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JNJ Operating Expenses

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In Q1'26, Johnson & Johnson's (JNJ) total operating expenses reached $9.56B USD, comprising $3.53B USD in R&D expenses and $6.03B USD in SG&A expenses. This marks a slight decline from the Q4'25 peak of $11.00B USD, driven primarily by a drop in R&D spending, while SG&A remained relatively stable. Over the period from Q2'23 to Q1'26, operating expenses exhibited volatility with an overall upward trend, rising from $10.49B USD to $9.56B USD, influenced by fluctuating R&D costs that peaked at $5.30B USD in Q4'24 before stabilizing around $3.5B USD. SG&A expenses showed more consistent growth, increasing from $6.67B USD in Q2'23 to $6.03B USD in Q1'26, with notable spikes to $6.75B USD in Q4'25, underscoring its dominant share (averaging 60-65%) of total expenses and highlighting cost pressures in administrative functions amid broader operational expansions.