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Johnson & Johnson (JNJ) investor relations material
Johnson & Johnson Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved full-year 2025 sales of $94.2B, up 6.0% year-over-year, with operational growth of 5.3% and strong performance across six key business areas.
Diluted EPS reached $11.03, up 90.6% year-over-year, including reversal of special charges; adjusted EPS was $10.79, up 8.1%.
Both Innovative Medicine and MedTech segments delivered strong operational growth, driven by new product launches, commercial execution, and major acquisitions.
28 platforms/products now generate at least $1B in annual revenue, supporting sustainable growth.
2025 marked by significant R&D and M&A investment ($32B+), major acquisitions (Intra-Cellular Therapies, Halda Therapeutics), and new manufacturing facilities.
Financial highlights
Q4 2025 worldwide sales: $24.6B, up 9.1% year-over-year; U.S. sales up 7.5%, international up 11.3%.
Q4 net earnings: $5.1B; diluted EPS: $2.10, up 48.9% year-over-year; adjusted net earnings: $6B; adjusted EPS: $2.46, up 20.6%.
Full-year 2025 sales: $94.2B, up 6.0%; U.S. up 6.9%, international up 3.4%.
Full-year net earnings: $26.8B, up 90.6%; adjusted net earnings: $26.2B, up 8.1%.
Free cash flow: $19.7B, with $20B in cash/marketable securities and $48B in debt at year-end.
Outlook and guidance
2026 operational sales growth expected at 5.7%-6.7% (midpoint $100B); reported sales growth 6.2%-7.2%.
Adjusted operational EPS guidance: $11.28-$11.48 (midpoint 5.5% growth); reported adjusted EPS: $11.53.
Free cash flow expected to rise to ~$21B in 2026.
2026 adjusted pre-tax operating margin to improve by at least 50 bps.
Guidance incorporates 53rd week, MedTech tariffs, U.S. government agreement, and higher share count.
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