Balance Sheet: Assets

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.

Johnson & Johnson, consolidated balance sheet: assets

US$ in millions

	Dec 28, 2025	Dec 29, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Cash and cash equivalents	19,709)	24,105)	21,859)	14,127)	14,487)
Marketable securities	393)	417)	1,068)	9,392)	17,121)
Accounts receivable trade, less allowances	17,178)	14,842)	14,873)	16,160)	15,283)
Inventories	14,191)	12,444)	11,181)	12,483)	10,387)
Prepaid expenses and other receivables	4,153)	4,085)	4,514)	3,132)	3,701)
Current assets	55,624)	55,893)	53,495)	55,294)	60,979)
Property, plant and equipment, net	23,169)	20,518)	19,898)	19,803)	18,962)
Intangible assets, net	50,403)	37,618)	34,175)	48,325)	46,392)
Goodwill	48,772)	44,200)	36,558)	45,231)	35,246)
Deferred taxes on income	6,874)	10,461)	9,279)	9,123)	10,223)
Other assets	14,368)	11,414)	14,153)	9,602)	10,216)
Non-current assets	143,586)	124,211)	114,063)	132,084)	121,039)
Total assets	199,210)	180,104)	167,558)	187,378)	182,018)

Based on: 10-K (reporting date: 2025-12-28), 10-K (reporting date: 2024-12-29), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).

Total assets experienced fluctuations over the five-year period, beginning at US$182.018 billion in 2021, peaking at US$199.210 billion in 2025, and reaching a low of US$167.558 billion in 2023. Significant shifts occurred within both current and non-current asset categories, contributing to these overall changes. A notable trend involves the composition of current assets, particularly the decline in marketable securities and the increase in inventories.

Liquidity and Current Assets: Current assets decreased from US$60.979 billion in 2021 to US$55.294 billion in 2022, continuing a downward trend to US$53.495 billion in 2023. A slight recovery was observed in 2024 (US$55.893 billion) followed by relative stability in 2025 (US$55.624 billion). Within current assets, cash and cash equivalents demonstrated an increasing trend from 2021 to 2024, peaking at US$24.105 billion before decreasing in 2025. Marketable securities experienced a substantial decline, falling from US$17.121 billion in 2021 to US$393 million in 2025. Accounts receivable trade remained relatively stable, with a slight increase in 2025. Inventories showed an increasing trend throughout the period, rising from US$10.387 billion to US$14.191 billion.
Long-Term Investments and Intangible Value: Non-current assets exhibited a more volatile pattern. They increased from US$121.039 billion in 2021 to US$132.084 billion in 2022, then decreased to US$114.063 billion in 2023, before rising again to US$143.586 billion in 2025. Property, plant, and equipment, net, showed a consistent upward trend, increasing from US$18.962 billion to US$23.169 billion. Intangible assets, net, experienced a significant decrease from US$46.392 billion in 2021 to US$34.175 billion in 2023, followed by a substantial increase to US$50.403 billion in 2025. Goodwill also fluctuated, peaking at US$45.231 billion in 2022 before decreasing to US$36.558 billion in 2023 and then increasing to US$48.772 billion in 2025.
Other Asset Movements: Deferred taxes on income generally remained stable, with a decrease observed in 2025. Other assets showed an increase in 2023, followed by a decrease in 2024, and a subsequent increase in 2025. These fluctuations, while smaller in magnitude compared to other asset categories, contribute to the overall changes in the non-current asset balance.

The observed trends suggest a shift in asset allocation, with a decrease in reliance on readily liquid marketable securities and an increase in longer-term investments in property, plant, and equipment, as well as intangible assets and goodwill. The increasing inventory levels may warrant further investigation to determine the underlying causes and potential implications for working capital management.

Johnson & Johnson (NYSE:JNJ)

Balance Sheet: Assets

Assets: Selected Items

Current Assets: Selected Items