For the year ending 2025-12-28, JNJ had -$4,396M decrease in cash & cash equivalents over the period. $19,698M in free cash flow.
| Cash Flow | 2025-12-28 | 2024-12-29 | 2023-12-31 | 2023-01-01 |
|---|---|---|---|---|
| Net earnings | 26,804 | 14,066 | 35,153 | 17,941 |
| Depreciation and amortization of property and intangibles | 7,503 | 7,339 | 7,486 | 6,970 |
| Stock based compensation | 1,354 | 1,176 | 1,162 | 1,138 |
| Asset write-downs | 204 | 405 | 1,295 | 1,216 |
| Charges for acquired in-process research and development | 109 | 1,841 | 483 | - |
| Contingent consideration reversal | - | - | - | 0 |
| (gain) on separation of kenvue | 0 | 0 | 20,984 | - |
| Net gain on sale of assets/businesses | 263 | 226 | 117 | 380 |
| Deferred tax provision | 1,538 | -2,183 | -4,194 | -1,663 |
| Credit losses and accounts receivable allowances | -1 | 11 | 0 | -17 |
| Increase in accounts receivable | 1,781 | 406 | 624 | 1,290 |
| Increase in inventories | 1,450 | 1,128 | 1,323 | 2,527 |
| Increase in accounts payable and accrued liabilities | 2,377 | 1,621 | 2,346 | 1,098 |
| (increase)/decrease in other current and non-current assets | 6,167 | -1,717 | 3,480 | -687 |
| (decrease)/increase in other current and non-current liabilities | -5,697 | 33 | 5,588 | -1,979 |
| Net cash flows from operating activities | 24,530 | 24,266 | 22,791 | 21,194 |
| Additions to property, plant and equipment | 4,832 | 4,424 | 4,543 | 4,009 |
| Proceeds from the disposal of assets/businesses, net | 720 | 675 | 358 | 543 |
| Acquisitions, net of cash acquired | 17,541 | 15,146 | 0 | 17,652 |
| Acquired in-process research and development/related milestones (note 18) | 385 | 1,783 | 470 | - |
| Purchases of investments | 920 | 1,726 | 10,906 | 32,384 |
| Sales of investments | 1,661 | 2,462 | 19,390 | 41,609 |
| Credit support agreements activity, net | -2,129 | 1,517 | -2,963 | -249 |
| Other (including capitalized licenses and milestones) | 162 | 174 | -12 | 229 |
| Net cash (used by)/from investing activities | -23,588 | -18,599 | 878 | -12,371 |
| Dividends to shareholders | 12,381 | 11,823 | 11,770 | 11,682 |
| Repurchase of common stock | 5,953 | 2,432 | 5,054 | 6,035 |
| Proceeds from short-term debt | 14,586 | 15,277 | 13,743 | 16,134 |
| Repayment of short-term debt | 12,330 | 9,463 | 22,973 | 6,550 |
| Proceeds from long-term debt, net of issuance costs | 9,138 | 6,660 | 0 | 2 |
| Repayment of long-term debt | 1,757 | 1,453 | 1,551 | 2,134 |
| Proceeds from the exercise of stock options/employee withholding tax on stock awards, net | 3,418 | 838 | 1,094 | 1,329 |
| Credit support agreements activity, net | -226 | 272 | -219 | -28 |
| Settlement of convertible debt acquired from shockwave | 0 | 970 | - | - |
| Proceeds of short and long-term debt, net of issuance cost, related to the debt that transferred to kenvue at separation | 0 | 0 | 8,047 | - |
| Proceeds from kenvue initial public offering | 0 | 0 | 4,241 | - |
| Cash transferred to kenvue at separation | 0 | 0 | 1,114 | - |
| Other | -34 | -38 | -269 | 93 |
| Net cash used by financing activities | -5,539 | -3,132 | -15,825 | -8,871 |
| Effect of exchange rate changes on cash and cash equivalents | 201 | -289 | -112 | -312 |
| (decrease)/increase in cash and cash equivalents | -4,396 | 2,246 | 7,732 | -360 |
| Cash and cash equivalents at beginning of period | 24,105 | 21,859 | 14,127 | 14,487 |
| Cash and cash equivalents at end of period | 19,709 | 24,105 | 21,859 | 14,127 |
JOHNSON & JOHNSON (JNJ)
JOHNSON & JOHNSON (JNJ)