Johnson & Johnson vs Uber: Revenue, Profit and Business Model
Johnson & Johnson reported $94.2B of revenue in FY2025 and $26.8B of net income. Uber reported $52B of revenue in FY2025 and $10.1B 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
Uber
- Latest revenue
- $52B (FY2025)
- Net income
- $10.1B
- Net margin
- 19.3%
- Revenue growth
- +26.5% a year, FY2017–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.
Uber
Uber moved from years of heavy losses to steady profitability. Revenue grew from $37.3 billion in FY2023 to $44.0 billion in FY2024 and $52.0 billion in FY2025, while net income attributable to Uber was $10.053 billion in FY2025 (FY2024's $9.856 billion included a large tax valuation allowance release). Growth continued into 2026: Q2 2026 gross bookings rose 24% year over year to $58.0 billion and revenue rose about 12% to roughly $14.2 billion, and trailing twelve-month free cash flow passed $10 billion. The pending Delivery Hero deal, valued at $14.8 billion in equity, would be Uber's largest acquisition.
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 |
Uber
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $52B | $10.1B | 19.3% | +18.3% | Source |
| FY2024 | $44B | $9.9B | 22.4% | +18.0% | Source |
| FY2023 | $37.3B | $1.9B | 5.1% | +17.0% | Source |
| FY2022 | $31.9B | -$9.1B | -28.7% | +82.6% | Source |
| FY2021 | $17.5B | -$496M | -2.8% | +56.7% | Source |
| FY2020 | $11.1B | -$6.8B | -60.8% | -14.3% | Source |
| FY2019 | $13B | -$8.5B | -65.4% | +24.6% | Source |
| FY2018 | $10.4B | $997M | 9.6% | +31.5% | Source |
| FY2017 | $7.9B | -$4B | -50.8% | — | 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.
Uber
- Mobility
~52% (Q2 2026)
Fees from ride-hailing trips, including UberX, Uber Black, taxis and autonomous rides on partner vehicles. About $7.36B of Q2 2026 revenue.
- Delivery
~37% (Q2 2026)
Fees from Uber Eats restaurant, grocery and retail orders, plus delivery advertising. About $5.25B of Q2 2026 revenue.
- Freight
~11% (Q2 2026)
Uber Freight brokerage and managed transportation services for shippers.
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.
Uber
How it makes money
Uber does not own most of the cars, restaurants or trucks on its platform. It matches riders with independent drivers (Mobility), consumers with restaurants, grocers and couriers (Delivery), and shippers with carriers (Freight), and keeps a share of each transaction as revenue.
Growth strategy
Uber's growth strategy centers on cross-platform engagement between Mobility and Delivery, Uber One membership, advertising, autonomous-vehicle partnerships, and international delivery scale. The €41.50-per-share Delivery Hero tender, launched September 18, 2026 after Delivery Hero's boards recommended it on September 2, would extend delivery density; Uber expects closing in the second half of 2027.
Competitive advantage
Uber's advantage comes from local marketplace liquidity, brand recognition, routing data, payments, driver and courier networks, merchant relationships, subscriptions, and cross-sell between Mobility and Delivery.
Questions about Johnson & Johnson vs Uber
Which company has higher revenue — Johnson & Johnson or Uber Technologies, Inc.?
Johnson & Johnson reported $94.2B (FY2025), while Uber Technologies, Inc. reported $52.0B (FY2025). By last reported revenue, Johnson & Johnson is the larger business, with Uber Technologies, Inc. reporting a smaller revenue base.
What is the market cap of Johnson & Johnson vs Uber Technologies, Inc.?
Johnson & Johnson's market capitalisation stands at $643.9B, while Uber Technologies, Inc.'s is $142.0B. Johnson & Johnson carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Uber Technologies, Inc..
Which is more financially efficient — Johnson & Johnson or Uber Technologies, Inc.?
Johnson & Johnson generates $669k / employee in revenue per employee, while Uber Technologies, Inc. generates $1.53M / employee. Uber Technologies, Inc. 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 Uber Technologies, Inc. make money?
Johnson & Johnson and Uber Technologies, Inc. generate revenue in fundamentally different ways. Johnson & Johnson: J&J makes money in two ways. Uber Technologies, Inc.: Uber does not own most of the cars, restaurants or trucks on its platform.
Which company is valued higher relative to revenue — Johnson & Johnson or Uber Technologies, Inc.?
On a price-to-sales (P/S) basis, Johnson & Johnson trades at 6.8x P/S and Uber Technologies, Inc. at 2.7x P/S. Johnson & Johnson commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Uber Technologies, Inc.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Johnson & Johnson bigger than Uber Technologies, Inc.?
By last reported revenue, Johnson & Johnson ($94.2B (FY2025)) is the larger company compared to Uber Technologies, Inc. ($52.0B (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 Uber overview