Johnson & Johnson Q2 2026 Earnings Results vs. Expectations

What the Street expects

QoQ and YoY are what the consensus implies against the prior quarter and the prior year.

Q2 2026 reported results

What to watch

1. The sales line against $25.6 billion. Below it and the $100 billion year needs the second half to make up the difference; the guidance range is only a billion dollars wide, so there is not much room.
2. Whether the guidance range moves, and which one. J&J publishes reported sales, operational sales, adjusted EPS and adjusted operational EPS ranges separately.
3. The STELARA drag on Innovative Medicine. Biosimilar erosion has been the single largest identifiable headwind to the segment's growth. The release quantifies it in basis points — that number is the cleanest read on how much of the erosion is behind them.
4. MedTech's operational growth. It has been running several points below Innovative Medicine. If the $100 billion year happens, it happens in pharma, and MedTech's number tells you how much weight the rest of the company is carrying.
5. Any new restructuring or separation charge. J&J is separating its Orthopaedics business and running a legacy Orthopaedics restructuring program. Both land in the GAAP-to-adjusted bridge, and both widen the wedge the consensus does not measure.

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Estimate against 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.

Every quarter