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Johnson & Johnson (JNJ) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 22, 2025
Johnson & Johnson (JNJ) reported revenue of $24.0B for the third quarter 2025 (Q3 2025), +7% from a year earlier and +1% from the quarter before. Operating margin was 31.2%, net earnings $5.2B (21.5% of revenue).
Johnson & Johnson, Q3 2025: revenue $24.0B (+7% year over year), operating margin 31.2%, net earnings $5.2B, operating cash flow $9.2B. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $24.0B | +1% | +7% |
| Gross profit | $16.7B | +4% | +8% |
| Operating profit | $7.5B | +15% | +124% |
| Net earnings | $5.2B | -7% | +91% |
| Operating cash flow | $9.2B | +136% | +15% |
| Free cash flow | $8.0B | +183% | +15% |
What changed
Revenue was $24.0B in Q3 2025, up 7% year over year and up 1% from the previous quarter. Innovative Medicine was the largest line at 65% of revenue. Innovative Medicine added $1.0B year over year (up 7%), 65% of the total change.
Gross margin was 69.6%, up 0.5 points from a year earlier. Operating profit was $7.5B, a 31.2% margin (up 16.4 points year over year). Of the extra revenue versus a year earlier, 273% reached operating profit, above the 15% margin then. Operating expenses fell 24% while revenue rose 7%. Net earnings were $5.2B, up 91% year over year. The effective tax rate was 31.2%.
Operating cash flow was $9.2B (up 15% year over year), 178% of net earnings. Non-cash charges added back $1.8B of depreciation and amortization and $0.35B of share-based compensation. Working capital and other items added $1.9B. Capital expenditures of $1.2B left free cash flow of $8.0B.
Questions
What was Johnson & Johnson's revenue in the third quarter 2025?
Johnson & Johnson (JNJ) reported revenue of $24.0B for the third quarter 2025 (Q3 2025), +7% from a year earlier and +1% from the quarter before.
Was Johnson & Johnson profitable in the third quarter 2025?
Operating profit was $7.5B (31.2% of revenue) and net earnings $5.2B.
Source: Johnson & Johnson 10-Q on SEC EDGAR.