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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: oncology, immunology, neuroscience, cardiovascular, surgery, and vision.
Diluted EPS reached $11.03, up 90.6% year-over-year, including a $7B talc reserve reversal and special charge reversals; 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 (Intra-Cellular Therapies, Halda Therapeutics).
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+), new manufacturing facilities, and pivotal product and regulatory milestones.
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, up 49.1%; diluted EPS: $2.10, up 48.9%; adjusted net earnings: $6B; adjusted EPS: $2.46, up 20.6%.
Full-year net earnings: $26.8B, up 90.6%; adjusted net earnings: $26.2B, up 8.1%.
Gross margin for 2025 was 67.9%; operating margin at 34.6%.
Free cash flow for 2025 was ~$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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- RYM
Refreshed strategy targets NZD 150m cash flow uplift, NZD 500m release, and resumed dividends by FY 2028. - 8002
Profit forecast raised to ¥540.0B and annual dividend to ¥107.50 per share after strong results. - COF
Profit rebounded, NTA and occupancy rose, with strong leasing and premium divestment. - NUF
Statutory loss reported, seeds business repositioned, new CEO appointed, all resolutions passed. - 8303
Profit and comprehensive income surged, with public funds fully repaid and TSE Prime listing completed. - EMR
Q1 2026 saw 4% sales growth, 6% EPS growth, and raised guidance, driven by automation demand. - ENPH
Q4 2025 revenue was $343.3M, down sequentially, with Q1 2026 guidance at $270–$300M. - CMG
2025 revenue up 5.4% to $11.9B, net income $1.54B, with new growth strategy launched. - SMCI
Q2 revenue up 123% year-over-year to $12.7B; FY26 guidance raised to at least $40B. - PNI
Record inflows and global expansion drive growth, with major international acquisitions completed.
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