# Johnson & Johnson (JNJ) Q2 FY2026 earnings

Results filed 2026-07-15 for the quarter ended 2026-06-28. Source page: https://earnings.opennash.com/companies/jnj/2026-q2/
Press release and exhibits: https://www.sec.gov/Archives/edgar/data/200406/000020040626000146/0000200406-26-000146-index.htm
> 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

| Metric | Value | Change | Basis |
| --- | --- | --- | --- |
| Reported sales | $25,310 | up 6.6% from a year ago | GAAP |
| Net earnings | $5,534 | down 0.1% from a year ago | GAAP |
| Diluted EPS | $2.27 | down 0.9% from a year ago | GAAP |
| Adjusted diluted EPS | $2.90 | up 4.7% from a year ago | non-GAAP |
| Free cash flow (second-quarter YTD, estimated) | ~$8,700 | vs. $6,214 in 2025 | non-GAAP |

## Segments and operating metrics

| Name | Value | Change |
| --- | --- | --- |
| Innovative Medicine | $16,384 | up 7.8% reported, 6.8% operational |
| MedTech | 8,926 | up 4.5% reported, 3.6% operational |
| DARZALEX | 4,207 | up 18.9% reported |
| TREMFYA | 2,046 | up 72.5% reported |
| STELARA | 740 | down 55.2% reported |

## Outlook

| Metric | Period | Outlook |
| --- | --- | --- |
| Adjusted EPS (diluted) | full year 2026 | $11.60 – $11.75 |
| Adjusted operational EPS (diluted) | full year 2026 | $11.50 – $11.65 |
| Estimated reported sales | full year 2026 | $100.8B – $101.4B |
| Adjusted operational sales growth | full year 2026 | 6.2% – 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.

## 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.