NOVARTIS AG financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data NOVARTIS AG files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cost of revenue	17,520	13,633	14,510	14,425	15,121	11,735	11,582	12,472	12,827	13,699
Gross profit	31,916	29,771	31,589	34,252	34,777	32,239	31,879	34,188	38,895	42,975
Research and development	9,039	8,389	8,489	9,402	8,980	8,641	9,172	11,371	10,022	11,200
Selling, general and administrative	14,192	12,465	13,717	14,369	14,197	12,827	12,193	12,517	12,566	13,248
Operating income	8,268	8,702	8,403	9,086	10,152	10,056	7,946	9,769	14,544	17,644
Pre-tax income	7,817	9,102	14,095	8,940	9,878	24,530	7,177	9,123	13,640	16,352
Income tax	1,119	1,603	1,295	1,793	1,807	1,625	1,128	551	1,701	2,385
Income from continuing operations		7,499	12,800	7,147	8,071	22,905	6,049	8,572	11,939	13,967
Net income to minority interests	-14	0	3	5	-1	-3	0	4	-2	-17
Net income	6,712	7,703	12,611	11,732	8,072	24,021	6,955	14,850	11,941	13,984
EPS, basic	2.82	3.28	5.44	5.12	3.55	10.71	3.19	7.15	5.92	7.21
EPS, diluted	2.80	3.25	5.38	5.06	3.52	10.63	3.17	7.10	5.87	7.15

Balance sheet

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	7,007	8,860	13,271	11,112	9,658	12,407	7,517	13,393	11,459	11,435
Inventory		6,867	6,956	5,982	7,131	6,666	7,175	5,913	5,723	6,269
Total current assets		28,208	35,563	29,504	29,673	45,718	36,910	30,481	29,704	30,460
Property, plant and equipment		16,464	15,696	12,069	12,263	11,545	10,764	9,514	9,458	10,782
Lease right-of-use assets				1,677	1,676	1,561	1,431	1,410	1,415	1,570
Goodwill		31,750	35,294	26,524	29,999	29,595	29,301	23,341	24,756	25,567
Intangible assets		29,997	38,719	28,787	36,809	34,182	31,644	26,879	26,915	29,411
Total assets		133,079	145,563	118,370	127,778	131,795	117,453	99,945	102,246	110,949
Short-term debt		692	701	719	976	899	863	624	642	682
Total current liabilities		23,403	29,607	28,264	33,059	30,208	28,656	26,390	28,692	27,278
Lease liabilities				1,703	1,719	1,621	1,538	1,598	1,568	1,657
Total liabilities		58,852	66,871	62,819	71,112	63,973	58,030	53,195	58,120	64,400
Total debt		23,583	25,660	22,355	28,531	25,523	22,485	20,627	24,722	28,729
Shareholders' equity		74,168	78,614	55,474	56,598	67,655	59,342	46,667	44,046	46,130
Minority interests		59	78	77	68	167	81	83	80	419
Total equity	74,891	74,227	78,692	55,551	56,666	67,822	59,423	46,750	44,126	46,549
Total liabilities and equity		133,079	145,563	118,370	127,778	131,795	117,453	99,945	102,246	110,949

Cash flow statement

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	6,698	7,703	12,614	11,737	8,071	24,018	6,955	14,854	11,939	13,967
Cash from operations	11,475	12,621	14,272	13,625	13,650	15,071	14,236	14,458	17,619	19,144
Capital expenditures	-1,862	-1,325	-1,254	-1,379	-1,275	-1,066	-916	-1,060	-1,366	-1,548
Cash from investing	-3,441	-3,119	-5,591	-2,226	-13,182	4,208	1,468	5,596	-7,513	-4,877
Share buybacks	-1,109	-5,490	-2,036	-5,533	-2,842	-3,057	-10,652	-8,719	-8,331	-9,212
Dividends paid	-6,475	-6,495	-6,966	-6,645	-6,987	-7,368	-7,506	-7,255	-7,624	-7,818
Cash from financing	-5,314	-7,733	-4,244	-13,627	-2,208	-16,264	-20,562	-14,278	-11,742	-14,867
Exchange rate effect	-387	84	-26	69	286	-266	-32	100	-298	576
Net change in cash	2,333	1,853	4,411	-2,159	-1,454	2,749	-4,890	5,876	-1,934	-24
Free cash flow	9,613	11,296	13,018	12,246	12,375	14,005	13,320	13,398	16,253	17,596
Interest paid	723	697	816	793	703	643	667	751	855	981
Income taxes paid	2,111	1,487	1,506	1,876	1,833	1,856	1,702	2,787	2,258	2,562

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $145.46 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Effective tax rate	14.6%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	31.0%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	13.1%	Net income / average total assets.
Return on invested capital (ROIC)	25.0%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.

Growth

Metric	Value	How it is calculated
Gross profit growth, 1y	10.5%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	10.5%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	4.3%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	21.3%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	30.5%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	11.7%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	17.1%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	26.2%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	11.6%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	21.8%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	31.1%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	15.2%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	8.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	10.4%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	7.0%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	8.3%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	9.7%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	7.3%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	4.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-8.1%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-4.0%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	8.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-1.9%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-2.8%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.12x	Current assets / current liabilities.
Quick ratio	0.42x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.42x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.62x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	25.9%	Total debt / total assets.
Liabilities / assets	58.0%	Total liabilities / total assets.
Net debt	$17.29B	Total debt - cash - short-term investments. Negative means more cash than debt.
Working capital	$3.18B	Current assets - current liabilities.
Goodwill and intangibles / assets	49.6%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$8.85B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Inventory turnover	2.28x	Cost of revenue / average inventory.
Days inventory	160 days	365 x average inventory / cost of revenue.
FCF conversion	125.8%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	8.1%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$7.15	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$7.21	Net income per basic share, as reported (split-adjusted).
Payout ratio	55.9%	Dividends paid / net income, when net income is positive.
Dividends / FCF	44.4%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	52.4%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$277.56B	Share price x shares outstanding.
Enterprise value	$294.85B	Market cap + total debt - cash - short-term investments.
P/E	19.8x	Market cap / net income. Only when net income is positive.
P/B	6.02x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	15.8x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	14.5x	Market cap / cash from operations, when positive.
EV/EBIT	16.7x	Enterprise value / operating income, when both are positive.
EV/FCF	16.8x	Enterprise value / free cash flow, when both are positive.
FCF yield	6.3%	Free cash flow / market cap.
Earnings yield	5.0%	Net income / market cap (the inverse of P/E).
Dividend yield	2.8%	Dividends paid over the period / market cap.
Shareholder yield	6.1%	(Dividends paid + share buybacks) / market cap.
PEG	0.64x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

Was NOVARTIS AG profitable in fiscal 2025?

Yes. Net income was $13.98B, a net margin of -.

How much free cash flow did NOVARTIS AG generate in fiscal 2025?

Cash from operations of $19.14B minus capital expenditures of $1.55B left free cash flow of $17.60B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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