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Financials · NVS

Novartis AG (NVS) financials

For fiscal 2025 (ended Dec 31, 2025), Novartis AG reported $54.53B of revenue and $13.98B of net income.

Revenue, FY2025
$54.53B
Revenue growth, YoY
+8.4%
Net income, FY2025
$13.98B
Net income growth, YoY
+17.1%
Net margin
25.6%
Free cash flow, FY2025
$17.60B
EPS, diluted, FY2025
$7.15
EPS growth, YoY
+21.8%
Cash
$11.44B
Total debt
$28.73B
P/E
22.18
P/S
5.69
Market cap
$310.17B
Annual revenue$54.53B
FY2016FY2025
Annual net income$13.98B
FY2016FY2025
Annual free cash flow$17.60B
FY2016FY2025

NVS revenue and earnings growth

NVS revenueFY2025$54.53B

FY YoY
+8.4%
5Y CAGR
+2.3%

NVS revenue was $54.53B for fiscal 2025 (ended Dec 31, 2025), up 8.4% from fiscal 2024. Compound annual growth was +2.3% over 5 years. It rose in 6 of the last 9 fiscal years. Fiscal 2025 is the highest of the 10 fiscal years on file.

NVS net incomeFY2025$13.98B

FY YoY
+17.1%
5Y CAGR
+11.6%

NVS net income was $13.98B for fiscal 2025 (ended Dec 31, 2025), up 17.1% from fiscal 2024. Compound annual growth was +11.6% over 5 years. It rose in 5 of the last 9 fiscal years.

NVS EPSFY2025$7.15

FY YoY
+21.8%
5Y CAGR
+15.2%

NVS diluted EPS was $7.15 for fiscal 2025 (ended Dec 31, 2025), up 21.8% from fiscal 2024. Compound annual growth was +15.2% over 5 years.

NVS free cash flowFY2025$17.60B

FY YoY
+8.3%
5Y CAGR
+7.3%

NVS free cash flow was $17.60B for fiscal 2025 (ended Dec 31, 2025), up 8.3% from fiscal 2024. Compound annual growth was +7.3% over 5 years. It rose in 7 of the last 9 fiscal years. Fiscal 2025 is the highest of the 10 fiscal years on file.

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Income statement

Income statement
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Revenue$54.53B$50.32B$45.44B$42.21B$42.78B$48.66B$47.50B$44.83B$42.38B$48.52B
Cost of revenue$13.70B$12.83B$12.47B$11.58B$11.73B$15.12B$14.43B$14.51B$13.63B$17.52B
Gross profit$42.98B$38.90B$34.19B$31.88B$32.24B$34.78B$34.25B$31.59B$29.77B$31.92B
Research and development$11.20B$10.02B$11.37B$9.17B$8.64B$8.98B$9.40B$8.49B$8.39B$9.04B
Selling, general and admin$13.25B$12.57B$12.52B$12.19B$12.83B$14.20B$14.37B$13.72B$12.46B$14.19B
Operating income$17.64B$14.54B$9.77B$7.95B$10.06B$10.15B$9.09B$8.40B$8.70B$8.27B
Interest expense$1.14B$1.01B$855.00M$800.00M$787.00M$869.00M$850.00M$932.00M$750.00M$707.00M
Pre-tax income$16.35B$13.64B$9.12B$7.18B$24.53B$9.88B$8.94B$14.10B$9.10B$7.82B
Income tax$2.38B$1.70B$551.00M$1.13B$1.63B$1.81B$1.79B$1.29B$1.60B$1.12B
Net income$13.98B$11.94B$14.85B$6.96B$24.02B$8.07B$11.73B$12.61B$7.70B$6.71B
EPS, basic$7.21$5.92$7.15$3.19$10.71$3.55$5.12$5.44$3.28$2.82
EPS, diluted$7.15$5.87$7.10$3.17$10.63$3.52$5.06$5.38$3.25$2.80
Diluted shares1.96B2.04B2.09B2.20B2.26B2.30B2.32B2.34B2.37B2.40B

Balance sheet

Balance sheet
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Cash and equivalents$11.44B$11.46B$13.39B$7.52B$12.41B$9.66B$11.11B$13.27B$8.86B$7.01B
Inventory$6.27B$5.72B$5.91B$7.17B$6.67B$7.13B$5.98B$6.96B$6.87B-
Current assets$30.46B$29.70B$30.48B$36.91B$45.72B$29.67B$29.50B$35.56B$28.21B-
Goodwill$25.57B$24.76B$23.34B$29.30B$29.59B$30.00B$26.52B$35.29B$31.75B-
Total assets$110.95B$102.25B$99.94B$117.45B$131.79B$127.78B$118.37B$145.56B$133.08B-
Current liabilities$27.28B$28.69B$26.39B$28.66B$30.21B$33.06B$28.26B$29.61B$23.40B-
Total debt$28.73B$24.72B$20.63B$22.48B$25.52B$28.53B$22.36B$25.66B$23.58B-
Total liabilities$64.40B$58.12B$53.20B$58.03B$63.97B$71.11B$62.82B$66.87B$58.85B-
Shareholders' equity$46.13B$44.05B$46.75B$59.42B$67.82B$56.67B$55.55B$78.69B$74.17B$74.89B

Cash flow

Cash flow
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Operating cash flow$19.14B$17.62B$14.46B$14.24B$15.07B$13.65B$13.63B$14.27B$12.62B$11.47B
Capital expenditures$1.55B$1.37B$1.06B$916.00M$1.07B$1.27B$1.38B$1.25B$1.32B$1.86B
Free cash flow$17.60B$16.25B$13.40B$13.32B$14.01B$12.38B$12.25B$13.02B$11.30B$9.61B
Investing cash flow-$4.88B-$7.51B$5.60B$1.47B$4.21B-$13.18B-$2.23B-$5.59B-$3.12B-$3.44B
Financing cash flow-$14.87B-$11.74B-$14.28B-$20.56B-$16.26B-$2.21B-$13.63B-$4.24B-$7.73B-$5.31B
Share repurchases$9.21B$8.33B$8.72B$10.65B$3.06B$2.84B$5.53B$2.04B$5.49B$1.11B
Stock-based compensation$1.10B$1.04B$865.00M$791.00M$700.00M$738.00M$758.00M$673.00M$612.00M$671.00M

Key ratios

Key ratios
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Revenue growth, YoY8.4%10.7%7.7%-1.3%-12.1%2.4%5.9%5.8%-12.6%-
Net income growth, YoY17.1%-19.6%113.5%-71.0%197.6%-31.2%-7.0%63.7%14.8%-
EPS growth, YoY21.8%-17.3%124.0%-70.2%202.0%-30.4%-5.9%65.5%16.1%-
Gross margin78.8%77.3%75.2%75.5%75.4%71.5%72.1%70.5%70.2%65.8%
Operating margin32.4%28.9%21.5%18.8%23.5%20.9%19.1%18.7%20.5%17.0%
Net margin25.6%23.7%32.7%16.5%56.1%16.6%24.7%28.1%18.2%13.8%
Free cash flow margin32.3%32.3%29.5%31.6%32.7%25.4%25.8%29.0%26.7%19.8%
Return on equity30.3%27.1%31.8%11.7%35.4%14.2%21.1%16.0%10.4%9.0%
Return on assets12.6%11.7%14.9%5.9%18.2%6.3%9.9%8.7%5.8%-
Current ratio1.121.041.161.291.510.901.041.201.21-
Debt to equity0.620.560.440.380.380.500.400.330.32-

Source: XBRL data Novartis AG files with the SEC, latest filing dated Feb 4, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.

Per-share figures are as filed. The filings show no stock split in these periods.

EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.

Foreign private issuers file annual reports with the SEC, so there are no quarterly statements here.

NVS peers

CompanyRevenueGrowthNet incomeNet marginMarket cap
NVS$54.53B+8.4%$13.98B25.6%$310.17B
JNJ$99.33B+7.8%$16.09B16.2%$664.95B
ABBV$66.01B+10.7%$10.34B15.7%$514.92B
MRK$67.38B+4.9%$2.45B3.6%$361.71B
AZN$58.74B+8.6%$10.22B17.4%$289.10B
PFE$63.63B+1.3%$4.03B6.3%$167.49B
BMY$50.03B+4.2%$9.24B18.5%$127.01B
SNY€43.63B+6.2%€7.81B17.9%$114.71B
GSK£32.67B+4.1%£5.72B17.5%$101.80B

NVS FAQ

9 questions
  • What is NVS revenue?
    Novartis AG (NVS) reported $54.53B of revenue for fiscal 2025 (ended Dec 31, 2025). That is up 8.4% from the year before.
  • Is NVS profitable?
    Yes. Novartis AG earned $13.98B in net income for fiscal 2025 (ended Dec 31, 2025), a net margin of 25.6%.
  • How much cash and debt does NVS have?
    Novartis AG reported $11.44B in cash and cash equivalents and $28.73B of debt on its most recent balance sheet in SEC filings.
  • How fast is NVS revenue growing?
    Novartis AG's revenue changed +8.4% in fiscal 2025, to $54.53B. Its compound annual growth rate was +2.3% over 5 years.
  • What is NVS gross margin?
    Novartis AG's gross profit was $42.98B on $54.53B of revenue for fiscal 2025 (ended Dec 31, 2025), a gross margin of 78.8%.
  • What is NVS free cash flow?
    Novartis AG generated $17.60B of free cash flow for fiscal 2025 (ended Dec 31, 2025), which is operating cash flow of $19.14B less capital expenditures.
  • What is NVS earnings per share?
    Diluted earnings per share were $7.15 for fiscal 2025 (ended Dec 31, 2025), from SEC filings, restated for any stock split those filings show.
  • When did NVS last report financial results?
    The latest statements here come from Novartis AG's 20-F filed on Feb 4, 2026, covering the period ended Dec 31, 2025.
  • Where does this NVS financial data come from?
    Quantisnow builds these statements from the structured XBRL data Novartis AG files with the SEC. It is provided for information only and is not investment advice.