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)

2017-12 2.37B2018-12 2.31B2019-12 2.27B2020-12 2.26B2021-12 2.23B2022-12 2.12B2023-12 2.04B2024-12 1.98B2025-12 1.91B-19.5% over 8 periods

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.

PeriodRangeOrderChangeYoYQoQFiguresAs-reported fiscal years.

Line item	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 YoY+10.5%	38.9B YoY+13.8%	34.2B YoY+7.2%	31.9B YoY-1.1%	32.2B YoY-7.3%
Cost of revenue	13.7B YoY+6.8%	12.8B YoY+2.8%	12.5B YoY+7.7%	11.6B YoY-1.3%	11.7B YoY-22.4%
Research & development	11.2B YoY+11.8%	10.0B YoY-11.9%	11.4B YoY+24.0%	9.17B YoY+6.1%	8.64B YoY-3.8%
Operating income	17.6B YoY+21.3%	14.5B YoY+48.9%	9.77B YoY+22.9%	7.95B YoY-21.0%	10.1B YoY-0.9%
Pre-tax income	16.4B YoY+19.9%	13.6B YoY+49.5%	9.12B YoY+27.1%	7.18B YoY-70.7%	24.5B YoY+148.3%
Income tax	2.38B YoY+40.2%	1.70B YoY+208.7%	551M YoY-51.2%	1.13B YoY-30.6%	1.63B YoY-10.1%
	14.0B YoY+17.0%	11.9B YoY-19.6%	14.9B YoY+113.6%	6.96B YoY-71.0%	24.0B YoY+197.6%
Net income to common	14.0B YoY+17.1%	11.9B YoY-19.6%	14.8B YoY+113.5%	6.96B YoY-71.0%	24.0B YoY+197.6%
	$7.15 YoY+21.8%	$5.87 YoY-17.3%	$7.10 YoY+124.0%	$3.17 YoY-70.2%	$10.63 YoY+202.0%
EPS (basic)	$7.21 YoY+21.8%	$5.92 YoY-17.2%	$7.15 YoY+124.1%	$3.19 YoY-70.2%	$10.71 YoY+201.7%
	1.94B YoY-3.9%	2.02B YoY-2.8%	2.08B YoY-4.8%	2.18B YoY-2.8%	2.24B YoY-1.5%
	1.96B YoY-3.9%	2.04B YoY-2.7%	2.09B YoY-4.8%	2.20B YoY-2.8%	2.26B YoY-1.6%
Dividends per share	$4.10 YoY+6.1%	$3.86 YoY+8.8%	$3.55 YoY+0.2%	$3.54 YoY+7.4%	$3.30 YoY+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 YoY+2.5%	29.7B YoY-2.5%	30.5B YoY-17.4%	36.9B YoY-19.3%	45.7B YoY+54.1%
Cash & equivalents	11.4B YoY-0.2%	11.5B YoY-14.4%	13.4B YoY+78.2%	7.52B YoY-39.4%	12.4B YoY+28.5%
Inventory	6.27B YoY+9.5%	5.72B YoY-3.2%	5.91B YoY-17.6%	7.17B YoY+7.6%	6.67B YoY-6.5%
	111B YoY+8.5%	102B YoY+2.3%	99.9B YoY-14.9%	117B YoY-10.9%	132B YoY+3.1%
Property, plant & equipment	10.8B YoY+14.0%	9.46B YoY-0.6%	9.51B YoY-11.6%	10.8B YoY-6.8%	11.5B YoY-5.9%
Goodwill	25.6B YoY+3.3%	24.8B YoY+6.1%	23.3B YoY-20.3%	29.3B YoY-1.0%	29.6B YoY-1.3%
Total non-current assets	80.5B YoY+11.0%	72.5B YoY+4.4%	69.5B YoY-13.8%	80.5B YoY-6.4%	86.1B YoY-12.3%
	27.3B YoY-4.9%	28.7B YoY+8.7%	26.4B YoY-7.9%	28.7B YoY-5.1%	30.2B YoY-8.6%
Short-term & current debt	794M YoY-76.3%	3.36B YoY+53.2%	2.19B YoY-2.2%	2.24B YoY-14.5%	2.62B YoY+15.4%
Total liabilities	64.4B YoY+10.8%	58.1B YoY+9.3%	53.2B YoY-8.3%	58.0B YoY-9.3%	64.0B YoY-10.0%
	46.1B YoY+4.7%	44.0B YoY-5.6%	46.7B YoY-21.4%	59.3B YoY-12.3%	67.7B YoY+19.5%
Total equity incl. non-controlling	46.5B YoY+5.5%	44.1B YoY-5.6%	46.8B YoY-21.3%	59.4B YoY-12.4%	67.8B YoY+19.7%
	1.91B YoY-3.4%	1.98B YoY-3.4%	2.04B YoY-3.6%	2.12B YoY-5.2%	2.23B YoY-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 YoY+8.7%	17.6B YoY+21.9%	14.5B YoY+1.6%	14.2B YoY-5.5%	15.1B YoY+10.4%
Acquisitions	0.00	0.00	0.00	0.00	0.00
Long-term debt issued	6.10B YoY-0.7%	6.14B	0.00 YoY-100.0%	16.0M YoY+0.0%	16.0M YoY-99.8%
Long-term debt repaid	3.39B YoY+57.0%	2.16B YoY-2.8%	2.22B YoY-13.7%	2.58B YoY+19.1%	2.16B YoY+7.9%
Common stock issued	0.00	0.00	0.00	0.00	0.00
Common stock repurchased	9.12B YoY+8.0%	8.45B YoY-0.8%	8.52B YoY-21.9%	10.9B YoY+273.6%	2.92B YoY-4.5%
Dividends paid	7.82B YoY+2.5%	7.62B YoY+5.1%	7.25B YoY-3.3%	7.51B YoY+1.9%	7.37B YoY+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 YoY+36.9%	192B YoY-10.2%	214B YoY+5.6%	203B YoY+3.7%	195B YoY-8.3%
P/E	18.8× YoY+17.0%	16.1× YoY-47.7%	30.8× YoY+264.5%	8.4× YoY+3.7%	8.1× YoY-69.2%
P/B	5.7× YoY+30.7%	4.4× YoY+21.0%	3.6× YoY+20.3%	3.0× YoY+3.7%	2.9× YoY-23.3%
	5.3% YoY-14.5%	6.2% YoY+91.2%	3.2% YoY-72.6%	11.8% YoY-3.6%	12.3% YoY+224.4%
	3.0% YoY-25.1%	4.0% YoY+12.8%	3.5% YoY-9.9%	3.9% YoY+3.6%	3.8% YoY+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.