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Johnson & Johnson cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$6.4B in Q3 2026 · $20.6B over twelve months

Operating cash flow$7.7B
Capital spending−$1.4B
Free cash flow+$6.4B
Cash / net income36.8×
Cash conversion cycle135 days

Analysis

In Q3 2026, Johnson & Johnson generated $7.7B of operating cash flow and spent $1.4B on capital projects, leaving free cash flow of $6.4B.

Over the twelve months to Sep 27, 2026, operating cash flow was $26.2B; the largest uses were dividends ($12.7B), buybacks ($7.9B), capital spending ($5.6B); besides operations, cash came from other financing ($1.2B), net borrowing (+) / repaid (−) ($1.2B); the cash balance fell by $1.3B.

Operating cash flow was $7.7B against net income of $210M — 36.8× profit, cash ran ahead of reported earnings. The largest differences: other liabilities +$2.7B, payables +$2.4B, depreciation & amortization +$2.1B.

Its cash conversion cycle was 135 days (receivables 68 + inventory 172 − payables 104).

Free cash flow

Johnson & Johnson: free cash flow by quarterJohnson & Johnson: free cash flow by quarter$5.4BQ4 2024$3.4BQ1 2025$2.8BQ2 2025$8.0BQ3 2025$5.5BQ4 2025$1.5BQ1 2026$7.3BQ2 2026$6.4BQ3 2026
Operating cash flow less capital spending.
Johnson & Johnson: operating cash flow against capital spendingJohnson & Johnson: operating cash flow against capital spendingOperating cash flowCapital spending$7.0B$1.6BQ4 2024$4.2B$795MQ1 2025$3.9B$1.0BQ2 2025$9.2B$1.2BQ3 2025$7.3B$1.8BQ4 2025$2.5B$1.0BQ1 2026$8.6B$1.3BQ2 2026$7.7B$1.4BQ3 2026
Latest (Q3 2026): Operating cash flow $7.7B, Capital spending $1.4B.

Capital allocation, year by year

Johnson & Johnson: where the cash came from (up) and went (down), by fiscal yearJohnson & Johnson: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $23.4BFY2021: Net borrowing −$990MFY2021: Asset sales $711MFY2021: Capital spending −$3.7BFY2021: Acquisitions −$60.0MFY2021: Buybacks −$3.5BFY2021: Dividends −$11.0B$24.1BFY2021FY2022: Operating cash flow $21.2BFY2022: Net borrowing $7.5BFY2022: Asset sales $543MFY2022: Capital spending −$4.0BFY2022: Acquisitions −$17.7BFY2022: Buybacks −$6.0BFY2022: Dividends −$11.7B$29.2BFY2022FY2023: Operating cash flow $22.8BFY2023: Net borrowing −$10.8BFY2023: Shares issued $4.2BFY2023: Asset sales $558MFY2023: Capital spending −$4.5BFY2023: Buybacks −$5.1BFY2023: Dividends −$11.8B$27.6BFY2023FY2024: Operating cash flow $24.3BFY2024: Net borrowing $11.0BFY2024: Asset sales $675MFY2024: Capital spending −$4.4BFY2024: Acquisitions −$15.1BFY2024: Buybacks −$2.4BFY2024: Dividends −$11.8B$36.0BFY2024FY2025: Operating cash flow $24.5BFY2025: Net borrowing $12.8BFY2025: Asset sales $720MFY2025: Capital spending −$4.8BFY2025: Acquisitions −$17.5BFY2025: Buybacks −$6.0BFY2025: Dividends −$12.4B$38.1BFY2025
Over these 5 years operating cash flow totalled $116.2B; the largest uses were dividends ($58.7B) and acquisitions ($50.4B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$17.2B
Debt$50.3B
Net debt$33.1B
Due within a year$2.0B

Johnson & Johnson funds itself: free cash flow was $20.6B over the last twelve months, and $17.2B of cash and investments stands against $50.3B of debt ($2.0B due within a year, 8.6× covered by cash).

Johnson & Johnson: debt maturities by year (FY2025)Johnson & Johnson: debt maturities by year (FY2025)$2.0BYear 1$3.2BYear 2$3.1BYear 3$2.2BYear 4$2.7BYear 5$28.3BAfter year 5
Principal due in each year as disclosed in the annual report, against $17.2B of cash and investments now.

Where the cash came from and went

Johnson & Johnson: sources (+) and uses (−) of cash, Q3 2026Johnson & Johnson: sources (+) and uses (−) of cash, Q3 2026Other investing−$18.5BAcquisitions$17.1BOperating cash flow$7.7BNet borrowing (+) / repaid (−)−$4.4BCash drawn (+) / kept (−)$3.5BDividends−$3.2BBuybacks−$1.7BCapital spending−$1.4BOther financing$761MExchange rates$10.0MAsset & business sales−$4.0M
Johnson & Johnson: sources (+) and uses (−) of cash, TTM to Q3 2026Johnson & Johnson: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$26.2BDividends−$12.7BBuybacks−$7.9BCapital spending−$5.6BAcquisitions−$3.4BCash drawn (+) / kept (−)$1.3BOther financing$1.2BNet borrowing (+) / repaid (−)$1.2BOther investing−$782MAsset & business sales$400MExchange rates$13.0M

From profit to cash

Johnson & Johnson: net income to operating cash flow, Q3 2026Johnson & Johnson: net income to operating cash flow, Q3 2026Net income$210MDepreciation & amortization$2.1BStock-based pay$357MDeferred taxes−$1.8BImpairments$581MReceivables$188MInventory−$150MPayables$2.4BPrepaid and other assets$122MOther liabilities$2.7BOperating cash flow$7.7B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202668172104135
Q2 202666168111123
Q1 202666162126101
Q4 202564162123103
Q3 202567172119120
Q2 202565156113107
Q1 20256415512397
Q4 202463160123100

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$7.7B−$1.4B$17.1B−$1.7B−$3.2B−$4.4B$3.5B$6.4B
Q2 2026$8.6B−$1.3B—−$221M−$3.2B−$5.7B$1.3B$7.3B
Q1 2026$2.5B−$1.0B−$17.5B−$4.0B−$3.1B$7.2B−$2.0B$1.5B
Q4 2025$7.3B−$1.8B−$3.0B−$1.9B−$3.1B$2.1B−$1.5B$5.5B
Q3 2025$9.2B−$1.2B−$1.0M−$1.9B−$3.1B−$5.1B$346M$8.0B
Q2 2025$3.9B−$1.0B−$14.5B—−$3.1B−$2.4B$19.9B$2.8B
Q1 2025$4.2B−$795M—−$2.1B−$3.0B$15.1B−$14.4B$3.4B
Q4 2024$7.0B−$1.6B−$1.0M−$282M−$3.0B$2.2B−$4.1B$5.4B

Johnson & Johnson: income statement and cash flow

Johnson & Johnson, Q3 2026: revenue $25.4B (+6% year over year), operating margin 0.1%. The chart follows the revenue to costs, profit and cash.

Johnson & Johnson: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.