At a glance
Johnson & Johnson is worth $651.32B, about 25 times its fiscal 2025 earnings. Revenue grew 6.0% to $94.19B in fiscal 2025, with 28.5% kept as profit; over 4 years it has grown 4.6% a year. It pays a 1.95% dividend yield, raised every year for at least 9 years, and returned $81.62B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +46.5% over the past year with dividends reinvested and +13.4% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 25.4% in the 2020 crash (S&P 500: 33.7%) and 12.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high within a month and 34 months after the lows.
The business in plain English
Johnson & Johnson is a healthcare company, incorporated in New Jersey in 1887, that researches, makes and sells prescription medicines and medical devices in virtually every country. For the fiscal year ended December 28, 2025, revenue was $94.2 billion, split between two segments. The United States supplied 57.1% of sales, Europe 22.9%, Asia-Pacific and Africa 14.9%, and the rest of the Americas 5.2%.
Innovative Medicine brought in $60.4 billion, or 64.1% of revenue. It sells prescription drugs for cancer, immune diseases such as psoriasis and Crohn's disease, brain and mental health conditions, HIV, high blood pressure in the lungs and blood clots. These go to wholesalers, distributors, retailers, hospitals and doctors. The largest product line, DARZALEX, treats multiple myeloma (a blood cancer) and made up about 15.0% of total revenue. STELARA (6.5%) and TREMFYA (5.5%) were next.
MedTech brought in $33.8 billion, or 35.9%. It sells heart devices, including Abiomed heart pumps and Shockwave tools for calcium-hardened arteries; orthopedic products for joints, spine and trauma; surgical tools such as staplers and robotic systems; and ACUVUE contact lenses and TECNIS lenses for cataract surgery. Its products are used mainly by hospitals, doctors and eye care professionals. In October 2025, the company announced plans to separate its Orthopaedics business.
Price history
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JNJ +46.5% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Innovative Medicine | $60.40B | 64.1% |
| MedTech | $33.79B | 35.9% |
By geography
| United States | $53.75B | 57.1% |
| Europe | $21.54B | 22.9% |
| Asia-Pacific, Africa | $14.03B | 14.9% |
| Western Hemisphere excluding U.S. | $4.88B | 5.2% |
Latest results
- In Q3 FY2026 (ended Sep 27, 2026), revenue was $25.40B, up 5.9% from a year earlier, and net income was $210.0M (-95.9%).
- For fiscal 2025, revenue was $94.19B (+6.0% year over year; +4.6% a year from FY2021 to FY2025) with a 28.5% net margin.
Financial health check
| Revenue growth a year (FY2021–FY2025) | +4.6% watch |
|---|---|
| Free cash flow margin | 20.9% good |
| Return on equity (FY2025) | 32.9% good |
| Return on assets (FY2025) | 13.5% good |
| Net cash (cash minus debt) | $-27.42B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $82.58B | $14.71B | $20.19B |
| FY2021 | $78.74B | $20.88B | $19.76B |
| FY2022 | $79.99B | $17.94B | $17.18B |
| FY2023 | $85.16B | $35.15B | $18.25B |
| FY2024 | $88.82B | $14.07B | $19.84B |
| FY2025 | $94.19B | $26.80B | $19.70B |
Valuation snapshot
| Market value | $651.32B |
|---|---|
| P/E ratio | 24.5 |
| Dividend yield | 1.95% |
Rank among 1514 US companies
Market value at each year end
Johnson & Johnson’s market value went from $313.43B at the end of 2016 to $651.32B on Nov 2, 2026, about 2.1 times as much; since the end of 2025 it is up 31%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $651.32B | +30.6% |
| 2025 | $498.60B | +43.2% |
| 2024 | $348.19B | -7.7% |
| 2023 | $377.32B | -18.3% |
| 2022 | $461.85B | +2.6% |
| 2021 | $450.36B | +8.7% |
| 2020 | $414.31B | +7.9% |
| 2019 | $383.91B | +10.9% |
| 2018 | $346.11B | -7.8% |
| 2017 | $375.36B | +19.8% |
| 2016 | $313.43B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| JNJ price data to Nov 2, 2026 | +32.8% | +46.5% | +25.2% | +13.4% | +11.9% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +32.8% |
| 2025 | +47.5% |
| 2024 | -4.8% |
| 2023 | -8.6% |
| 2022 | +6.0% |
| 2021 | +11.4% |
| 2020 | +10.8% |
| 2019 | +16.2% |
| 2018 | -5.1% |
| 2017 | +24.4% |
| 2016 | +15.3% |
| 2015 | +1.2% |
| 2014 | +17.3% |
| 2013 | +34.6% |
| 2012 | +10.8% |
| 2011 | +9.9% |
| 2010 | -0.6% |
| 2009 | +11.3% |
| 2008 | -7.8% |
| 2007 | +3.6% |
| 2006 | +12.4% |
| 2005 | -3.4% |
| 2004 | +25.2% |
| 2003 | -2.1% |
| 2002 | -7.9% |
| 2001 | +14.0% |
| 2000 | +14.2% |
| 1999 | +12.5% |
| 1998 | +29.0% |
| 1997 | +34.3% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 26.6% over that stretch · deepest drop along the way 34.4%, back to its old high 26.1 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 24.9% over that stretch · deepest drop along the way 25.4%, back to its old high 0.8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 3.3% over that stretch · deepest drop along the way 12.7%, back to its old high 33.5 months after the low |
Insider activity
Form 4 filings from 2025-10-27 to 2026-10-27 (25 read): 0 open-market purchases and 11 sales ($70.2M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 13, 2026 | Joaquin Duato CEO and Chairman of the Board, Director | sell | $26.7M |
| Aug 5, 2026 | Joaquin Duato CEO and Chairman of the Board, Director | sell | $10.8M |
| Sep 2, 2026 | Timothy Schmid EVP, WW Chair, MedTech | sell | $6.2M |
| Jul 20, 2026 | Vanessa Broadhurst EVP, Global Corp Affairs | sell | $5.8M |
| Aug 13, 2026 | Joaquin Duato CEO and Chairman of the Board, Director | sell | $5.5M |
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 7.49% | Mar 31, 2026 |
ETFs with the most weight in JNJ
| IHE iShares U.S. Pharmaceuticals ETF | 24.48% |
| FTXH First Trust Nasdaq Pharmaceuticals ETF | 7.84% |
| FLV American Century Focused Large Cap Value ETF | 7.72% |
| IYH iShares U.S. Healthcare ETF | 7.31% |
| XLV Health Care Select Sector SPDR Fund | 7.18% |
| PPH VanEck Pharmaceutical ETF | 6.78% |
| JDOC JPMorgan Healthcare Leaders ETF | 6.67% |
| FHLC Fidelity MSCI Health Care Index ETF | 6.55% |
What could go wrong
- Biosimilars are eating into STELARA sales. STELARA, the second-largest product at 6.5% of fiscal 2025 revenue, faces biosimilars, which are lower-priced copies of biologic drugs. The company expects continued launches worldwide to keep cutting STELARA sales.
- Heavy reliance on one cancer drug. DARZALEX and DARZALEX FASPRO made up about 15.0% of fiscal 2025 revenue. Key licensed US patents expire in 2029, though J&J owns separate FASPRO patents. Sales often fall sharply once cheaper copies arrive.
- Orthopaedics separation could disappoint. The planned split of the Orthopaedics business may be delayed, done on different terms or dropped. It will be costly, may not deliver the expected benefits, and could make the share price swing.
- Major lawsuits and product safety claims. J&J faces significant legal proceedings that can bring large expenses, fines and reputational damage. Concerns about a product's safety or effectiveness can also cut sales and trigger more lawsuits.
- Pressure on drug and device prices. Healthcare reforms and growing pricing pressure could reduce sales of both medicines and medical devices. The United States supplied 57.1% of fiscal 2025 revenue, so US policy changes carry extra weight.
- New products may arrive late or fail. As older drugs lose patent protection, long-term growth depends on new medicines, devices and approved uses. Setbacks or delays in research and development could hurt results despite heavy spending.
Recent events
- Quarterly results released
- Executive or board change
- Investor presentation or announcement
- Quarterly results released
- Shareholder vote results
- Quarterly results released; Other company announcement
- Quarterly results released
For income and retirement investors
Johnson & Johnson's dividend per share has risen at least nine years in a row through fiscal 2025, and the streak may be longer. It grew from $3.98 in fiscal 2020 to $5.14 in fiscal 2025, about 5.2% a year. In fiscal 2025 the dividend used 46.2% of earnings and 62.9% of free cash flow (cash left after capital spending). The yield was 1.93% as of October 30, 2026. From fiscal 2021 to 2025, the company paid $58.7 billion in dividends and spent $22.9 billion buying back shares.
The stock fell 34.4% in the 2008 financial crisis and did not recover until May 2011. In the 2020 COVID crash it dropped 25.4% but recovered within a month. In the 2022 market slump it fell a milder 12.7%, yet did not regain its April 2022 high until July 2025. Single stocks carry more risk than diversified funds, because one company's setbacks can hit the whole investment.
Questions investors ask
Does Johnson & Johnson raise its dividend every year?
Yes, for at least nine years in a row through fiscal 2025, and the streak may be longer. Dividends per share rose from $3.98 in fiscal 2020 to $5.14 in fiscal 2025, about 5.2% a year. The fiscal 2025 dividend used 46.2% of earnings and 62.9% of free cash flow, leaving a cushion if profits dip. The yield was 1.93% as of October 30, 2026. Past increases do not guarantee future ones.
How does Johnson & Johnson make money?
Johnson & Johnson makes money by selling prescription medicines and medical devices. In fiscal 2025, the Innovative Medicine segment brought in $60.4 billion, or 64.1% of $94.2 billion in revenue, from drugs for cancer, immune diseases, mental health and other conditions. MedTech brought in $33.8 billion, or 35.9%, from heart devices, orthopedic and surgical products, and eye care products such as ACUVUE contact lenses. The United States supplied 57.1% of revenue and Europe 22.9%.
What is Johnson & Johnson's biggest-selling drug?
DARZALEX, a treatment for multiple myeloma (a blood cancer). Together with DARZALEX FASPRO, it made up about 15.0% of fiscal 2025 revenue. J&J licenses key DARZALEX patents from Genmab and paid it about $2.4 billion in royalties in fiscal 2025. Those licensed patents expire in the US in 2029, though J&J owns separate patents on DARZALEX FASPRO. STELARA (6.5% of revenue) and TREMFYA (5.5%) ranked second and third.
Is Johnson & Johnson spinning off its orthopedics business?
It plans to separate it. J&J announced the plan in October 2025 and, in its annual report filed February 11, 2026, said it would explore multiple paths, aiming to finish within 18 to 24 months of the announcement. The business makes products for joint replacement, trauma, spine and sports injuries. J&J warns the separation will be costly, may not happen on the expected terms or timeline, and could make its share price swing.
How has Johnson & Johnson stock performed?
The share price has climbed sharply since the start of 2025, after two down years. As of October 30, 2026, it was up 47.8% over one year and about 12% a year over 10 years. Calendar-year returns were -8.6% in 2023, -4.8% in 2024 and 47.5% in 2025, followed by a 34.1% gain from January 1 to October 30, 2026. As of that date, the shares traded at 24.8 times fiscal 2025 earnings per share.