Health Care · NYSE: JNJ
Johnson & Johnson: how the business works
Johnson & Johnson makes prescription medicines and medical devices, with sales of $94.2 billion in FY2025, two years after separating its consumer business, Kenvue.
By Hardik Bhandare · Checked against filings:
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Johnson & Johnson · New Brunswick, New Jersey
Last updated
- Sales, FY2025
- $94.2B
- Operating income, FY2025 (Cityfort calculation from the FY2025 10-K)
- $25.3B
- Net income, FY2025 (includes a talc reserve reversal)
- $26.8B
- Employees, Dec 28, 2025
- About 140,800
- Incorporated in New Jersey
- 1887
The short version
Johnson & Johnson in 5 points
1 · What it sells
Johnson & Johnson sells prescription medicines and medical devices, with FY2025 sales of $60.4 billion and $33.8 billion, or $94.2 billion in total.
2 · Who pays it
Johnson & Johnson reports no revenue by final payer and three wholesalers were 48.4 percent of gross revenues; by location, in FY2025 the US was 57.1% of sales, Europe 22.9%, Asia-Pacific and Africa 14.9% and the rest of the Western Hemisphere 5.2%.
3 · What it keeps from $100
Of every $100 that came in during FY2025, J&J kept $26.2 as net income, helped by a one-off talc reserve reversal of about $7.0 billion, while operating income, a Cityfort calculation from the FY2025 10-K, was $26.85 per $100 of sales.
4 · Where the operating profit comes from
Medicines made 84.4% of the two segments' FY2025 income before tax on 64.1% of sales, and devices made 15.6% on 35.9%; J&J reports no operating income by segment.
5 · The one thing to watch
About 76,500 US plaintiffs had pending talc lawsuits at Sep 27, 2026, and J&J's proposed $5.5 billion ovarian claims resolution needs at least 95% of remaining claims to take part.
Sources: From Johnson & Johnson's FY2025 10-K, Q3 FY2026 10-Q and the 8-K filed Jul 28, 2026 · checked
See the full receipt and the management scorecard below
01Where the money goes · FY2025
Where does $100 of Johnson & Johnson's money go?
Johnson & Johnson · FY2025
Receipt for every $100
| Cost of making products | $29.5 |
|---|---|
| Selling, marketing and admin | $23.1 |
| Research and development | $14.3 |
| Restructuring and research write-downs | $0.3 |
| Interest expense | $0.9 |
| Income tax | $5.6 |
| Kept as net income | $26.2 |
| Total | $100 |
Each line = amount ÷ total money in × 100. Lines may not add to exactly $100 because of rounding.
How this is worked out
Cityfort calculation from the FY2025 10-K. Of every $100 that came in during FY2025 (sales of $94.2 billion plus $8.3 billion of interest and other income): each line = line ÷ $102.5 billion × 100. Interest and other income were $8.1 of each $100, and included the about $7.0 billion talc reserve reversal.
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02The business in one line
What does Johnson & Johnson do?
Wholesalers, hospitals, retailers and other buyers pay Johnson & Johnson for medicines and medical devices; most of the money goes on making, marketing and researching them, and what is left is profit.
- Prescription medicines were 64.1% of FY2025 sales and medical devices were 35.9%. Customers in the US were 57.1% of sales.
- Net income was $26.8 billion in FY2025, with an about $7.0 billion talc reserve reversal, and $210 million in Q3 FY2026, after a $5.5 billion talc charge. Operating income was $25.3 billion in FY2025 (Cityfort calculation from the FY2025 10-K).
03Who pays it
Who pays Johnson & Johnson?
Customers in the US
57%
of revenue
57.1% of FY2025 sales ($53.8 billion). Shares here are by location, because J&J does not report revenue by final payer.
Customers in Europe
23%
of revenue
22.9% of FY2025 sales ($21.5 billion).
Customers in Asia-Pacific and Africa
15%
of revenue
14.9% of FY2025 sales ($14.0 billion).
Customers in the Western Hemisphere outside the US
5%
of revenue
5.2% of FY2025 sales ($4.9 billion).
- Customers in the US57%
- Customers in Europe23%
- Customers in Asia-Pacific and Africa15%
- Customers in the Western Hemisphere outside the US5%
Customer concentration
Three unnamed wholesalers serving both segments were 21.8%, 15.5% and 11.1% of FY2025 gross revenues, together 48.4 percent (Cityfort calculation from the FY2025 10-K). They are distributors, not final payers. J&J held $13.0 billion of rebate liabilities at Dec 28, 2025, primarily for US Managed Care, Medicare and Medicaid programs. It gives no split by insurer, Medicare, Medicaid or cash.
- Largest customer
- 22%
04Why it makes money
Why does Johnson & Johnson make money?
Patented medicines bring in far more than they cost to make, but each patent ends, so J&J must keep replacing products.
J&J kept $67.9 of gross profit per $100 of FY2025 sales, and spent $25.1 on selling and admin and $15.6 on research. Medicines made $36.9 of income before tax per $100 of segment sales; devices made $12.2. When Stelara lost its protection, its sales fell from $10.4 billion to $6.1 billion in one year.
Gross profit per $100 of sales (Cityfort calculation from the FY2023 and FY2025 10-Ks)
$70.3$67.9
FY2021 to FY2025
- J&J discovers, licenses or buys a product
- Patents limit direct copies for years
- Wholesalers and hospitals move it to patients
- Gross profit was $67.9 per $100 of FY2025 sales
- Cash pays for research, deals and dividends
- Copies arrive and new products must replace old ones
↺ Step 6 feeds back into step 1.
05Business segments · FY2025
Which businesses make up Johnson & Johnson?
Innovative Medicine
64%Prescription medicines. Income before tax, J&J's segment profit measure, was $22.3 billion, or 84.4% of the two segments' total (Cityfort calculation from the FY2025 10-K). Sales were $16.8 billion in Q3 FY2026.
Revenue $60.4B
MedTech
36%Surgical, heart, joint and eye devices. Income before tax was $4.1 billion, or 15.6% of the total, after $0.9 billion of litigation and $0.5 billion of restructuring. Sales were $8.6 billion in Q3 FY2026. A further $6.2 billion of FY2025 income, including the talc reversal, was not allocated to segments.
Revenue $33.8B
How the mix changed
- Innovative Medicine
- MedTech
Revenue by segment, FY2021 to FY2025.
US$
See the numbers
06The numbers · Consolidated · US$
How has Johnson & Johnson done?
Revenue
$94.2BFY2025
Sales rose every year from $78.7 billion in FY2021 to $94.2 billion in FY2025, and Q3 FY2026 sales of $25.4 billion were up 5.9% from a year earlier; all years leave out the consumer business that became Kenvue.
US$
See the numbers
Net profit
$26.8BFY2025
Net income was $26.8 billion in FY2025, with an about $7.0 billion talc reserve reversal, and $210 million in Q3 FY2026, after a $5.5 billion talc charge and about $1.0 billion of research bought with Firefly Bio.
US$
See the numbers
Profit kept per $100 of revenue
$28.5FY2025
Net income per $100 of sales was $28.5 in FY2025 with the talc reversal, while operating income per $100 was $26.85, up from $23.42 in FY2024; J&J reports no operating income line, so operating income and EBITDA are a Cityfort calculation from the FY2023 and FY2025 10-Ks and the Q3 FY2024 to Q3 FY2026 10-Qs.
$ of profit per $100 of revenue (net margin)
See the numbers
Free cash flow
$19.7BFY2025
Free cash flow, cash from operations minus purchases of property and equipment, was $19.7 billion in FY2025; J&J did not recast cash flow, so FY2021 to FY2023 include the consumer business until Aug 23, 2023.
US$ · cash from operations minus spending on plants and equipment
See the numbers
See all yearly numbers
EBITDA here = operating income plus depreciation and amortization (from the cash flow statement). Fiscal years are the company's own (Sunday nearest the end of December. FY2025 ended Dec 28, 2025, and FY2026 has 53 weeks). Net profit is the share belonging to the company's owners. Total net income differs from net profit to the company's owners: Net income line is continuing operations. The total includes $21,827 million from discontinued operations, including a $21.0 billion gain on separating Kenvue.
Learn: Stock-based compensation and dilution: pay that becomes shares
Sources (18)
- Form 10-K, fiscal year 2023 (ended December 31, 2023)
- Form 10-K, fiscal year 2025 (ended December 28, 2025)
- Earnings financial schedules, Q4 FY2024 (Form 8-K, Exhibit 99.2)
- Form 10-K, fiscal year 2024 (ended December 29, 2024)
- Form 10-Q, Q3 FY2024 (quarter ended September 29, 2024)
- Earnings financial schedules, Q1 FY2025 (Form 8-K, Exhibit 99.2)
- Form 10-Q, Q1 FY2025 (quarter ended March 30, 2025)
- Earnings financial schedules, Q2 FY2025 (Form 8-K, Exhibit 99.2)
- Form 10-Q, Q2 FY2025 (quarter ended June 29, 2025)
- Earnings financial schedules, Q3 FY2025 (Form 8-K, Exhibit 99.2)
- Form 10-Q, Q3 FY2025 (quarter ended September 28, 2025)
- Earnings financial schedules, Q4 FY2025 (Form 8-K, Exhibit 99.2)
- Earnings financial schedules, Q1 FY2026 (Form 8-K, Exhibit 99.2)
- Form 10-Q, Q1 FY2026 (quarter ended March 29, 2026)
- Earnings financial schedules, Q2 FY2026 (Form 8-K, Exhibit 99.2)
- Form 10-Q, Q2 FY2026 (quarter ended June 28, 2026)
- Earnings financial schedules, Q3 FY2026 (Form 8-K, Exhibit 99.2)
- Form 10-Q, Q3 FY2026 (quarter ended September 27, 2026)
07Who runs it
Who runs Johnson & Johnson, and did they deliver?
Joaquin Duato
Chairman and CEO · since 2022
CEO since 2022 and chairman since 2023. His 2025 Summary Compensation total was $32,758,111. Adding $26,400 of healthcare benefits gives $32,784,511, which the proxy states as 360 to 1 against the median employee's $91,000.
Joseph Wolk
Executive Vice President, Chief Financial Officer · since 2018
First joined J&J in 1998.
Tom Cavanaugh
Executive Vice President, Worldwide Chairman, Innovative Medicine · since 2026
Succeeded Jennifer Taubert, who retired on Sep 1, 2026. He joined J&J in 2017.
Tim Schmid
Executive Vice President, Worldwide Chairman, MedTech · since 2023
Joined J&J in 1993.
Namal Nawana
Worldwide President, DePuy Synthes · since 2025
Appointed on Oct 14, 2025 to lead the Orthopaedics business through the planned separation.
What they said, and what happened
1 delivered · 5 too early to tell · 1 partly delivered
Said on Jan 22, 2025
FY2025 reported sales of $89.2 billion to $90.0 billion. This excluded the COVID-19 vaccine and came before the Intra-Cellular deal closed.
DeliveredWhat happened
FY2025 sales were $94.2 billion, with $700 million from Caplyta. J&J raised its sales outlook in April 2025 for Caplyta.
Said on Jan 21, 2026
FY2026 reported sales with a midpoint of $100.5 billion.
Too early to tellWhat happened
J&J raised the midpoint to $101.2 billion on Oct 13, 2026. Sales were $74.8 billion for nine months.
Said on Jan 21, 2026
FY2026 free cash flowCash from operations minus spending on buildings and equipment. Learn more of "approximately $21 billion."
Too early to tellWhat happened
J&J said "approaching $21 billion" on Jul 15, 2026. Free cash flow was $15.1 billion for nine months.
Said on Jan 21, 2026
J&J's own adjusted pre-tax operating margin up "at least 50 basis points" in FY2026.
Too early to tellWhat happened
J&J said a decrease of about 75 basis points on Jul 29, 2026, with the Firefly and Sail deals, and about 60 on Oct 13. GAAP earnings before tax were 17.1% of sales for nine months.
Said on Jan 21, 2026
J&J would "continue to defend against these meritless claims at trial" in talc cases.
Partly deliveredWhat happened
On Jul 27, 2026 J&J announced a proposed $5.5 billion resolution of ovarian claims, conditioned on at least 95% participation. The mesothelioma docket continues.
Said on Oct 14, 2025
Orthopaedics separation within 18 to 24 months.
Too early to tellWhat happened
J&J's Q3 FY2026 10-Q says it expects completion in mid-2027.
Said on Jan 21, 2026
J&J said "growth in 2026 will be faster than in 2025."
Too early to tellWhat happened
Reported sales rose 7.4% in the first nine months of FY2026, against 6.0% for FY2025. FY2026 has 53 weeks.
Sources (15)
- Form 10-K, fiscal year 2025 (ended December 28, 2025)
- Proxy statement (DEF 14A), 2026 annual meeting, record date February 24, 2026
- Form 8-K, Item 5.02: Jennifer Taubert to retire; Tom Cavanaugh appointed
- Form 8-K, Item 8.01: intent to separate the Orthopaedics business (DePuy Synthes)
- Earnings release, Q4 FY2024 (Form 8-K, Exhibit 99.1)
- Earnings release, Q1 FY2025 (Form 8-K, Exhibit 99.1)
- Earnings release, Q4 FY2025 (Form 8-K, Exhibit 99.1)
- Q4 2025 earnings call transcript, January 21, 2026 (LSEG StreetEvents, posted on J&J investor site)
- Earnings release, Q3 FY2026 (Form 8-K, Exhibit 99.1)
- Form 10-Q, Q3 FY2026 (quarter ended September 27, 2026)
- Q2 2026 earnings call transcript, July 15, 2026 (LSEG StreetEvents, posted on J&J investor site)
- Form 8-K, Item 7.01: Firefly Bio acquisition, Sail Biomedicines collaboration, updated 2026 guidance
- Q3 2026 earnings call presentation, October 13, 2026
- Form 8-K, Item 7.01: proposed resolution of ovarian talc litigation (with press release)
- Earnings financial schedules, Q3 FY2026 (Form 8-K, Exhibit 99.2)
08What could go wrong
What could go wrong for Johnson & Johnson?
- Legal
Talc litigation
About 76,500 US plaintiffs had pending talc lawsuits at Sep 27, 2026. J&J's proposed $5.5 billion ovarian claims resolution needs at least 95% of remaining claims to take part, and mesothelioma cases continue outside it. J&J said on Jul 27, 2026 that studies show talc is safe.
Watch Whether the 95% condition is met, and the talc reserve in each 10-Q, about $9.0 billion at Sep 27, 2026.
- Competition
Patents on large medicines end
J&J's 10-K says loss of exclusivity often brings a substantial reduction in sales. Stelara fell from $10.4 billion in FY2024 to $6.1 billion in FY2025. Darzalex, about 15.0% of FY2025 revenues, has US patent families that expire in 2029.
Watch Stelara and Darzalex lines in each 10-Q, and the generic Erleada and Spravato patent cases.
- Pricing
US drug pricing rules
Medicare negotiated prices for Xarelto, Stelara and Imbruvica began in 2026. Price lowered FY2025 sales growth by 3.1%. J&J reached an agreement with the US Administration in January 2026 on access and costs, and its unit is suing over the Medicare program.
Watch The US rebate liability, $13.0 billion at Dec 28, 2025, and the Supreme Court review J&J's unit sought in December 2025.
- Concentration
A few wholesalers, one large medicine
Three unnamed wholesalers were 48.4 percent of FY2025 gross revenues. Darzalex was about 15.0% of FY2025 revenues.
Watch The wholesaler percentages and product table in each 10-K.
- Execution
Separating Orthopaedics
J&J said in its Q3 FY2026 10-Q (Oct 21, 2026) that it expects to separate a business with $9.3 billion of FY2025 sales in mid-2027. Its 10-K says conditions, timing and benefits are uncertain. Separation costs were about $0.4 billion in Q3 FY2026.
Watch The structure J&J chooses, the costs, and whether mid-2027 still holds.
- Debt
Debt and large deals
Net debt rose from $12.1 billion at the end of FY2024 to $27.4 billion at Sep 27, 2026, after about $17.5 billion of FY2025 acquisitions. Goodwill and intangible assets were $95.1 billion, 48.2% of total assets.
Watch Net debt in each 10-Q, the Sail option of about $2.6 billion, and impairment charges.
- Legal
Other product and legal claims
At the end of FY2025 plaintiffs numbered 5,190 for pelvic meshes and 680 for Pinnacle hip implants, and about 311 US opioid cases remained. A $0.8 billion Auris judgment was paid in January 2026. J&J's 10-K says legal cases can bring significant expenses, fines and reputational damage.
Watch The legal note in each 10-Q.
- Other
Tariffs and trade
J&J said on Jan 21, 2026 that it expected about $500 million of MedTech tariff costs in 2026. It recorded about $0.2 billion of tariff recoveries in Q3 FY2026.
Watch MedTech income before tax, which was 12.2% of nine-month FY2026 segment sales.
Sources (4)
09Both sides
What do supporters and critics point to?
What supporters point to
- Sales rose every year from $78.7 billion in FY2021 to $94.2 billion in FY2025.
- Tremfya sales rose 68.3% in Q3 FY2026 while Stelara fell 54.4%, and Immunology sales rose 1.3%.
- Free cash flow was $19.7 billion in FY2025 and $15.1 billion in the first nine months of FY2026.
- J&J proposed a talc resolution on Jul 27, 2026, with no more than $3 billion due in 2027 and nothing further before 2028.
- J&J raised its dividend on Apr 14, 2026, which it calls its 64th year of consecutive increases.
What critics point to
- About 76,500 US plaintiffs had pending talc lawsuits at Sep 27, 2026, and the proposal needs at least 95% participation.
- Stelara sales fell from $10.4 billion in FY2024 to $6.1 billion in FY2025 after biosimilars launched.
- Darzalex was about 15.0% of FY2025 revenues, and its licensed US patent families expire in 2029.
- Net debt rose from $12.1 billion at the end of FY2024 to $27.4 billion at Sep 27, 2026.
- MedTech income before tax fell from $4.7 billion in FY2023 to $4.1 billion in FY2025, while its sales rose from $30.4 billion to $33.8 billion.
10What to watch next
What should you watch next at Johnson & Johnson?
Next event
Q4 FY2026 results
Date not announced yet.
The talc participation condition
The $5.5 billion resolution needs at least 95% of the remaining ovarian claims to take part. No filing read gives a date for the outcome. The reserve was about $9.0 billion at Sep 27, 2026.
Stelara, Tremfya and Darzalex
Stelara fell to $716 million in Q3 FY2026 as Tremfya reached $2.4 billion. Darzalex was $4.2 billion in the quarter, and its licensed US patent families expire in 2029.
The Orthopaedics separation
J&J said in its Q3 FY2026 10-Q (Oct 21, 2026) that it expects to complete it in mid-2027. The business had $9.3 billion of sales in FY2025 and $2.3 billion in Q3 FY2026.
11Key dates
What are the key dates for Johnson & Johnson?
| Event | Date | Source |
|---|---|---|
| Next dividend of $1.34 a share paidTo holders of record on Nov 24, 2026, as declared on Oct 13, 2026. | Form 10-Q, Q3 FY2026 (quarter ended September 27, 2026) | |
| First talc payment, if the resolution proceedsUnder terms J&J announced on Jul 27, 2026: no more than $3 billion in 2027, with no further payment due before 2028. | Not yet stated | Form 8-K, Item 7.01: proposed resolution of ovarian talc litigation (with press release) |
| Orthopaedics separation expectedJ&J said mid-2027 in its Q3 FY2026 10-Q (Oct 21, 2026); it gives no exact date. | Not yet stated | Form 10-Q, Q3 FY2026 (quarter ended September 27, 2026) |
Learn: IPO lock-up agreements: what they are and when they end
12Key facts
Key facts about Johnson & Johnson
- What does Johnson & Johnson do?
- Johnson & Johnson (J&J), incorporated in New Jersey in 1887, develops, makes and sells prescription medicines and medical devices. J&J had sales of $94.2 billion in FY2025 and $25.4 billion in Q3 FY2026, and about 140,800 employees at Dec 28, 2025.
- How does Johnson & Johnson make money?
- Johnson & Johnson makes money by selling medicines and medical devices. In FY2025 J&J had $60.4 billion of Innovative Medicine sales (64.1%) and $33.8 billion of MedTech sales (35.9%). Its largest product, Darzalex, was about 15.0% of total revenues.
- What is Johnson & Johnson's business model?
- Johnson & Johnson's business model is to discover, license or buy medicines and devices, protect them with patents and sell them worldwide. In FY2025 J&J kept $67.9 of gross profit per $100 of sales and spent $15.6 per $100 on research and development.
- Is Johnson & Johnson profitable?
- Yes. Johnson & Johnson reported net income of $26.8 billion in FY2025, including an about $7.0 billion talc reserve reversal. It reported $11.0 billion in the first nine months of FY2026, after a $5.5 billion talc charge. J&J's FY2025 operating income was $25.3 billion (Cityfort calculation from the FY2025 10-K).
- What is Johnson & Johnson's revenue by segment?
- Johnson & Johnson's FY2025 sales were $60.4 billion in Innovative Medicine and $33.8 billion in MedTech. By franchise, J&J reported Oncology at $25.4 billion, Immunology $15.7 billion, Surgery $10.1 billion, Orthopaedics $9.3 billion, Cardiovascular $8.9 billion, Neuroscience $7.8 billion and Vision $5.5 billion.
- Who are Johnson & Johnson's customers?
- Johnson & Johnson sells to wholesalers, hospitals, retailers, distributors and healthcare professionals. Three unnamed wholesalers were 21.8%, 15.5% and 11.1% of J&J's FY2025 gross revenues. Customers in the US were 57.1% of FY2025 sales. J&J gives no split by insurer, Medicare, Medicaid or cash.
- Who owns Johnson & Johnson?
- Johnson & Johnson is widely held, with one class of stock and one vote per share. Vanguard Capital Management reported 7.49% in a May 2026 filing and BlackRock 7.7% in a January 2024 filing. J&J's directors and executive officers together held less than 1% on Feb 24, 2026.
- How much does Johnson & Johnson earn from cancer medicines?
- Johnson & Johnson's Oncology franchise had sales of $25.4 billion in FY2025, up from $20.8 billion in FY2024. It includes Darzalex ($14.4 billion), Erleada ($3.6 billion), Imbruvica ($2.8 billion) and Carvykti ($1.9 billion).
- How much does Johnson & Johnson earn from immunology medicines?
- Johnson & Johnson's Immunology franchise had sales of $15.7 billion in FY2025, down from $17.8 billion in FY2024. Stelara fell from $10.4 billion to $6.1 billion as biosimilars, close copies of a biologic drug, launched. Tremfya rose from $3.7 billion to $5.2 billion.
- How much does Johnson & Johnson earn from medical devices?
- Johnson & Johnson's MedTech segment had sales of $33.8 billion in FY2025: Surgery $10.1 billion, Orthopaedics $9.3 billion, Cardiovascular $8.9 billion and Vision $5.5 billion. MedTech made $4.1 billion of income before tax in FY2025.
Sources (5)
- Form 10-K, fiscal year 2025 (ended December 28, 2025)
- Earnings financial schedules, Q3 FY2026 (Form 8-K, Exhibit 99.2)
- Form 10-Q, Q3 FY2026 (quarter ended September 27, 2026)
- Proxy statement (DEF 14A), 2026 annual meeting, record date February 24, 2026
- Schedule 13G, Vanguard Capital Management, 180,631,228 shares, event March 31, 2026
Go deeper
More detail from the same filings. Open any section.
13What it sells
13What it sells
What does Johnson & Johnson sell?
Oncology ($25.4B in FY2025)
Cancer medicines: Darzalex for multiple myeloma, a blood cancer ($14.4 billion), Erleada for prostate cancer ($3.6 billion), Imbruvica for blood cancers ($2.8 billion) and the cell therapy Carvykti ($1.9 billion).
Immunology ($15.7B in FY2025)
Medicines for conditions such as psoriasis and Crohn's disease: Stelara ($6.1 billion), which now faces biosimilars, and Tremfya ($5.2 billion).
Neuroscience ($7.8B in FY2025)
Medicines for mental health conditions: the Invega family for schizophrenia ($3.8 billion), Spravato for treatment-resistant depression ($1.7 billion) and Caplyta ($700 million from Apr 2, 2025).
Other medicines ($11.5B in FY2025)
Pulmonary Hypertension ($4.4 billion), Infectious Diseases ($3.2 billion) and Cardiovascular, Metabolism and Other ($3.8 billion), which includes US sales of the blood thinner Xarelto ($2.6 billion).
Surgery ($10.1B in FY2025)
Instruments, energy devices, stapling systems and wound closure for open, laparoscopic and robotic surgery. The Ottava surgical robot received FDA market authorization in Q3 FY2026.
Orthopaedics ($9.3B in FY2025)
DePuy Synthes products for joint reconstruction, trauma, spine and sports injuries. J&J said in its Q3 FY2026 10-Q (Oct 21, 2026) that it expects to separate this business in mid-2027.
Cardiovascular ($8.9B in FY2025)
Electrophysiology products for heart rhythm disorders ($5.6 billion), Abiomed devices that support blood circulation ($1.8 billion), and Shockwave products for calcified arteries ($1.1 billion).
Vision ($5.5B in FY2025)
Contact lenses, including the Acuvue brand, and other products used by eye care professionals.
What it does
- Does: Researches, makes and sells its own medicines and devices
- Does: Buys companies for new products: Shockwave for $12.6 billion in 2024 and Intra-Cellular for $14.5 billion in 2025
- Does: Licenses some products from partners and pays royalties: about $2.4 billion to Genmab on Darzalex in FY2025
What it does not do
- Does not: Does not own its old consumer health business: Kenvue was separated in 2023, and J&J exchanged its last Kenvue shares on May 17, 2024
- Does not: Did not leave talc claims behind with Kenvue: J&J kept those liabilities and indemnifies Kenvue in the US and Canada
- Does not: Does not plan to keep Orthopaedics: J&J said in its Q3 FY2026 10-Q that it expects to separate the business in mid-2027
14How the money flows
14How the money flows · FY2025
How does money flow through Johnson & Johnson?
Money in
- Innovative Medicine sales$60.4B
- MedTech sales$33.8B
- Interest and other income (includes a talc reserve reversal)$8.3B
The company
Johnson & Johnson
$102.5B came in
Money out
- Cost of making products$30.3B
- Selling, marketing and admin$23.7B
- Research and development$14.7B
- Restructuring and research write-downs$309M
- Interest expense$971M
- Income tax$5.8B
- Net income$26.8B
- Buyers paid J&J $94.2 billion in FY2025: $60.4 billion for medicines and $33.8 billion for devices.
- Making the products cost $30.3 billion. Selling, marketing and admin took $23.7 billion, and research took $14.7 billion.
- Interest and other income added $8.3 billion. That included reversing an about $7.0 billion talc legal reserve, a one-off item.
- Interest expense took $971 million and income tax took $5.8 billion.
- $26.8 billion was left as net income. Operating income, which leaves out other income and expense, was $25.3 billion (Cityfort calculation from the FY2025 10-K).
15What it needs to run
15What it needs to run
What does Johnson & Johnson need to run?
Research
Research and development cost $14.7 billion in FY2025, or 15.6% of sales. J&J says products launched in the past five years were about 25% of 2025 sales.
Patents
The two patent families J&J licenses for Darzalex expire in the US in 2029. A Tremfya composition patent family is projected to expire in the US in 2031.
Factories and people
J&J had 63 manufacturing facilities, 22 of them in the US, and about 140,800 employees at the end of FY2025.
Partners
Darzalex is licensed from Genmab, at a royalty rate of 12% to 20% of net sales. Xarelto was co-developed with Bayer, and Imbruvica is developed with Pharmacyclics.
16Where it sells
16Where it sells · FY2025
Where does Johnson & Johnson sell?
- United States57%
- Europe23%
- Asia-Pacific and Africa15%
- Western Hemisphere outside the US5%
17Competitors and what protects it
17Competitors and what protects it
Who does Johnson & Johnson compete with?
Sandoz
Seeks to sell generic Spravato in the US. A US court found in August 2026 that the patents are infringed and not invalid, and Sandoz appealed. A Canadian generic Erleada case awaits a decision.
Lupin
Filed to sell a 60 mg generic Erleada in the US. J&J's units sued in October 2026.
MSN Laboratories
Filed, with Novadoz, to sell generic Erleada in the US. J&J's units sued in June 2026.
Alvotech
Filed to sell biosimilar versions of Simponi and Simponi Aria in the US. J&J's units sued in June 2026.
Accord BioPharma and Bio-Thera
Accord filed to sell a biosimilar of Simponi with Bio-Thera. J&J's units sued in March 2026, and the two companies are also challenging patents at the US Patent Office.
What protects the business
Each strength is scored 1 (weak) to 5 (strong) for the business, with the reason. It is not a rating of the share.
- Research spending4 of 5
J&J spent $14.7 billion on research and development in FY2025, or 15.6% of sales. It also bought research assets, such as Firefly Bio for about $1.0 billion in 2026.
- Two businesses4 of 5
Medicines were 64.1% and devices 35.9% of FY2025 sales. Immunology sales fell 11.8% in FY2025, and total sales still rose 6.0%.
- Global reach4 of 5
Customers outside the US were 42.9% of FY2025 sales (Cityfort calculation from the FY2025 10-K), and J&J ran 63 manufacturing facilities, 22 of them in the US.
- Patents on the main medicines3 of 5
A Tremfya patent family is projected to run to 2031 in the US. The Darzalex families expire in the US in 2029, and biosimilars of Stelara have launched.
- Pricing power2 of 5
Price lowered FY2025 sales growth by 3.1%, while volume added 8.4%. Medicare negotiated prices for Xarelto, Stelara and Imbruvica started in 2026.
Weak spot
Patent expiries on large medicines
Stelara fell from $10.4 billion in FY2024 to $6.1 billion in FY2025. Darzalex, about 15.0% of FY2025 revenues, has licensed US patent families that expire in 2029, and J&J said in its FY2025 10-K (Feb 11, 2026) that it expects generic competition for Opsumit in 2026.
18Where growth could come from
18Where growth could come from
Where could Johnson & Johnson's growth come from?
J&J said in its Q3 FY2026 earnings release (Oct 13, 2026) that it expects FY2026 reported sales of $101.0 billion to $101.4 billion. Its midpoint on Jan 21, 2026 was $100.5 billion. FY2026 has 53 weeks, which J&J said on Jan 21, 2026 adds about 100 basis points to sales growth. CEO Joaquin Duato said J&J has a "clearer line of sight to double-digit growth by the end of the decade."
Darzalex
Working$4.2B in Q3 FY2026, up 15.4%
J&J's largest product, for multiple myeloma. Sales were $14.4 billion in FY2025. The licensed US patent families expire in 2029.
Status: Working, on track against what the company said.
Tremfya
Working$2.4B in Q3 FY2026, up 68.3%
Immunology sales rose 1.3% in the quarter because Tremfya's growth offset Stelara, which fell 54.4% to $716 million.
Status: Working, on track against what the company said.
Carvykti
Working$710M in Q3 FY2026, up 35.5%
A cell therapy for multiple myeloma. Sales were $1.9 billion in FY2025. A patent suit filed in Europe in January 2026 has a hearing set for March 2027.
Status: Working, on track against what the company said.
Neuroscience
Working$2.4B in Q3 FY2026, up 17.3%
Spravato rose 36.1% to $624 million. Caplyta, from the $14.5 billion Intra-Cellular deal, rose 66.1% to $398 million.
Status: Working, on track against what the company said.
Cardiovascular devices
Mixed$2.3B in Q3 FY2026, up 4.3%
Electrophysiology rose 4.9% and Shockwave 16.8%, while Abiomed fell 2.3%. J&J cited competitive pressures in pulsed field ablation catheters in its FY2025 10-K.
Status: Mixed, partly on track.
Ottava surgical robot
NewFDA authorized in Q3 FY2026
J&J reported the US market authorization in its Q3 FY2026 earnings release. Surgery sales fell 0.6% to $2.5 billion in the quarter.
Status: New, recently announced.
Firefly Bio and Sail Biomedicines
EarlyAbout $1.0B and $0.8B paid in Q3 FY2026
Firefly is a cancer research platform, and J&J expensed about $1.0 billion. Sail develops immune therapies, and J&J holds an exclusive option to buy it for about $2.6 billion.
Status: Early, too early to judge.
Status compares progress with what the company itself said it would do: Working = on track against what the company said; Mixed = partly on track; Behind = behind the company's own plan; New = recently announced; Early = too early to judge.
Sources (6)
- Earnings release, Q3 FY2026 (Form 8-K, Exhibit 99.1)
- Earnings release, Q4 FY2025 (Form 8-K, Exhibit 99.1)
- Q4 2025 earnings call transcript, January 21, 2026 (LSEG StreetEvents, posted on J&J investor site)
- Form 10-Q, Q3 FY2026 (quarter ended September 27, 2026)
- Form 10-K, fiscal year 2025 (ended December 28, 2025)
- Form 8-K, Item 7.01: Firefly Bio acquisition, Sail Biomedicines collaboration, updated 2026 guidance
19The company's own measures (non-GAAP)
19The company's own measures · FY2023 to FY2025 and Q3 FY2026
What do Johnson & Johnson's own measures show?
Official (GAAP): Net income, FY2025
$26.8B
Company's own measure: Adjusted net earnings, FY2025
$26.2B
J&J leaves out after-tax intangible amortization and special items. Here adjusted is below GAAP, because the talc reversal is left out: litigation was a $6.0 billion gain, against $4.6 billion of amortization.
Official (GAAP): Diluted EPS, FY2025
$11.03
Company's own measure: Adjusted diluted EPS, FY2025
$10.79
Same exclusions, per share. On Jan 22, 2025 J&J had said it expected $10.50 to $10.70.
Official (GAAP): Net income, FY2024
$14.1B
Company's own measure: Adjusted net earnings, FY2024
$24.2B
Same type of exclusions. FY2024 included about $5.1 billion of talc charges.
Official (GAAP): Diluted EPS, FY2024
$5.79
Company's own measure: Adjusted diluted EPS, FY2024
$9.98
Same type of exclusions, per share.
Official (GAAP): Diluted EPS from continuing operations, FY2023
$5.20
Company's own measure: Adjusted diluted EPS, FY2023
$9.92
Same type of exclusions, per share. FY2023 included about $7.0 billion of talc charges.
Official (GAAP): Net income, Q3 FY2026
$210M
Company's own measure: Adjusted net earnings, Q3 FY2026
$6.3B
The bridge adds back, before tax, $5.5 billion of litigation, $1.2 billion of amortization and $369 million of Orthopaedics separation costs, among other items.
Official (GAAP): Diluted EPS, Q3 FY2026
$0.09
Company's own measure: Adjusted diluted EPS, Q3 FY2026
$2.59
On Oct 13, 2026 J&J said it expects FY2026 adjusted EPS of $11.05 to $11.15. It gives no GAAP EPS guidance. On Jul 29 it had cut its midpoint to $11.04 from $11.68 for the Firefly and Sail deals.
Official (GAAP): Earnings before tax as a share of sales, FY2025
34.6%
Company's own measure: Adjusted income before tax as a share of sales, FY2025
33.6%
Same type of exclusions. J&J separately guides on an adjusted pre-tax operating margin, defined as sales less cost of products, selling and admin, and research. That is a different figure.
These are the company's own measures, defined by the company. They are not comparable across companies, and they are not added together. Each sits beside the nearest official (GAAP) figure.
Learn: Non-GAAP measures: what a company's "adjusted" numbers leave out
Sources (8)
- Earnings financial schedules, Q4 FY2025 (Form 8-K, Exhibit 99.2)
- Earnings release, Q4 FY2024 (Form 8-K, Exhibit 99.1)
- Earnings financial schedules, Q4 FY2024 (Form 8-K, Exhibit 99.2)
- Form 10-K, fiscal year 2025 (ended December 28, 2025)
- Earnings financial schedules, Q3 FY2026 (Form 8-K, Exhibit 99.2)
- Earnings release, Q3 FY2026 (Form 8-K, Exhibit 99.1)
- Form 8-K, Item 7.01: Firefly Bio acquisition, Sail Biomedicines collaboration, updated 2026 guidance
- Earnings release, Q2 FY2026 (Form 8-K, Exhibit 99.1)
20Financial strength and debt
20Financial strength · Sep 27, 2026
How much debt does Johnson & Johnson have?
- Total debt$44.7B
- Cash and investments$17.2B
- Net debt (debt minus cash)$27.4B
- Net worth (shareholders' money)$81.5B
- Debt to equity
- 0.55×
- $ of debt for every $1 of shareholders' money
- J&J states net debt of $27.8 billion at the end of FY2025 and $12.1 billion at the end of FY2024. Net debt was $6.4 billion at the end of FY2023 (Cityfort calculation from the FY2023 10-K).
- J&J issued about $9.2 billion of senior notes in Q1 FY2025, using the proceeds for the Intra-Cellular deal and general purposes.
- J&J names these obligations at Sep 27, 2026: about $9.0 billion for talc, $3.2 billion of current bonds, about $2.6 billion if it exercises the Sail option, and about $0.9 billion for opioids.
- Goodwill and intangible assets were $95.1 billion, or 48.2% of total assets of $197.4 billion (Cityfort calculation from the Q3 FY2026 10-Q).
- Debt leaves out operating lease liabilities of $1.4 billion at the end of FY2025. J&J says it has investment grade ratings from Moody's and S&P; its 10-K gives no letter grade.
21Who owns it
21Who owns it · ownership as of Feb 24, 2026
Who owns Johnson & Johnson?
- Officers and directors (as a group), shares
- 0.2%
Share classes
Holders of 5% or more
From the company's proxy statement (DEF 14A), later Schedule 13G filings and the share counts on its latest annual or quarterly report. Each holder row shows the date of its own filing.
Learn: How to read a proxy statement (DEF 14A): Nvidia's 2026 proxy · Form 4 insider filings: who files, the codes and the footnotes
Sources (5)
- Form 10-Q, Q3 FY2026 (quarter ended September 27, 2026)
- Proxy statement (DEF 14A), 2026 annual meeting, record date February 24, 2026
- Schedule 13G, Vanguard Capital Management, 180,631,228 shares, event March 31, 2026
- Schedule 13G/A, The Vanguard Group, reporting 0 shares after January 2026 realignment
- Schedule 13G/A, The Vanguard Group, 243,455,135 shares
22What it does with profit
22What it does with profit
What does Johnson & Johnson do with its profit?
Dividend per share
$5.14FY2025
Dividend paid for each share, by financial year.
$ per share
See the numbers
Buyback · Dec 31, 2023
Repurchased $5.1 billion of shares in FY2023.
$5.1B
Buyback · Dec 29, 2024
Repurchased $2.4 billion of shares in FY2024.
$2.4B
Buyback · Dec 28, 2025
Repurchased $6.0 billion of shares in FY2025, through open-market purchases under a systematic plan to meet compensation programs. No publicly announced program was in place in Q4 FY2025.
$6.0B
Buyback · Sep 27, 2026
Repurchased $6.0 billion of shares in the first nine months of FY2026.
$6.0B
Money raised · Mar 30, 2025
Issued about $9.2 billion of senior unsecured notes in Q1 FY2025, using the proceeds for the Intra-Cellular deal and general purposes.
$9.2B
23Governance signals
23Governance signals
What do Johnson & Johnson's governance filings show?
- Auditor
- PricewaterhouseCoopers LLP, since 1920
- Auditor changes
- None in the period covered
- Audit qualifications
- None reported
- Related-party dealings
- J&J paid JPMorganChase about $8.2 million in 2025 for financial services; director Daniel Pinto is its Vice Chairman. Advocate Health, whose CEO Eugene Woods is a J&J director, paid J&J about $171.4 million for products. A sister of CFO Joseph Wolk earned $245,969 as a J&J employee. The Nominating and Corporate Governance Committee approved these.
- Credit rating
- No public credit rating found
Flags to know about
other · Oct 21, 2026
Talc lawsuits
About 76,500 US plaintiffs allege injury from body powders containing talc, primarily Johnson's Baby Powder. J&J called the litigation "meritless" and said studies show talc is safe (Jul 27, 2026). Three bankruptcy attempts were dismissed, and J&J's reserve was about $9.0 billion at Sep 27, 2026.
other · Oct 21, 2026
Securities class action over talc disclosure
A 2018 suit alleges J&J failed to disclose alleged asbestos contamination in body powders. A class was certified in December 2023, the Supreme Court denied J&J's petition in April 2026, and expert discovery is proceeding.
other · Oct 21, 2026
Stelara antitrust suit
A class action filed in December 2023 alleges J&J's unit delayed biosimilar competition with Stelara through its enforcement of patents. A court certified a class in December 2025 and granted J&J summary judgment on one claim in January 2026. Plaintiffs appealed in March 2026.
other · Oct 21, 2026
False Claims Act complaint
An amended complaint filed in June 2026 in Florida alleges J&J and DePuy Synthes, with hospital defendants, caused false claims to federal and Florida health programs.
other
Opioid settlement
J&J's settlement with states and subdivisions of up to $5.0 billion was finalized in July 2021, and about 80% was paid by the end of FY2025. About 311 US cases remained then.
other · Apr 28, 2026
Chairman and CEO are one person
Joaquin Duato holds both roles, and Marillyn Hewson is lead independent director. A shareholder proposal for an independent chair failed in April 2026, with 406,353,048 votes for and 1,326,857,173 against.
other
What the auditor flagged
PwC's critical audit matters for FY2025 are US rebate reserves and talc litigation. PwC says it has served since at least 1920 and cannot determine the specific year it began.
disclosure
No payer split, operating income line or letter rating
J&J gives no revenue by final payer, does not name its three large wholesalers and reports no operating income line. Its 10-K gives no letter credit rating.
other
Insider share rules
J&J's policy bars directors and executive officers from hedging or short selling its stock, or using it as collateral for personal loans.
Sources (5)
- Form 10-K, fiscal year 2025 (ended December 28, 2025)
- Proxy statement (DEF 14A), 2026 annual meeting, record date February 24, 2026
- Form 10-Q, Q3 FY2026 (quarter ended September 27, 2026)
- Form 8-K, Item 7.01: proposed resolution of ovarian talc litigation (with press release)
- Form 8-K, Item 5.07: 2026 annual meeting voting results
24What the market paid
24What the market paid · price as of Nov 4, 2026
What did the market pay for Johnson & Johnson on Nov 4, 2026?
Price as of Nov 4, 2026 (shown for education; prices change daily).
Price as of Nov 4, 2026: J&J closed at $276.32, from Nasdaq's historical price table; J&J's shares are listed on the NYSE. The market value of about $665.2 billion (Cityfort calculation from the Nov 4, 2026 closing price and the Q3 FY2026 10-Q) uses the 2,407.3 million shares on the 10-Q cover (Oct 15, 2026). P/E is price ÷ earnings per share: 25.1 on FY2025 diluted EPS of $11.03, which includes the talc reversal, and 41.9 on $6.60 for the four quarters to Q3 FY2026, which include the $5.5 billion talc charge (Cityfort calculation from the Q4 FY2025 to Q3 FY2026 earnings releases). J&J's $1.34 quarterly dividend is $5.36 over four quarters, or 1.94% of that price.
- Share price
- $276.32
- Market value (market cap)
- $665.2B
- P/E
- 25.1×
Source: JNJ historical prices, close of November 4, 2026; Form 10-Q, Q3 FY2026 (quarter ended September 27, 2026); Form 10-K, fiscal year 2025 (ended December 28, 2025) and 5 more
Sources (8)
- JNJ historical prices, close of November 4, 2026
- Form 10-Q, Q3 FY2026 (quarter ended September 27, 2026)
- Form 10-K, fiscal year 2025 (ended December 28, 2025)
- Earnings financial schedules, Q4 FY2025 (Form 8-K, Exhibit 99.2)
- Earnings financial schedules, Q1 FY2026 (Form 8-K, Exhibit 99.2)
- Earnings financial schedules, Q2 FY2026 (Form 8-K, Exhibit 99.2)
- Earnings financial schedules, Q3 FY2026 (Form 8-K, Exhibit 99.2)
- Form 8-K, Item 8.01: quarterly dividend raised to $1.34
25How it got here
25How it got here
How did Johnson & Johnson get here?
1887
Milestone
Incorporated in New Jersey
Johnson & Johnson was incorporated in the state in 1887.
2021
Crisis
First talc bankruptcy attempt
J&J paid about $2.5 billion on the Ingham talc verdict in June 2021. It began the first of three bankruptcy attempts in October 2021, and all three were dismissed.
2022
Business-model change
Abiomed adds heart-support devices
J&J closed the Abiomed deal on Dec 22, 2022, within $17.7 billion of FY2022 acquisitions.
2023
Business-model change
Kenvue separated
Kenvue, the consumer health business, completed an initial public offering on May 8, 2023. J&J disposed of 80.1% through an exchange offer on Aug 23, 2023, for a $21.0 billion gain, keeping the talc liabilities.
2024
Business-model change
Shockwave and Ambrx deals
J&J bought Ambrx for about $1.8 billion in March and Shockwave for $12.6 billion in May, and exchanged its last Kenvue shares.
2025
Crisis
Third talc bankruptcy dismissed, reserve reversed
A Texas court dismissed the third bankruptcy in March 2025, and J&J reversed about $7.0 billion of its reserve. Stelara sales fell by $4.3 billion in FY2025 as biosimilars launched.
2025
Business-model change
Intra-Cellular deal and Orthopaedics plan
J&J bought Intra-Cellular for $14.5 billion on Apr 2, 2025. On Oct 14, 2025 it announced plans to separate Orthopaedics.
2026
Crisis
$5.5 billion ovarian talc proposal
On Jul 27, 2026 J&J announced a proposed resolution, conditioned on at least 95% participation. The charge left Q3 FY2026 net income at $210 million.
Sources (5)
- Form 10-K, fiscal year 2025 (ended December 28, 2025)
- Form 10-K, fiscal year 2023 (ended December 31, 2023)
- Form 8-K, Item 7.01: proposed resolution of ovarian talc litigation (with press release)
- Form 8-K, Item 8.01: intent to separate the Orthopaedics business (DePuy Synthes)
- Earnings financial schedules, Q3 FY2026 (Form 8-K, Exhibit 99.2)
26Sources and changes
Where every number on this page comes from
Sources (37 documents)
- S1Form 10-K, fiscal year 2025 (ended December 28, 2025) · Johnson & Johnson (SEC EDGAR) · Tier 1: company or exchange filing · Feb 11, 2026
- S2Form 10-K, fiscal year 2024 (ended December 29, 2024) · Johnson & Johnson (SEC EDGAR) · Tier 1: company or exchange filing · Feb 13, 2025
- S3Form 10-K, fiscal year 2023 (ended December 31, 2023) · Johnson & Johnson (SEC EDGAR) · Tier 1: company or exchange filing · Feb 16, 2024
- S6Form 10-Q, Q3 FY2026 (quarter ended September 27, 2026) · Johnson & Johnson (SEC EDGAR) · Tier 1: company or exchange filing · Oct 21, 2026
- S7Form 10-Q, Q2 FY2026 (quarter ended June 28, 2026) · Johnson & Johnson (SEC EDGAR) · Tier 1: company or exchange filing · Jul 23, 2026
- S8Form 10-Q, Q1 FY2026 (quarter ended March 29, 2026) · Johnson & Johnson (SEC EDGAR) · Tier 1: company or exchange filing · Apr 22, 2026
- S9Form 10-Q, Q3 FY2025 (quarter ended September 28, 2025) · Johnson & Johnson (SEC EDGAR) · Tier 1: company or exchange filing · Oct 22, 2025
- S10Form 10-Q, Q2 FY2025 (quarter ended June 29, 2025) · Johnson & Johnson (SEC EDGAR) · Tier 1: company or exchange filing · Jul 24, 2025
- S11Form 10-Q, Q1 FY2025 (quarter ended March 30, 2025) · Johnson & Johnson (SEC EDGAR) · Tier 1: company or exchange filing · Apr 23, 2025
- S12Form 10-Q, Q3 FY2024 (quarter ended September 29, 2024) · Johnson & Johnson (SEC EDGAR) · Tier 1: company or exchange filing · Oct 23, 2024
- S13Earnings release, Q3 FY2026 (Form 8-K, Exhibit 99.1) · Johnson & Johnson (SEC EDGAR) · Tier 1: company or exchange filing · Oct 13, 2026
- S14Earnings financial schedules, Q3 FY2026 (Form 8-K, Exhibit 99.2) · Johnson & Johnson (SEC EDGAR) · Tier 1: company or exchange filing · Oct 13, 2026
- S15Earnings release, Q2 FY2026 (Form 8-K, Exhibit 99.1) · Johnson & Johnson (SEC EDGAR) · Tier 1: company or exchange filing · Jul 15, 2026
- S16Earnings financial schedules, Q2 FY2026 (Form 8-K, Exhibit 99.2) · Johnson & Johnson (SEC EDGAR) · Tier 1: company or exchange filing · Jul 15, 2026
- S18Earnings financial schedules, Q1 FY2026 (Form 8-K, Exhibit 99.2) · Johnson & Johnson (SEC EDGAR) · Tier 1: company or exchange filing · Apr 14, 2026
- S19Earnings release, Q4 FY2025 (Form 8-K, Exhibit 99.1) · Johnson & Johnson (SEC EDGAR) · Tier 1: company or exchange filing · Jan 21, 2026
- S20Earnings financial schedules, Q4 FY2025 (Form 8-K, Exhibit 99.2) · Johnson & Johnson (SEC EDGAR) · Tier 1: company or exchange filing · Jan 21, 2026
- S22Earnings financial schedules, Q3 FY2025 (Form 8-K, Exhibit 99.2) · Johnson & Johnson (SEC EDGAR) · Tier 1: company or exchange filing · Oct 14, 2025
- S24Earnings financial schedules, Q2 FY2025 (Form 8-K, Exhibit 99.2) · Johnson & Johnson (SEC EDGAR) · Tier 1: company or exchange filing · Jul 16, 2025
- S25Earnings release, Q1 FY2025 (Form 8-K, Exhibit 99.1) · Johnson & Johnson (SEC EDGAR) · Tier 1: company or exchange filing · Apr 15, 2025
- S26Earnings financial schedules, Q1 FY2025 (Form 8-K, Exhibit 99.2) · Johnson & Johnson (SEC EDGAR) · Tier 1: company or exchange filing · Apr 15, 2025
- S27Earnings release, Q4 FY2024 (Form 8-K, Exhibit 99.1) · Johnson & Johnson (SEC EDGAR) · Tier 1: company or exchange filing · Jan 22, 2025
- S28Earnings financial schedules, Q4 FY2024 (Form 8-K, Exhibit 99.2) · Johnson & Johnson (SEC EDGAR) · Tier 1: company or exchange filing · Jan 22, 2025
- S31Proxy statement (DEF 14A), 2026 annual meeting, record date February 24, 2026 · Johnson & Johnson (SEC EDGAR) · Tier 1: company or exchange filing · Mar 11, 2026
- S32Form 8-K, Item 7.01: proposed resolution of ovarian talc litigation (with press release) · Johnson & Johnson (SEC EDGAR) · Tier 1: company or exchange filing · Jul 28, 2026
- S33Form 8-K, Item 7.01: Firefly Bio acquisition, Sail Biomedicines collaboration, updated 2026 guidance · Johnson & Johnson (SEC EDGAR) · Tier 1: company or exchange filing · Jul 29, 2026
- S34Form 8-K, Item 5.02: Jennifer Taubert to retire; Tom Cavanaugh appointed · Johnson & Johnson (SEC EDGAR) · Tier 1: company or exchange filing · Aug 4, 2026
- S35Form 8-K, Item 5.07: 2026 annual meeting voting results · Johnson & Johnson (SEC EDGAR) · Tier 1: company or exchange filing · Apr 28, 2026
- S36Form 8-K, Item 8.01: quarterly dividend raised to $1.34 · Johnson & Johnson (SEC EDGAR) · Tier 1: company or exchange filing · Apr 14, 2026
- S37Form 8-K, Item 8.01: intent to separate the Orthopaedics business (DePuy Synthes) · Johnson & Johnson (SEC EDGAR) · Tier 1: company or exchange filing · Oct 14, 2025
- S41Schedule 13G/A, The Vanguard Group, reporting 0 shares after January 2026 realignment · The Vanguard Group (SEC EDGAR) · Tier 1: company or exchange filing · Mar 26, 2026
- S42Schedule 13G, Vanguard Capital Management, 180,631,228 shares, event March 31, 2026 · Vanguard Capital Management (SEC EDGAR) · Tier 1: company or exchange filing · May 1, 2026
- S43Q3 2026 earnings call presentation, October 13, 2026 · Johnson & Johnson (investor relations) · Tier 1: company or exchange filing · Oct 13, 2026
- S45Q4 2025 earnings call transcript, January 21, 2026 (LSEG StreetEvents, posted on J&J investor site) · Johnson & Johnson (investor relations) · Tier 1: company or exchange filing · Jan 21, 2026
- S47Q2 2026 earnings call transcript, July 15, 2026 (LSEG StreetEvents, posted on J&J investor site) · Johnson & Johnson (investor relations) · Tier 1: company or exchange filing · Jul 15, 2026
- S48JNJ historical prices, close of November 4, 2026 · Nasdaq (nasdaq.com) · Tier 1: company or exchange filing · Nov 4, 2026
- S51Schedule 13G/A, The Vanguard Group, 243,455,135 shares · The Vanguard Group (SEC EDGAR) · Tier 1: company or exchange filing · Feb 5, 2026
Changes to this page (v1 · Nov 5, 2026)
- v1 · Nov 5, 2026First version. (first version)
Numbers come only from tier 1 and tier 2 sources. Read how we research.
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