Johnson & Johnson
JNJNYSEUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $280.78 Prior regular-session close from the quote source.
- $276.61–$281.16 Regular-session low and high so far today.
- 5.4M Regular-session shares traded · Nov 11, 4:00 PM ET.
- Jan 20 projected Projected for 2027-01-20 from the company’s own results filings (SEC 8-K Item 2.02). The company has not confirmed the date.
- $193.07–$283.25 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own JNJ if Johnson & Johnson's diversified healthcare portfolio, deep R&D pipeline and scale generate steady, high-quality cash flow that funds new-product launches, M&A and shareholder returns, while a strong balance sheet cushions litigation and competitive risks.
JNJ price history
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Investment thesis
What must happen next
Stable, large operating cash flow empowers continued R&D investment, opportunistic M&A and shareholder returns, creating a self-reinforcing funding loop that sustains competitive advantage.StrengtheningMateriality: High
Net cash provided by operating activities: $24,530,000,000 (annual, period_end 2025-12-28, FY 2026). If OCF holds, JNJ can fund growth and returns without levering the balance sheet; if it collapses, the company must choose between cutting R&D, deals or shareholder payouts, degrading long-term growth.
Watch: A large, adverse litigation judgment or settlement that consumes multiple billions of dollars in cash and recurs.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Net cash provided by operating activities: $24,530,000,000 (annual, period_end 2025-12-28, FY 2026).
Open source ↗Revenue growth over the next several years will depend on late-stage pipeline success and new-product launches rather than organic price increases; successful approvals will sustain top-line growth.StrengtheningMateriality: High
Revenue has increased year-over-year: $79.99B (FY 2023) → $85.159B (FY 2024) → $88.821B (FY 2025) → $94.193B (FY 2026). If launches substitute for maturing sales and offset pricing pressure, revenue and margins hold; if pipeline readouts fail, revenue growth will slow and margins will compress as market share is lost or price concessions are made.
Watch: Late-stage pipeline trial failures or regulatory denials for key assets slated to drive future growth.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Revenue has increased year-over-year: $79.99B (FY 2023) → $85.159B (FY 2024) → $88.821B (FY 2025) → $94.193B (FY 2026).
Open source ↗Gross-profit resilience — driven by proprietary pharmaceuticals and scale manufacturing — will preserve gross margin and protect operating profitability even if some lower-margin lines fluctuate.HoldingMateriality: Medium
Gross profit has trended upwards with revenue: $58.606B (FY 2023) → $61.350B (FY 2024) → $63.937B (FY 2025). Sustained gross margins protect operating income and free cash flow; if gross margins erode from pricing pressure or product mix shifts, operating profitability and cash available for R&D/returns will fall.
Watch: Widespread pricing pressure imposed by large payors or regulatory price controls across major markets.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Gross profit has trended upwards with revenue: $58.606B (FY 2023) → $61.350B (FY 2024) → $63.937B (FY 2025).
Open source ↗A strong balance sheet and significant cash reserves give JNJ optionality to absorb shocks (litigation, recalls), pursue strategic M&A and maintain dividends without forcing distressed financing.StrengtheningMateriality: Medium
Cash and cash equivalents: $21,688,000,000 (instant, period_end 2026-03-29, Q1 FY 2027). If cash and liquidity remain ample, management can act decisively on deals and returns; if liquidity is impaired, strategic flexibility and the dividend/buyback program may be constrained.
Watch: A multibillion-dollar litigation or regulatory payment that forces substantial cash outflows or significant debt-funded acquisitions.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Cash and cash equivalents: $21,688,000,000 (instant, period_end 2026-03-29, Q1 FY 2027).
Open source ↗Reported net income (and EPS) will remain positive and generally resilient, but can be volatile year-to-year due to one-time items (tax, litigation, divestitures); sustainable shareholder returns depend on underlying operating profitability rather than reported EPS swings.HoldingMateriality: Medium
Net income: $17,941,000,000 (FY 2023) → $35,153,000,000 (FY 2024) → $14,066,000,000 (FY 2025) → $26,804,000,000 (FY 2026) indicating material year-to-year volatility. If net income volatility is driven by transitory items while operating profitability holds, the business value is intact; if operating profitability weakens, reported earnings and the ability to finance returns will decline.
Watch: Recurring large non-operating charges (tax adjustments, impairment, litigation) that repeatedly depress net income.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Net income: $17,941,000,000 (FY 2023) → $35,153,000,000 (FY 2024) → $14,066,000,000 (FY 2025) → $26,804,000,000 (FY 2026) indicating material year-to-year.
Open source ↗
Full investment case & evidence
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Original research
Stable, large operating cash flow empowers continued R&D investment, opportunistic M&A and shareholder returns, creating a self-reinforcing funding loop that sustains competitive advantage. If OCF holds, JNJ can fund growth and returns without levering the balance sheet; if it collapses, the company must choose between cutting R&D, deals or shareholder payouts, degrading long-term growth.
Revenue growth over the next several years will depend on late-stage pipeline success and new-product launches rather than organic price increases; successful approvals will sustain top-line growth. If launches substitute for maturing sales and offset pricing pressure, revenue and margins hold; if pipeline readouts fail, revenue growth will slow and margins will compress as market share is lost or price concessions are made.
Gross-profit resilience — driven by proprietary pharmaceuticals and scale manufacturing — will preserve gross margin and protect operating profitability even if some lower-margin lines fluctuate. Sustained gross margins protect operating income and free cash flow; if gross margins erode from pricing pressure or product mix shifts, operating profitability and cash available for R&D/returns will fall.
A strong balance sheet and significant cash reserves give JNJ optionality to absorb shocks (litigation, recalls), pursue strategic M&A and maintain dividends without forcing distressed financing. If cash and liquidity remain ample, management can act decisively on deals and returns; if liquidity is impaired, strategic flexibility and the dividend/buyback program may be constrained.
Reported net income (and EPS) will remain positive and generally resilient, but can be volatile year-to-year due to one-time items (tax, litigation, divestitures); sustainable shareholder returns depend on underlying operating profitability rather than reported EPS swings. If net income volatility is driven by transitory items while operating profitability holds, the business value is intact; if operating profitability weakens, reported earnings and the ability to finance returns will decline.
All standing thesis claims
Original report summary
Johnson & Johnson's diversified healthcare portfolio, deep R&D pipeline and scale generate steady, high-quality cash flow that funds new-product launches, M&A and shareholder returns, while a strong balance sheet cushions litigation and competitive risks.
Bull case and bear case
Bull case and bear case for Johnson & Johnson
Where the evidence on Johnson & Johnson stands: Holding on the latest evidence (Oct 13, 2026). Of its 5 thesis points, 3 strengthening and 2 holding.
Bull case: what the evidence supports
Stable, large operating cash flow empowers continued R&D investment, opportunistic M&A and shareholder returns, creating a self-reinforcing funding loop that sustains competitive advantage.
Revenue growth over the next several years will depend on late-stage pipeline success and new-product launches rather than organic price increases; successful approvals will sustain top-line growth.
Gross-profit resilience — driven by proprietary pharmaceuticals and scale manufacturing — will preserve gross margin and protect operating profitability even if some lower-margin lines fluctuate.
A strong balance sheet and significant cash reserves give JNJ optionality to absorb shocks (litigation, recalls), pursue strategic M&A and maintain dividends without forcing distressed financing.
Reported net income (and EPS) will remain positive and generally resilient, but can be volatile year-to-year due to one-time items (tax, litigation, divestitures); sustainable shareholder returns depend on underlying operating profitability rather than reported EPS swings.
Bear case: what would count against it
A large, adverse litigation judgment or settlement that consumes multiple billions of dollars in cash and recurs.
Late-stage pipeline trial failures or regulatory denials for key assets slated to drive future growth.
Widespread pricing pressure imposed by large payors or regulatory price controls across major markets.
Thesis-Break Engine
Thesis-break watch · Johnson & Johnson
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MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedDirector or principal officer change.
Johnson & Johnson filed an SEC 8-K on 2026-08-04: Director or principal officer change. It is a dated development that tests the current thesis.
- MixedRegulation FD disclosure.
Johnson & Johnson filed an SEC 8-K on 2026-07-29: Regulation FD disclosure. It is a dated development that tests the current thesis.
- MixedRegulation FD disclosure.
Johnson & Johnson filed an SEC 8-K on 2026-07-28: Regulation FD disclosure. It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- A large, adverse litigation judgment or settlement that consumes multiple billions of dollars in cash and recurs.
- Late-stage pipeline trial failures or regulatory denials for key assets slated to drive future growth.
- Widespread pricing pressure imposed by large payors or regulatory price controls across major markets.
- A multibillion-dollar litigation or regulatory payment that forces substantial cash outflows or significant debt-funded acquisitions.
- Recurring large non-operating charges (tax adjustments, impairment, litigation) that repeatedly depress net income.
JNJ news
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Financial statements
JNJ income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
JNJ: quick answers
- When does Johnson & Johnson (JNJ) report earnings next?
- Johnson & Johnson's next results are projected for January 20, 2027, from the dates of its own results filings with the SEC. The company has not confirmed the date. It last reported on October 13, 2026. Earnings calendar
- What is JNJ's short interest?
- As of October 30, 2026, 17.1M JNJ shares were sold short, 0.71% of its shares outstanding, up 1.8% from the count before. At the stock's average daily volume that is 2.4 days to cover. FINRA publishes the count twice a month. JNJ short interest history
- Have members of Congress traded JNJ?
- Reports made public in the last 90 days disclose 12 trades in JNJ by 6 filers: 6 purchases and 6 sales. They are filed under the STOCK Act by members of Congress, the President and senior officials. Every disclosed JNJ trade
- Which well-known investors own JNJ?
- 4 of the 37 well-known funds tracked here reported JNJ shares in their latest 13F filings. By share of the fund's portfolio: Markel Group (Tom Gayner), 1.3%; Fairfax Financial (Prem Watsa), 0.7%; Bridgewater Associates (Ray Dalio), 0.7%. Fund portfolios
JNJ in well-known investors’ portfolios
4 of 37 funds reported JNJ shares in their latest 13F filing. A 13F shows quarter-end positions and arrives up to 45 days later.
| Fund | Of its portfolio | Value | Change | Quarter |
|---|---|---|---|---|
| Tom GaynerMarkel Group | 1.3% | $162M | No change | Q3 2026 |
| Prem WatsaFairfax Financial | 0.71% | $18.6M | No change | Q2 2026 |
| Ray DalioBridgewater Associates | 0.70% | $170M | −4.0% | Q2 2026 |
| George SorosSoros Fund Management | 0.11% | $8.6M | −2.4% | Q2 2026 |