Johnson & Johnson (JNJ) Annual Revenue and Earnings History
Direct answer: Johnson & Johnson reported $85.2 billion in revenue for 2023 and approximately $88 billion for 2024, after spinning off its consumer health segment (Kenvue) in 2023. The remaining J&J focuses on MedTech (surgical instruments, orthopaedics) and Innovative Medicine (pharmaceuticals). J&J is a Dividend King, having increased its dividend for 62+ consecutive years.
Johnson & Johnson annual revenue, net income, adjusted EPS, and dividend per share (2014-2024)
| Year | Revenue (B) | Net Income (B) | Adj. EPS | Dividend/Share |
|---|---|---|---|---|
| 2014 | $74.3 | $16.3 | $5.70 | $2.76 |
| 2016 | $71.9 | $16.5 | $6.73 | $3.15 |
| 2018 | $81.6 | $15.3 | $8.18 | $3.54 |
| 2019 | $82.1 | $15.1 | $8.68 | $3.75 |
| 2020 | $82.6 | $14.7 | $8.03 | $4.04 |
| 2021 | $93.8 | $20.9 | $9.80 | $4.24 |
| 2022 | $94.9 | $17.9 | $10.15 | $4.52 |
| 2023 | $85.2 | $35.2 | $10.55 | $4.70 |
| 2024 est. | $88+ | ~$14 | ~$10.8 | ~$4.96 |
Source: Johnson & Johnson Investor Relations. Note: 2023 net income includes Kenvue spin-off gain; consumer segment brands (Tylenol, Band-Aid, Neutrogena) separated into Kenvue (KVUE) in May 2023. Last verified: September 2026.
Frequently asked questions
Why did J&J spin off its consumer segment?
J&J separated its consumer health brands (Tylenol, Band-Aid, Listerine, Neutrogena) into a new company called Kenvue (ticker: KVUE) in May 2023. The rationale: consumer health is a lower-growth, lower-margin business (approximately 4-6% margins) compared to pharmaceuticals (35-40% operating margins) and MedTech. Separating them allows each company to focus capital, executive attention, and valuation multiples more appropriately: Kenvue valued as a consumer staples company, J&J valued as a pharma/MedTech company. J&J retained approximately 9% of Kenvue initially, distributing the rest to J&J shareholders. This is a common pure-play separation strategy.
What are J&J's key pharmaceutical products?
J&J's Innovative Medicine segment (formerly Janssen) markets several blockbuster drugs: Stelara (ustekinumab) for Crohn's disease and psoriasis ($9.7B revenue in 2022); Darzalex (daratumumab) for multiple myeloma ($8.0B in 2022, growing 25%+); Tremfya for psoriasis; Erleada for prostate cancer; and various immunology drugs. Stelara faces biosimilar competition beginning 2025 (patent expiration), which will significantly reduce its revenue. J&J's pipeline includes CAR-T cancer therapies and bispecific antibodies as next-generation growth drivers. The pharmaceutical segment generates approximately 55-60% of J&J's total revenue post-spin.
What does Dividend King status mean for J&J?
A Dividend King is a company that has increased its annual dividend for 50+ consecutive years. Johnson & Johnson has raised its dividend for 62+ consecutive years as of 2024, making it one of approximately 50 companies in this elite category. The dividend has compounded at approximately 6% annually over the past decade, from $2.76/share in 2014 to approximately $4.96/share estimated in 2024. J&J's payout ratio is approximately 46% of adjusted EPS, conservative enough to maintain dividend safety even in difficult pharmaceutical market conditions. Dividend Kings are prized by income investors for reliability, though yield is typically modest (approximately 3% as of 2024).