Johnson & Johnson cash flow statement

In fiscal 2025, Johnson & Johnson's operations generated $24.53bn of cash; it spent $4.83bn on capital projects, leaving free cash flow of $19.70bn. It returned $12.38bn in dividends and $5.95bn through buybacks.

Cash flow statement

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

Johnson & Johnson: cash flow statement, annual
Fiscal year	2009Jan 2010	2010Jan 2011	2011Jan 2012	2012Dec 2012	2013Dec 2013	2014Dec 2014	2015Jan 2016	2016Jan 2017	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Jan 2021	2021Jan 2022	2022Jan 2023	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMSept 2026
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
Depreciation and amortisation	2.8	2.9	3.2	3.7	4.1	3.9	3.7	3.8	5.6	6.9	7.0	7.2	7.4	7.0	7.5	7.3	7.5	8.1
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
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
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
Dividends paid	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
Share 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

US$ millions unless shown otherwise. Fiscal quarters.

Johnson & Johnson: cash flow statement, quarterly
Quarter	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026	2026 Q3Sept 2026
Cash from operations	6,983	4,174	3,878	9,169	7,309	2,514	8,616	7,720
Depreciation and amortisation	1,896	1,772	1,943	1,777	2,011	2,004	1,959	2,117
Stock-based pay	238	288	410	347	309	300	458	357
Capital spending	1,612	795	1,043	1,157	1,837	1,049	1,321	1,362
Free cash flow	5,371	3,379	2,835	8,012	5,472	1,465	7,295	6,358
Free cash flow after stock pay	5,133	3,091	2,425	7,665	5,163	1,165	6,837	6,001

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

Compare with peers

Head to head: JNJ vs LLY JNJ vs MRK JNJ vs PFE

More: Pharmaceuticals stocks compared, Health Care sector, rankings of US companies

Figures from Johnson & Johnson's SEC filings (10-K and 10-Q), retrieved October 23, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Johnson & Johnson.