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Johnson & Johnson's finances, and what holding JNJ would have done
Johnson & Johnson's revenue, profit, cash flow and debt from SEC filings, and what holding JNJ would have done in the past.
Johnson & Johnson (JNJ) was the number 18 US company by market value on 5 November 2026, at about $665 billion, on the companiesmarketcap.com ranking. Its figures come from its SEC filings, read on 5 November 2026. A figure a filing lacks is marked as not reported.
What Johnson & Johnson sells
Johnson & Johnson sells prescription medicines, such as cancer and immune treatments, and medical devices used in surgery and heart care. It sold off its consumer health business, which made Band-Aid and Tylenol, in 2023.
The finances
- Revenue: $94.2 billion in the year to 28 December 2025 (10-K), up 6.0% from $88.8 billion. The 12 months to 27 September 2026: $99.3 billion. Growth was slow.
- Net income: $26.8 billion in the year to 28 December 2025 (10-K), against $14.1 billion a year earlier; net margin 28.5%. The 12 months to 27 September 2026: $16.1 billion. About $28 of every $100 of sales stayed as profit.
- Free cash flow: $19.7 billion in the year to 28 December 2025 (10-K), which is $24.5 billion of operating cash flow minus $4.8 billion of capital spending. The 12 months to 27 September 2026: $20.6 billion. That is the cash left after running and equipping the business.
- Cash and debt: $16.9 billion in cash and $44.7 billion of debt (10-Q, 27 September 2026). It owed more than it held in cash.
- Share count: 2.43 billion average diluted shares in the year to 28 December 2025 (10-K), up 0.0% from 2.43 billion. Basically unchanged.
One thing to notice: Net income was $26.8 billion in its 2025 year and only $16.1 billion over the 12 months to 27 September 2026. One-off items such as legal costs can swing a year's profit, and the filings list them.
What holding it would have done
From our free long-term checker, which looks back only:
- Past returns, price only: 1-year +43% (SPY +10%), 3-year +76% (SPY +74%), 5-year +61% (SPY +62%), 10-year +123% (SPY +248%). That 10-year gain is 8.4% a year, against 13.3% for SPY.
- Worst fall: -27.8%, from the close on 5 February 2020 to the low on 23 March 2020 (47 days). Getting back to that high took another 31 days, to 23 April 2020. SPY's worst fall was -34.1%.
- How often holding ended higher: 70% of 1-year holds (worst -17%) and 98% of 5-year holds (worst -2%).
- Monthly buying against a lump sum: over the past 10 years, $100 a month ($12,100 in total) would have grown to $20,944. The same money in on day one would have grown to $26,942; in SPY, monthly buying ends at $24,571 and the lump sum at $42,078.
Price only: no dividends, fees or tax. Daily closes, 10 November 2016 to 3 November 2026. SPY is an S&P 500 fund.
What this does and does not tell you
The finances say how the business did. The long test says how the share price did. They are different things, and neither says what comes next. A good business can still be a poor buy at a high price.
This is one company over one stretch of history: an in-sample look at the past, not a promise. It is general information, not a call to buy or sell JNJ, and it sets no price target.
More
The other 24 are in The 25 biggest US stocks. To check any other stock, use the long-term checker.
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