Balance Sheet: Assets
Quarterly Data
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.
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- Cash Flow Statement
- Common-Size Income Statement
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Capital Asset Pricing Model (CAPM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Current Ratio since 2005
- Debt to Equity since 2005
- Price to Earnings (P/E) since 2005
- Price to Book Value (P/BV) since 2005
- Aggregate Accruals
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Johnson & Johnson, consolidated balance sheet: assets (quarterly data)
US$ in millions
Based on: 10-Q (reporting date: 2026-06-28), 10-Q (reporting date: 2026-03-29), 10-K (reporting date: 2025-12-28), 10-Q (reporting date: 2025-09-28), 10-Q (reporting date: 2025-06-29), 10-Q (reporting date: 2025-03-30), 10-K (reporting date: 2024-12-29), 10-Q (reporting date: 2024-09-29), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-10-01), 10-Q (reporting date: 2023-07-02), 10-Q (reporting date: 2023-04-02), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-02), 10-Q (reporting date: 2022-07-03), 10-Q (reporting date: 2022-04-03), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-03), 10-Q (reporting date: 2021-07-04), 10-Q (reporting date: 2021-04-04).
Total assets exhibit a general upward trajectory over the analyzed period, increasing from 172,557 million USD in April 2021 to 201,061 million USD by June 2026. This growth is characterized by periodic fluctuations, with a notable dip in late 2023 followed by a recovery and subsequent expansion through 2025 and 2026.
- Liquidity and Cash Management
- A significant shift in the composition of liquid assets is observed. Cash and cash equivalents remained volatile, peaking at 38,474 million USD in March 2025 before stabilizing around 20,000 million USD. Conversely, marketable securities experienced a precipitous decline; after peaking at 22,724 million USD in October 2022, these assets fell sharply to below 1,000 million USD by December 2023 and remained at minimal levels through June 2026. This suggests a strategic reallocation of liquid reserves or a transition toward more immediate cash holdings.
- Working Capital Trends
- Both accounts receivable and inventories demonstrate steady long-term growth. Accounts receivable rose from 14,938 million USD in April 2021 to 19,046 million USD by June 2026. Similarly, inventories increased from 9,952 million USD to 15,144 million USD over the same period. This concurrent increase in receivables and inventory suggests an expansion in operational scale or a shift in credit and supply chain management strategies.
- Fixed Asset Investment
- Net property, plant, and equipment (PP&E) show a consistent growth pattern, rising from 18,367 million USD in April 2021 to 23,582 million USD in June 2026. While gross PP&E increased, accumulated depreciation also grew steadily, reflecting the aging of existing assets alongside the acquisition of new capital investments.
- Intangible Assets and Goodwill
- The balance sheet remains heavily weighted toward non-physical assets. Goodwill showed a marked increase from approximately 35,000 million USD in 2021 to over 48,000 million USD by 2026, with a significant jump occurring around December 2022. Intangible assets, net, remained substantial despite some volatility, ending the period at 48,229 million USD. The high concentration of goodwill and intangibles indicates a corporate growth strategy heavily reliant on acquisitions and the acquisition of intellectual property.
- Current Asset Volatility
- Current assets fluctuated significantly, reaching a peak of 71,551 million USD in March 2025. This peak was primarily driven by a temporary surge in cash and cash equivalents, rather than a systemic increase in operational current assets, as evidenced by the subsequent normalization to 59,774 million USD by June 2026.