Statement of Comprehensive Income
Comprehensive income is the change in equity (net assets) of a business enterprise during a period from transactions and other events and circumstances from non-owners sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners.
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- Balance Sheet: Liabilities and Stockholders’ Equity
- Cash Flow Statement
- Common-Size Balance Sheet: Assets
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Equity (ROE) since 2005
- Return on Assets (ROA) since 2005
- Debt to Equity since 2005
- Price to Book Value (P/BV) since 2005
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Johnson & Johnson, consolidated statement of comprehensive income
US$ in millions
Based on: 10-K (reporting date: 2025-12-28), 10-K (reporting date: 2024-12-29), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
The statement of comprehensive income reveals significant fluctuations in components beyond net earnings over the five-year period. While net earnings demonstrate volatility, other comprehensive income exhibits considerable variation, impacting overall comprehensive income.
- Net Earnings Trend
- Net earnings began at US$20,878 million in 2021, decreased to US$17,941 million in 2022, then experienced a substantial increase to US$35,153 million in 2023. A significant decline followed in 2024, with net earnings falling to US$14,066 million, before partially recovering to US$26,804 million in 2025. This pattern suggests sensitivity to external factors or internal operational changes.
- Foreign Currency Translation Impact
- Foreign currency translation resulted in losses in 2021, 2022, and 2023, amounting to US$-1,079 million, US$-1,796 million, and US$-3,221 million respectively. A gain was recorded in 2024 (US$1,708 million), but this was followed by a loss in 2025 (US$-5,506 million). The increasing magnitude of losses in recent years indicates a growing exposure to foreign exchange risk.
- Other Comprehensive Income (OCI) Volatility
- Other comprehensive income experienced substantial swings. A gain of US$2,184 million was recorded in 2021, followed by a smaller gain of US$91 million in 2022. A significant loss of US$-4,741 million occurred in 2023, followed by a gain of US$786 million in 2024, and a substantial loss of US$-3,189 million in 2025. This volatility is driven by multiple components within OCI.
- Key Drivers of OCI Changes
- Several items contribute to the fluctuations in other comprehensive income. Employee benefit plans exhibited a large gain in 2021 and 2022 (US$4,255 million and US$1,805 million respectively), but then a substantial loss in 2023 (US$-1,399 million) and a moderate gain in 2025 (US$858 million). Derivatives & hedges also show significant variation, with a large loss in 2021 (US$-988 million) and 2024 (US$-1,373 million), offset by gains in 2022 and 2025 (US$106 million and US$1,460 million respectively). Unrealized gains and losses arising during the period also contribute to the volatility, particularly in 2023 and 2025.
- Reclassifications to Earnings
- Reclassifications to earnings consistently represent outflows, ranging from US$-348 million to US$-862 million annually. These reclassifications reduce the impact of OCI on comprehensive income.
- Comprehensive Income Trend
- Comprehensive income mirrors the volatility observed in net earnings and other comprehensive income. It peaked at US$30,412 million in 2023, coinciding with the peak in net earnings, and experienced declines in 2022 and 2024. The final year, 2025, shows a partial recovery to US$23,615 million, but remains below the 2023 high.
In summary, the statement of comprehensive income demonstrates a complex interplay between net earnings and various other comprehensive income components. The significant fluctuations in OCI, driven by items such as foreign currency translation, employee benefit plans, and derivatives, contribute substantially to the overall volatility in comprehensive income.