Johnson & Johnson reports Q4 and Full-Year 2025 results

NEW BRUNSWICK, N.J.--( BUSINESS WIRE)--Johnson & Johnson (NYSE: JNJ) today announced results for fourth-quarter and full-year 2025. “2025 was a catapult year for Johnson & Johnson, fueled by the strongest portfolio and pipeline in our history,” said Joaquin Duato, Chairman and Chief Executive Officer, Johnson & Johnson. “Last year kicked off a new era of accelerated growth, driven by medical innovation that is transforming lives in our six key businesses: Oncology, Immunology, Neuroscience, Cardiovascular, Surgery, and Vision. In each of these important areas, our leadership is expanding driven by game-changing science and technology.”

Overall financial results

Full Year

($ in Millions, except EPS)

2025

2024

% Change

2025

2024

% Change

Reported Sales

$24,564

$22,520

9.1%

$94,193

$88,821

6.0%

Net Earnings

$5,116

$3,431

49.1%

$26,804

$14,066

90.6%

EPS (diluted)

$2.10

$1.41

48.9%

$11.03

$5.79

90.5%

Full Year

Non-GAAP* ($ in Millions, except EPS)

2025

2024

% Change

2025

2024

% Change

Operational Sales 1,2

7.1%

5.3%

Adjusted Operational Sales 1,3

6.1%

4.2%

Adjusted Net Earnings 1,4

$6,009

$4,946

21.5%

$26,215

$24,242

8.1%

Adjusted EPS (diluted) 1,4

$2.46

$2.04

20.6%

$10.79

$9.98

8.1%

Free Cash Flow 5,6

~$19,700

$19,842

Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures included in accompanying schedules

Excludes the impact of translational currency

Excludes the net impact of acquisitions and divestitures and translational currency

Excludes intangible amortization expense and special items

Non-GAAP measure; defined as cash flow from operating activities, less additions to property, plant and equipment. Cash flow from operations, the most directly comparable GAAP financial measure, will be included in subsequent SEC filings.

Full year 2025 is estimated as of January 21, 2026.

Regional sales results

% Change

($ in Millions)

2025

2024

Reported

Operational 1,2

Currency

Adjusted

Operational 1,3

U.S.

$14,195

$13,204

7.5%

7.5

5.7

International

10,369

9,316

11.3

6.6

4.7

6.8

Worldwide

$24,564

$22,520

9.1%

7.1

2.0

6.1

Full Year

% Change

($ in Millions)

2025

2024

Reported

Operational 1,2

Currency

Adjusted

Operational 1,3

U.S.

$53,752

$50,302

6.9%

6.9

4.9

International

40,441

38,519

5.0

3.4

1.6

3.3

Worldwide

$94,193

$88,821

6.0%

5.3

0.7

4.2

Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures included in accompanying schedules

Excludes the impact of translational currency

Excludes the net impact of acquisitions and divestitures and translational currency

Segment sales results

% Change

($ in Millions)

2025

2024

Reported

Operational 1,2

Currency

Adjusted

Operational 1,3

Innovative Medicine

$15,763

$14,332

10.0%

7.9

2.1

6.2

MedTech

8,801

8,188

7.5

5.8

1.7

5.9

Worldwide

$24,564

$22,520

9.1%

7.1

2.0

6.1

Full Year

% Change

($ in Millions)

2025

2024

Reported

Operational 1,2

Currency

Adjusted

Operational 1,3

Innovative Medicine

$60,401

$56,964

6.0%

5.3

0.7

4.1

MedTech

33,792

31,857

6.1

5.4

0.7

4.3

Worldwide

$94,193

$88,821

6.0%

5.3

0.7

4.2

Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures included in accompanying schedules

Excludes the impact of translational currency

Excludes the net impact of acquisitions and divestitures and translational currency

Full-year 2025 segment commentary:

Operational sales* reflected below excludes the impact of translational currency.

Innovative Medicine

Innovative Medicine worldwide operational sales grew 5.3%*, with net acquisitions and divestitures positively impacting growth by 1.2% primarily due to CAPLYTA. Growth was driven primarily by DARZALEX, CARVYKTI, ERLEADA, and RYBREVANT/LAZCLUZE in Oncology, TREMFYA and SIMPONI/SIMPONI ARIA in Immunology, and SPRAVATO in Neuroscience. Growth was partially offset by an approximate (1,040) basis points impact from STELARA in Immunology.

MedTech

MedTech worldwide operational sales grew 5.4%*, with net acquisitions and divestitures positively impacting growth by 1.1% primarily due to Shockwave. Growth was driven primarily by electrophysiology products and Abiomed in Cardiovascular and wound closure products in General Surgery.

Full-year 2026 guidance:

Johnson & Johnson does not provide GAAP financial measures on a forward-looking basis because the company is unable to predict with reasonable certainty the ultimate outcome of legal proceedings, unusual gains and losses, acquisition-related expenses, and purchase accounting fair value adjustments without unreasonable effort. These items are uncertain, depend on various factors, and could be material to Johnson & Johnson's results computed in accordance with GAAP.

($ in Billions, except EPS)

January 2026

Adjusted Operational Sales 1,2

Change vs. Prior Year / Mid-point

5.4% – 6.4% / 5.9%

Operational Sales 2 / Mid-point

Change vs. Prior Year / Mid-point

$99.5B – $100.5B / $100.0B

5.7% – 6.7% / 6.2%

Estimated Reported Sales 3/ Mid-point

Change vs. Prior Year / Mid-point

$100.0B – $101.0B / $100.5B

6.2% – 7.2% / 6.7%

Adjusted Operational EPS (Diluted) 2,4 / Mid-point

Change vs. Prior Year / Mid-point

$11.28 – $11.48 / $11.38

4.5% – 6.5% / 5.5%

Adjusted EPS (Diluted) 3,4 / Mid-point

Change vs. Prior Year / Mid-point

$11.43 – $11.63 / $11.53

5.9% – 7.9% / 6.9%

Non-GAAP financial measure; excludes the net impact of acquisitions and divestitures

Non-GAAP financial measure; excludes the impact of translational currency

Calculated using Euro Average Rate: January 2026 = $1.17 (Illustrative purposes only)

Non-GAAP financial measure; excludes intangible amortization expense and special items

Other modeling considerations will be provided on the webcast.

Notable announcements in the quarter:

The information contained in this section should be read together with Johnson & Johnson’s other disclosures filed with the Securities and Exchange Commission, including its Current Reports on Form 8-K, Quarterly Reports on Form 10-Q and Annual Reports on Form 10-K. Copies of these filings are available online at www.sec.gov, www.jnj.com or on request from Johnson & Johnson. The reader is also encouraged to review all other news releases and information available in the Investor Relations section of the company’s website at Investor News, as well as Innovative Medicine Newsroom, MedTech News & Events, and www.factsabouttalc.com.

Regulatory

Johnson & Johnson Submits OTTAVA Robotic Surgical System to the U.S. Food and Drug Administration 1

Press Release

Johnson & Johnson Receives FDA Approval for TRUFILL n‑BCA Liquid Embolic System for the Treatment of Symptomatic Chronic Subdural Hematoma

Press Release

U.S. FDA Approval of RYBREVANT FASPRO (amivantamab and hyaluronidase-lpuj) Enables the Simplest, Shortest Administration Time for a First-Line Combination Regimen when Combined with LAZCLUZE (lazertinib)

Press Release

U.S. FDA approves AKEEGA as the first precision therapy for BRCA2-mutated metastatic castration-sensitive prostate cancer with 54% reduction in disease progression vs standard of care

Press Release

DARZALEX FASPRO is the first and only treatment approved by the U.S. FDA for patients with high-risk smoldering multiple myeloma

Press Release

FDA approval of CAPLYTA (lumateperone) has the potential to reset treatment expectations, offering hope for remission in adults with major depressive disorder

Press Release

Data Releases

New clinical data highlights CAPLYTA (lumateperone) as a promising option for achieving remission in adults with major depressive disorder 1

Press Release

TECVAYLI monotherapy demonstrates superior progression-free and overall survival versus standard of care as early as first relapse in patients with multiple myeloma predominantly refractory to anti-CD38 therapy and lenalidomide 1

Press Release

RYBREVANT (amivantamab-vmjw) longer-term results show promising and durable responses in difficult-to-treat colorectal cancer 1

Press Release

Johnson & Johnson unveils new data showing nipocalimab is the first and only investigational FcRn blocker with potential to reduce systemic lupus erythematosus (SLE) activity in a Phase 2 study 1

Press Release

Unprecedented results from the Phase 3 MajesTEC-3 study support TECVAYLI plus DARZALEX FASPRO as a potential standard of care as early as second line for patients with relapsed/refractory multiple myeloma

Press Release

Earlier use of CARVYKTI demonstrated lasting treatment-free remissions at 2.5 years in patients with relapsed or refractory multiple myeloma

Press Release

Johnson & Johnson's INLEXZO (gemcitabine intravesical system) delivers 74 percent disease-free survival at one year in BCG-unresponsive, high-risk, papillary-only NMIBC

Press Release

New long-term data reinforces TREMFYA (guselkumab) as the only IL-23 inhibitor proven to substantially inhibit structural joint damage in active psoriatic arthritis

Press Release

Johnson & Johnson announces first head-to-head study comparing IMAAVY with an alternative FcRn blocker in generalized myasthenia gravis (gMG) at AANEM Annual Meeting

Press Release

Icotrokinra maintains standout combination of therapeutic benefit and a favorable safety profile in once-daily pill through 28 weeks in ulcerative colitis

Press Release

TREMFYA (guselkumab), the first and only IL-23 inhibitor with a fully subcutaneous treatment regimen, demonstrates durable remission in Crohn's disease at two years

Press Release

Published in The Lancet: Nipocalimab significantly decreased Sjögren's disease (SjD) activity and severity through substantial reduction in Sjögren's-related autoantibodies

Press Release

Icotrokinra long-term results affirm promise of targeted oral peptide with high rates of durable skin clearance and favorable safety profile in difficult-to-treat scalp and genital psoriasis

Press Release

Subcutaneous amivantamab delivers promising 45 percent overall response rate with median duration of 7.2 months in recurrent or metastatic head and neck cancer

Press Release

TECVAYLI plus DARZALEX FASPRO combination regimen significantly improves progression-free survival and overall survival versus standard of care

Press Release

Other

Johnson & Johnson Reaches Agreement with U.S. Government to Improve Access to Medicines and Lower Costs for Millions of Americans; Delivers on U.S. Manufacturing and Innovation Investments 1

Press Release

Johnson & Johnson completes acquisition of Halda Therapeutics and its novel platform to revolutionize cancer treatment and enable next-generation oral therapies

Press Release

Johnson & Johnson Announces Intent to Separate Its Orthopaedics Business

Press Release

Webcast information:

Johnson & Johnson will conduct a conference call with investors to discuss this earnings release today at 8:30 a.m., Eastern Time. A simultaneous webcast of the call for investors and other interested parties may be accessed by visiting the Johnson & Johnson website. A replay and podcast will be available approximately two hours after the live webcast in the Investor Relations section of the company's website at events-and-presentations.

About Johnson & Johnson:

At Johnson & Johnson, we believe health is everything. Our strength in healthcare innovation empowers us to build a world where complex diseases are prevented, treated, and cured, where treatments are smarter and less invasive, and solutions are personal. Through our expertise in Innovative Medicine and MedTech, we are uniquely positioned to innovate across the full spectrum of healthcare solutions today to deliver the breakthroughs of tomorrow, and profoundly impact health for humanity. Learn more at www.jnj.com.

Non-GAAP financial measures:

* “Operational sales growth” excluding the impact of translational currency, “adjusted operational sales growth” excluding the net impact of acquisitions and divestitures and translational currency, as well as “adjusted net earnings”, “adjusted diluted earnings per share” and “adjusted operational diluted earnings per share” excluding after-tax intangible amortization expense and special items, are non-GAAP financial measures and should not be considered replacements for, and should be read together with, the most comparable GAAP financial measures. Except for guidance measures, reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in the accompanying financial schedules of the earnings release and the Investor Relations section of the company's website at quarterly results.

Copies of the financial schedules accompanying this earnings release are available on the company’s website at quarterly results. These schedules include supplementary sales data, a condensed consolidated statement of earnings, reconciliations of non-GAAP financial measures, and sales of key products/franchises. Additional information on Johnson & Johnson, including adjusted income before tax by segment, an Innovative Medicine pipeline of selected compounds in late stage development and a copy of today’s earnings call presentation can also be found in the Investor Relations section of the company's website at quarterly results.

Note to investors concerning forward-looking statements:

This press release contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 regarding, among other things: future operating and financial performance, product development, and market position and business strategy. The reader is cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the expectations and projections of Johnson & Johnson. Risks and uncertainties include, but are not limited to: economic factors, such as interest rate and currency exchange rate fluctuations or changes to applicable laws and regulations; competition, including technological advances, new products and patents attained by competitors; challenges inherent in new product research and development, including uncertainty of clinical success and obtaining regulatory approvals; uncertainty of commercial success for new and existing products; challenges to patents; the impact of patent expirations; the ability of the Company to successfully execute strategic plans, including restructuring plans; the impact of business combinations and divestitures; manufacturing difficulties or delays, internally or within the supply chain; product efficacy or safety concerns resulting in product recalls or regulatory action; significant adverse litigation or government action, including related to product liability claims; changes to applicable laws and regulations, including tax laws and global health care reforms; trends toward health care cost containment; changes in behavior and spending patterns of purchasers of health care products and services; financial instability of international economies and legal systems and sovereign risk; and increased scrutiny of the health care industry by government agencies. A further list and descriptions of these risks, uncertainties and other factors can be found in Johnson & Johnson’s most recent Annual Report on Form 10-K, including in the sections captioned “Cautionary Note Regarding Forward-Looking Statements” and “Item 1A. Risk Factors,” and in Johnson & Johnson’s subsequent Quarterly Reports on Form 10-Q and other filings with the Securities and Exchange Commission. Copies of these filings are available online at www.sec.gov, www.jnj.com, investor.jnj.com, or on request from Johnson & Johnson. Any forward-looking statement made in this release speaks only as of the date of this release. Johnson & Johnson does not undertake to update any forward-looking statement as a result of new information or future events or developments.

FOURTH QUARTER

TWELVE MONTHS

Percent Change

2025

2024

Total

Operations

Currency

2025

2024

Total

Operations

Currency

9,689

8,977

7.9

36,344

33,970

7.0

6,074

5,355

13.4

7.9

5.5

24,057

22,994

4.6

2.9

1.7

15,763

14,332

10.0

7.9

2.1

60,401

56,964

6.0

5.3

0.7

4,506

4,227

6.6

17,408

16,332

6.6

4,295

3,961

8.5

4.9

3.6

16,384

15,525

5.5

4.1

1.4

8,801

8,188

7.5

5.8

1.7

33,792

31,857

6.1

5.4

0.7

14,195

13,204

7.5

53,752

50,302

6.9

10,369

9,316

11.3

6.6

4.7

40,441

38,519

5.0

3.4

1.6

24,564

22,520

9.1

7.1

2.0

94,193

88,821

6.0

5.3

0.7

FOURTH QUARTER

TWELVE MONTHS

Percent Change

2025

2024

Total

Operations

Currency

2025

2024

Total

Operations

Currency

14,195

13,204

7.5

53,752

50,302

6.9

5,598

4,921

13.8

5.2

8.6

21,535

20,212

6.5

2.4

4.1

1,271

1,135

12.0

11.0

1.0

4,875

4,714

3.4

8.4

(5.0

)

3,500

3,260

7.4

7.2

0.2

14,031

13,593

3.2

3.1

0.1

10,369

9,316

11.3

6.6

4.7

40,441

38,519

5.0

3.4

1.6

24,564

22,520

9.1

7.1

2.0

94,193

88,821

6.0

5.3

0.7

2025

2024

Percent

Increase

(Decrease)

Amount

Percent

to Sales

Amount

Percent

to Sales

24,564

100.0

22,520

100.0

9.1

7,968

32.4

7,128

31.6

11.8

16,596

67.6

15,392

68.4

7.8

6,753

27.5

6,453

28.6

4.6

4,252

17.3

5,298

23.5

(19.7

)

0.3

0.1

(23

)

(0.1

)

(144

)

(0.6

)

483

2.0

(161

)

(0.7

)

0.4

0.2

4,966

20.2

3,887

17.3

27.8

(150

)

(0.6

)

456

2.1

(132.9

)

5,116

20.8

3,431

15.2

49.1

2.10

1.41

48.9

2,439.0

2,427.1

(3.0

)

11.7

7,046

28.7

5,421

24.1

30.0

6,009

24.5

4,946

22.0

21.5

2.46

2.04

20.6

14.7

8.8

2025

2024

Percent

Increase

(Decrease)

Amount

Percent

to Sales

Amount

Percent

to Sales

94,193

100.0

88,821

100.0

6.0

30,256

32.1

27,471

30.9

10.1

63,937

67.9

61,350

69.1

4.2

23,676

25.1

22,869

25.7

3.5

14,665

15.6

17,232

19.4

(14.9

)

0.1

211

0.2

(85

)

(0.1

)

(577

)

(0.6

)

(7,209

)

(7.6

)

4,694

5.3

228

0.2

234

0.3

32,581

34.6

16,687

18.8

95.2

5,777

6.1

2,621

3.0

120.4

26,804

28.5

14,066

15.8

90.6

11.03

5.79

90.5

2,429.4

17.7

15.7

31,681

33.6

28,979

32.6

9.3

26,215

27.8

24,242

27.3

8.1

10.79

9.98

8.1

17.3

16.3

2025

2024

2025

2024

$5,116

$3,431

$26,804

$14,066

854

(16)

(6,040)

5,450

1,186

1,171

4,621

4,526

210

512

269

(190)

298

285

1,226

211

(100)

(68)

(427)

306

100

204

(9)

(445)

(80)

381

(2,135)

(742)

(70)

$6,009

$4,946

$26,215

$24,242

2,439.0

2,427.1

2,429.4

$2.46

$2.04

$10.79

$9.98

$2.35

$10.58

Innovative Medicine

MedTech

Total

10.0%

7.5%

9.1%

7.9%

6.6%

7.5%

13.4%

8.5%

11.3%

2.1

1.7

2.0

5.5

3.6

4.7

7.9%

5.8%

7.1%

7.9%

6.6%

7.5%

7.9%

4.9%

6.6%

(1.7)

(1.1)

(2.8)

(1.9)

0.0

0.1

0.0

0.1

0.2

6.2%

5.9%

6.1%

5.1%

6.7%

5.7%

8.0%

5.1%

6.8%

Innovative Medicine

MedTech

Total

6.0%

6.1%

6.0%

7.0%

6.6%

6.9%

4.6%

5.5%

5.0%

0.7

1.7

1.4

1.6

5.3%

5.4%

5.3%

7.0%

6.6%

6.9%

2.9%

4.1%

3.4%

(1.4)

(0.5)

(2.1)

(0.7)

(0.5)

(0.2)

(1.2)

(0.7)

(2.1)

(1.4)

0.0

0.3

0.1

0.0

0.3

0.1

0.2

0.1

4.1%

4.3%

4.2%

4.9%

4.8%

4.9%

3.0%

3.8%

3.3%

REPORTED SALES vs. PRIOR PERIOD ($MM)

FOURTH QUARTER

TWELVE MONTHS

% Change

2025

2024

Reported

Operational (1)

Currency

2025

2024

Reported

Operational (1)

Currency

3,793

3,019

25.6

13,659

10,854

25.8

3,069

2,476

23.9

17.3

6.6

11,721

9,926

18.1

15.6

2.5

6,861

5,497

24.8

21.9

2.9

25,380

20,781

22.1

20.9

1.2

420

304

38.2

1,492

869

71.6

135

395

555

334

65.8

63.2

2.6

1,887

963

95.9

94.3

1.6

2,332

1,799

29.6

8,266

6,588

25.5

1,571

1,285

22.3

16.2

6.1

6,085

5,082

19.7

17.5

2.2

3,903

3,084

26.6

24.1

2.5

14,351

11,670

23.0

22.0

1.0

405

342

18.6

1,453

1,282

13.4

554

442

25.3

17.5

7.8

2,121

1,717

23.5

20.1

3.4

959

784

22.4

18.0

4.4

3,574

2,999

19.2

17.2

2.0

207

250

(17.4

892

1,020

(12.5

478

481

(0.8

(7.5

6.7

1,931

2,018

(4.3

(6.7

2.4

684

731

(6.5

(10.9

4.4

2,823

3,038

(7.1

(8.6

1.5

146

101

45.6

534

257

200

216

122

78.0

76.5

1.5

734

327

105

53.8

340

241

40.9

123

149

75.8

73.1

2.7

463

287

61.3

60.3

1.0

110

108

2.7

444

418

6.3

72.2

65.1

7.1

226

131

72.8

70.4

2.4

176

146

20.8

18.9

1.9

670

549

22.1

21.5

0.6

(41.4

(33.2

115

127

(9.9

(11.1

1.2

480

597

(19.7

(20.5

0.8

119

135

(11.9

(13.0

1.1

502

631

(20.4

(21.2

0.8

54.8

214

145

47.5

8.4

3.0

5.4

162

172

(6.0

(7.8

1.8

100

32.9

30.3

2.6

376

317

18.5

17.5

1.0

REPORTED SALES vs. PRIOR PERIOD ($MM)

FOURTH QUARTER

TWELVE MONTHS

% Change

2025

2024

Reported

Operational (1)

Currency

2025

2024

Reported

Operational (1)

Currency

2,495

2,856

(12.6

9,872

11,355

(13.1

1,364

1,383

(1.4

(5.5

4.1

5,856

6,473

(9.5

(10.2

0.7

3,860

4,238

(8.9

(10.3

1.4

15,728

17,828

(11.8

(12.0

0.2

248

231

7.1

1,171

1,009

16.0

17.1

(24.8

110

117

(5.6

(7.3

1.7

523

497

5.3

6.2

(0.9

370

359

3.2

2.6

0.6

1,768

1,605

10.2

10.5

(0.3

287

262

9.6

1,193

1,082

10.3

345

321

7.4

3.7

1,475

1,108

33.1

32.8

0.3

632

583

8.4

6.4

2.0

2,668

2,190

21.8

21.7

0.1

766

1,699

(54.9

3,847

6,720

(42.7

462

650

(28.8

(32.3

3.5

2,230

3,641

(38.7

(39.3

0.6

1,230

2,349

(47.7

(48.6

0.9

6,078

10,361

(41.3

(41.5

0.2

1,145

654

75.1

3,529

2,443

44.5

445

295

50.9

44.0

6.9

1,626

1,227

32.5

30.4

2.1

1,589

949

67.6

65.4

2.2

5,155

3,670

40.5

39.8

0.7

1,439

1,148

25.4

5,151

4,398

17.1

675

628

7.6

4.3

3.3

2,686

2,718

(1.2

(1.8

0.6

2,115

1,775

19.1

17.9

1.2

7,837

7,115

10.1

9.9

0.2

249

700

249

700

(79.6

134

(38.6

126

125

(0.3

(1.4

1.1

502

507

(1.2

(0.7

(0.5

132

159

(17.1

(17.8

0.7

584

641

(9.0

(8.6

(0.4

704

796

(11.5

2,725

3,125

(12.8

281

267

5.2

1.9

3.3

1,085

1,097

(1.1

(1.8

0.7

986

1,063

(7.3

(8.2

0.9

3,810

4,222

(9.8

(9.9

0.1

438

269

63.0

1,485

929

59.9

210

148

41.9

39.1

2.8

503

297

69.0

67.8

1.2

1,696

1,077

57.4

57.0

0.4

(18.3

159

210

(24.5

205

206

(0.7

(4.3

3.6

889

965

(7.9

(8.7

0.8

245

255

(4.1

(6.9

2.8

1,048

1,175

(10.9

(11.5

0.6

REPORTED SALES vs. PRIOR PERIOD ($MM)

FOURTH QUARTER

TWELVE MONTHS

% Change

2025

2024

Reported

Operational (1)

Currency

2025

2024

Reported

Operational (1)

Currency

865

819

5.7

3,223

3,143

2.6

319

274

16.4

12.2

4.2

1,214

1,140

6.5

4.9

1.6

1,184

1,092

8.4

7.4

1.0

4,437

4,282

3.6

3.2

0.4

458

408

11.9

1,633

1,557

4.8

185

162

14.8

10.9

3.9

692

668

3.7

2.1

1.6

643

570

12.7

11.6

1.1

2,325

2,225

4.5

4.0

0.5

397

391

1.6

1,536

1,511

1.7

26.9

20.8

6.1

366

307

19.4

17.4

2.0

491

465

5.7

4.7

1.0

1,902

1,817

4.7

4.3

0.4

(43.7

(27.0

2.6

1.2

1.4

155

165

(6.2

(6.8

0.6

(12.5

(13.5

1.0

209

240

(12.7

(13.0

0.3

303

331

(8.5

1,264

1,354

(6.6

505

443

13.9

5.6

8.3

1,977

2,042

(3.2

(6.5

3.3

807

774

4.3

(0.4

4.7

3,241

3,396

(4.6

(6.5

1.9

(39.1

(18.4

379

315

20.6

11.1

9.5

1,461

1,241

17.7

13.0

4.7

383

322

19.2

9.9

9.3

1,486

1,272

16.9

12.2

4.7

294

321

(8.4

1,226

1,311

(6.5

3.6

(2.9

6.5

353

401

(11.9

(13.7

1.8

383

407

(5.8

(7.2

1.4

1,579

1,712

(7.7

(8.1

0.4

92.9

6.6

(14.5

(18.0

3.5

163

401

(59.3

(59.5

0.2

(9.9

(13.2

3.3

175

412

(57.5

(57.7

0.2

794

805

(1.4

3,175

2,866

10.8

142

153

(6.3

(10.7

4.4

603

696

(13.3

(13.8

0.5

936

957

(2.2

(2.9

0.7

3,778

3,562

6.1

6.0

0.1

687

676

1.7

2,633

2,373

11.0

687

676

1.7

2,633

2,373

11.0

107

130

(17.4

542

494

9.8

142

153

(6.3

(10.7

4.4

603

696

(13.3

(13.8

0.5

249

281

(11.4

(13.8

2.4

1,145

1,189

(3.7

(4.0

0.3

9,689

8,977

7.9

36,344

33,970

7.0

6,074

5,355

13.4

7.9

5.5

24,057

22,994

4.6

2.9

1.7

15,763

14,332

10.0

7.9

2.1

60,401

56,964

6.0

5.3

0.7

REPORTED SALES vs. PRIOR PERIOD ($MM)

FOURTH QUARTER

TWELVE MONTHS

% Change

2025

2024

Reported

Operational (1)

Currency

2025

2024

Reported

Operational (1)

Currency

1,374

1,221

12.5

5,305

4,513

17.5

925

841

10.1

6.8

3.3

3,623

3,194

13.4

11.9

1.5

2,299

2,062

11.5

10.1

1.4

8,928

7,707

15.8

15.2

0.6

746

681

9.5

2,891

2,738

5.6

679

640

6.2

3.2

3.0

2,743

2,529

8.5

7.3

1.2

1,425

1,321

7.9

6.5

1.4

5,634

5,267

7.0

6.4

0.6

358

308

16.5

1,393

1,213

14.9

102

33.1

25.4

7.7

358

284

26.4

22.0

4.4

460

384

19.8

18.3

1.5

1,751

1,496

17.1

16.2

0.9

238

202

18.0

897

442

42.3

40.7

1.6

249

122

318

258

23.3

22.9

0.4

1,146

564

(0.1

124

120

3.1

(6.7

(8.8

2.1

273

260

4.9

4.1

0.8

(4.6

(6.1

1.5

397

380

4.3

3.8

0.5

1,520

1,460

4.2

5,720

5,689

0.5

918

856

7.3

2.3

5.0

3,538

3,470

2.0

(0.2

2.2

2,438

2,315

5.3

3.5

1.8

9,258

9,158

1.1

0.3

0.8

284

272

4.3

1,080

1,057

2.1

154

146

5.5

0.4

5.1

594

581

2.2

0.1

2.1

439

418

4.7

2.9

1.8

1,674

1,638

2.1

1.4

0.7

251

238

5.1

924

922

0.2

181

160

13.7

9.2

4.5

663

623

6.5

4.6

1.9

432

398

8.6

6.8

1.8

1,587

1,545

2.7

2.0

0.7

543

514

5.6

2,058

2,013

2.2

270

250

7.9

2.7

5.2

1,088

1,036

5.0

2.7

2.3

813

764

6.4

4.7

1.7

3,146

3,049

3.2

2.4

0.8

442

434

1.9

1,658

1,696

(2.2

312

300

4.2

(0.7

4.9

1,193

1,230

(3.0

(5.3

2.3

756

735

2.8

0.8

2.0

2,852

2,926

(2.5

(3.5

1.0

REPORTED SALES vs. PRIOR PERIOD ($MM)

FOURTH QUARTER

TWELVE MONTHS

% Change

2025

2024

Reported

Operational (1)

Currency

2025

2024

Reported

Operational (1)

Currency

1,081

1,038

4.2

4,157

4,003

3.9

1,563

1,469

6.4

3.4

3.0

5,980

5,842

2.4

1.5

0.9

2,644

2,507

5.5

3.7

1.8

10,137

9,845

3.0

2.5

0.5

489

478

2.5

1,900

1,838

3.4

687

673

1.9

(0.8

2.7

2,678

2,650

1.0

0.1

0.9

1,175

1,151

2.2

0.6

1.6

4,577

4,488

2.0

1.5

0.5

592

560

5.6

2,258

2,165

4.3

876

795

10.2

6.9

3.3

3,302

3,192

3.4

2.7

0.7

1,468

1,357

8.3

6.3

2.0

5,560

5,358

3.8

3.3

0.5

531

509

4.3

2,225

2,128

4.6

889

794

11.9

8.5

3.4

3,243

3,018

7.4

5.9

1.5

1,420

1,303

8.9

6.8

2.1

5,468

5,146

6.3

5.3

1.0

417

396

5.3

1,754

1,684

4.1

592

541

9.3

5.3

4.0

2,157

2,049

5.3

3.2

2.1

1,008

937

7.6

5.3

2.3

3,910

3,733

4.8

3.6

1.2

113

0.6

471

444

6.1

297

252

17.7

15.3

2.4

1,086

969

12.1

11.6

0.5

411

365

12.4

10.8

1.6

1,558

1,413

10.2

9.9

0.3

4,506

4,227

6.6

17,408

16,332

6.6

4,295

3,961

8.5

4.9

3.6

16,384

15,525

5.5

4.1

1.4

8,801

8,188

7.5

5.8

1.7

33,792

31,857

6.1

5.4

0.7

3,976

(704

)

(11

)

3,261

3,456

3,466

(193

)

(11

)

(52

)

101

(135

)

5,058

704

(16

)

(101

)

5,715

3,973

(482

)

(56

)

3,435

3,035

786

806

(818

)

(70

)

(154

)

290

)

(48

)

201

482

818

210

(290

)

1,535

262

(52

)

(37

)

(77

)

(293

)

(204

)

7,968

(1,186

)

(56

)

(11

)

6,715

6,753

4,252

483

(854

)

(70

)

201

100

(48

)

(179

)

(81

)

(23

)

(23

)

(84

)

4,966

1,186

854

210

(190

)

(100

)

7,046

(150

)

226

149

(23

)

742

)

1,037

5,116

960

822

175

(339

)

(77

)

(742

)

6,009

3,514

(685

)

2,829

3,312

3,698

)

3,692

(201

)

(17

)

(12

)

(17

)

(158

)

4,009

685

(41

)

(50

)

4,657

3,596

(477

)

(20

)

(153

)

(18

)

2,928

2,836

)

2,832

1,600

(25

)

1,575

)

(40

)

(115

)

(33

)

486

(29

)

268

(18

)

886

305

(129

)

(54

)

(18

)

(201

)

(194

)

(122

)

7,128

(1,162

)

(20

)

(153

)

(18

)

5,775

6,453

)

6,449

5,298

(25

)

5,267

(161

)

(145

)

(17

)

(248

)

(17

)

(144

)

(144

)

(42

)

3,887

1,171

(16

)

298

(68

)

5,421

456

171

(158

)

(34

)

(61

)

475

3,431

1,000

142

218

(34

)

4,946

15,646

(2,706

)

(35

)

12,905

11,375

11,827

(713

)

(11

)

(327

)

265

(10

)

(706

)

22,266

2,706

(90

)

362

(265

)

25,000

14,549

(1,915

)

(91

)

(52

)

12,491

11,354

2,838

2,875

938

(896

)

(70

)

(421

)

135

162

(48

)

(10

)

(210

)

4,113

1,915

896

512

(120

)

(162

)

7,282

947

(7,210

)

6,846

(43

)

(407

)

6,202

(6,846

)

(601

)

30,256

(4,621

)

(91

)

(87

)

25,457

23,676

14,665

14,702

(7,209

)

6,040

(193

)

(235

)

427

(48

)

(20

)

(1,238

)

(81

)

(85

)

(85

)

228

(228

)

32,581

4,621

(6,040

)

512

285

(427

)

31,681

5,777

829

(1,509

)

267

(96

)

5,466

26,804

3,792

(4,531

)

419

(331

)

(70

)

26,215

14,036

(2,772

)

11,256

10,906

13,529

(25

)

13,504

(426

)

(358

)

(211

)

(102

)

(66

)

(67

)

(1,154

)

18,919

2,772

358

211

102

(76

)

100

22,452

13,345

(1,745

)

(35

)

(359

)

(84

)

11,122

10,812

(16

)

10,796

3,703

(69

)

(104

)

3,530

257

)

(132

)

(587

)

(30

)

(487

)

3,740

1,754

(14

)

167

1,015

204

6,896

1,151

4,731

(5,106

)

(145

)

(352

)

(872

)

(5,972

)

5,106

145

352

(369

)

27,471

(4,517

)

(35

)

(359

)

(84

)

22,468

22,869

(16

)

22,853

17,232

(69

)

(104

)

(25

)

17,034

4,694

)

(5,450

)

(798

)

(306

)

(67

)

(1,936

)

211

(211

)

(577

)

(577

)

234

(234

)

16,687

4,526

5,450

211

269

1,226

306

204

100

28,979

2,621

644

1,066

302

(29

)

(19

)

4,737

14,066

3,882

4,384

164

224

924

335

166

24,242