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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- Statement of Comprehensive Income
- Common-Size Balance Sheet: Assets
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Price to FCFE (P/FCFE)
- Current Ratio since 2005
- Price to Earnings (P/E) since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Debt
- Aggregate Accruals
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Johnson & Johnson, consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 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
- Net earnings demonstrate significant volatility throughout the periods. Beginning at 5,796 million USD in March 2020, earnings dropped sharply to 1,738 million USD by December 2020, followed by a recovery in early 2021. The figure peaked substantially in October 2023 at 26,028 million USD, driven likely by extraordinary items, before normalizing again in subsequent quarters to lower levels in the 3,000 to 5,000 million USD range.
- Depreciation and Amortization
- This expense item remains relatively stable across the periods, fluctuating within a narrow band between approximately 1,680 million USD and 1,940 million USD. There is no significant upward or downward trend, indicating consistent capital asset usage and amortization charges.
- Stock Based Compensation
- Stock-based compensation expenses fluctuate moderately, with amounts generally between 160 million USD and 410 million USD. No clear upward or downward trend is observable, suggesting stable compensation practices linked to equity incentives.
- Asset Write-downs
- Asset write-downs are notably irregular and spike in specific quarters, such as 938 million USD in October 2021 and 610 million USD in April 2022, indicating occasional impairment events or reassessments of asset values. Some periods also show negative figures, possibly reversal of prior write-downs.
- Charges for In-Process Research and Development Assets
- Charges appear sporadically with significant entries in some periods, such as 1,252 million USD in September 2024, indicating substantial investments or write-offs related to ongoing R&D projects during those times.
- Deferred Tax Provision
- Deferred tax provision exhibits pronounced volatility, with large negative values such as -2,412 million USD in December 2023 and positive spikes such as 2,172 million USD in June 2025, reflecting fluctuating tax position adjustments and potentially significant tax rate changes or valuation allowances.
- Working Capital Items
- Accounts receivable and inventories show large fluctuations within quarters, suggesting variations in sales cycles and inventory management. Notably, accounts receivable changes include substantial increases and decreases, while inventory values generally tend to decrease but with intermittent increases.
- Accounts Payable and Accrued Liabilities
- This liability category fluctuates dramatically, with large increases and decreases revealing changing payment cycles and operational cash management practices.
- Net Cash Flows from Operating Activities
- Operating cash flows consistently generate positive inflows, ranging from around 3,000 million USD to over 8,000 million USD, indicating strong operational cash generation despite net earnings volatility. Peak periods align with strong earnings and positive non-cash adjustments.
- Capital Expenditures
- Additions to property, plant, and equipment show a pattern of significant investment with spikes in several quarters exceeding 1,300 million USD, reflecting ongoing capital investments to support operations.
- Investing Activities
- Net cash flows from investing are predominantly negative, reflecting ongoing acquisitions, capital spending, and purchases of investments outpacing sales of investments in most quarters. Some quarters display positive investing cash flow, largely due to asset disposals or investment sales.
- Financing Activities
- Financing cash flows are negative in most periods, driven by dividends consistently around 2,800 to 3,100 million USD per quarter and significant share repurchases, though some periods show positive financing cash inflows due to issuance of debt or stock option exercises. Debt issuance and repayments fluctuate regularly with no clear net increase or decrease trend.
- Cash and Cash Equivalents
- Cash levels exhibit substantial fluctuations, with periods of strong increase (e.g., in April 2023) and significant decrease (e.g., June 2024, December 2025), likely reflecting the combined effects of operational performance, investing outflows, and financing activities.
- Extraordinary Items and Other
- Several non-recurring transactions impact the financial data, including a significant gain on the separation of a business segment in late 2022 (approximately -20,984 million USD indicated as a gain but negative figure possibly representing an accounting reversal), credit support agreements activity, and other isolated asset sales or charges. These events contribute to some of the volatility observed in net earnings and cash flows.