Johnson & Johnson FY 2025 10-K, explained in plain English
Key financials — as reported
| Total revenue | $94.2B |
| Gross margin | 67.9% |
| Operating income | — not reported |
| Net income | $26.8B |
| Diluted EPS | $11.03 |
| Cash & equivalents | $19.7B |
| Total assets | $199.2B |
| Long-term debt | $41.4B |
Key takeaway
Worldwide sales grew 6.0% to $94.2 billion in 2025, driven by strong Oncology (DARZALEX, CARVYKTI) and Cardiovascular (Shockwave, Abiomed) growth, partially offset by an 11.8% decline in Immunology due to STELARA biosimilar competition.
🔒 4 more takeaways in the full analysis
Beneath the surface
The headline $41.4 billion long-term debt figure understates leverage: total debt (including $8.5 billion current debt) reached $47.9 billion, while cash and marketable securities were only $20.1 billion, leaving a net debt position of $27.8 billion, more than double the $12.1 billion net debt at end-2024.
🔒 4 more insights a headline reader would miss
This is the free preview. The full analysis explains every line item above and includes 8 more findings — plus insider trades, activist stakes, and 8-K events for JNJ.
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