Compiled 2026-09-26Data through 2025-12-282 min read
Dated source-based research · No live market data

Research summary

A two-period review of JNJ revenue, profitability and cash conversion; reported revenue growth was 6.05%.

Period comparison

FY2025 ended 2025-12-28; the prior observation ended 2024-12-29. Revenue moved from USD 88.821 billion to USD 94.193 billion. These are annual periods, not quarterly earnings or trailing-twelve-month estimates.

Earnings bridge

Net income moved from USD 14.066 billion to USD 26.804 billion. Operating income moved from not available to not available. Net margin moved from 15.84% to 28.46%. A margin change identifies an outcome; its causes require management discussion and footnotes.

Cash-flow cross-check

Operating cash flow was USD 24.266 billion in the earlier period and USD 24.530 billion in the later period. Selected free cash flow was USD 19.842 billion and USD 19.698 billion, respectively. Working-capital timing can cause earnings and cash to diverge.

Interpretation and limits

A rise in reported revenue does not by itself identify organic growth. A difference in EPS can reflect share-count changes as well as operating performance. No causal claim is made from these aggregate figures.

Valuation context

An earnings comparison provides a historical denominator, not a price target. A dated market price is deliberately absent from this static release.

What to monitor

Product concentration, research investment, utilization, reimbursement and cash generation.

Risks and uncertainties

Patent expiry, trial outcomes, reimbursement changes, litigation and acquisition integration.

Sources & dates