FINANCIAL MODEL

Johnson & Johnson

JNJ · all figures in $M unless noted

burgundy figures open the exact filing page they were verified against · green figures are computed — click for the formula

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Income Statement
Revenue	71,890	76,450	81,581	82,059	82,584	93,775	94,943	85,159	88,821	94,193
Cost of Goods Sold	21,789	25,439	27,091	27,556	28,427	29,855	31,089	26,553	27,471	30,256
Gross Profit
SG&A	20,067	21,520	22,540	22,178	22,084	24,659	24,765	21,512	22,869	23,676
R&D	9,143	10,594	10,775	11,355	12,159	14,714	14,603	15,085	17,232	14,665
EBITDA
D&A	3,754	5,642	6,929	7,009	7,231	7,390	6,970	7,486	7,339	7,503
EBIT (Operating Income)	20,371	18,180	19,798	19,814	19,486	23,395	23,382	21,207	20,804	25,287
Interest Expense	726	934	1,005	318	201	183	276	772	755	971
Pre-Tax Income	19,803	17,673	17,999	17,328	16,497	22,776	21,725	15,062	16,687	32,581
Tax Expense	3,263	16,373	2,702	2,209	1,783	1,898	3,784	1,736	2,621	5,777
Net Income	16,540	1,300	15,297	15,119	14,714	20,878	17,941	13,326	14,066	26,804
Diluted EPS	5.93	0.47	5.61	5.63	5.51	7.81	6.73	5.20	5.79	11.03
Diluted Shares (M)	2,788.9	2,745.3	2,728.7	2,684.3	2,670.7	2,674.0	2,663.9	2,560.4	2,429.4	2,429.4
Balance Sheet
Total Cash & Equivalents		17,824	18,107	17,305	13,985	14,487	14,127	21,859	24,105	19,709
Short-term Debt		3,906	2,796	1,202	2,631	3,766	12,771	3,451	5,983	8,495
Long-term Debt		30,675	27,684	26,494	32,635	29,985	26,888	25,881	30,651	39,438
Total Debt
Net Debt
Total Current Assets		43,088	46,033	45,274	51,237	60,979	55,294	53,495	55,893	55,624
Total Current Liabilities		30,537	31,230	35,964	42,493	45,226	55,802	46,282	50,321	54,126
Total Assets		157,303	152,954	157,728	174,894	182,018	187,378	167,558	180,104	199,210
Total Liabilities		97,143	93,202	98,257	111,616	107,995	110,574	98,784	108,614	117,666
Shareholders' Equity		60,160	59,752	59,471	63,278	74,023	76,804	68,774	71,490	81,544
Minority Interest
Intangibles & Goodwill		85,134	78,064	81,282	89,795	81,638	93,556	70,733	81,818	99,175
PP&E		17,005	17,035	17,658	18,766	18,962	19,803	19,898	20,518	23,169
Receivables		13,490	14,098	14,481	13,576	15,283	16,160	14,873	14,842	17,178
Payables		7,310	7,537	8,544	9,505	11,055	11,703	9,632	10,311	11,991
Inventory		8,765	8,599	9,020	9,344	10,387	12,483	11,181	12,444	14,191
Retained Earnings		101,793	106,216	110,659	113,890	123,060	128,345	153,843	155,791	168,978
Cash Flow
Cash from Operations	18,767	21,056	22,201	23,416	23,536	23,410	21,194	22,791	24,266	24,530
Capital Expenditures	3,226	3,279	3,670	3,498	3,347	3,652	4,009	4,543	4,424	4,832
Free Cash Flow
Stock-Based Compensation	878	962	978	977	1,005	1,135	1,138	1,162	1,176	1,354
Dividends Paid	8,621	8,943	9,494	9,917	10,481	11,032	11,682	11,770	11,823	12,381
Share Repurchases	8,979	6,358	5,868	6,746	3,221	3,456	6,035	5,054	2,432	5,953