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Johnson & Johnson (JNJ) FY2025 results: revenue $94.2 billion, up 6.0% on the year

Johnson & Johnson (JNJ) reported revenue of $94.2 billion for fiscal 2025, the year ended 28 December 2025, up 6.0% on the year before. Net income was $26.8 billion, up 90.6%, and diluted earnings per share $11.03. The figures are the company's own, from the 10-K it filed with the SEC on 11 February 2026.

Revenue
$94.2 billion
+6.0% on the year
FY2018FY2025
Operating margin
n/a
FY2018FY2025
Net income
$26.8 billion
+90.6% on the year
FY2018FY2025
Diluted EPS
$11.03
+90.5% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 6 new.

  • Fourth-quarter sales rose 9.1%: Fourth-quarter reported sales were $24.6 billion, up 9.1%. Operational growth was 7.1% and adjusted operational growth 6.1%, both excluding currency; adjusted operational also excludes acquisitions and divestitures.
  • Full-year sales rose 6.0%: Full-year 2025 reported sales were $94.2 billion, up 6.0%, against an October 2025 estimate of $93.5 billion to $93.9 billion. Operational growth was 5.3% and adjusted operational growth 4.2%.
  • Innovative Medicine grew 5.3% operationally: Full-year Innovative Medicine sales were $60.4 billion, with worldwide operational growth of 5.3%. Net acquisitions added 1.2%, primarily from CAPLYTA.
  • Several U.S. FDA approvals announced: Approvals named include CAPLYTA for major depressive disorder, RYBREVANT FASPRO with LAZCLUZE for non-small cell lung cancer, and DARZALEX FASPRO for high-risk smoldering myeloma.
  • MajesTEC-3 supports TECVAYLI combination: Phase 3 MajesTEC-3 results support TECVAYLI plus DARZALEX FASPRO as a potential standard of care as early as second line for relapsed or refractory myeloma.
Read the Q4 FY2025 earnings call summary

From this 10-K

Johnson & Johnson is a holding company whose operating companies do business in virtually all countries of the world, with approximately 138,200 employees engaged in the research and development, manufacture and sale of healthcare products. Its primary focus is products related to human health and well-being. It was incorporated in New Jersey in 1887. The company is organised into two business segments: one it calls Innovative Medicine, the prescription medicines, and one it calls MedTech, the devices and equipment used in procedures.

Johnson & Johnson, the 10-K for 2025

Johnson & Johnson is a holding company whose operating companies do business in virtually all countries of the world, with approximately 138,200 employees engaged in the research and development, manufacture and sale of healthcare products. Its primary focus is products related to human health and well-being. It was incorporated in New Jersey in 1887. The company is organised into two business segments: one it calls Innovative Medicine, the prescription medicines, and one it calls MedTech, the devices and equipment used in procedures.

Innovative Medicine

Six therapeutic areas: oncology, covering prostate cancer, hematologic malignancies, lung cancer and bladder cancer; immunology, covering rheumatoid arthritis, psoriatic arthritis, inflammatory bowel disease and psoriasis; neuroscience, covering mood disorders, neurodegenerative disorders and schizophrenia; pulmonary hypertension; infectious diseases, including HIV and AIDS; and cardiovascular and metabolism, covering thrombosis, diabetes and macular degeneration. The medicines are distributed directly to retailers, wholesalers, distributors, hospitals and healthcare professionals for prescription use.

In oncology the named products include DARZALEX and DARZALEX FASPRO for multiple myeloma, the latter also for light chain amyloidosis; CARVYKTI, a CAR-T cell therapy for relapsed or refractory multiple myeloma; TALVEY and TECVAYLI, bispecific antibodies for multiple myeloma after at least four prior lines of therapy; ERLEADA and ZYTIGA for prostate cancer; IMBRUVICA for certain B-cell malignancies and chronic graft versus host disease; and RYBREVANT with LAZCLUZE, plus the subcutaneous RYBREVANT FASPRO, for EGFR-mutated non-small cell lung cancer.

In immunology they include STELARA and TREMFYA, both spanning plaque psoriasis, psoriatic arthritis, Crohn's disease and ulcerative colitis; REMICADE for immune-mediated inflammatory diseases; and SIMPONI and SIMPONI ARIA, the subcutaneous and intravenous forms of golimumab. In neuroscience they include CAPLYTA for major depressive disorder, bipolar depression and schizophrenia; INVEGA SUSTENNA and INVEGA TRINZA, sold as XEPLION and TREVICTA in some markets, for schizophrenia; SPRAVATO, a nasal spray for treatment-resistant depression; and CONCERTA for attention deficit hyperactivity disorder. The HIV medicines are EDURANT, PREZISTA, PREZCOBIX, also sold as REZOLSTA, and the single-tablet regimen SYMTUZA. Pulmonary arterial hypertension is served by OPSUMIT and OPSYNVI and by UPTRAVI, which the filing describes as the only approved oral and intravenous selective IP receptor agonist targeting a prostacyclin pathway in that disease. XARELTO is the oral anticoagulant, used after hip or knee replacement, in nonvalvular atrial fibrillation, in coronary and peripheral artery disease and in children. Many of these medicines were developed with strategic partners or licensed from other companies.

MedTech

Products used in cardiovascular, orthopaedic, surgical and vision procedures, sold to physicians, hospitals, eye care professionals and healthcare systems for acute and elective work, and aimed at disease states where the procedure itself is central to the outcome.

The cardiovascular portfolio covers electrophysiology products for diagnosing and treating heart rhythm disorders, the Abiomed mechanical circulatory support technologies used in cardiogenic shock and high-risk percutaneous coronary intervention, the Shockwave circulatory restoration products for calcified coronary and peripheral artery disease, and neurovascular care treating stroke, all delivered mainly through minimally invasive catheter-based approaches. Orthopaedics covers joint reconstruction, trauma, spine and sports injuries. Surgery covers open, laparoscopic and robotic procedures, with instrumentation, energy devices, stapling systems, wound closure, biosurgery products and digital and robotic technologies, and includes the Mentor breast aesthetics and reconstruction products. Vision covers ACUVUE contact lenses, TECNIS premium intraocular lenses for cataract surgery, and other cataract and refractive products. MedTech products are distributed to wholesalers, hospitals and retailers.

The Orthopaedics separation

In October 2025 the company announced its intention to separate the Orthopaedics business. The filing states that it intends to explore multiple paths to effect the planned separation, with a targeted completion within 18 to 24 months of the initial announcement.

From Johnson & Johnson's annual report on Form 10-K for the year ended 28 December 2025. The filing

Written from the 10-K filed 11 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue94,19388,82185,159+6.0%
Cost of revenue30,25627,47126,553+10.1%
Gross profit63,93761,35058,606+4.2%
Gross margin67.9%69.1%68.8%
Research and development1091,841483-94.1%
Selling, general and administrative23,67622,86921,512+3.5%
Interest expense971755772+28.6%
Pre-tax income32,58116,68715,062+95.2%
Income tax5,7772,6211,736+120.4%
Effective tax rate17.7%15.7%11.5%
Net income26,80414,06635,153+90.6%
Net margin28.5%15.8%41.3%
Diluted EPS$11.03$5.79$13.72+90.5%
$ 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

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow24,53024,26622,791+1.1%
Capital expenditure4,8324,4244,543+9.2%
Free cash flow19,69819,84218,248-0.7%
Free cash flow margin20.9%22.3%21.4%
Cash from investing-23,588-18,599878
Cash from financing-5,539-3,132-15,825
Depreciation and amortisation7,5037,3397,486+2.2%
Share-based compensation1,3541,1761,162+15.1%
Buybacks5,9532,4325,054+144.8%
Dividends paid12,38111,82311,770+4.7%
Dividend per share$5.14$4.91$4.70+4.7%
Diluted shares, weighted2,429m2,429m2,560m0.0%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity81,54471,49068,774+14.1%
Debt47,93336,63429,332+30.8%
Other liabilities69,73371,98069,452-3.1%
Total liabilities and equity199,210180,104167,558+10.6%
Fixed assets23,16920,51819,898+12.9%
Goodwill48,77244,20036,558+10.3%
Intangible assets50,40337,61834,175+34.0%
Investments3934171,068-5.8%
Cash and equivalents19,70924,10521,859-18.2%
Receivables17,17814,84214,873+15.7%
Inventory14,19112,44411,181+14.0%
Other assets25,39525,96027,946-2.2%
Total assets199,210180,104167,558+10.6%

10-K for the year ended 28 December 2025, filed 11 February 2026: the filing.