JOHNSON & JOHNSON
For the period ended Dec 28, 2025. Filed Feb 11, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 11, 2026
JNJ$280.78-0.5%Stored close · as of Nov 10, 2026
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Item 8. Consolidated statements of cash flows
Johnson & Johnson and subsidiaries consolidated statements of cash flows
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Cash flows from operating activities | |||
| Net earnings | $26,804 | 14,066 | 35,153 |
| Adjustments to reconcile net earnings to cash flows from operating activities: | |||
| Depreciation and amortization of property and intangibles | 7,503 | 7,339 | 7,486 |
| Stock based compensation | 1,354 | 1,176 | 1,162 |
| Asset write-downs | 204 | 405 | 1,295 |
| Charges for acquired in-process research and development | 109 | 1,841 | 483 |
| Gain on Kenvue separation | — | — | (20,984) |
| Net gain on sale of assets/businesses | (263) | (226) | (117) |
| Deferred tax provision | 1,538 | (2,183) | (4,194) |
| Credit losses and accounts receivable allowances | (1) | 11 | — |
| Changes in assets and liabilities, net of effects from acquisitions and divestitures: | |||
| Increase in accounts receivable | (1,781) | (406) | (624) |
| Increase in inventories | (1,450) | (1,128) | (1,323) |
| Increase in accounts payable and accrued liabilities | 2,377 | 1,621 | 2,346 |
| (Increase)/Decrease in other current and non-current assets | (6,167) | 1,717 | (3,480) |
| (Decrease)/Increase in other current and non-current liabilities | (5,697) | 33 | 5,588 |
| Net cash flows from operating activities | 24,530 | 24,266 | 22,791 |
| Cash flows (used by) from investing activities | |||
| Additions to property, plant and equipment | (4,832) | (4,424) | (4,543) |
| Proceeds from the disposal of assets/businesses, net | 720 | 675 | 358 |
| Acquisitions, net of cash acquired (Note 18) | (17,541) | (15,146) | — |
| Acquired in-process research and development/related milestones (Note 18) | (385) | (1,783) | (470) |
| Purchases of investments | (920) | (1,726) | (10,906) |
| Sales of investments | 1,661 | 2,462 | 19,390 |
| Credit support agreements activity, net | (2,129) | 1,517 | (2,963) |
| Other (including capitalized licenses and milestones) | (162) | (174) | 12 |
| Net cash (used by)/from investing activities | (23,588) | (18,599) | 878 |
| Cash flows (used by) from financing activities | |||
| Dividends to shareholders | (12,381) | (11,823) | (11,770) |
| Repurchase of common stock | (5,953) | (2,432) | (5,054) |
| Proceeds from short-term debt | 14,586 | 15,277 | 13,743 |
| Repayment of short-term debt | (12,330) | (9,463) | (22,973) |
| Proceeds from long-term debt, net of issuance costs | 9,138 | 6,660 | — |
| Repayment of long-term debt | (1,757) | (1,453) | (1,551) |
| Proceeds from the exercise of stock options/employee withholding tax on stock awards, net | 3,418 | 838 | 1,094 |
| Credit support agreements activity, net | (226) | 272 | (219) |
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Settlement of convertible debt acquired from Shockwave | — | (970) | — |
| Proceeds of short and long-term debt, net of issuance cost, related to the debt that transferred to Kenvue at separation | — | — | 8,047 |
| Proceeds from Kenvue initial public offering | — | — | 4,241 |
| Cash transferred to Kenvue at separation | — | — | (1,114) |
| Other | (34) | (38) | (269) |
| Net cash used by financing activities | (5,539) | (3,132) | (15,825) |
| Effect of exchange rate changes on cash and cash equivalents | 201 | (289) | (112) |
| (Decrease)/Increase in cash and cash equivalents | (4,396) | 2,246 | 7,732 |
| Cash and cash equivalents from continuing operations, beginning of period | 24,105 | 21,859 | 12,889 |
| Cash and cash equivalents from discontinued operations, beginning of period | — | — | 1,238 |
| Cash and cash equivalents, beginning of year (Note 1) | 24,105 | 21,859 | 14,127 |
| Cash and cash equivalents from continuing operations, end of period | 19,709 | 24,105 | 21,859 |
| Cash and cash equivalents from discontinued operations, end of period | — | — | — |
| Cash and cash equivalents, end of year (Note 1) | $19,709 | 24,105 | 21,859 |
| Supplemental cash flow data | |||
| Cash paid during the year for: | |||
| Interest | $1,977 | 1,990 | 1,836 |
| Interest, net of amount capitalized | 1,863 | 1,911 | 1,766 |
| Income taxes, inclusive of discontinued operations | 6,539 | 6,714 | 8,574 |
| Supplemental schedule of non-cash investing and financing activities | |||
| Treasury stock issued for employee compensation and stock option plans, net of cash proceeds/ employee withholding tax on stock awards | $2,591 | 1,551 | 1,435 |
Amounts presented for 2023 have not been recast to exclude discontinued operations.
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