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Call sheet · Q3'26

Johnson & Johnson (JNJ)

Q3'26 earnings call · held October 13, 2026 · compared with the Q2'26 call · management-credibility review
10/12
Disclosure score
3 medium, 1 low flags
Financial quality
Bottom line
MedTech operational growth slowed to 2.5%, leaving Q4 to test the second-half acceleration expectation. Abiomed improved modestly but remained negative; its recovery timing is still a useful question. October adjusted operational EPS guidance is higher than the intervening July 29 update, not a fresh cut against the old call range. Separate transaction effects, tariff recoveries and settlement timing before judging underlying earnings and cash generation.

The 30-second version

  • MedTech needs a fourth-quarter recovery
  • Refresh the guidance baseline before calling a cut
  • Abiomed recovery still needs a measurable timetable

What changed this quarter

MetricQ2'26Q3'26Change
Worldwide Revenue$25.3B, +5.6% op.$25.4B, +6.0% op.+40bps acceleration
Adjusted Diluted EPS$2.90, +4.7% YoY$2.59, -7.5% YoYSwung from growth to decline
GAAP Net Earnings$5.5B$210MApproximately 96% lower sequentially; charges affect the comparison
Innovative Medicine sales and operational growth$16.4B, +6.8%$16.8B, +7.9%+110bps acceleration
MedTech sales and operational growth$8.9B, +3.6%$8.6B, +2.5%Q3 growth slowed 110 bps versus Q2; H2 remains incomplete
IM Segment Margin42.5% (from 42.7%)35.4% (from 44.3%)Q3 down 890 bps YoY and 710 bps versus Q2; deal costs and mix cited
MedTech Segment Margin22.0% (from 22.2%)22.9% (from 21.0%)Q3 up 190 bps YoY and 90 bps versus Q2; tariff recoveries cited
Enterprise Adjusted Pretax Margin34.2%30.2% (from 35.2%)Q3 down 500 bps YoY and 400 bps versus Q2
FY operational sales guidance midpoint$100.6B, 6.5-7.1%$100.7B, 6.7-7.1%Raised and tightened
FY adjusted operational EPS guidance$10.86-$11.01 (July 29 update, issuer guidance table)$10.95-$11.05Midpoint raised approximately $0.06 from latest guidance

Accountability tracked

8 new promises made4 narrative shifts flagged7 prior promises scored
Inside the full report
The complete write-up covers the full promise ledger with kept/missed calls, disclosure-quality scoring, the metrics-vanished check, verification items, and the questions to ask next quarter.
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Scores, kept-promise rates, and flags on this site reflect the author's opinion, applying a stated methodology to statements management made on public earnings calls. Informational and educational purposes only - not investment advice, a recommendation, or an offer to buy or sell any security. Sources believed reliable but not guaranteed; the author may hold positions in the securities discussed.

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