Johnson & Johnson
JNJFinancial Snapshot
ticker: JNJ step: 04 generated: 2026-05-11 source: quick-research
Johnson & Johnson (JNJ) — Financial Snapshot
(FY2023 figures reflect "Old J&J" with Kenvue consumer health; FY2024+ are continuing-operations basis after May 2023 Kenvue separation.)
Income Statement Summary
| Metric | FY2023 | FY2024 | FY2025 | YoY (FY25) |
|---|---|---|---|---|
| Sales (continuing ops basis) | $85.2B | $88.8B | $94.2B | +6.0% |
| Innovative Medicine Revenue | $54.8B | $57.0B | $60.4B | +6.0% |
| MedTech Revenue | $30.4B | $31.9B | $33.8B | +6.1% |
| Adjusted Operational Growth | n/a | n/a | +4.2% | (constant currency, ex-divestitures) |
| GAAP EPS | $7.81 | $5.79 | $11.03 | +90% (vs. one-time charges in FY24) |
| Adjusted EPS | $10.07 | $9.98 | $10.79 | +8.1% |
Segment Detail — Q1 2026 (most recent quarter)
| Asset / Segment | Q1 2026 | YoY |
|---|---|---|
| Darzalex (oncology) | $3.96B | +23% |
| Tremfya (immunology) | $1.61B | +68% |
| Carvykti (CAR-T) | $597M | +62% |
| Stelara (legacy) | -49% (Q4 2025 commentary) | LOE |
| MedTech segment | $8.6B | +8% |
Cash Flow & Balance Sheet (FY2025)
| Metric | Value |
|---|---|
| Operating Cash Flow | ~$25B |
| Capital Expenditures | ~$4.5B |
| Free Cash Flow | $20.4B |
| Dividends Paid | $12.4B (61% payout ratio of FCF) |
| Share Repurchases | ~$1B–3B (variable) |
| Cash & Marketable Securities | ~$22B |
| Total Debt | ~$45B |
| Net Cash Position | ~-$23B (manageable; AAA-rated) |
| Q4 2025 Dividend Hike (Apr 2026) | $1.30 → $1.34 (+3%, 64th consecutive year) |
| FY26 FCF Target | ~$21B |
Key Ratios (approximate)
- P/E: ~17x (FY25 adjusted) | EV/EBITDA: ~13x | FCF Yield: ~4.9%
- Revenue Growth (FY25): +6.0% | FCF Margin: ~22%
- Dividend Yield: ~3.0% | Payout Ratio: ~62% of FCF
- Credit Rating: AAA (one of only 2 non-financial AAAs in US)
- Operating Margin: ~26% (consolidated adjusted)
Growth Profile
2026 marks a key inflection: J&J management explicitly framed the Stelara patent cliff as "in the rearview mirror", freeing growth momentum from oncology + immunology + medtech. Initial 2026 guide of $100.5B in revenue was raised to $100.8B (+7%) on Q1 strength. Key growth drivers in 2026:
- Oncology (Darzalex +23%, Carvykti +62%, Rybrevant/Lazcluze NSCLC ramp)
- Immunology (Tremfya +68% as Stelara replacement; new Icotrokinra oral psoriasis approval)
- MedTech (Abiomed Impella, Shockwave IVL, electrophysiology +mid-teens)
Long-term ambition is $100B+ sales by 2026 (largely achieved) and pathway to ~$120B by 2030 driven by oncology + immunology pipeline (TAR-200, milvexian, nipocalimab, TAR-210).
Forward Estimates
2026 Guide (raised in Q1):
- Reported Sales: $100.8B (+7.0% midpoint)
- Adjusted EPS: $11.55 (+7.1% midpoint)
- FCF target: ~$21B
Bull case: Oncology pipeline drives $25B+ → $35B+ over 5 years; MedTech recovery in China; Carvykti supply catches demand → blockbuster scale; talc litigation finally resolved. Bear case: Stelara erosion accelerates further; talc verdicts exceed reserves (one $1.5B verdict in Dec 2025); MedTech China VBP pressure persists; tariff headwinds on imported devices.
Deeper Financial Analysis
The fundamental tier adds 9 additional research dimensions for $JNJ.