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Johnson & Johnson (JNJ) stock

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NYSE: JNJ NYSE Pharmaceuticals Next results ~January 20, 2027

B Fundamentals grade

Johnson & Johnson is a US-listed company in the pharmaceuticals industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$180

Cash-flow model

Base case. Range ~$130–$240 across our lower- and higher-growth cases (1.8%–11.8% a year).

Price vs value

Overvalued

The price is above our entire value range; our base value is 35% below it.

Price used: $270.56, November 2, 2026

Johnson & Johnson valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Johnson & Johnson files

10-Q filed October 21: Johnson & Johnson

Revenue for the twelve months to September 2026 reached $99.3bn, a rise of 7.8% on a year earlier and broadly in line with the pace set a quarter before. Free-cash-flow margin held at 20.7%. Our model value is little changed at $177 a share, well below the $268 market price. The rating stays Sell. At $268, the model implies the market is pricing in roughly 13.9% a year of cash-flow growth over five years. That runs well ahead of the 4.8% a year revenue growth the company has actually delivered.

Source: 10-Q filed October 21, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Johnson & Johnson stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $97.9bn, up 8.1% on a year earlier, about the same pace as a quarter earlier. Free-cash-flow margin rose to 22.7% from 20.5% a year earlier. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 2 of our 6 financial-health checks. Our cash-flow model value is $178 a share, against a share price of $259. At that price, our model says the market is pricing in about 13.5% a year of cash-flow growth for five years, faster than the 4.5% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 20, 2027 (estimated)

Johnson & Johnson's trailing-twelve-month revenue grew 7.8% year on year, with a free-cash-flow margin of 20.7%. Where it stands out: net margin of 16.2% ranks 15 of 75 pharmaceuticals companies we cover.

Our discounted-cash-flow model values the business at ~$180 per share in the base case (~$130–$240 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 5.1% while net income fell 35.9%: a 41pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • High operating margin. 29.6% of revenue is left as operating profit.
  • Margins widening. Operating margin is up 5.1 points on a year ago.
  • Strong cash generation. 20.7% of revenue turned into free cash flow, against a median of 10.1% for pharmaceuticals companies we cover.

Things to watch

  • Priced above our value. The share price of $270.56 is 35% above our value per share of $180.
  • High earnings multiple. The shares trade at 41 times the last 12 months' earnings, so expectations are demanding.
  • Estimates being cut. Analysts' consensus for next year's earnings per share has fallen 9.5% over 90 days.

Latest results: FY2026 Q3

Filed October 21, 2026
Earnings per share
$2.59 against an average estimate of $2.52: beat by 2.7%
Revenue
$25.40bn, up 5.9% on a year earlier
Share reaction
-3.7% in the first session after the results on October 13, 2026, against -1.1% for the S&P 500
Guidance given
estimated restructuring program costs $650m to $750m (by the end of fiscal year 2029); total restructuring program cost $1bn (Q4 2026)
Next report
October 13, 2026; average EPS estimate $2.92

Johnson & Johnson's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-1.0%
  • 1 week+1.6%
  • 1 month+5.7%
  • This year+32.8%
  • 1 year+46.5%
  • 5 years+88.5%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$99.3B
Net margin
16.2%
EPS (TTM, diluted)
$6.58

Growth

Revenue growth
+7.8%
Change in growth rate
−0.3 pts
Share count change
+0.7%

Cash

Free cash flow (TTM)
$20.6B
FCF margin
20.7%
Stock pay % of revenue
1.4%

Earnings

Last results
October 13, 2026
Next results (est.)
January 20, 2027

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Announcement

    J&J to hold business review on 8 December

    Johnson & Johnson said it will host an Enterprise Business Review for investors on 8 December 2026. The event will feature presentations from the CEO and CFO, along with updates on the Innovative Medicine and MedTech divisions. A live session is scheduled to begin at 8:30 a.m. ET.

    Company releaseRead source ↗
  2. Announcement

    J&J reports 77% response rate for head and neck cancer drug

    Johnson & Johnson said subcutaneous amivantamab achieved a 77 percent overall response rate in first-line head and neck cancer patients. The company noted that 65 percent of responses were ongoing at a median follow-up of 10.6 months. These results support the ongoing Phase 3 study, while a later-line application remains under FDA Priority Review.

    Company releaseRead source ↗
  3. Announcement

    J&J reports 75% response rate for prostate cancer drug in Phase 1 trial

    Johnson & Johnson said its investigational drug JNJ-6143 achieved a 75% tumor response rate in a Phase 1 study of advanced prostate cancer. The company noted that 77% of patients in the 50 mg cohort saw PSA levels drop by at least 50%. These results, presented at ESMO Congress 2026, support the selection of the 50 mg dose for further development.

    Company releaseRead source ↗
  4. Announcement
  5. Our research
  6. Announcement

    J&J presents new atrial fibrillation ablation data at APHRS 2026

    Johnson & Johnson presented late-breaking data from the VARIPURE and Omny-IRE studies at the APHRS 2026 meeting. The company reported 100% acute procedural success for the VARIPULSE Pro Platform and 82.5% freedom from recurrence at 12 months for the investigational OMNYPULSE Platform. Both studies were published in Europace and Heart Rhythm.

    Company releaseRead source ↗
  7. Product

    J&J launches faster Shockwave IVL catheter in US

    Johnson & Johnson said it launched the Shockwave C2 Aero Fly Coronary IVL Catheter in the US on 10/20/2026. The device delivers pulses at 2 Hz, reducing treatment time to 115 seconds from 230 seconds. It also cuts pause time between cycles to five seconds, lowering patient ischemic time.

    Company releaseRead source ↗
  8. Announcement

    J&J reports TREMFYA maintains fistula remission in Crohn's disease

    Johnson & Johnson said new Phase 3 data show TREMFYA maintained or improved fistula remission through 48 weeks in adults with Crohn's disease. In the 100 mg group, combined remission rose from 28% at Week 24 to 35% at Week 48. The company presented these results at the 2026 United European Gastroenterology Week.

    Company releaseRead source ↗
  9. Dividend
  10. Results
  11. Guidance
  12. Announcement
  13. Insider trade
  14. Insider trade
  15. Insider trade
  16. Insider trade
  17. Insider trade
  18. Leadership
  19. Announcement
  20. Announcement
  21. Insider trade
  22. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Johnson & Johnson valuation models and calculator

What the price is pricing in

The share price implies about 13.9% a year of cash-flow growth for five years.That is faster than the 4.8% a year revenue growth Johnson & Johnson has delivered.

  • Priced in13.9%
  • Last 12 months7.8%
  • 3 years a year5.9%
  • 5 years a year4.8%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($269.21, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$180
Price used
$269.21close November 3, 2026
Implied change
▼ 34%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Johnson & Johnson's free cash flow after stock-based pay with after-tax interest added back ($21.1B, FY2026 Q3 TTM), growing 6.8% and 6.7% in the next two years (forecasts, guidance and its record), then back to 6.8% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$130–~$240 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Johnson & Johnson's free cash flow after stock-based pay ( $21.1B, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Johnson & Johnson as an operating company, with every model that fits that kind of business. Cost of equity 7.6%: the 10-year Treasury yield (4.9%) plus a beta of 0.6 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$180 ~$130–$240 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$100 ~$110–$200 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$190 ~$140–$260 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$190 ~$160–$250 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$170 ~$100–$190 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Johnson & Johnson with Pharmaceuticals in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −26%
  • Revenue growth 5 points higher ▲ +34%
  • Free-cash-flow margin 1 point lower ▼ −5%
  • Last year's free-cash-flow margin change, if it persists ▼ −3%
  • Discount rate 1 point higher ▼ −16%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $113$157$216$294$395$525
8.5% $84$116$158$214$286$379
10% $66$91$124$166$221$291

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$76.64$88.39$109.98$102.89$121.16$134.38$149.75$158.70$145.08$138.51$204.34$270.56
Market value$215.6bn$246.5bn$301.9bn$280.8bn$325.2bn$358.9bn$400.4bn$422.8bn$371.5bn$336.5bn$496.4bn$661.5bn
+ Net debt (− = net cash)$6.1bn$9.9bn$18.3bn$15.0bn$10.4bn$23.1bn$21.4bn$28.3bn$8.9bn$14.3bn$30.2bn$27.7bn
Enterprise value$221.7bn$256.4bn$320.2bn$295.7bn$335.6bn$382.0bn$421.8bn$451.1bn$380.4bn$350.8bn$526.7bn$689.3bn
Multiples
Price / sales 3.1x3.4x3.9x3.4x4.0x4.3x5.1x5.3x4.4x3.8x5.3x6.7x
Price / earnings 14.0x14.9xn/m18.4x21.5x24.4x19.2x23.6x10.6x23.9x18.5x41.1x
Price / free cash flow 13.4x15.9x17.0x15.2x16.3x17.8x20.3x24.6x20.4x17.0x25.2x32.1x
EV / EBITDA ————————————

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

92 /100

Strong moat

How hard Johnson & Johnson's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Cash operating profit has been a median 20.6% of total assets over 10 years.

  • Pricing power 20 / 20

    Gross margin has been a median 67.8%, moving by 1.6 percentage points (standard deviation) across 10 years.

  • Durability 18 / 20

    Operating margin has been a median 24.4%; its worst year was 20.9%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 10 of 10 years, at a median 23.2% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 8.6% over five years; stock-based pay has been a median 1.3% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (97 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $11.12 +3% $101.2bn +8%
Next $11.62 +5% $107.7bn +7%

Next year's EPS estimate has moved −9.5% in 90 days, across 22 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −4.8% on 90 days ago. In the last 30 days, 0 analysts raised Johnson & Johnson's forecast and 2 cut it.

Consensus EPS forecast Johnson & Johnson, last 90 days
$11.00 $11.50 $12.00 $12.50 $13.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $11.68 Current fiscal year, 60 days ago: $11.05 Current fiscal year, 30 days ago: $11.07 Current fiscal year, 7 days ago: $11.12 Current fiscal year, Now: $11.12 $11.12 Next fiscal year, 90 days ago: $12.84 Next fiscal year, 60 days ago: $12.31 Next fiscal year, 30 days ago: $12.14 Next fiscal year, 7 days ago: $11.62 Next fiscal year, Now: $11.62 $11.62

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $11.68$12.84
60 days ago $11.05$12.31
30 days ago $11.07$12.14
7 days ago $11.12$11.62
Now $11.12$11.62

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $2.52 $2.59 +2.7%
Jun 2026 $2.85 $2.90 +1.6%
Mar 2026 $2.68 $2.70 +0.9%
Dec 2025 $2.46 $2.46 −0.1%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 13, 2026
  • estimated restructuring program costs · Innovative Medicine (supply chain restructuring program) by the end of fiscal year 2029 $650m to $750m
    “The program is expected to be substantially completed by the end of fiscal year 2029 with estimated costs between $650 - $750 million, and include site and supplier exit costs, decommissioning and asset impairment costs.” source
  • total restructuring program cost · MedTech (Orthopaedics franchise restructuring program) Q4 2026 about $1bn
    “This program will be completed as of Q4 2026 at a total cost of approximately $1 billion.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Johnson & Johnson's revenue by +6.8% next year and +6.7% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+6.9%, weight 70%) and the company's own record (+6.8%, weight 30%) . How the weights are set.

Analyst recommendations

23 analysts, Oct 2026
Buy1670%
Hold626%
Sell14%

Monthly trend

  1. Oct 2026511623
  2. Sep 2026511623
  3. Aug 2026511623
  4. Jul 2026511623

Counts of recommendations published by analysts covering Johnson & Johnson, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
0.8%
of tradable shares
Days to cover
2.23
at average volume
Short interest, 1 month
−21%
to October 15, 2026
Held by institutions
77%
of shares
Held by insiders
0.1%
of shares
Employees
138,200
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +46.5%

$184.71 on October 31, 2025 to $270.56

ThenNowEffect
Revenue (last 12 months) $90.6bn $97.9bn +8.1%
Net margin 25.0% 21.5% −14.1%
P/E multiple 19.8x 31.4x +58.6%
Share count 2427m 2440m −0.5%

Biggest factor: p/e multiple.

Last 3 years +94.7%

$138.97 on November 3, 2023 to $270.56

ThenNowEffect
Revenue (last 12 months) $82.3bn $97.9bn +18.9%
Net margin 15.9% 21.5% +35.5%
P/E multiple 28.1x 31.4x +11.7%
Share count 2638m 2440m +8.1%

Biggest factor: net margin.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
JNJ+11%+6%−9%−5%+48%+33%
Industry peers (median)−20%−52%−14%−2%+7%−14%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
JNJ58%58%50%42%83%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
JNJ−12%−13%−17%−14%−13%−11%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 27% from February 5, 2020 to March 23, 2020. Getting back needed a 38% gain, reached on April 23, 2020, 31 days after the low.

Price behaviour

52-week range
$181.90 – $278.43
From 52-week high
−2.8%
vs 50-day average
+1.9%
vs 200-day average
+10.2%
Volatility (1 year)
21%
Beta vs S&P 500
-0.19

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 5 down
typical move ±1.8%
After a week
10 up, 2 down
typical move ±2.7%
After a month
8 up, 3 down
typical move ±5.6%
Results releasedNext dayS&P 500 next day5 days21 days
October 13, 2026 −3.7% −1.1% −1.7% —
July 15, 2026 −1.5% −0.1% +0.7% +3.2%
April 14, 2026 +0.3% +2.0% −5.0% −3.2%
January 21, 2026 +0.1% +1.7% +4.4% +11.1%
October 14, 2025 +0.1% +0.3% +0.5% +1.8%
July 16, 2025 +5.0% +0.9% +9.0% +12.6%
April 15, 2025 −0.3% −2.5% +0.7% −3.1%
January 22, 2025 −1.0% +1.1% +2.0% +10.4%
October 15, 2024 +1.7% −0.3% +1.1% −5.2%
July 17, 2024 +2.9% −2.2% +3.5% +5.4%
May 1, 2024 +3.7% +0.6% +3.0% +2.3%
April 16, 2024 −1.9% −0.8% +1.3% +3.4%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Johnson & Johnson’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Options look fairly priced

Implied volatility is within its normal range against realised. Selling options earns the usual premium, nothing extra.

  • Implied is 1.19× the last 60 days’ realised volatility , richer than 53% of the 229 stocks we screen today.
  • Why: implied is not far enough above realised, or not unusual against our coverage.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

JNJ Johnson & Johnson Grade B $270.25

Own 100 shares, sell the $285 call expiring November 27, 2026 (25 days) for $2.15 a share — $215 per contract.

Previous session · Bid $2.15, ask $2.80, quoted Mon 2 Nov, 17:27 New York time with JNJ at $270.25. Option prices move with the shares: check the live chain at your broker before trading.

  • If JNJ ends below $285: you keep your shares and the $215 — 0.8% extra on the position, 11.6% a year at that pace.
  • If it ends above $285: your shares are sold at $285, a total return of 6.3% including the premium — at or above our value of ~$180.
$1.7k $0 −$5.4k Break-even $268.1 Price $270.25 ← Our value ~$180
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$215
Annualised
11.6%
Break-even
$268.1
Max gain
$1,689.96
Chance of selling
~25%

Collar

Own the shares, buy the $260 put and sell the $285 call, both expiring November 27, 2026 (25 days).

  • Net cost of $1.75 a share ($175 per contract of 100 shares).
  • Worst case at expiry: -4.4%, if the shares fall below $260 (-3.8% from today).
  • Best case at expiry: +4.8%, if the shares rise above $285 (+5.5%); gains beyond that go to the call buyer.

Offered because the shares trade at or above our fair value of $180: a way to hold on with a floor under the price, paid for by giving up upside the model does not expect. Strikes near 25-delta; the put at its ask and the call at its bid. Protection has a cost over time: research on protective puts finds they have usually lowered returns.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Johnson & Johnson in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Johnson & Johnson
$85B $90B $95B $100B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $85.2B Revenue (TTM), FY24 Q1: $85.6B Revenue (TTM), FY24 Q2: $86.6B Revenue (TTM), FY24 Q3: $87.7B Revenue (TTM), FY24 Q4: $88.8B Revenue (TTM), FY25 Q1: $89.3B Revenue (TTM), FY25 Q2: $90.6B Revenue (TTM), FY25 Q3: $92.1B Revenue (TTM), FY25 Q4: $94.2B Revenue (TTM), FY26 Q1: $96.4B Revenue (TTM), FY26 Q2: $97.9B Revenue (TTM), FY26 Q3: $99.3B $99.3B

Source: SEC EDGAR filings. Retrieved October 23, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $85.2B
FY24 Q1 $85.6B
FY24 Q2 $86.6B
FY24 Q3 $87.7B
FY24 Q4 $88.8B
FY25 Q1 $89.3B
FY25 Q2 $90.6B
FY25 Q3 $92.1B
FY25 Q4 $94.2B
FY26 Q1 $96.4B
FY26 Q2 $97.9B
FY26 Q3 $99.3B
Revenue growth, TTM YoY Johnson & Johnson
4% 5% 6% 7% 8% 9% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 6.5% Revenue growth, TTM YoY, FY24 Q1: 5.7% Revenue growth, TTM YoY, FY24 Q2: 5.1% Revenue growth, TTM YoY, FY24 Q3: 4.8% Revenue growth, TTM YoY, FY24 Q4: 4.3% Revenue growth, TTM YoY, FY25 Q1: 4.3% Revenue growth, TTM YoY, FY25 Q2: 4.7% Revenue growth, TTM YoY, FY25 Q3: 5.1% Revenue growth, TTM YoY, FY25 Q4: 6.0% Revenue growth, TTM YoY, FY26 Q1: 7.9% Revenue growth, TTM YoY, FY26 Q2: 8.1% Revenue growth, TTM YoY, FY26 Q3: 7.8% 7.8%

Source: SEC EDGAR filings. Retrieved October 23, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 6.5%
FY24 Q1 5.7%
FY24 Q2 5.1%
FY24 Q3 4.8%
FY24 Q4 4.3%
FY25 Q1 4.3%
FY25 Q2 4.7%
FY25 Q3 5.1%
FY25 Q4 6.0%
FY26 Q1 7.9%
FY26 Q2 8.1%
FY26 Q3 7.8%
Operating margin (TTM) Johnson & Johnson
15% 20% 25% 30% FY12 Q2 FY13 Q1 FY13 Q4 FY15 Q1 Operating margin (TTM), FY12 Q2: 20.5% Operating margin (TTM), FY12 Q3: 18.9% Operating margin (TTM), FY12 Q4: 22.2% Operating margin (TTM), FY13 Q1: 20.9% Operating margin (TTM), FY13 Q2: 23.8% Operating margin (TTM), FY13 Q3: 23.7% Operating margin (TTM), FY13 Q4: 23.0% Operating margin (TTM), FY14 Q1: 24.4% Operating margin (TTM), FY14 Q2: 25.1% Operating margin (TTM), FY14 Q3: 29.0% Operating margin (TTM), FY14 Q4: 29.0% Operating margin (TTM), FY15 Q1: 29.6% 29.6%

Source: SEC EDGAR filings. Retrieved October 23, 2026.

View chart data
Period Operating margin (TTM)
FY12 Q2 20.5%
FY12 Q3 18.9%
FY12 Q4 22.2%
FY13 Q1 20.9%
FY13 Q2 23.8%
FY13 Q3 23.7%
FY13 Q4 23.0%
FY14 Q1 24.4%
FY14 Q2 25.1%
FY14 Q3 29.0%
FY14 Q4 29.0%
FY15 Q1 29.6%
FCF margin (TTM) Johnson & Johnson
18% 20% 22% 24% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 21.4% FCF margin (TTM), FY24 Q1: 21.8% FCF margin (TTM), FY24 Q2: 23.5% FCF margin (TTM), FY24 Q3: 23.7% FCF margin (TTM), FY24 Q4: 22.3% FCF margin (TTM), FY25 Q1: 22.8% FCF margin (TTM), FY25 Q2: 20.5% FCF margin (TTM), FY25 Q3: 21.3% FCF margin (TTM), FY25 Q4: 20.9% FCF margin (TTM), FY26 Q1: 18.5% FCF margin (TTM), FY26 Q2: 22.7% FCF margin (TTM), FY26 Q3: 20.7% 20.7%

Source: SEC EDGAR filings. Retrieved October 23, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 21.4%
FY24 Q1 21.8%
FY24 Q2 23.5%
FY24 Q3 23.7%
FY24 Q4 22.3%
FY25 Q1 22.8%
FY25 Q2 20.5%
FY25 Q3 21.3%
FY25 Q4 20.9%
FY26 Q1 18.5%
FY26 Q2 22.7%
FY26 Q3 20.7%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Jan 2010 2010 Jan 2011 2011 Jan 2012 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Jan 2016 2016 Jan 2017 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Jan 2021 2021 Jan 2022 2022 Jan 2023 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 61.9 61.6 65.0 67.2 71.3 74.3 70.1 71.9 76.5 81.6 82.1 82.6 78.7 80.0 85.2 88.8 94.2 99.3
Gross profit 43.5 42.8 44.7 45.6 49.0 51.6 48.5 50.1 51.0 54.5 54.5 54.2 55.3 55.4 58.6 61.4 63.9 67.1
EBITDA 19.4 20.6 16.9 18.6 20.5 25.5 — — — — — — — — — — — —
Operating income 16.6 17.7 13.8 15.0 16.4 21.6 — — — — — — — — — — — —
Net income 12.3 13.3 9.7 10.9 13.8 16.3 15.4 16.5 1.3 15.3 15.1 14.7 20.9 17.9 35.2 14.1 26.8 16.1
Diluted EPS $4.40 $4.78 $3.49 $3.86 $4.81 $5.70 $5.48 $5.93 $0.47 $5.61 $5.63 $5.51 $7.81 $6.73 $13.72 $5.79 $11.03 $6.58
Growth (year on year)
Revenue −2.9% −0.5% +5.6% +3.4% +6.1% +4.2% −5.7% +2.6% +6.3% +6.7% +0.6% +0.6% −4.7% +1.6% +6.5% +4.3% +6.0% +7.8%
EBITDA — +6.6% −18.0% +10.0% +10.2% +24.2% — — — — — — — — — — — —
Operating income — +6.7% −22.2% +8.6% +9.7% +31.6% — — — — — — — — — — — —
Net income −5.3% +8.7% −27.5% +12.2% +27.4% +18.0% −5.6% +7.3% −92.1% — −1.2% −2.7% +41.9% −14.1% +95.9% −60.0% +90.6% −35.9%
Diluted EPS −3.7% +8.6% −27.0% +10.6% +24.6% +18.5% −3.9% +8.2% −92.1% — +0.4% −2.1% +41.7% −13.8% +103.9% −57.8% +90.5% −36.4%
Margins
Gross margin 70.2% 69.5% 68.7% 67.8% 68.7% 69.4% 69.3% 69.7% 66.7% 66.8% 66.4% 65.6% 70.3% 69.3% 68.8% 69.1% 67.9% 67.6%
EBITDA margin 31.3% 33.5% 26.0% 27.7% 28.8% 34.3% — — — — — — — — — — — —
Operating margin 26.8% 28.7% 21.2% 22.2% 23.0% 29.0% — — — — — — — — — — — —
Net margin 19.8% 21.7% 14.9% 16.1% 19.4% 22.0% 22.0% 23.0% 1.7% 18.8% 18.4% 17.8% 26.5% 22.4% 41.3% 15.8% 28.5% 16.2%
Free-cash-flow margin 23.0% 22.7% 17.5% 18.5% 19.4% 20.2% 23.0% 21.6% 23.3% 22.7% 24.3% 24.4% 25.1% 21.5% 21.4% 22.3% 20.9% 20.7%
Cash flow
Cash from operations 16.6 16.4 14.3 15.4 17.4 18.7 19.6 18.8 21.1 22.2 23.4 23.5 23.4 21.2 22.8 24.3 24.5 26.2
Capital spending 2.4 2.4 2.9 2.9 3.6 3.7 3.5 3.2 3.3 3.7 3.5 3.3 3.7 4.0 4.5 4.4 4.8 5.6
Free cash flow 14.2 14.0 11.4 12.5 13.8 15.0 16.1 15.5 17.8 18.5 19.9 20.2 19.8 17.2 18.2 19.8 19.7 20.6
Stock-based pay 0.6 0.6 0.6 0.7 0.7 0.8 0.9 0.9 1.0 1.0 1.0 1.0 1.1 1.1 1.2 1.2 1.4 1.4
Free cash flow after stock pay 13.6 13.4 10.8 11.8 13.1 14.2 15.2 14.7 16.8 17.6 18.9 19.2 18.6 16.0 17.1 18.7 18.3 19.2
Balance sheet
Cash 15.8 19.4 24.5 14.9 20.9 14.5 13.7 19.0 17.8 18.1 17.3 14.0 14.5 12.9 21.9 24.1 19.7 16.9
Total debt 14.6 16.8 19.7 16.2 18.2 18.8 19.9 28.8 36.1 33.1 27.7 37.1 35.9 41.2 30.8 38.4 49.9 44.7
Net debt (negative = net cash) −1.2 −2.6 −4.9 1.3 −2.7 4.2 6.1 9.9 18.3 15.0 10.4 23.1 21.4 28.3 8.9 14.3 30.2 27.7
Diluted shares 2,789m 2,789m 2,775m 2,813m 2,877m 2,864m 2,813m 2,789m 2,745m 2,729m 2,684m 2,671m 2,674m 2,664m 2,560m 2,429m 2,429m 2,445m
Returned to shareholders
Dividends 5.3 5.8 6.2 6.6 7.3 7.8 8.2 8.6 8.9 9.5 9.9 10.5 11.0 11.7 11.8 11.8 12.4 12.7
Buybacks 2.1 2.8 2.5 12.9 3.5 7.1 5.3 9.0 6.4 5.9 6.7 3.2 3.5 6.0 5.1 2.4 6.0 7.9
Total returned 7.5 8.6 8.7 19.5 10.8 14.9 13.5 17.6 15.3 15.4 16.7 13.7 14.5 17.7 16.8 14.3 18.3 20.6

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 6 checks passed · September 27, 2026
What it owns · $197.4bn
Short-term assets $56.4bnLonger-term assets $141.1bn
What it owes, and who funded it · $197.4bn
Short-term liabilities $55.5bnLonger-term liabilities $60.4bnShareholders' equity $81.5bn
  • Short-term assets cover short-term liabilities $56.4bn of assets due within a year against $55.5bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $56.4bn short-term assets against $60.4bn of longer-dated liabilities.
  • More cash than debt $16.9bn of cash against $44.7bn of debt.
  • Debt below 40% of shareholders' equity Debt is 55% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 39% to 55% over five years.
  • A year's operating cash flow covers at least 20% of debt $26.2bn of operating cash flow against $44.7bn of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Johnson & Johnson's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$7.9B
Dividends (TTM)
$12.7B
Returned to shareholders
100%
of free cash flow
Buybacks, last 3 fiscal years
$13.4B
Diluted share count
+0.7%
year over year
Total shareholder yield
3.1%
dividends 1.9% + buybacks 1.2% of market value
Dividend payout ratio
79%
of net income paid out
R&D spending
16.2%
of revenue
Sales & admin spending
25.7%
of revenue
Days sales outstanding
70 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in pharmaceuticals
Last 12 months unless stated JNJ LLY MRK PFE AZN BMY Median
Revenue, last 12 months $99.3bn $86.5bn $66.6bn $63.7bn $58.7bn $50.0bn $276m
Revenue growth, last 12 months 7.8% 45.5% 4.6% −0.2% 8.6% 4.2% 9.9%
Revenue growth, 3-year average 5.9% 39.2% 4.5% −7.0% — 3.6% 5.5%
Revenue growth, latest quarter 5.9% 38.6% 5.1% 2.6% — 6.9% 6.5%
Gross margin 67.6% 83.6% 73.0% 73.2% 81.9% 69.2% 62.0%
Operating margin 29.6% — — — 23.4% — −5.9%
Operating margin, 3-year average 25.0% — — — 14.2% — −7.4%
Net margin 16.2% 31.9% 4.8% 6.8% 17.4% 18.5% −7.3%
Cash from operations / revenue 26.3% 35.4% 30.0% 21.0% 24.8% 21.3% 10.2%
Free-cash-flow margin 20.7% 22.7% 24.1% 17.2% 20.0% 18.6% 8.6%
Free-cash-flow margin, 3-year average 21.9% 13.9% 22.8% 15.1% 14.4% 26.5% 7.4%
Stock pay / revenue 1.4% 0.8% 1.3% 1.5% 1.2% 1.1% 3.6%
Change in share count 0.7% −0.6% −1.9% 0.2% −0.1% 0.6% 1.9%

Median of all 75 companies we cover in pharmaceuticals. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

75 pharmaceuticals companies
Measure Company Peer median Rank
Revenue growth Growth 7.8% 10.0% 42 of 74
Change in growth rate Growth -0.3pp -0.3pp 37 of 74
Gross margin Profitability 67.6% 59.8% 22 of 59
Net margin Profitability 16.2% -7.3% 15 of 75
Free-cash-flow margin Cash generation 20.7% 10.1% 20 of 74
Stock pay as % of revenue Cash generation 1.4% 3.6% 21 of 69
Long-term debt as % of assets Balance sheet 18.1% 23.8% 22 of 53
Change in share count Balance sheet 0.7% 1.5% 28 of 62
Days sales outstanding Balance sheet 70 days 72 days 27 of 59

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 28, 2025
Segments
Line of business Revenue Share YoY
Innovative Medicine $60.4B 64.1% ▲ 6.0%
Med Tech $33.8B 35.9% ▲ 6.1%
Geography
Region Revenue Share YoY
United States $53.8B 57.1% ▲ 6.9%
Outside the US $40.4B 42.9% ▲ 5.0%

From Johnson & Johnson's 10-K filed February 11, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$457B
Institutions reporting
4,666
Shares held vs prior quarter
▲ 1.6%
Positions opened / closed
154 / 119

Top buyers and sellers, Q2 2026: 2,200 institutions bought and 2,020 sold ; the biggest buyer was Price T Rowe Associates Inc (+6.5M shares) and the biggest seller GQG Partners LLC (−7.3M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $53.9B 212.1M 11.8% ▼ 0.6%
Vanguard Capital Management LLC $39.9B 157.2M 8.7% ▲ 0.4%
State Street Corp $34B 133.8M 7.4% ▲ 0.2%
Vanguard Portfolio Management LLC $16.3B 64.4M 3.6% ▲ 1.3%
Jpmorgan Chase & Co $15.1B 58.3M 3.3% ▼ 7.6%
Geode Capital Management, LLC $15B 59.1M 3.3% ▼ 0.1%
Morgan Stanley $11.4B 44.8M 2.5% ▲ 0.2%
Norges Bank $8.1B 31.8M 1.8% —
State Farm Mutual Automobile Insurance Co $8B 31.6M 1.8% 0.0%
Northern Trust Corp $7.3B 28.8M 1.6% ▼ 1.8%
Bank Of America Corp $6B 23.4M 1.3% ▼ 8.1%
Price T Rowe Associates Inc $5.8B 23.0M 1.3% ▲ 39.4%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Johnson & Johnson's complete shareholder register. Values are as reported by the filers ; 13 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $257,688 1 trade by 1 insider, last 12 months Insider sales History → $152M 36 trades by 11 insiders · 0% under pre-set plans
Net ▼ $151M net selling
Insider Date Trade Shares Price Value
Schmid Timothy EVP, WW Chair, MedTech September 2, 2026 Sell 22,527 $274.74 $6.2M
Schmid Timothy EVP, WW Chair, MedTech September 2, 2026 Sell 11,070 $274.74 $3M
Taubert Jennifer L EVP, WWC. Innovative Medicine August 17, 2026 Sell 15,000 $263.36 $4M
Duato Joaquin CEO and Chairman of the Board August 13, 2026 Sell 102,315 $261.00 $26.7M
Duato Joaquin CEO and Chairman of the Board August 13, 2026 Sell 20,976 $262.00 $5.5M
Forminard Elizabeth EVP, Chief Legal Officer August 6, 2026 Sell 6,574 $255.93 $1.7M
Forminard Elizabeth EVP, Chief Legal Officer August 6, 2026 Sell 9,344 $257.75 $2.4M
Duato Joaquin CEO and Chairman of the Board August 5, 2026 Sell 6,523 $258.74 $1.7M
Duato Joaquin CEO and Chairman of the Board August 5, 2026 Sell 41,957 $258.06 $10.8M
Broadhurst Vanessa EVP, Global Corp Affairs July 20, 2026 Sell 23,054 $251.27 $5.8M
Wengel Kathryn E EVP, Chief TO and Risk Officer June 11, 2026 Sell 10,000 $241.15 $2.4M
Decker Robert J VP Corporate Controller February 27, 2026 Sell 4,075 $247.87 $1M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 289 trades and filings

In the last 12 months, 4 members of Congress disclosed 5 purchases and 12 sales of Johnson & Johnson shares.

  • Thomas H. Kean, Jr.(R-NJ 7):Sale (partial), $1,001 - $15,000, traded September 30, 2026, filed October 30, 2026
  • Lloyd Doggett(D-TX 37):Purchase, $1,001 - $15,000, traded September 8, 2026, filed October 5, 2026
  • Thomas H. Kean, Jr.(R-NJ 7):Sale (partial), $1,001 - $15,000, traded August 27, 2026, filed September 12, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 20, 2027 estimated from the company's past filing pattern, not announced

  • October 13, 2026
  • July 15, 2026
  • April 14, 2026
  • January 21, 2026
  • October 14, 2025
  • July 16, 2025

Recent SEC filings

Data status

When each part of this page on Johnson & Johnson was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Johnson & Johnson in brief

What does Johnson & Johnson do?
Johnson & Johnson is a US-listed company in the pharmaceuticals industry. Its financial year ends in December.
What is Johnson & Johnson's stock ticker?
Johnson & Johnson trades under the ticker JNJ on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Johnson & Johnson's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Johnson & Johnson reported revenue of $99.3B, 7.8% higher than a year earlier, according to its SEC filings.
What is Johnson & Johnson's free cash flow?
Johnson & Johnson's free-cash-flow margin is 20.7% of revenue over the trailing twelve months, ranking 20 of the 74 pharmaceuticals companies we cover.
What is Johnson & Johnson's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Johnson & Johnson's free cash flow after stock-based pay gives ~$180 per share in the base case, and ~$130–$240 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Johnson & Johnson's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and State Street Corp. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Johnson & Johnson buying back stock, and does it pay a dividend?
Johnson & Johnson spent $7.9B on share repurchases over the trailing twelve months, and its diluted share count still rose 0.7% over the year.
What is Johnson & Johnson's market cap?
On November 2, 2026, Johnson & Johnson's market capitalisation was about $662B, with a price-to-earnings ratio of 41.1 and net debt of $27.7B. Market figures come from third-party market data and may be delayed.
Does Johnson & Johnson pay a dividend?
Yes: Johnson & Johnson paid $12.7B in dividends over the trailing twelve months, a dividend yield of 1.92% and a payout ratio of 79.0%.
How much debt does Johnson & Johnson have?
Johnson & Johnson's debt-to-equity ratio is 54.8%, from its latest balance sheet (38.6% five years earlier). The financial health section below sets out its other solvency checks.
Who are Johnson & Johnson's competitors?
In our Pharmaceuticals peer group, the companies closest to Johnson & Johnson are Lilly (Eli), Merck & Co., Pfizer, Astrazeneca PLC and Bristol Myers Squibb. The side-by-side comparison below sets their revenue, margins and growth against Johnson & Johnson's.
Are insiders buying or selling Johnson & Johnson stock?
Over the last 12 months, Johnson & Johnson's directors and officers reported 1 open-market purchases and 36 sales on Form 4. The insider trading page charts every trade.
When is Johnson & Johnson's next earnings date?
Around January 20, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Johnson & Johnson announces its own schedule.