01/21/2026–
- 2025 Fourth-Quarter reported sales growth of 9.1% to $24.6 Billion with operational growth of 7.1%* and adjusted operational growth of 6.1%*; 2025 Fourth-Quarter earnings per share (EPS) of $2.10 and adjusted EPS of $2.46, both include $(0.10) due to the acquisition of Halda Therapeutics
- 2025 Full-Year reported sales growth of 6.0% to $94.2 Billion with operational growth of 5.3%* and adjusted operational growth of 4.2%*; 2025 Full-Year earnings per share (EPS) of $11.03 and adjusted EPS of $10.79, both include $(0.10) due to the acquisition of Halda Therapeutics
- Significant innovation including approvals of CAPLYTA for major depressive disorder and RYBREVANT FASPRO plus LAZCLUZE for non-small cell lung cancer, landmark data for TECVAYLI plus DARZALEX FASPRO as a potential standard of care as early as second line for patients with relapsed/refractory multiple myeloma, the acquisition of Halda Therapeutics, and submission of OTTAVA Robotic Surgical System
- Company issues guidance for 2026 with estimated reported sales of $100.5 Billion or 6.7% at the midpoint, and adjusted EPS4 of $11.53 or 6.9% at the midpoint
NEW BRUNSWICK, N.J.–(BUSINESS WIRE)– Johnson & Johnson (NYSE: JNJ) today announced results for fourth-quarter and full-year 2025. “2025 was a catapult year for Johnson & Johnson, fueled by the strongest portfolio and pipeline in our history,” said Joaquin Duato, Chairman and Chief Executive Officer, Johnson & Johnson. “Last year kicked off a new era of accelerated growth, driven by medical innovation that is transforming lives in our six key businesses: Oncology, Immunology, Neuroscience, Cardiovascular, Surgery, and Vision. In each of these important areas, our leadership is expanding driven by game-changing science and technology.”
Overall financial results
Q4 | Full Year | |||||||||||
($ in Millions, except EPS) | 2025 | 2024 | % Change | 2025 | 2024 | % Change | ||||||
Reported Sales | $24,564 | $22,520 | 9.1% | $94,193 | $88,821 | 6.0% | ||||||
Net Earnings | $5,116 | $3,431 | 49.1% | $26,804 | $14,066 | 90.6% | ||||||
EPS (diluted) | $2.10 | $1.41 | 48.9% | $11.03 | $5.79 | 90.5% | ||||||
Q4 | Full Year | |||||||||||
Non-GAAP* ($ in Millions, except EPS) | 2025 | 2024 | % Change | 2025 | 2024 | % Change | ||||||
Operational Sales1,2 | 7.1% | 5.3% | ||||||||||
Adjusted Operational Sales1,3 | 6.1% | 4.2% | ||||||||||
Adjusted Net Earnings1,4 | $6,009 | $4,946 | 21.5% | $26,215 | $24,242 | 8.1% | ||||||
Adjusted EPS (diluted)1,4 | $2.46 | $2.04 | 20.6% | $10.79 | $9.98 | 8.1% | ||||||
Free Cash Flow5,6 | ~$19,700 | $19,842 | ||||||||||
| 1 | Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures included in accompanying schedules |
| 2 | Excludes the impact of translational currency |
| 3 | Excludes the net impact of acquisitions and divestitures and translational currency |
| 4 | Excludes intangible amortization expense and special items |
| 5 | Non-GAAP measure; defined as cash flow from operating activities, less additions to property, plant and equipment. Cash flow from operations, the most directly comparable GAAP financial measure, will be included in subsequent SEC filings. |
| 6 | Full year 2025 is estimated as of January 21, 2026. |
| Note: values may have been rounded
| |
Regional sales results
Q4 | % Change | |||||||||||
($ in Millions) | 2025 | 2024 | Reported | Operational1,2 | Currency | Adjusted Operational1,3 | ||||||
U.S. | $14,195 | $13,204 | 7.5% | 7.5 | – | 5.7 | ||||||
International | 10,369 | 9,316 | 11.3 | 6.6 | 4.7 | 6.8 | ||||||
Worldwide | $24,564 | $22,520 | 9.1% | 7.1 | 2.0 | 6.1 | ||||||
Full Year | % Change | |||||||||||
($ in Millions) | 2025 | 2024 | Reported | Operational1,2 | Currency | Adjusted Operational1,3 | ||||||
U.S. | $53,752 | $50,302 | 6.9% | 6.9 | – | 4.9 | ||||||
International | 40,441 | 38,519 | 5.0 | 3.4 | 1.6 | 3.3 | ||||||
Worldwide | $94,193 | $88,821 | 6.0% | 5.3 | 0.7 | 4.2 | ||||||
| 1 | Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures included in accompanying schedules |
| 2 | Excludes the impact of translational currency |
| 3 | Excludes the net impact of acquisitions and divestitures and translational currency |
| Note: values may have been rounded | |
Segment sales results
Q4 | % Change | |||||||||||
($ in Millions) | 2025 | 2024 | Reported | Operational1,2 | Currency | Adjusted Operational1,3 | ||||||
Innovative Medicine | $15,763 | $14,332 | 10.0% | 7.9 | 2.1 | 6.2 | ||||||
MedTech | 8,801 | 8,188 | 7.5 | 5.8 | 1.7 | 5.9 | ||||||
Worldwide | $24,564 | $22,520 | 9.1% | 7.1 | 2.0 | 6.1 | ||||||
Full Year | % Change | |||||||||||
($ in Millions) | 2025 | 2024 | Reported | Operational1,2 | Currency | Adjusted Operational1,3 | ||||||
Innovative Medicine | $60,401 | $56,964 | 6.0% | 5.3 | 0.7 | 4.1 | ||||||
MedTech | 33,792 | 31,857 | 6.1 | 5.4 | 0.7 | 4.3 | ||||||
Worldwide | $94,193 | $88,821 | 6.0% | 5.3 | 0.7 | 4.2 | ||||||
| 1 | Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures included in accompanying schedules |
| 2 | Excludes the impact of translational currency |
| 3 | Excludes the net impact of acquisitions and divestitures and translational currency |
| Note: values may have been rounded | |
Full-year 2025 segment commentary:
Operational sales* reflected below excludes the impact of translational currency.
Innovative Medicine
Innovative Medicine worldwide operational sales grew 5.3%*, with net acquisitions and divestitures positively impacting growth by 1.2% primarily due to CAPLYTA. Growth was driven primarily by DARZALEX, CARVYKTI, ERLEADA, and RYBREVANT/LAZCLUZE in Oncology, TREMFYA and SIMPONI/SIMPONI ARIA in Immunology, and SPRAVATO in Neuroscience. Growth was partially offset by an approximate (1,040) basis points impact from STELARA in Immunology.
MedTech
MedTech worldwide operational sales grew 5.4%*, with net acquisitions and divestitures positively impacting growth by 1.1% primarily due to Shockwave. Growth was driven primarily by electrophysiology products and Abiomed in Cardiovascular and wound closure products in General Surgery.
Full-year 2026 guidance:
Johnson & Johnson does not provide GAAP financial measures on a forward-looking basis because the company is unable to predict with reasonable certainty the ultimate outcome of legal proceedings, unusual gains and losses, acquisition-related expenses, and purchase accounting fair value adjustments without unreasonable effort. These items are uncertain, depend on various factors, and could be material to Johnson & Johnson’s results computed in accordance with GAAP.
($ in Billions, except EPS) | January 2026 | |
Adjusted Operational Sales1,2 Change vs. Prior Year / Mid-point | 5.4% – 6.4% / 5.9% ADVERTISEMENT | |
Operational Sales2 / Mid-point Change vs. Prior Year / Mid-point | $99.5B – $100.5B / $100.0B 5.7% – 6.7% / 6.2% | |
Estimated Reported Sales3/ Mid-point Change vs. Prior Year / Mid-point | $100.0B – $101.0B / $100.5B 6.2% – 7.2% / 6.7% | |
Adjusted Operational EPS (Diluted)2,4 / Mid-point Change vs. Prior Year / Mid-point | $11.28 – $11.48 / $11.38 4.5% – 6.5% / 5.5% | |
Adjusted EPS (Diluted)3,4 / Mid-point Change vs. Prior Year / Mid-point | $11.43 – $11.63 / $11.53 5.9% – 7.9% / 6.9% |
| 1 | Non-GAAP financial measure; excludes the net impact of acquisitions and divestitures |
| 2 | Non-GAAP financial measure; excludes the impact of translational currency |
| 3 | Calculated using Euro Average Rate: January 2026 = $1.17 (Illustrative purposes only) |
| 4 | Non-GAAP financial measure; excludes intangible amortization expense and special items |
| Note: percentages may have been rounded | |
