Company file · JNJ
Johnson & Johnson
Johnson & Johnson is now two businesses: medicines and medical devices
Innovative Medicine brought in $60.4B in 2025 and MedTech $33.8B. Total sales rose 6.0% to $94.2B; oncology was the biggest single line at $25.4B.
Key facts
In fiscal 2025, which ended Dec 28, 2025, Johnson & Johnson (NYSE: JNJ) took in $94.2B of sales to customers (up 6.0% on fiscal 2024); net earnings were $26.8B (up 90.6%). The most recent quarter, ended Sep 27, 2026, brought sales of $25.4B, up 5.9% year over year, with net income of $210M. Innovative Medicine was the biggest single line by segment: 64% of fiscal 2025 sales to customers. Sources: 10-K for fiscal 2025 (filed Feb 11, 2026) and 10-Q for the quarter ended Sep 27, 2026 (filed Oct 21, 2026).
Source: 10-K FY2025, filed Feb 11, 2026
Source: 10-Q filed Apr 22, 2026 · 10-Q filed Jul 23, 2026 · 10-Q filed Oct 21, 2026
How it makes money
By segment, FY2025
Source: 10-K FY2025, XBRL breakdown
Innovative Medicine was 64% of 2025 sales and MedTech 36%. The largest business lines were oncology (27%), immunology (17%) and MedTech surgery (11%). The US was 57% of sales.
Source: 10-K FY2025
By business line, FY2025
Share is of the FY2025 total; the last column is the change from FY2024.
What changed last quarter
Source: 10-Q, quarter ended Sep 27, 2026, filed Oct 21, 2026
The bull case and the bear case
The bull case
- Oncology sales grew 22.1% in 2025 to $25.4B. 10-K, FY2025
- Cardiovascular sales in MedTech rose 15.8% to $8.9B. 10-K, FY2025
- Sales in the quarter ended Sep 27, 2026 were $25.4B, up 5.9% on a year earlier, with Innovative Medicine up 7.7%. 10-Q, quarter ended Sep 27, 2026
- Net earnings for 2025 were $26.8B, up 90.6% on 2024. 10-K, FY2025
The bear case
- Net earnings in the quarter ended Sep 27, 2026 were $210M, down 95.9%. The 10-Q says the quarter includes a charge for the proposed resolution of talc ovarian cancer lawsuits. 10-Q, quarter ended Sep 27, 2026
- Immunology sales fell 11.8% in 2025 to $15.7B; the 10-K lists competition from biosimilars among its risks. 10-K, FY2025
- Total debt rose 30.8% during 2025 to $47.9B. 10-K, FY2025
- The 10-K describes significant product liability and other litigation and warns that outcomes could be costly. 10-K, Item 1A
What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.
What the company does
Johnson & Johnson develops and sells prescription medicines and medical devices. It spun off its consumer health business as Kenvue in 2023.
Innovative Medicine sells prescription drugs in oncology (such as Darzalex), immunology (Stelara, Tremfya), neuroscience, pulmonary hypertension, cardiovascular and infectious diseases. MedTech sells surgical tools, orthopaedic implants, heart devices such as electrophysiology catheters, and contact lenses and other vision products.
J&J has said it plans to separate its Orthopaedics business. Its fiscal year ends on the Sunday closest to the end of December.
Source: 10-K, Item 1 Business
Main risks the company lists
Our plain-English paraphrase of the risk factors in Johnson & Johnson's latest 10-K. Read the original for the full list.
- Competition and patentsGenerics, biosimilars and new rivals can take sales when patents expire or are challenged.
- LitigationProduct liability cases, including talc lawsuits, and other legal matters could lead to large payments.
- Pricing and regulationHealthcare reform, drug price negotiation and stricter regulation could lower prices or delay products.
- Manufacturing and suppliersPlant problems, supplier failures or counterfeit products could interrupt supply.
- InnovationResearch may not produce new products on time.
- Separation plansThe planned Orthopaedics separation may not deliver the expected benefits.
- Cyber, international and taxCyberattacks, geopolitics, currency moves and tax changes are listed risks.
Source: 10-K, Item 1A Risk Factors (the full list, in the company's words)
Three years of key numbers
Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.
| US$ | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Sales to customers | $85.2B | $88.8B | $94.2B |
| Net earnings | $35.2B | $14.1B | $26.8B |
| Operating cash flow | $22.8B | $24.3B | $24.5B |
| Cash & equivalents (year end) | $21.9B | $24.1B | $19.7B |
| Total debt (year end) | $29.3B | $36.6B | $47.9B |
| Diluted shares | 2.56B | 2.43B | 2.43B |
- Sales to customers: Sales of medicines and medical devices, net of rebates, returns and discounts.
- Net earnings: Profit after all costs and taxes.
- Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
- Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
- Total debt: Loans and notes payable plus long-term debt, at carrying value.
- Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.
About these numbers
- Business-line figures are J&J's own franchise groupings within each segment; together they cover all sales.
Recent filings
Latest filings
- Oct 138:12 AM ET
8-K
Johnson & Johnson files an 8-K on quarterly results
Johnson & Johnson filed a Form 8-K on Oct 13, 2026 at 8:12 AM ET under Item 2.02 (Results of Operations and Financial Condition).
Common questions about Johnson & Johnson
How does Johnson & Johnson make money?
In fiscal 2025, sales to customers totaled $94.2B. Innovative Medicine was 64% of 2025 sales and MedTech 36%. The largest business lines were oncology (27%), immunology (17%) and MedTech surgery (11%). The US was 57% of sales. Source: 10-K for fiscal 2025, filed Feb 11, 2026.
What was Johnson & Johnson's revenue in fiscal 2025?
Sales to customers came to $94.2B in the year ended Dec 28, 2025. Going back two years, it was $85.2B in fiscal 2023 and $88.8B in fiscal 2024, so the latest year was up 6.0%. Source: 10-K for fiscal 2025, filed Feb 11, 2026.
Is Johnson & Johnson profitable?
Yes, by US accounting rules (GAAP): net earnings was $26.8B in fiscal 2025, up 90.6% from $14.1B a year earlier. For the quarter ended Sep 27, 2026, net income was $210M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 11, 2026.
What did Johnson & Johnson report in its latest quarterly filing?
The 10-Q for the quarter ended Sep 27, 2026 shows sales of $25.4B, against $24.0B in the same quarter a year before (up 5.9%), and net income of $210M, against $5.2B (down 95.9%). Source: 10-Q for the quarter ended Sep 27, 2026, filed Oct 21, 2026.
How much cash and debt does Johnson & Johnson have?
On Sep 27, 2026, cash and cash equivalents stood at $16.9B and total debt at $44.7B. Total debt here is loans and notes payable plus long-term debt, at carrying value. Source: 10-Q filed Oct 21, 2026.
What are the main risks Johnson & Johnson lists?
Item 1A of the fiscal 2025 10-K (filed Feb 11, 2026) sets out the risks. Grouped, they fall into 7 areas: Competition and patents; litigation; pricing and regulation; manufacturing and suppliers; innovation; separation plans; cyber, international and tax. To start with the first: Generics, biosimilars and new rivals can take sales when patents expire or are challenged. Source: 10-K, Item 1A Risk Factors.
Where do these Johnson & Johnson numbers come from?
Two filings Johnson & Johnson made with the SEC: its fiscal 2025 10-K, filed Feb 11, 2026, and its 10-Q for the quarter ended Sep 27, 2026, filed Oct 21, 2026. The figures are taken from the XBRL data the SEC publishes, and every one links back to its source. Methodology explains how fiscal years and missing numbers are handled.
Disclosures
- Editor holdings in JNJ
- The editor holds no position in Johnson & Johnson (JNJ). As of Oct 25, 2026.
- Trading rule
- The editor does not buy or sell JNJ from 3 days before to 3 days after this page is published or substantively updated.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- The company's SEC filings, linked next to each number.
- Last updated
- Oct 25, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold JNJ, and it doesn't consider your situation.
Compare with peers
| Company | Fiscal year | Revenue | Revenue growth | Net income |
|---|---|---|---|---|
| Johnson & JohnsonJNJ | FY2025 | $94.2B | +6.0% | $26.8B |
| Eli LillyLLY | FY2025 | $65.2B | +44.7% | $20.6B |
| AbbVieABBV | FY2025 | $61.2B | +8.6% | $4.2B |
Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.
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New to filings? Learn lists the first explainer topics. Methodology & Disclosures covers where every number comes from.