Johnson & Johnson

NYSE-JNJ

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Operating Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Net Income	25,119	22,661	21,810	14,066	14,684	38,018
Net Earnings
Depreciation & Amortization	7,388	7,457	7,296	7,339	7,286	7,269
Depreciation and Amortization of Property and Intangibles
Stock Based Compensation	1,283	1,231	1,162	1,176	1,116	1,117
Stock Based Compensation
Other Adjustments	5,566	5,012	1,500	-152	-3,606	-3,151
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
Deferred Tax Provision
Credit Losses and Accounts Receivable Allowances
Changes in Trade Receivables	-1,319	-1,526	-1,053	-406	-1,032	-1,188
Change in Accounts Receivable
Changes in Inventories	-1,494	-1,045	-926	-1,128	-914	-1,321
Change in Inventories
Changes in Accounts Payable	19	286	1,978	1,621	4,395	3,856
Change in Accounts Payable and Accrued Liabilities
Changes in Other Operating Activities	-12,722	-11,033	-8,848	1,750	1,837	508
Change in Other Current and Non-Current Assets
Change in Other Current and Non-Current Liabilities
Cash from Operating Activities	24,204	23,028	24,783	24,266	25,146	24,642
Net Cash Flows from Operating Activities

Investing Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Capital Expenditure	-4,607	-4,479	-4,412	-4,424	-4,401	-4,339
Additions to Property, Plant and Equipment
Purchases of Intangible Assets	-918	-2,152	—	-1,783	—	—
Acquired in-Process Research and Development Assets / Related Milestones
Purchases of Investments	-939	-973	-1,347	-1,726	-2,389	-2,402
Purchases of Investments
Proceeds from Sale of Investments	1,732	1,709	1,701	2,462	5,775	9,219
Sales of Investments
Payments for Business Acquisitions	-14,460	-14,797	-13,335	-15,146	—	—
Acquisitions, Net of Cash Acquired
Other Investing Activities	-1,231	-2,317	758	2,018	-601	-13
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	-23,009	-18,432	-18,599	-18,481	-12,812
Net Cash Provided by Investing Activities

Financing Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Issuance of Short-Term Debt	13,966	10,650	18,798	15,277	13,265	15,498
Proceeds from Short-Term Debt, Net
Repayments of Short-Term Debt	-11,633	-10,606	-10,693	-9,463	-9,682	-13,277
Repayment of Short-Term Debt, Net
Net Issuance / (Repayments) of Short-Term Debt	2,333	44	8,105	5,814	3,583	2,221
Issuance of Long-Term Debt	—	20,367	22,455	6,660	2,823	-4,852
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	-1,404	-2,203	-2,423	-1,853	-1,853
Repayment of Long-Term Debt
Settlement of Convertible Debt Acquired from Shockwave
Net Issuance / (Repayments) of Long-Term Debt	-2,404	18,963	20,252	4,237	970	-6,705
Issuance of Common Shares	1,955	1,105	1,093	838	901	1,130
Proceeds from the Exercise of Stock Options/Employee Withholding Tax on Stock Awards, Net
Repurchases of Common Shares	-5,374.5	-4,011.5	-3,084	-2,432	-2,366	-2,747
Repurchase of Common Stock
Net Issuance / (Repurchases) of Common Shares	-3,419.5	-2,906.5	-1,991	-1,594	-1,465	-1,617
Common Share Dividends Paid	-12,284	-12,137	-11,993	-11,873	-11,704	-11,590
Dividends to Shareholders
Other Financing Activities	50	-277	-13	234	-698	9
Credit Support Agreements Activity, Net
Proceeds from Kenvue Initial Public Offering
Cash Transferred to Kenvue at Separation
Other
Cash from Financing Activities	-5,510	-6,465	6,744	-3,132	-6,447	-7,882
Net Cash Provided by Financing Activities

Free Cash Flow	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Free Cash Flow	19,597	18,549	20,371	19,842	20,745	20,303
NOPAT	91,963	90,463	89,244	17,536.3	87,448	18,788.3
Levered Free Cash Flow	80,476	100,656	112,689	29,275	100,204	39,507
Unlevered Free Cash Flow	80,547	81,649	84,332	22,694.3	95,651	24,761.3
Net Change in Cash	-1,729	-6,446	13,095	2,535	218	3,948