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Johnson & Johnson (JNJ) investor relations material
Johnson & Johnson Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q3 2025 sales reached $24.0B, up 6.8% year-over-year, with operational growth of 5.4% and strong performance in both Innovative Medicine and MedTech segments.
Net earnings surged 91.2% year-over-year to $5.2B, with diluted EPS at $2.12 and adjusted EPS at $2.80, up 15.7%.
Growth was driven by Oncology, Neuroscience, and Cardiovascular, with significant contributions from new and established products.
Announced planned separation of the Orthopaedics business within 18–24 months to sharpen focus on high-growth, high-margin areas.
Major product launches and regulatory milestones achieved, including INLEXZO approval and strong pipeline progress.
Financial highlights
Q3 2025 worldwide sales were $24.0B, up 6.8% year-over-year; net earnings were $5.2B, and adjusted net earnings were $6.8B, up 15.7%.
Gross margin for Q3 was 69.6%; effective tax rate increased to 31.2% due to a one-time $1B deferred tax remeasurement.
Free cash flow for Q3 was ~$14B; net debt position at quarter-end was ~$27B.
U.S. sales grew 6.2%, Europe 10.7%, and international sales 7.6% year-over-year.
Dividend per share was $1.30 for Q3, with continued quarterly dividends expected.
Outlook and guidance
Raised full-year 2025 sales guidance to $93.7B at the midpoint, representing 5.7% growth; adjusted EPS guidance reaffirmed at $10.85.
Adjusted operational sales growth expected at 4.0%–5.3% for 2025.
Projected 2026 revenue growth to exceed 5%, with upside to current consensus EPS.
Ongoing restructuring in MedTech and Orthopaedics expected to be substantially completed by end of 2026 and 2025, respectively.
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