该报告暂无中文版，以下为英文版分析。
按公开的固定规则计算，不是模型的主观判断——但其中一项输入（高等级风险的条数）取自下方的 AI 分析。
非投资建议，也不是目标价——评的是本季基本面，不是股价。 完整方法论 →
AI核心结论
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%.
营收
240.62亿美元
同比 +9.91%
每股收益（稀释）
2.14美元
同比 -52.86%
毛利率
66.3%
同比 -0.1 个百分点
SEC XBRL 原值
Johnson & Johnson (JNJ) Q1 FY2026 营收 240.62亿美元，同比增长 9.9%。 经营活动现金流 25.14亿美元，同比下降 39.8%。 JNJ 的财年 Q1 FY2026 对应日历 Q1 2026。
近 4 个季度：3 次超预期
| 季度 | 实际 EPS（美元） | 市场预期（美元） | 结果 |
|---|---|---|---|
| 2026年6月 | 2.90 | 2.87 | 超预期 +0.9% |
| 2026年3月本次财报 | 2.70 | 2.69 | 超预期 +0.3% |
| 2025年12月 | 2.46 | 2.46 | 不及预期 -0.1% |
| 2025年9月 | 2.80 | 2.78 | 超预期 +0.5% |
2026年3月 调整后（非 GAAP） EPS 2.70美元，分析师一致预期 2.69美元，超预期 +0.3%。 分析师一致预期按市场通行的调整后（非 GAAP）口径。本季 GAAP 稀释每股收益为 2.14美元。
由 AI 基于本次 SEC 报告整理
JNJ reported Q1 FY2026 revenue of $24.1B, up 9.9% year-over-year from $21.9B, reflecting broad-based growth across its business segments. Cost of revenue grew at a slightly faster pace of 10.2%, keeping gross margin nearly flat at 66.3%.
来源: 10-Q Income Statement
Net income fell 52.4% year-over-year to $5.2B from $11.0B in the prior-year period. This significant divergence from revenue growth suggests the presence of substantial one-time charges, litigation settlements, or restructuring costs not captured in the XBRL income statement line items provided.
来源: 10-Q Income Statement
Selling, General & Administrative expenses rose 18.0% year-over-year to $6.0B from $5.1B, growing nearly twice as fast as revenue. This elevated cost base is a key driver of margin compression and the decline in net income.
来源: 10-Q Income Statement
Cash and equivalents declined 43.6% to $21.7B from $38.5B in the prior year, while share buybacks surged 89.4% to $4.0B. The combination suggests JNJ deployed significant capital for acquisitions, buybacks, or settlements during the quarter.
来源: 10-Q Balance Sheet & Cash Flow Statement
Operating cash flow fell 39.8% to $2.5B from $4.2B in the prior-year quarter, indicating that cash generation from core operations was meaningfully weaker, potentially due to working capital changes or cash payments related to legal or restructuring matters.
来源: 10-Q Cash Flow Statement
由 AI 基于本次 SEC 报告整理 · 高 1 中 3 低 1
The dramatic 52.4% decline in net income despite strong revenue growth strongly implies significant litigation-related charges or settlement payments in Q1 FY2026. JNJ has historically faced large-scale litigation (e.g., talc-related lawsuits), and ongoing legal proceedings could continue to weigh heavily on earnings and cash flows.
来源: 10-Q Income Statement & Cash Flow Statement
SG&A expenses grew at 18.0% year-over-year, nearly double the revenue growth rate of 9.9%, suggesting rising commercial, administrative, or integration costs. If this trend persists, it could structurally compress operating margins and reduce earnings power over time.
来源: 10-Q Income Statement
Cash and equivalents dropped by $16.8B (-43.6%) year-over-year to $21.7B, a substantial reduction in liquidity. While JNJ maintains a strong balance sheet with $200.9B in total assets, the pace of cash outflows—driven by buybacks, investing activities, and potential legal payments—warrants monitoring.
来源: 10-Q Balance Sheet
JNJ's current ratio stands at approximately 1.03, meaning current assets barely cover current liabilities. This is a notable tightening in short-term liquidity, particularly given the sharp decline in current assets (-17.3%) while current liabilities remained relatively stable (+1.4%).
来源: 10-Q Balance Sheet
With a debt-to-equity ratio of 1.47 and long-term debt of $37.5B, JNJ carries meaningful financial leverage. While the company generates substantial revenue, the combination of declining operating cash flow and elevated debt levels could constrain financial flexibility if earnings pressure continues.
来源: 10-Q Balance Sheet & Cash Flow Statement
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营收 亿美元 | 240.62 亿美元 | 218.93 亿美元 | +9.91% |
营业成本 亿美元 | 81.06 亿美元 | 73.57 亿美元 | +10.18% |
毛利润 亿美元 | 159.56 亿美元 | 145.36 亿美元 | +9.77% |
净利润 亿美元 | 52.35 亿美元 | 109.99 亿美元 | -52.40% |
每股收益（基本） 美元 | 2.17 美元 | 4.57 美元 | -52.52% |
每股收益（稀释） 美元 | 2.14 美元 | 4.54 美元 | -52.86% |
销售及管理费用 亿美元 | 60.34 亿美元 | 51.12 亿美元 | +18.04% |
答案基于本次 SEC 报告与本页数据
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