Johnson & Johnson (JNJ) FY2011 results: revenue $65.0 billion, up 5.6% on the year
Johnson & Johnson (JNJ) reported revenue of $65.0 billion for fiscal 2011, the year ended 1 January 2012, up 5.6% on the year before. Net income was $9.7 billion, down 27.5%, and diluted earnings per share $3.49. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2012.
Revenue
$65.0 billion
+5.6% on the year
FY2007FY2011
Operating margin
21.2%
28.7% a year earlier
FY2007FY2011
Net income
$9.7 billion
-27.5% on the year
FY2007FY2011
Diluted EPS
$3.49
-27.0% on the year
FY2007FY2011
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Revenue
65,030
61,587
61,897
+5.6%
Cost of revenue
20,360
18,792
18,447
+8.3%
Gross profit
44,670
42,795
43,450
+4.4%
Gross margin
68.7%
69.5%
70.2%
Research and development
7,548
6,844
6,986
+10.3%
Selling, general and administrative
20,969
19,424
19,801
+8.0%
Operating income
13,765
17,700
16,582
-22.2%
Operating margin
21.2%
28.7%
26.8%
Interest expense
571
455
451
+25.5%
Pre-tax income
12,361
16,947
15,755
-27.1%
Income tax
2,689
3,613
3,489
-25.6%
Effective tax rate
21.8%
21.3%
22.1%
Net income
9,672
13,334
12,266
-27.5%
Net margin
14.9%
21.7%
19.8%
Diluted EPS
$3.49
$4.78
$4.40
-27.0%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Operating cash flow
14,298
16,385
16,571
-12.7%
Capital expenditure
2,893
2,384
2,365
+21.4%
Free cash flow
11,405
14,001
14,206
-18.5%
Free cash flow margin
17.5%
22.7%
23.0%
Cash from investing
-4,612
-7,854
-7,598
Cash from financing
-4,452
-4,980
-4,092
Depreciation and amortisation
3,158
2,939
2,774
+7.5%
Share-based compensation
621
614
628
+1.1%
Buybacks
2,525
2,797
2,130
-9.7%
Dividends paid
6,156
5,804
5,327
+6.1%
Dividend per share
$2.25
$2.11
$1.93
+6.6%
Diluted shares, weighted
2,775m
2,789m
2,789m
-0.5%
Balance sheet
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Shareholders' equity
57,080
56,579
50,588
+0.9%
Short-term borrowings
n/a
n/a
6,318
Debt
19,627
16,773
8,257
+17.0%
Other liabilities
36,937
29,556
29,519
+25.0%
Total liabilities and equity
113,644
102,908
94,682
+10.4%
Fixed assets
14,739
14,553
14,759
+1.3%
Goodwill
16,138
15,294
14,862
+5.5%
Intangible assets
18,138
16,716
16,323
+8.5%
Investments
7,719
8,303
3,615
-7.0%
Cash and equivalents
24,542
19,355
15,810
+26.8%
Receivables
10,581
9,774
9,646
+8.3%
Inventory
6,285
5,378
5,180
+16.9%
Other assets
15,502
13,535
14,487
+14.5%
Total assets
113,644
102,908
94,682
+10.4%
10-K for the year ended 1 January 2012, filed 23 February 2012: the filing.