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How Johnson & Johnson (JNJ) makes money

Johnson & Johnson (JNJ) made $25.4B of revenue in the third quarter 2026 (Q3 2026), +6% from a year earlier. Innovative Medicine brought in $16.8B (66%); MEDTECH brought in $8.6B (34%). Of every dollar of revenue, 68¢ was left as gross profit, 0¢ was left as operating profit, 1¢ was left as net earnings.

Drawing the Sankey…

Johnson & Johnson revenue by segment, Q3 2026Johnson & Johnson revenue by segment, Q3 2026Innovative Medicine$16.8BMEDTECH$8.6B
Johnson & Johnson: revenue by line, Q1 2025 to Q3 2026Johnson & Johnson: revenue by line, Q1 2025 to Q3 2026Innovative MedicineMEDTECHInnovative Medicine: $16.8B latest$16.8BMEDTECH: $8.6B latest$8.6BQ1 2025Q2 2025Q3 2025Q4 2025Q1 2026Q2 2026Q3 2026
MEDTECH went from 37% of revenue in Q1 2025 to 34% in Q3 2026, the largest shift in the mix.
Johnson & Johnson revenue by quarterJohnson & Johnson revenue by quarter$21.9BQ1 2025$23.7BQ2 2025$24.0BQ3 2025$24.6BQ4 2025$24.1BQ1 2026$25.3BQ2 2026$25.4BQ3 2026
Johnson & Johnson: where each dollar of revenue goesJohnson & Johnson: where each dollar of revenue goesCost of revenue32¢Gross profit68¢Operating expenses68¢Operating profit0¢Net earnings1¢Operating cash flow30¢Free cash flow25¢

Revenue by segment, Q3 2026

SegmentRevenueShareQ/QY/Y
Innovative Medicine$16.8B66.0%+2%+8%
MEDTECH$8.6B34.0%-3%+3%

Where each dollar of revenue goes

LineQ3 2026% of revenue
Revenue$25.4B100.0%
Cost of revenue$8.1B31.9%
Gross profit$17.3B68.1%
Operating expenses$17.3B68.0%
Operating profit$34.0M0.1%
Net earnings$210M0.8%
Operating cash flow$7.7B30.4%
Free cash flow$6.4B25.0%

Revenue, quarter by quarter

QuarterRevenueY/Y
Q3 2026$25.4B+6%
Q2 2026$25.3B+7%
Q1 2026$24.1B+10%
Q4 2025$24.6B+9%
Q3 2025$24.0B+7%
Q2 2025$23.7B+6%
Q1 2025$21.9B+2%

From Johnson & Johnson's 10-Q filed Oct 21, 2026 (on EDGAR).

Questions

How does Johnson & Johnson make money?

Johnson & Johnson (JNJ) made $25.4B of revenue in the third quarter 2026 (Q3 2026), +6% from a year earlier. Innovative Medicine brought in $16.8B (66%); MEDTECH brought in $8.6B (34%). Of every dollar of revenue, 68¢ was left as gross profit, 0¢ was left as operating profit, 1¢ was left as net earnings.

What is Johnson & Johnson's biggest business?

Innovative Medicine: $16.8B in the third quarter 2026, 66% of revenue, +8% from a year earlier.

What is Johnson & Johnson's profit margin?

Net earnings were $210M, 0.8% of revenue, in the third quarter 2026; the operating margin was 0.1%.

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Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.