Company: Johnson & Johnson
Ticker: JNJ
Form: 10-K
Filed: 2026-02-11
Fiscal Period: {"fp": "FY", "fy": 2025}

Question: What was Johnson & Johnson's operating cash flow margin in fiscal year 2025?
Question Type: derived_ratio

Concept: NetCashProvidedByUsedInOperatingActivities
RevenueFromContractWithCustomerExcludingAssessedTax
Answer (Numeric): 26.04
Answer (Display): 26.04%
Unit: percent

Evidence:
[{"chunk_id": "105", "equivalent_chunk_ids": ["105"], "section": "Johnson & Johnson and subsidiaries consolidated statements of cash flows", "supports": ["numerator", "denominator"], "text": "(Dollars in Millions) (Note 1)\nCash flows from operating activities\nNet earnings\n26,804\n14,066\n35,153\nAdjustments to reconcile net earnings to cash flows from operating activities:\nDepreciation and amortization of property and intangibles\n7,503\n7,339\n7,486\nStock based compensation\n1,354\n1,176\n1,162\nAsset write-downs\n1,295\nCharges for acquired in-process research and development\n1,841\nGain on Kenvue separation\n20,984\nNet gain on sale of assets/businesses\nDeferred tax provision\n1,538\n2,183\n4,194\nCredit losses and accounts receivable allowances\nChanges in assets and liabilities, net of effects from acquisitions and divestitures:\nIncrease in accounts receivable\n1,781\nIncrease in inventories\n1,450\n1,128\n1,323\nIncrease in accounts payable and accrued liabilities\n2,377\n1,621\n2,346\n(Increase)/Decrease in other current and non-current assets\n6,167\n1,717\n3,480\n(Decrease)/Increase in other current and non-current liabilities\n5,697\n5,588\nNet cash flows from operating activities\n24,530\n24,266\n22,791\nCash flows (used by) from investing activities\nAdditions to property, plant and equipment\n4,832\n4,424\n4,543\nProceeds from the disposal of assets/businesses, net\nAcquisitions, net of cash acquired (Note 18)\n17,541\n15,146\nAcquired in-process research and development/related milestones (Note 18)\n1,783\nPurchases of investments\n1,726\n10,906\nSales of investments\n1,661\n2,462\n19,390\nCredit support agreements activity, net\n2,129\n1,517\n2,963\nOther (including capitalized licenses and milestones)\nNet cash (used by)/from investing activities\n23,588\n18,599\nCash flows (used by) from financing activities\nDividends to shareholders\n12,381\n11,823\n11,770\nRepurchase of common stock\n5,953\n2,432\n5,054\nProceeds from short-term debt\n14,586\n15,277\n13,743\nRepayment of short-term debt\n12,330\n9,463\n22,973\nProceeds from long-term debt, net of issuance costs\n9,138\n6,660\nRepayment of long-term debt\n1,757\n1,453\n1,551\nProceeds from the exercise of stock options/employee withholding tax on stock awards, net\n3,418\n1,094\nCredit support agreements activity, net\n2025 Annual Report\nSettlement of convertible debt acquired from Shockwave\nProceeds of short and long-term debt, net of issuance cost, related to the debt that transferred to Kenvue at separation\n8,047\nProceeds from Kenvue initial public offering\n4,241\nCash transferred to Kenvue at separation\n1,114\nOther\nNet cash used by financing activities\n5,539\n3,132\n15,825\nEffect of exchange rate changes on cash and cash equivalents\n(Decrease)/Increase in cash and cash equivalents\n4,396\n2,246\n7,732\nCash and cash equivalents from continuing operations, beginning of period\n24,105\n21,859\n12,889\nCash and cash equivalents from discontinued operations, beginning of period\n1,238\nCash and cash equivalents, beginning of year (Note 1)\n24,105\n21,859\n14,127"}]

Derivation: {"denominator": "revenue", "denominator_value": 94193.0, "format": "percentage", "numerator": "operating_cash_flow", "numerator_value": 24530.0, "op": "divide"}