Johnson & Johnson

NYSE-JNJ

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Operating Activities	LTM	Dec '24	Dec '23	Jan '23	Jan '22	Jan '21	Dec '19	Dec '18	Dec '17	Jan '17	Jan '16
Net Income	25,119	14,066	35,153	17,941	20,878	14,714	15,119	15,297	1,300	16,540	15,409
Net Earnings
Depreciation & Amortization	7,388	7,339	7,486	6,970	7,390	7,231	7,009	6,929	5,642	3,754	3,746
Depreciation and Amortization of Property and Intangibles
Stock Based Compensation	1,283	1,176	1,162	1,138	1,135	1,005	977	978	962	878	122
Stock Based Compensation
Other Adjustments	5,566	-152	-23,517	-844	-1,755	-2,104	-3,554	-1,006	1,911	-632	-1,337
Noncontrolling Interest
Venezuela Adjustments
Asset Write-Downs
Contingent Consideration Reversal
Charges for Acquired in-Process Research and Development Assets
Gain on Kenvue Separation
Net Gain on Sale of Assets/Businesses
Net Gain on Equity Investment Transactions
Deferred Tax Provision
Credit Losses and Accounts Receivable Allowances
Changes in Trade Receivables	-1,319	-406	-624	-1,290	-2,402	774	-289	-1,185	-633	-1,065	-433
Change in Accounts Receivable
Changes in Inventories	-1,494	-1,128	-1,323	-2,527	-1,248	-265	-277	-644	581	-249	-449
Change in Inventories
Changes in Accounts Payable	19	1,621	2,346	1,098	2,437	5,141	4,060	3,951	2,725	656	287
Change in Accounts Payable and Accrued Liabilities
Changes in Other Operating Activities	-12,722	1,750	2,108	-1,292	-3,025	-2,960	371	-2,119	8,568	-1,115	2,224
Change in Other Current and Non-Current Assets
Change in Other Current and Non-Current Liabilities
Cash from Operating Activities	24,204	24,266	22,791	21,194	23,410	23,536	23,416	22,201	21,056	18,767	19,569
Net Cash Flows from Operating Activities

Investing Activities	LTM	Dec '24	Dec '23	Jan '23	Jan '22	Jan '21	Dec '19	Dec '18	Dec '17	Jan '17	Jan '16
Capital Expenditure	-4,607	-4,424	-4,543	-4,009	-3,652	-3,347	-3,498	-3,670	-3,279	-3,226	-3,463
Additions to Property, Plant and Equipment
Purchases of Intangible Assets	-918	-1,783	-470	—	—	—	—	—	—	—	—
Acquired in-Process Research and Development Assets / Related Milestones
Purchases of Investments	-939	-1,726	-10,906	-32,384	-30,394	-21,089	-3,920	-5,626	-6,153	-33,950	-40,828
Purchases of Investments
Proceeds from Sale of Investments	1,732	2,462	19,390	41,609	25,006	12,137	3,387	4,289	28,117	35,780	34,149
Sales of Investments
Payments for Business Acquisitions	-14,460	-15,146	—	-17,652	-60	-7,323	-5,810	-899	-35,151	-4,509	-954
Acquisitions, Net of Cash Acquired
Other Investing Activities	-1,231	2,018	-2,593	65	417	-1,203	3,647	2,739	1,598	1,144	3,361
Proceeds from the Disposal of Assets/Businesses, Net
Credit Support Agreements Activity, Net
Other (Including Capitalized Licenses and Milestones)
Cash from Investing Activities	-20,423	-18,599	878	-12,371	-8,683	-20,825	-6,194	-3,167	-14,868	-4,761	-7,735
Net Cash Provided by Investing Activities

Financing Activities	LTM	Dec '24	Dec '23	Jan '23	Jan '22	Jan '21	Dec '19	Dec '18	Dec '17	Jan '17	Jan '16
Issuance of Short-Term Debt	13,966	15,277	13,743	16,134	1,997	3,391	39	80	869	111	2,416
Proceeds from Short-Term Debt, Net
Repayments of Short-Term Debt	-11,633	-9,463	-22,973	-6,550	-1,190	-2,663	-100	-2,479	-1,330	-2,017	-1,044
Repayment of Short-Term Debt, Net
Net Issuance / (Repayments) of Short-Term Debt	2,333	5,814	-9,230	9,584	807	728	-61	-2,399	-461	-1,906	1,372
Issuance of Long-Term Debt	—	6,660	8,047	2	5	7,431	3	5	8,992	12,004	75
Proceeds from Long-Term Debt, Net of Issuance Costs
Proceeds of Short and Long-Term Debt, Net of Issuance Cost, Related to the Debt That Transferred to Kenvue at Separation
Repayments of Long-Term Debt	-2,404	-2,423	-1,551	-2,134	-1,802	-1,064	-2,823	-1,555	-1,777	-2,223	-68
Repayment of Long-Term Debt
Settlement of Convertible Debt Acquired from Shockwave
Net Issuance / (Repayments) of Long-Term Debt	-2,404	4,237	6,496	-2,132	-1,797	6,367	-2,820	-1,550	7,215	9,781	7
Issuance of Common Shares	1,955	838	1,094	1,329	1,036	1,114	954	949	1,062	1,189	1,005
Proceeds from the Exercise of Stock Options/Excess Tax Benefits
Proceeds from the Exercise of Stock Options/Employee Withholding Tax on Stock Awards, Net
Repurchases of Common Shares	-5,374.5	-2,432	-5,054	-6,035	-3,456	-3,221	-6,746	-5,868	-6,358	-8,979	-5,290
Repurchase of Common Stock
Net Issuance / (Repurchases) of Common Shares	-3,419.5	-1,594	-3,960	-4,706	-2,420	-2,107	-5,792	-4,919	-5,296	-7,790	-4,285
Common Share Dividends Paid	-12,284	-11,873	-11,770	-11,682	-11,032	-10,481	-9,917	-9,494	-8,943	-8,621	-8,173
Dividends to Shareholders
Other Financing Activities	50	234	2,639	65	395	-627	575	-148	-188	-15	-57
Credit Support Agreements Activity, Net
Proceeds from Kenvue Initial Public Offering
Cash Transferred to Kenvue at Separation
Other
Cash from Financing Activities	-5,510	-3,132	-15,825	-8,871	-14,047	-6,120	-18,015	-18,510	-7,673	-8,551	-11,136
Net Cash Provided by Financing Activities

Free Cash Flow	LTM	Dec '24	Dec '23	Jan '23	Jan '22	Jan '21	Dec '19	Dec '18	Dec '17	Jan '17	Jan '16
Free Cash Flow	19,597	19,842	18,248	17,185	19,758	20,189	19,918	18,531	17,777	15,541	16,106
NOPAT	91,963	17,536.3	18,762.7	16,874	18,409.9	17,379.9	17,288.1	16,825.9	1,337.3	17,014.4	14,092.5
Levered Free Cash Flow	80,476	29,275	38,493	25,633	21,790	27,609	19,903	15,795	22,291	24,235	19,133
Unlevered Free Cash Flow	80,547	22,694.3	24,836.7	17,114	20,311.9	23,179.9	24,953.1	21,272.9	15,574.3	16,834.4	16,437.5
Net Change in Cash	-1,729	2,535	7,844	-48	680	-3,409	-793	524	-1,485	5,455	698