Johnson & Johnson closed FY2025 with $94.2 billion in total sales, up 6.0% from the prior year, and posted its strongest single quarter ever in Q4 at $24.6 billion. The company now targets crossing $100 billion in annual revenue for the first time in FY2026. Here is a full breakdown of J&J’s latest financials, segment performance, key products, and pipeline as of early 2026.
Johnson & Johnson Statistics 2026 – TL;DR
J&J recorded $94,193 million in FY2025 total sales, a 6.0% year-on-year increase from $88,821 million in FY2024.
The Innovative Medicine segment brought in $60,401 million (64.1% of total revenue); MedTech added $33,792 million (35.9%).
Q4 2025 was J&J’s highest-revenue quarter ever at $24,564 million, growing 9.1% year on year.
J&J reported 28 individual products each generating over $1 billion in annual sales.
Management has guided for FY2026 revenue above $100 billion for the first time in company history.
How Much Revenue Did Johnson & Johnson Generate in FY2025?
Johnson & Johnson reported full-year 2025 sales of $94,193 million, up from $88,821 million in FY2024 and $85,159 million in FY2023. That 6.0% reported increase (5.3% on an operational basis, stripping out currency effects) came after the 2023 Kenvue spin-off removed J&J’s consumer health division entirely. The company is now a two-segment operation: pharmaceuticals and medical devices.
Gross profit for FY2025 reached $63,937 million, though gross margin dipped slightly to 67.9% from 69.1% a year earlier. Free cash flow came in at roughly $19.7 billion, or about 20.9% of revenue. Return on equity stood at 32.9%.
| Metric | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| Total Sales | $94,193M | $88,821M | $85,159M |
| Gross Profit | $63,937M | $61,350M | $58,606M |
| Gross Margin | 67.9% | 69.1% | 68.8% |
| R&D Expense | $14,665M | $17,232M | $15,085M |
| Selling, Marketing & Admin | $23,676M | $22,869M | $21,512M |
| Free Cash Flow | ~$19.7B | – | – |
Source: Johnson & Johnson Form 10-K FY2025 (SEC EDGAR); J&J Q4/Full-Year 2025 press release (January 21, 2026)
R&D spending fell from $17,232 million in FY2024 to $14,665 million in FY2025 — a 14.9% drop. That decline doesn’t reflect a real pullback in research spending. FY2024’s figure was inflated by large in-process R&D charges and acquisition-related impairments. In-process R&D impairments alone dropped from $211 million to $81 million year over year. At 15.6% of sales, FY2025 R&D sits closer to J&J’s historical norm.
Johnson & Johnson Revenue by Segment
After the Kenvue consumer health separation, J&J runs two segments. Innovative Medicine (pharmaceuticals) generated $60,401 million in FY2025, growing 6.0% reported and 5.3% operationally. MedTech (medical devices) hit $33,792 million, up 6.1% reported and 5.4% operationally. The split works out to roughly 64/36 in favor of pharmaceuticals.
| Segment | FY2025 Sales | FY2024 Sales | YoY Change | % of Total |
|---|---|---|---|---|
| Innovative Medicine | $60,401M | $56,964M | +6.0% | 64.1% |
| MedTech | $33,792M | $31,857M | +6.1% | 35.9% |
| Total | $94,193M | $88,821M | +6.0% | 100% |
Source: Johnson & Johnson Form 8-K Q4/Full-Year 2025 (SEC EDGAR)
Johnson & Johnson Quarterly Revenue (FY2025)
Revenue accelerated through each quarter of FY2025. Q1 grew 2.4%, Q2 picked up to 5.8%, Q3 hit 6.8%, and Q4 surged to 9.1%. That Q4 figure — $24,564 million — was the highest single-quarter revenue in J&J’s history. Innovative Medicine drove the Q4 acceleration, posting $15,763 million at a 10.0% reported growth rate, its fastest quarterly clip of the year.
| Quarter | Total Sales | Innovative Medicine | MedTech | YoY Growth |
|---|---|---|---|---|
| Q1 2025 | $21,893M | $13,873M | $8,020M | +2.4% |
| Q2 2025 | $23,743M | $15,202M | $8,541M | +5.8% |
| Q3 2025 | $23,993M | $15,563M | $8,430M | +6.8% |
| Q4 2025 | $24,564M | $15,763M | $8,801M | +9.1% |
Source: Johnson & Johnson Form 8-K filings Q1-Q4 2025 (SEC EDGAR)
Q4 2025 net earnings hit $5,537 million, an 18.2% jump from $4,686 million in Q4 2024. Earnings growth outpaced the 9.1% revenue increase, pointing to margin improvement within the quarter. Diluted EPS for Q4 came in at $2.10 (GAAP), up 18.7% from $1.93 a year earlier. Adjusted Q4 EPS was $2.46.
Johnson & Johnson EPS (FY2025)
Full-year diluted EPS (GAAP) reached $11.03, and adjusted EPS came in at $10.79. Both figures include a $0.10 negative impact from the Halda Therapeutics acquisition completed during the year. J&J’s market capitalization stood above $560 billion in early 2026, making it the second-largest company globally in the pharma/biotech space.
| EPS Metric | FY2025 | Q4 2025 |
|---|---|---|
| Diluted EPS (GAAP) | $11.03 | $2.10 |
| Adjusted EPS (non-GAAP) | $10.79 | $2.46 |
Source: Johnson & Johnson Q4/Full-Year 2025 press release (January 21, 2026)
What Are Johnson & Johnson’s Top Products?
DARZALEX, J&J’s multiple myeloma drug, has posted sales above $3 billion per quarter for three consecutive quarters through mid-2025. It remains the leading growth driver across the Innovative Medicine segment’s oncology portfolio. CARVYKTI (CAR-T cell therapy), ERLEADA (prostate cancer), and the newly launched RYBREVANT FASPRO plus LAZCLUZE combination for non-small cell lung cancer all contributed to oncology growth in FY2025.
Outside oncology, TREMFYA led immunology growth, and SPRAVATO continued to gain ground in neuroscience. J&J also added CAPLYTA — an adjunctive therapy for major depressive disorder approved by the FDA in FY2025 — to its portfolio. Across all therapeutic areas, J&J now counts 28 individual products each exceeding $1 billion in annual sales, according to management comments on the Q4 2025 earnings call.
STELARA Loss of Exclusivity Impact
STELARA’s loss of exclusivity created a roughly 1,070 basis point headwind to Innovative Medicine growth in Q3 2025 alone. That means the segment grew about 5.3% operationally despite an underlying drag of approximately 10.7 percentage points from STELARA’s decline. Strip out that headwind and the segment would have grown around 16% operationally in Q3 — a number that shows just how much new product growth is compensating for the STELARA erosion.
Johnson & Johnson MedTech and Pipeline
The MedTech segment’s $33.8 billion in FY2025 revenue got a 1.1% boost from the Shockwave cardiovascular acquisition. J&J also filed the submission for its OTTAVA robotic surgical system during FY2025, entering the surgical robotics space directly. MedTech’s Q4 performance at $8,801 million (up 7.5% year on year) was the segment’s strongest quarter of the year.
J&J’s pipeline includes over 200 drugs currently in development. For FY2026, management expects accelerated growth from both segments — Innovative Medicine driven by TREMFYA, DARZALEX, CARVYKTI, ERLEADA, and SPRAVATO, while MedTech growth should come from cardiovascular, surgery, and vision categories.
Johnson & Johnson FY2026 Outlook
J&J’s stated target is to exceed $100 billion in annual revenue for the first time in FY2026. Getting there from FY2025’s $94.2 billion base requires roughly $5.8 billion or more in incremental growth — a 6.2%+ increase. Given that Q4 2025 already showed 9.1% reported growth, that target appears within reach if the company maintains its current momentum.
FAQs
What was Johnson & Johnson’s total revenue in FY2025?
Johnson & Johnson reported $94,193 million ($94.2 billion) in total sales for FY2025, a 6.0% increase from $88,821 million in FY2024.
How many billion-dollar products does Johnson & Johnson have?
J&J disclosed 28 individual products each generating over $1 billion in annual sales, per the Q4 2025 earnings call in January 2026.
What is Johnson & Johnson’s largest business segment?
Innovative Medicine (pharmaceuticals) is the largest segment at $60,401 million in FY2025 sales, accounting for 64.1% of total revenue.
Will Johnson & Johnson exceed $100 billion in revenue?
Management has guided for FY2026 revenue above $100 billion. Reaching that target requires approximately 6.2% growth from FY2025’s $94.2 billion base.
What is Johnson & Johnson’s market cap in 2026?
J&J’s market capitalization exceeded $560 billion in early 2026, making it the second-largest pharma and biotech company globally.
Sources:
https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000200406
