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AI核心结论
JNJ delivered strong FY2025 results with revenue rising 6.0% to $94.2B and net income nearly doubling to $26.8B (+90.6%), driven by significant non-recurring gains, though gross margin compressed slightly and long-term debt surged 27.9%.
营业收入
$94.19B
同比 ++6.05%
每股收益（基本）
$11.13
同比 ++90.58%
毛利率
67.9%
同比 -1.19%
提交于 · 解读更新于 · 来源: SEC EDGAR 10-K 原文
Johnson & Johnson (JNJ) FY2025 营收 $94.19B，同比增长 6.0%。 净利润 $26.8B，同比增长 90.6%，稀释每股收益 $11.03。 毛利率 67.9%。
JNJ grew total revenue 6.0% year-over-year to $94.2B in FY2025, up from $88.8B in the prior year, reflecting continued strength in its pharmaceutical and MedTech segments.
来源: Source: 10-K Income Statement
Net income surged 90.6% to $26.8B ($11.13 basic EPS), compared to $14.1B ($5.84 basic EPS) in the prior year. This dramatic increase is likely attributable to significant non-recurring gains or divestitures rather than purely operational improvement, as operating fundamentals showed more modest progress.
来源: Source: 10-K Income Statement
R&D expense fell 94.1% to just $109M from $1.84B in the prior year, a dramatic reduction that may reflect reclassification of R&D costs, a one-time prior-year charge, or a change in accounting treatment following a major corporate restructuring.
来源: Source: 10-K Income Statement
Gross margin declined 120 basis points to 67.9% from 69.1%, as cost of revenue grew 10.1%—outpacing revenue growth of 6.0%—indicating input cost pressures or a shift in product mix toward lower-margin offerings.
来源: Source: 10-K Income Statement & Key Ratios
JNJ deployed $23.6B in investing activities and repurchased $5.95B in shares (+144.8% YoY), while long-term debt rose 27.9% to $41.4B, suggesting major acquisitions or investments were funded partly through debt. Cash & equivalents declined 18.2% to $19.7B.
来源: Source: 10-K Cash Flow Statement & Balance Sheet
Long-term debt increased 27.9% to $41.4B in FY2025, significantly raising JNJ's financial leverage. This could constrain future financial flexibility and increase interest expense, particularly in a higher-for-longer interest rate environment. The current ratio of just 1.03 indicates limited short-term liquidity buffer.
来源: Source: 10-K Balance Sheet
The 90.6% surge in net income to $26.8B appears driven by non-recurring items rather than sustainable operational gains, as revenue grew only 6.0% and gross profit grew 4.2%. Investors relying on headline net income may overestimate the company's recurring earnings power.
来源: Source: 10-K Income Statement
Gross margin declined from 69.1% to 67.9%, with cost of revenue growing 10.1% versus revenue growth of 6.0%. Sustained cost inflation or unfavorable product mix shifts could further compress margins and reduce profitability in future periods.
来源: Source: 10-K Income Statement & Key Ratios
R&D expense collapsed 94.1% to $109M from $1.84B, which—if not due to reclassification—could signal a reduced pipeline investment that may impair long-term innovation and competitive positioning in pharmaceuticals and MedTech.
来源: Source: 10-K Income Statement
Cash and equivalents fell 18.2% to $19.7B while investing cash outflows reached $23.6B, a 26.8% increase year-over-year. Continued heavy capital deployment without proportional cash generation could pressure liquidity over time.
来源: Source: 10-K Cash Flow Statement & Balance Sheet
FY2025 实际 EPS $2.46，分析师一致预期 $2.46，不及预期 -0.1%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $94.19B | $88.82B | +6.05% |
营业成本 | $30.26B | $27.47B | +10.14% |
毛利润 | $63.94B | $61.35B | +4.22% |
净利润 | $26.8B | $14.07B | +90.56% |
每股收益（基本） | $11.13 | $5.84 | +90.58% |
每股收益（稀释） | $11.03 | $5.79 | +90.50% |
研发费用 | $109M | $1.84B | -94.08% |
销售及管理费用 | $23.68B | $22.87B | +3.53% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $199.21B | $180.1B | +10.61% |
流动资产 | $55.62B | $55.89B | -0.48% |
总负债 | $117.67B | $108.61B | +8.33% |
流动负债 | $54.13B | $50.32B | +7.56% |
现金及等价物 | $19.71B | $24.11B | -18.24% |
长期债务 | $41.44B | $32.4B | +27.90% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流 | $24.53B | $24.27B | +1.09% |
投资活动现金流 | $-23.59B | $-18.6B | -26.82% |
筹资活动现金流 | $-5.54B | $-3.13B | -76.85% |
股票回购 | $5.95B | $2.43B | +144.78% |
折旧及摊销 | $7.5B | $7.34B | +2.23% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
毛利率 | 67.9% | 69.1% | -1.19% |
净利率 | 28.5% | — | — |
总资产收益率 | 13.5% | — | — |
流动比率 | $1.028 | — | — |
JNJ reported Q2 FY2026 revenue of $25.3B, up 6.6% year over year on 5.6% operational growth, while net income was essentially flat at $5.5B as STELARA biosimilar pressure, higher commercial spending, restructuring, and litigation-related charges offset broad product and MedTech growth. Source: 10-Q Item 2 MD&A, pp.32, 38-42; 10-Q Income Statement (XBRL).
JNJ delivered strong Q1 FY2026 revenue growth of 9.9% to $24.1B, but net income fell 52.4% to $5.2B, likely driven by elevated SG&A (+18.0%) and one-time charges, while cash and equivalents dropped sharply by 43.6%.
Pharmaceuticals 行业其他公司
JNJ's revenue grew 6.0% year-over-year to $94.2B in FY2025, up from $88.8B in the prior year. This reflects continued momentum across its pharmaceutical and MedTech businesses, though specific segment breakdowns were not available in the provided data.
JNJ's net income surged 90.6% to $26.8B in FY2025, compared to $14.1B in the prior year. This dramatic increase appears to be driven by significant non-recurring items—such as gains from divestitures or asset sales—rather than a doubling of operational profitability, as revenue grew only 6.0% and gross profit grew 4.2%.
Based on the financial data, key risks include a 27.9% surge in long-term debt to $41.4B raising leverage concerns, gross margin compression to 67.9% from 69.1% due to cost of revenue growing faster than sales, and a 94.1% collapse in reported R&D expense to just $109M which could signal reduced pipeline investment. The current ratio of just 1.03 also indicates limited short-term liquidity headroom.
Yes, JNJ significantly accelerated share repurchases in FY2025, buying back $5.95B in stock—a 144.8% increase from $2.43B in the prior year. This aggressive buyback program, combined with higher net income, contributed to basic EPS rising 90.6% to $11.13.
JNJ's financial health is mixed: operating cash flow remains strong at $24.5B (+1.1% YoY) and net margin expanded to 28.5%, but long-term debt rose sharply to $41.4B (+27.9%) and the current ratio of 1.03 is thin. Cash and equivalents declined 18.2% to $19.7B, suggesting the company is deploying capital aggressively through acquisitions and buybacks while taking on more leverage.