JOHNSON & JOHNSON Earnings Per Share Disclosure
| (In Millions Except Per Share Amounts) | 2025 | 2024 | 2023 | |||||||||||||||||
| Basic net earnings per share from continuing operations | $11.13 | 5.84 | 5.26 | |||||||||||||||||
| Basic net earnings per share from discontinued operations | — | — | 8.62 | |||||||||||||||||
| Total net earnings per share - basic | 11.13 | 5.84 | 13.88 | |||||||||||||||||
| Average shares outstanding — basic | 2,407.4 | 2,407.3 | 2,533.5 | |||||||||||||||||
| Potential shares exercisable under stock option plans | 124.1 | 77.7 | 94.1 | |||||||||||||||||
| Less: shares repurchased under treasury stock method | (102.1) | (55.6) | (67.2) | |||||||||||||||||
| Adjusted average shares outstanding — diluted | 2,429.4 | 2,429.4 | 2,560.4 | |||||||||||||||||
| Diluted net earnings per share from continuing operations | 11.03 | 5.79 | 5.20 | |||||||||||||||||
| Diluted net earnings per share from discontinuing operations | — | — | 8.52 | |||||||||||||||||
| Total net earnings per share - diluted | $11.03 | 5.79 | 13.72 | |||||||||||||||||
| (Shares in Millions) | ||||||||||||||||||||
| The diluted net earnings per share calculation excluded the following number of shares related to stock options, as the exercise price of these options was greater than the average market value of the Company’s stock. | — | 54.1 | 43.0 | |||||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 11, 2026 | Showing above |
| 2024 | Feb 13, 2025 | |
| 2023 | Feb 16, 2023 | |
| 2022 | Feb 17, 2022 | |
| 2021 | Feb 22, 2021 | |
| 2019 | Feb 18, 2020 | |
| 2018 | Feb 20, 2019 | |
| 2017 | Feb 27, 2017 | |
| 2016 | Feb 24, 2016 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.