is generally moderate but occasionally noticeable, suggesting some exposure to foreign currency risk.
- Cash and Cash Equivalents Variations
- Cash levels have experienced considerable fluctuations, with pronounced increases and decreases that align with operational, investing, and financing activities, as well as one-time events. This indicates dynamic liquidity management facing both planned investments and external impacts.