Johnson & Johnson · Q2 2026
ReportedJul 15, 2026
Period endedJun 28, 2026
Rule of 40+35
Consensus vs reported
EPS · ADJUSTED
BEAT +2%
$2.90
vs $2.84 expected
QoQ+7.4%
YoY+4.7%
Revenue
BEAT +1%
$25.31B
vs $25.05B expected
QoQ+5.2%
YoY+6.6%
QoQ and YoY are measured on the same basis as each panel's own consensus, so no panel compares two different measures.
The quarter in short
Revenue $25.31B, up 6.6% year over year and 5.2% on the quarter. Adjusted EPS $2.90, up 4.7% year over year and 7.4% on the quarter. GAAP EPS $2.27. Free cash flow $7.29B, up 152.6% year over year and 398.0% on the quarter. Adjusted EPS beat consensus by 2%. Rule of 40 score +35.
Reported this quarter
Revenue
$25.31B
QoQ +5.2%
YoY +6.6%
EPS · ADJUSTED
$2.90
QoQ +7.4%
YoY +4.7%
EPS · GAAP
$2.27
QoQ +6.1%
YoY −0.9%
Free Cash Flow
$7.29B
QoQ +398.0%
YoY +152.6%
Gross Margin
68.2%
QoQ +1.9 pp
YoY +0.3 pp
FCF Margin
28.8%
QoQ +22.7 pp
YoY +16.7 pp
P/E Ratio
29.4
QoQ +4.1%
YoY +82.6%
Each tile opens the full quarterly series. Download the numbers as CSV or JSON.
What we learned
- Excluding STELARA, the other 96% of Innovative Medicine grew over 14%, not 6.8%. STELARA is now only 4% of the segment, EVP Jennifer Taubert said on the call, so the 760-basis-point drag the release reports is concentrated in a shrinking sliver of the business.
- TREMFYA had its first $2 billion quarter, up more than 70%. Taubert framed it as the heir to STELARA's old IBD franchise, where STELARA once drew over 75% of sales, arguing TREMFYA can match or beat that share.
- Net debt is about $28 billion, on $21 billion of cash against $49 billion of debt. CFO Joseph Wolk gave both sides on the call; the article's free cash flow and guidance figures say nothing about the balance sheet this quarter added $1.57 billion of revenue against.
- 400 basis points of MedTech's shortfall was a China inventory dynamic, not demand. EVP Tim Schmid said global MedTech growth would have topped 7% without it, against the 3.6% operational growth the segment actually reported.
Coverage around this release
Estimate against reported
Our published estimate
Reported EPS
| Quarter | Estimate | Reported | Surprise |
|---|---|---|---|
| 2024 Q4 | — | $1.41 | — |
| 2025 Q1 | — | $4.54 | — |
| 2025 Q2 | — | $2.29 | — |
| 2025 Q3 | — | $2.12 | — |
| 2025 Q4 | — | $2.10 | — |
| 2026 Q1 | — | $2.14 | — |
| 2026 Q2 | $2.84 | $2.90 | +2% |
| 2026 Q3 | — | not yet reported | — |
Estimates are the consensus we published on our own preview for that quarter; quarters we did not preview carry the reported figure only. Where a consensus was set on a non-GAAP basis, the reported column shows that same measure.
Sources & downloads
Company
Published by the company on the day of the release.
HTML
Earnings press release
Investor relations announcement
SEC filings
Filed with the SEC under CIK 200406.
HTML
8-K results announcement
Filed Jul 15, 2026
HTM
Press release (EX-99.1)
Exhibit 99.1 to the 8-K
107 KB
HTM
Exhibit EX-99.2
Exhibit 99.2 to the 8-K
1.0 MB
HTML
Filing index
Every document in the 8-K submission
TXT
Complete submission
Raw archival text of the whole filing
HTML
10-Q quarterly report
Period ended Jun 28, 2026, filed Jul 23, 2026
ZIP
XBRL data bundle
Structured financial statements from the 10-Q
JSON
Company facts (XBRL)
Every figure JNJ has reported to the SEC
R40 data
The numbers shown on this page, as we hold them.
CSV
This quarter (CSV)
Reported metrics for Q2 2026, spreadsheet-ready
JSON
This quarter (JSON)
Metrics, dates and matched filings