NVS financial statements
The full income statement, balance sheet, and cash-flow statement for Novartis AG (NVS), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.
Shares outstanding (point-in-time)
SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.
| Line item | Trend | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Income Statement | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| 43.0B+10.5% | 38.9B+13.8% | 34.2B+7.2% | 31.9B-1.1% | 32.2B-7.3% | ||
| Cost of revenue | 13.7B+6.8% | 12.8B+2.8% | 12.5B+7.7% | 11.6B-1.3% | 11.7B-22.4% | |
| Research & development | 11.2B+11.8% | 10.0B-11.9% | 11.4B+24.0% | 9.17B+6.1% | 8.64B-3.8% | |
| Operating income | 17.6B+21.3% | 14.5B+48.9% | 9.77B+22.9% | 7.95B-21.0% | 10.1B-0.9% | |
| Pre-tax income | 16.4B+19.9% | 13.6B+49.5% | 9.12B+27.1% | 7.18B-70.7% | 24.5B+148.3% | |
| Income tax | 2.38B+40.2% | 1.70B+208.7% | 551M-51.2% | 1.13B-30.6% | 1.63B-10.1% | |
| 14.0B+17.0% | 11.9B-19.6% | 14.9B+113.6% | 6.96B-71.0% | 24.0B+197.6% | ||
| Net income to common | 14.0B+17.1% | 11.9B-19.6% | 14.8B+113.5% | 6.96B-71.0% | 24.0B+197.6% | |
| $7.15+21.8% | $5.87-17.3% | $7.10+124.0% | $3.17-70.2% | $10.63+202.0% | ||
| EPS (basic) | $7.21+21.8% | $5.92-17.2% | $7.15+124.1% | $3.19-70.2% | $10.71+201.7% | |
| Weighted-avg shares (basic) | 1.94B-3.9% | 2.02B-2.8% | 2.08B-4.8% | 2.18B-2.8% | 2.24B-1.5% | |
| Weighted-avg shares (diluted) | 1.96B-3.9% | 2.04B-2.7% | 2.09B-4.8% | 2.20B-2.8% | 2.26B-1.6% | |
| Dividends per share | $4.10+6.1% | $3.86+8.8% | $3.55+0.2% | $3.54+7.4% | $3.30+6.5% | |
| Balance Sheet | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| 30.5B+2.5% | 29.7B-2.5% | 30.5B-17.4% | 36.9B-19.3% | 45.7B+54.1% | ||
| Cash & equivalents | 11.4B-0.2% | 11.5B-14.4% | 13.4B+78.2% | 7.52B-39.4% | 12.4B+28.5% | |
| Inventory | 6.27B+9.5% | 5.72B-3.2% | 5.91B-17.6% | 7.17B+7.6% | 6.67B-6.5% | |
| 111B+8.5% | 102B+2.3% | 99.9B-14.9% | 117B-10.9% | 132B+3.1% | ||
| Property, plant & equipment | 10.8B+14.0% | 9.46B-0.6% | 9.51B-11.6% | 10.8B-6.8% | 11.5B-5.9% | |
| Goodwill | 25.6B+3.3% | 24.8B+6.1% | 23.3B-20.3% | 29.3B-1.0% | 29.6B-1.3% | |
| Total non-current assets | 80.5B+11.0% | 72.5B+4.4% | 69.5B-13.8% | 80.5B-6.4% | 86.1B-12.3% | |
| 27.3B-4.9% | 28.7B+8.7% | 26.4B-7.9% | 28.7B-5.1% | 30.2B-8.6% | ||
| Short-term & current debt | 794M-76.3% | 3.36B+53.2% | 2.19B-2.2% | 2.24B-14.5% | 2.62B+15.4% | |
| Total liabilities | 64.4B+10.8% | 58.1B+9.3% | 53.2B-8.3% | 58.0B-9.3% | 64.0B-10.0% | |
| 46.1B+4.7% | 44.0B-5.6% | 46.7B-21.4% | 59.3B-12.3% | 67.7B+19.5% | ||
| Total equity incl. non-controlling | 46.5B+5.5% | 44.1B-5.6% | 46.8B-21.3% | 59.4B-12.4% | 67.8B+19.7% | |
| Common shares outstanding | 1.91B-3.4% | 1.98B-3.4% | 2.04B-3.6% | 2.12B-5.2% | 2.23B-1.0% | |
| Shares outstanding (cover) | 1.91B-3.4% | 1.98B-3.4% | 2.04B-3.6% | 2.12B-5.2% | 2.23B-1.0% | |
| Cash Flow | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Cash from operations | 19.1B+8.7% | 17.6B+21.9% | 14.5B+1.6% | 14.2B-5.5% | 15.1B+10.4% | |
| Acquisitions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Long-term debt issued | 6.10B-0.7% | 6.14B | 0.00-100.0% | 16.0M+0.0% | 16.0M-99.8% | |
| Long-term debt repaid | 3.39B+57.0% | 2.16B-2.8% | 2.22B-13.7% | 2.58B+19.1% | 2.16B+7.9% | |
| Common stock issued | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Common stock repurchased | 9.12B+8.0% | 8.45B-0.8% | 8.52B-21.9% | 10.9B+273.6% | 2.92B-4.5% | |
| Dividends paid | 7.82B+2.5% | 7.62B+5.1% | 7.25B-3.3% | 7.51B+1.9% | 7.37B+5.5% | |
| Valuation Ratios | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Market cap | 263B+36.9% | 192B-10.2% | 214B+5.6% | 203B+3.7% | 195B-8.3% | |
| P/E | 18.8×+17.0% | 16.1×-47.7% | 30.8×+264.5% | 8.4×+3.7% | 8.1×-69.2% | |
| P/B | 5.7×+30.7% | 4.4×+21.0% | 3.6×+20.3% | 3.0×+3.7% | 2.9×-23.3% | |
| Earnings yield | 5.3%-14.5% | 6.2%+91.2% | 3.2%-72.6% | 11.8%-3.6% | 12.3%+224.4% | |
| Dividend yield | 3.0%-25.1% | 4.0%+12.8% | 3.5%-9.9% | 3.9%+3.6% | 3.8%+15.0% | |
| Source filing | 20-F | 20-F | 20-F | 20-F/A | 20-F |
About this data
Source: NVS’s SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn’t file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all NVS filings on SEC EDGAR → Not investment advice.