Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Johnson & Johnson, consolidated income statement

US$ in millions

12 months ended:	Dec 29, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Sales to customers	88,821)	85,159)	94,943)	93,775)	82,584)
Cost of products sold	(27,471)	(26,553)	(31,089)	(29,855)	(28,427)
Gross profit	61,350)	58,606)	63,854)	63,920)	54,157)
Selling, marketing and administrative expenses	(22,869)	(21,512)	(24,765)	(24,659)	(22,084)
Research and development expense	(17,232)	(15,085)	(14,603)	(14,714)	(12,159)
In-process research and development impairments	(211)	(313)	(783)	(900)	(181)
Restructuring	(234)	(489)	(321)	(252)	(247)
Operating earnings	20,804)	21,207)	23,382)	23,395)	19,486)
Interest income	1,332)	1,261)	490)	53)	111)
Interest expense, net of portion capitalized	(755)	(772)	(276)	(183)	(201)
Other expense, net	(4,694)	(6,634)	(1,871)	(489)	(2,899)
Earnings before provision for taxes on income	16,687)	15,062)	21,725)	22,776)	16,497)
Provision for taxes on income	(2,621)	(1,736)	(3,784)	(1,898)	(1,783)
Net earnings from continuing operations	14,066)	13,326)	17,941)	20,878)	14,714)
Net earnings from discontinued operations, net of tax	—)	21,827)	—)	—)	—)
Net earnings	14,066)	35,153)	17,941)	20,878)	14,714)

Based on: 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), 10-K (reporting date: 2020-12-31).

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Income statement item	Description	The company
Sales to customers	Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.	Johnson & Johnson sales to customers decreased from 2022 to 2023 but then slightly increased from 2023 to 2024.
Operating earnings	The net result for the period of deducting operating expenses from operating revenues.	Johnson & Johnson operating earnings decreased from 2022 to 2023 and from 2023 to 2024.
Earnings before provision for taxes on income	Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.	Johnson & Johnson earnings before provision for taxes on income decreased from 2022 to 2023 but then slightly increased from 2023 to 2024.
Net earnings	The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.	Johnson & Johnson net earnings increased from 2022 to 2023 but then decreased significantly from 2023 to 2024.

Johnson & Johnson (NYSE:JNJ)

Income Statement