Johnson & Johnson vs JPMorgan Chase: Revenue, Profit and Business Model
Johnson & Johnson reported $94.2B of revenue in FY2025 and $26.8B of net income. JPMorgan Chase reported $182.4B of revenue in FY2025 and $57B of net income.
Latest financial snapshot
Johnson & Johnson
- Latest revenue
- $94.2B (FY2025)
- Net income
- $26.8B
- Net margin
- 28.5%
- Revenue growth
- +3.0% a year, FY2016–FY2025
JPMorgan Chase
- Latest revenue
- $182.4B (FY2025)
- Net income
- $57B
- Net margin
- 31.3%
- Revenue growth
- +7.3% a year, FY2016–FY2025
Financial summary
Johnson & Johnson
J&J's sales grew from $85.2 billion in 2023 to $88.8 billion in 2024 and $94.2 billion in 2025, while FY2025 net earnings reached $26.8 billion. Q2 2026 sales were $25.31 billion (Innovative Medicine $16.38 billion, MedTech $8.93 billion), net earnings were $5.53 billion, adjusted EPS was $2.90, and first-half free cash flow was about $8.7 billion. Management guides 2026 sales of $100.8 to $101.4 billion and adjusted EPS of $11.60 to $11.75. The company has raised its dividend for more than 60 consecutive years, and its market value was roughly $644 billion in mid-September 2026.
JPMorgan Chase
JPMorgan's revenue grew from $128.7 billion in FY2022 to $158.1 billion in FY2023, helped by higher rates and First Republic, then to $177.6 billion in FY2024 and $182.4 billion in FY2025. Net income was $58.5 billion in FY2024 and $57.0 billion in FY2025. 2026 has been stronger: first-quarter net income was $16.5 billion on $50.5 billion of revenue, and second-quarter reported net income was $21.2 billion ($7.70 per share) on about $57 billion of revenue, including a $4.6 billion gain on Visa shares. Excluding significant items, 2Q26 net income was $16.9 billion with a 23% return on tangible common equity. Management raised full-year 2026 net interest income guidance to about $105.5 billion.
Revenue and profit by year
Johnson & Johnson
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $94.2B | $26.8B | 28.5% | +6.0% | Source |
| FY2024 | $88.8B | $14.1B | 15.8% | +4.3% | Source |
| FY2023 | $85.2B | $35.2B | 41.3% | +6.5% | Source |
| FY2022 | $80B | $17.9B | 22.4% | +1.6% | Source |
| FY2021 | $78.7B | $20.9B | 26.5% | -4.7% | Source |
| FY2020 | $82.6B | $14.7B | 17.8% | +0.6% | Source |
| FY2019 | $82.1B | $15.1B | 18.4% | +0.6% | Source |
| FY2018 | $81.6B | $15.3B | 18.8% | +6.7% | Source |
| FY2017 | $76.5B | $1.3B | 1.7% | +6.3% | Source |
| FY2016 | $71.9B | $16.5B | 23.0% | — | Source |
JPMorgan Chase
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $182.4B | $57B | 31.3% | +2.8% | Source |
| FY2024 | $177.6B | $58.5B | 32.9% | +12.3% | Source |
| FY2023 | $158.1B | $49.6B | 31.3% | +22.9% | Source |
| FY2022 | $128.7B | $37.7B | 29.3% | +5.8% | Source |
| FY2021 | $121.6B | $48.3B | 39.7% | +1.4% | Source |
| FY2020 | $120B | $29.1B | 24.3% | +3.7% | Source |
| FY2019 | $115.7B | $36.4B | 31.5% | +6.4% | Source |
| FY2018 | $108.8B | $32.5B | 29.9% | +8.0% | Source |
| FY2017 | $100.7B | $24.4B | 24.3% | +4.3% | Source |
| FY2016 | $96.6B | $24.7B | 25.6% | — | Source |
Where the revenue comes from
Johnson & Johnson
- Innovative Medicine~64%
Innovative Medicine generated $60.401 billion in FY2025 sales across oncology, immunology, neuroscience, pulmonary hypertension, infectious disease, and cardiovascular/metabolism.
- MedTech~36%
MedTech generated $33.792 billion in FY2025 sales across surgery, orthopaedics, cardiovascular, and vision products.
JPMorgan Chase
- Consumer & Community Banking
~41% of managed revenue
CCB generated $76.029 billion in FY2025 managed-basis total net revenue from deposits, cards, lending, branches, and consumer payments.
- Commercial & Investment Bank
~42% of managed revenue
CIB generated $78.454 billion in FY2025 managed-basis total net revenue from investment banking, markets, payments, commercial banking, and securities services.
- Asset & Wealth Management
~13% of managed revenue
AWM generated $24.073 billion in FY2025 managed-basis total net revenue from asset management fees, private banking, lending, deposits, and advisory.
- Corporate
~4% of managed revenue
Corporate generated $7.025 billion in FY2025 managed-basis total net revenue from treasury, investments, and corporate activities.
Business model and strategy
Johnson & Johnson
How it makes money
J&J makes money in two ways. Innovative Medicine (about 64% of FY2025 sales, $60.4 billion) sells patented prescription medicines to wholesalers, specialty pharmacies, hospitals, and governments; key products include DARZALEX for multiple myeloma, TREMFYA and STELARA in immunology, ERLEADA in prostate cancer, CARVYKTI cell therapy, and CAPLYTA, added through the 2025 Intra-Cellular Therapies deal.
Growth strategy
J&J is narrowing its portfolio toward higher-growth areas. It spun off consumer health as Kenvue in 2023, announced in October 2025 that it will separate its orthopaedics business as DePuy Synthes, and used acquisitions to refill its pipeline: Abiomed ($16.6 billion, 2022), Shockwave Medical ($13.1 billion, 2024), and Intra-Cellular Therapies ($14.6 billion, 2025).
Competitive advantage
J&J's edge is breadth plus balance-sheet strength. It runs one of the largest pharmaceutical R&D budgets in the industry, holds a AAA credit rating from S&P (one of only two US companies with that rating, alongside Microsoft), and sells into hospitals across pharmaceuticals and devices at the same time.
JPMorgan Chase
How it makes money
JPMorgan Chase makes money in two ways: net interest income (the spread between what it earns on loans and securities and what it pays on deposits and funding) and fee-based noninterest revenue from investment banking, trading, card and payment fees, and asset management. In FY2025 managed revenue of $185.6 billion came from three main segments.
Growth strategy
JPMorgan's growth plan is mostly organic. It keeps opening Chase branches in U.S. markets where it is underrepresented, expands its digital bank in Europe (Chase UK launched in 2021), adds bankers and advisers in commercial banking and wealth management, and invests heavily in technology and AI.
Competitive advantage
JPMorgan's edge is scale across businesses that reinforce each other. A deposit base of about $2.4 trillion (average, 2Q26) funds lending at low cost, the Chase brand feeds card and wealth relationships, and the Commercial & Investment Bank ranks at or near the top of global investment-banking fee tables.
Questions about Johnson & Johnson vs JPMorgan Chase
Which company has higher revenue — Johnson & Johnson or JPMorgan Chase & Co.?
Johnson & Johnson reported $94.2B (FY2025), while JPMorgan Chase & Co. reported $182.4B (FY2025). By last reported revenue, JPMorgan Chase & Co. is the larger business, with Johnson & Johnson reporting a smaller revenue base.
What is the market cap of Johnson & Johnson vs JPMorgan Chase & Co.?
Johnson & Johnson's market capitalisation stands at $643.9B, while JPMorgan Chase & Co.'s is $941.7B. JPMorgan Chase & Co. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Johnson & Johnson.
Which is more financially efficient — Johnson & Johnson or JPMorgan Chase & Co.?
Johnson & Johnson generates $669k / employee in revenue per employee, while JPMorgan Chase & Co. generates $573k / employee. Johnson & Johnson shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Johnson & Johnson and JPMorgan Chase & Co. make money?
Johnson & Johnson and JPMorgan Chase & Co. generate revenue in fundamentally different ways. Johnson & Johnson: J&J makes money in two ways. JPMorgan Chase & Co.: JPMorgan Chase makes money in two ways: net interest income (the spread between what it earns on loans and securities and what it pays on deposits and funding) and fee-based noninterest revenue from investment banking, trading, card and payment fees, and asset management.
Which company is valued higher relative to revenue — Johnson & Johnson or JPMorgan Chase & Co.?
On a price-to-sales (P/S) basis, Johnson & Johnson trades at 6.8x P/S and JPMorgan Chase & Co. at 5.2x P/S. Johnson & Johnson commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to JPMorgan Chase & Co.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Johnson & Johnson bigger than JPMorgan Chase & Co.?
By last reported revenue, JPMorgan Chase & Co. ($182.4B (FY2025)) is the larger company compared to Johnson & Johnson ($94.2B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Johnson & Johnson vs JPMorgan Chase overview