OpenNashEarnings

Johnson & Johnson (JNJ) · Pharmaceuticals

Johnson & Johnson Q2 FY2026 earnings: summary, key numbers & outlook

Results filed 15 Jul 2026 · Quarter ended 28 Jun 2026

Press release ↗Investor relations ↗

Summaries and transcripts are machine-generated and can contain errors.

In brief

Johnson & Johnson reported Q2 2026 sales growth of 6.6% to $25.3 Billion, EPS of $2.27 and adjusted EPS of $2.90, and raised its 2026 outlook.

Johnson & Johnson sold $25,310 million in the second quarter, up 6.6% from a year ago, or 5.6% excluding currency. Innovative Medicine grew 7.8% and MedTech grew 4.5%. Cancer drugs and TREMFYA drove growth, and STELARA sales fell 55.2% as competition from copies arrived. Net earnings were flat at $5,534 million, or $2.27 per share. Adjusted EPS rose 4.7% to $2.90.

Management raised its 2026 outlook. Reported sales are now expected at $100.8B to $101.4B, and adjusted EPS at $11.60 to $11.75, up from $11.45 to $11.65 in April. The main tension is STELARA's steep decline, which the company must keep offsetting with newer drugs. The tax rate also rose to 18.0% from 14.7%, and litigation and restructuring costs continue.

Key numbers

Reported sales · GAAP
$25.3B

up 6.6% from a year ago

Net earnings · GAAP
$5.5B

down 0.1% from a year ago

Diluted EPS · GAAP
$2.27

down 0.9% from a year ago

Adjusted diluted EPS · non-GAAP
$2.90

up 4.7% from a year ago

Free cash flow (second-quarter YTD, estimated) · non-GAAP
$8.7B

vs. $6,214 in 2025

Segment or metricValueChange
Innovative Medicine$16.4Bup 7.8% reported, 6.8% operational
MedTech$8.9Bup 4.5% reported, 3.6% operational
DARZALEX$4.2Bup 18.9% reported
TREMFYA$2.0Bup 72.5% reported
STELARA$740.0Mdown 55.2% reported
Where each number comes from
  • Reported sales: “Reported Sales | $25,310 | $23,743 | 6.6% Net Earnings | $5,534 | $5,537 | -0.1% EPS (diluted) | $2.27 | $2.29 | -0.9%”
  • Net earnings: “Reported Sales | $25,310 | $23,743 | 6.6% Net Earnings | $5,534 | $5,537 | -0.1% EPS (diluted) | $2.27 | $2.29 | -0.9%”
  • Diluted EPS: “Reported Sales | $25,310 | $23,743 | 6.6% Net Earnings | $5,534 | $5,537 | -0.1% EPS (diluted) | $2.27 | $2.29 | -0.9%”
  • Adjusted diluted EPS: “Adjusted Net Earnings1,4 | $7,081 | $6,699 | 5.7% Adjusted EPS (diluted)1,4 | $2.90 | $2.77 | 4.7% Free Cash Flow5,6 | ~$8,700 | $6,214”
  • Free cash flow (second-quarter YTD, estimated): “Adjusted Net Earnings1,4 | $7,081 | $6,699 | 5.7% Adjusted EPS (diluted)1,4 | $2.90 | $2.77 | 4.7% Free Cash Flow5,6 | ~$8,700 | $6,214”
  • Innovative Medicine: “Innovative Medicine | $16,384 | $15,202 | 7.8% | 6.8 | 1.0 | 6.9 MedTech | 8,926 | 8,541 | 4.5 | 3.6 | 0.9 | 3.7”
  • MedTech: “Innovative Medicine | $16,384 | $15,202 | 7.8% | 6.8 | 1.0 | 6.9 MedTech | 8,926 | 8,541 | 4.5 | 3.6 | 0.9 | 3.7”
  • DARZALEX: “DARZALEX US | 2,435 | 2,017 | 20.7 | 20.7 | — Intl | 1,772 | 1,521 | 16.4 | 13.5 | 2.9 WW | 4,207 | 3,539 | 18.9 | 17.6 | 1.3”
  • TREMFYA: “TREMFYA US | 1,465 | 796 | 84.2 | 84.2 | — Intl | 581 | 391 | 48.7 | 44.2 | 4.5 WW | 2,046 | 1,186 | 72.5 | 71.0 | 1.5”
  • STELARA: “STELARA US | 336 | 1,078 | (68.8) | (68.8) | — Intl | 404 | 575 | (29.7) | (31.1) | 1.4 WW | 740 | 1,653 | (55.2) | (55.7) | 0.5”

Copied from the press release ↗ and other documents in the SEC filing ↗. A figure is published only if its sentence is in the filing.

From the filingQ2 FY2026vs year agovs last quarter
Revenue$25.3B+6.6%+5.2%
Net income$5.5B−0.1%+5.7%
Diluted EPS$2.27−0.9%+6.1%
Free cash flow$7.3B+157.3%+398.0%
Gross margin68.2%+0.3 pts+1.9 pts

Calculated by code from XBRL, not by the model.

Outlook

MetricPeriodOutlook
Adjusted EPS (diluted)full year 2026$11.60 – $11.75
Adjusted operational EPS (diluted)full year 2026$11.50 – $11.65
Estimated reported salesfull year 2026$100.8B – $101.4B
Adjusted operational sales growthfull year 20266.2% – 6.8%

Key takeaways

  1. Sales grew 6.6% to $25,310 million

    Reported sales rose from $23,743 million a year ago. Operational growth was 5.6% and adjusted operational growth was 5.7%.

  2. Full-year adjusted EPS guidance raised to $11.60 – $11.75

    The midpoint is $11.68, up $0.13 from the April outlook. Estimated reported sales are now $100.8B – $101.4B.

  3. TREMFYA and oncology offset STELARA's collapse

    TREMFYA sales rose 72.5% to $2,046 million and Oncology rose 17.3%. STELARA fell 55.2% to $740 million.

  4. GAAP earnings flat as tax rate rose

    Net earnings were $5,534 million versus $5,537 million. The effective tax rate was 18.0% versus 14.7% a year ago.

  5. Restructuring and separation costs continue

    A new supply chain restructuring program has estimated costs of $650 - $750 million. Orthopaedics separation costs were $258 million in the quarter.

Charts

Revenue$25.3B+6.6% y/yQ2 FY26
Q4 FY24: $22.5B (worked out from the annual figure)Q4 24$22.5BQ1 FY25: $21.9BQ1 25$21.9BQ2 FY25: $23.7BQ2 25$23.7BQ3 FY25: $24.0BQ3 25$24.0BQ4 FY25: $24.6B (worked out from the annual figure)Q4 25$24.6BQ1 FY26: $24.1BQ1 26$24.1BQ2 FY26: $25.3BQ2 26$25.3BQ3 FY26: $25.4BQ3 26$25.4B

Fourth quarter worked out from the annual figure.

Data
Q4 FY24$22.5B *
Q1 FY25$21.9B
Q2 FY25$23.7B
Q3 FY25$24.0B
Q4 FY25$24.6B *
Q1 FY26$24.1B
Q2 FY26$25.3B
Q3 FY26$25.4B
Diluted EPS (GAAP)$2.27−0.9% y/yQ2 FY26
Q1 FY25: $4.54Q1 25$4.54Q2 FY25: $2.29Q2 25$2.29Q3 FY25: $2.12Q3 25$2.12Q1 FY26: $2.14Q1 26$2.14Q2 FY26: $2.27Q2 26$2.27Q3 FY26: $0.09Q3 26$0.09
Data
Q1 FY25$4.54
Q2 FY25$2.29
Q3 FY25$2.12
Q1 FY26$2.14
Q2 FY26$2.27
Q3 FY26$0.09

Fourth-quarter EPS appears once the press release is read; filings report it only for the full year.

Free cash flow$7.3B+157.3% y/yQ2 FY26
Q4 FY24: $5.4BQ4 24$5.4BQ1 FY25: $3.4BQ1 25$3.4BQ2 FY25: $2.8BQ2 25$2.8BQ3 FY25: $8.0BQ3 25$8.0BQ4 FY25: $5.5BQ4 25$5.5BQ1 FY26: $1.5BQ1 26$1.5BQ2 FY26: $7.3BQ2 26$7.3BQ3 FY26: $6.4BQ3 26$6.4B
Data
Q4 FY24$5.4B
Q1 FY25$3.4B
Q2 FY25$2.8B
Q3 FY25$8.0B
Q4 FY25$5.5B
Q1 FY26$1.5B
Q2 FY26$7.3B
Q3 FY26$6.4B

Operating cash flow minus capital expenditure, from cash flow statements.

Questions

What were Johnson & Johnson's Q2 2026 results?

Reported sales were $25,310 million, up 6.6%, with diluted EPS of $2.27 and adjusted EPS of $2.90. Net earnings were $5,534 million, down 0.1%.

Did Johnson & Johnson raise its 2026 guidance?

Yes. Adjusted EPS guidance is now $11.60 – $11.75, versus $11.45 – $11.65 in April, and estimated reported sales are $100.8B – $101.4B.

Which businesses drove growth?

Innovative Medicine sales rose 7.8% to $16,384 million, led by DARZALEX, CARVYKTI, TREMFYA and SPRAVATO. MedTech rose 4.5% to $8,926 million.

How big is the STELARA headwind?

STELARA sales fell 55.2% to $740 million. The company says it reduced Innovative Medicine operational growth by about 760 basis points.

Why was GAAP EPS slightly lower while adjusted EPS rose?

GAAP EPS fell 0.9% to $2.27, helped by higher litigation, restructuring and separation costs and a higher tax rate of 18.0%. Adjusted EPS, which excludes intangible amortization and special items, rose 4.7% to $2.90.

Documents

SEC filing