As of Q3'25, Johnson & Johnson ( JNJ ) reported cash and short-term investments of $18.56B and total debt of $45.80B. This marks a decrease in cash from the previous quarter, while debt remains elevated but slightly down from its Q2'25 level. Over the period from Q1'23 to Q3'25, JNJ's cash and short-term investments have shown significant volatility, peaking at $38.78B in Q1'25 before dropping sharply to $18.56B in Q3'25. Debt levels have generally trended downward from $52.91B in Q1'23, reaching a low of $29.33B in Q4'23, but have since rebounded, fluctuating above $45B in 2025. The data suggests that while JNJ managed to reduce its debt through 2023, both cash reserves and debt have experienced notable swings in 2024 and 2025, indicating active balance sheet management and possible large-scale financial activities during this timeframe.