Novartis AG (NVS) Financial Statements

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Novartis financial statements at a glance

Novartis reported revenue of $56.67 billion for fiscal year 2025 (ended December 31, 2025), up 9.6% from fiscal year 2024. Net income was $13.98 billion, a net margin of 24.7%, and diluted earnings per share were $7.15.

At the end of fiscal year 2025 it had total assets of $110.95 billion, total liabilities of $64.40 billion and shareholders' equity of $46.13 billion, with cash and short-term investments of $11.53 billion and total debt of $35.38 billion.

Its operations brought in $19.14 billion of cash; capital spending was $3.90 billion, leaving free cash flow of $15.24 billion.

The tables below show the income statement, balance sheet and cash flow statement; the key figures of the last 5 fiscal years are at the bottom of the page.

Figures from company filings, in USD; latest fiscal year ended December 31, 2025.

NVS logo

Novartis AG

NVSSwitzerland
Healthcare
USD (Local)

Income Statement

Annual • USD

Total Revenue
56.67B
Prev Year: 51.72B
YoY: +9.6%
Operating Revenue
54.53B
Prev Year: 50.32B
YoY: +8.4%
Total Unusual Items Excluding Goodwill
-300.00M
Prev Year: -180.00M
YoY: -66.7%
Total Unusual Items
-300.00M
Prev Year: -180.00M
YoY: -66.7%
Normalized EBITDA
23.12B
Prev Year: 20.89B
YoY: +10.7%
Tax Rate for Calcs
0.146
Prev Year: 0
Tax Effect of Unusual Items
-43.76M
Prev Year: -22.50M
YoY: -94.5%
Total Operating Income as Reported
17.64B
Prev Year: 14.54B
YoY: +21.3%
Noncontrolling Interests
17.00M
Prev Year: 2.00M
YoY: +750.0%
Equity in Earnings of Affiliates
-12.00M
Prev Year: -38.00M
YoY: +68.4%
Total Other Finance Cost
209.00M
Prev Year: 248.00M
YoY: -15.7%
Other Operating Expenses
883.00M
Prev Year: 1.76B
YoY: -49.9%
Cost of Revenue
13.70B
Prev Year: 12.83B
YoY: +6.8%
Gross Profit
42.98B
Prev Year: 38.90B
YoY: +10.5%
Operating Expense
25.33B
Prev Year: 24.35B
YoY: +4.0%
Selling General and Administrative
13.25B
Prev Year: 12.57B
YoY: +5.4%
Research and Development
11.20B
Prev Year: 10.02B
YoY: +11.8%
Operating Income
17.64B
Prev Year: 14.54B
YoY: +21.3%
Net Non Operating Interest Income Expense
-980.00M
Prev Year: -686.00M
YoY: -42.9%
Non-operating Interest Income
373.00M
Prev Year: 568.00M
YoY: -34.3%
Non-operating Interest Expense
1.14B
Prev Year: 1.01B
YoY: +13.7%
Other Income Expense
-312.00M
Prev Year: -218.00M
YoY: -43.1%
Gain on Sale of Securities
-300.00M
Prev Year: -180.00M
YoY: -66.7%
Pre-tax Income
16.35B
Prev Year: 13.64B
YoY: +19.9%
Provision for Income Taxes
2.38B
Prev Year: 1.70B
YoY: +40.2%
Net Income Common Stockholders
13.98B
Prev Year: 11.94B
YoY: +17.1%
Net Income
13.98B
Prev Year: 11.94B
YoY: +17.1%
Net Income Including Non-Controlling Interests
13.97B
Prev Year: 11.94B
YoY: +17.0%
Net Income from Continuing Operations
13.97B
Prev Year: 11.94B
YoY: +17.0%
Diluted NI Available to Com Stockholders
13.98B
Prev Year: 11.94B
YoY: +17.1%
Basic EPS
7.21
Prev Year: 5.92
YoY: +21.8%
Diluted EPS
7.15
Prev Year: 5.87
YoY: +21.8%
Weighted Average Shares (basic)
1.94B
Prev Year: 2.02B
YoY: -3.9%
Weighted Average Shares (diluted)
1.96B
Prev Year: 2.04B
YoY: -3.9%
Total Expenses
39.03B
Prev Year: 37.18B
YoY: +5.0%
Net Income from Continuing and Discontinued Operation
13.98B
Prev Year: 11.94B
YoY: +17.1%
Normalized Income
14.24B
Prev Year: 12.10B
YoY: +17.7%
Interest Income
373.00M
Prev Year: 568.00M
YoY: -34.3%
Interest Expense
1.14B
Prev Year: 1.01B
YoY: +13.7%
Net Interest Income
-980.00M
Prev Year: -686.00M
YoY: -42.9%
EBIT
17.50B
Prev Year: 14.65B
YoY: +19.5%
EBITDA
22.82B
Prev Year: 20.71B
YoY: +10.2%
Reconciled Cost of Revenue
13.70B
Prev Year: 12.83B
YoY: +6.8%
Reconciled Depreciation
5.33B
Prev Year: 6.07B
YoY: -12.3%
Net Income from Continuing Operation Net Minority Interest
13.98B
Prev Year: 11.94B
YoY: +17.1%
Values in USD

Novartis key figures by fiscal year

FY2025FY2024FY2023FY2022FY2021
Revenue$56.7B$51.7B$46.7B$43.5B$44.0B
Gross profit$43.0B$38.9B$34.2B$31.9B$32.2B
Operating income$17.6B$14.5B$9.8B$7.9B$10.1B
Net income$14.0B$11.9B$14.9B$7.0B$24.0B
Diluted EPS$7.15$5.87$7.10$3.17$10.63
Total assets$110.9B$102.2B$99.9B$117.5B$131.8B
Total liabilities$64.4B$58.1B$53.2B$58.0B$64.0B
Shareholders' equity$46.1B$44.0B$46.7B$59.3B$67.7B
Cash and short-term investments$11.5B$13.4B$14.0B$18.6B$28.1B
Total debt$35.4B$31.3B$26.3B$27.9B$31.0B
Operating cash flow$19.1B$17.6B$14.5B$14.2B$15.1B
Capital spending$3.9B$3.8B$2.8B$2.2B$2.6B
Free cash flow$15.2B$13.8B$11.7B$12.0B$12.5B

In USD. Fiscal years as reported by the company; statements on this page go back to fiscal year 2014.

Questions and answers

What was Novartis's revenue in fiscal year 2025?

$56.67 billion, up 9.6% from $51.72 billion in fiscal year 2024.

How much profit does Novartis make?

Novartis reported net income of $13.98 billion for fiscal year 2025 (24.7% of revenue); operating income was $17.64 billion.

How much cash and debt does Novartis have?

At the end of fiscal year 2025: cash and short-term investments of $11.53 billion and total debt of $35.38 billion.

What is Novartis's free cash flow?

$15.24 billion in fiscal year 2025 (operating cash flow of $19.14 billion minus capital spending of $3.90 billion).

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Disclaimer: This analysis is for informational and educational purposes only and does not constitute financial, investment, tax, or legal advice. Data may be incomplete, delayed, or contain inaccuracies. Consult with a qualified financial advisor before making any investment decisions.
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