Novartis
NVS · NYSEPharmaceutical Preparations · Fiscal year ends Dec 31
Net income was $14B. Operating cash flow of $19.1B less capital expenditure of $1.5B left free cash flow of $17.6B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cost of revenue | $11.7B | $11.6B | $12.5B | $12.8B | $13.7B |
| Gross profit | $32.2B | $31.9B | $34.2B | $38.9B | $43B |
| Research & development | $8.6B | $9.2B | $11.4B | $10B | $11.2B |
| Selling, general & admin | $12.8B | $12.2B | $12.5B | $12.6B | $13.2B |
| Operating income | $10.1B | $7.9B | $9.8B | $14.5B | $17.6B |
| Interest expense | $787M | $800M | $855M | $1B | $1.1B |
| Pre-tax income | $24.5B | $7.2B | $9.1B | $13.6B | $16.4B |
| Income tax | $1.6B | $1.1B | $551M | $1.7B | $2.4B |
| Net income | $24B | $7B | $14.9B | $11.9B | $14B |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $12.4B | $7.5B | $13.4B | $11.5B | $11.4B |
| Inventory | $6.7B | $7.2B | $5.9B | $5.7B | $6.3B |
| Current assets | $45.7B | $36.9B | $30.5B | $29.7B | $30.5B |
| Net PP&E | $11.5B | $10.8B | $9.5B | $9.5B | $10.8B |
| Goodwill | $29.6B | $29.3B | $23.3B | $24.8B | $25.6B |
| Total assets | $132B | $117B | $99.9B | $102B | $111B |
| Current liabilities | $30.2B | $28.7B | $26.4B | $28.7B | $27.3B |
| Total liabilities | $64B | $58B | $53.2B | $58.1B | $64.4B |
| Shareholders' equity | $67.7B | $59.3B | $46.7B | $44B | $46.1B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $15.1B | $14.2B | $14.5B | $17.6B | $19.1B |
| Capital expenditure | $1.1B | $916M | $1.1B | $1.4B | $1.5B |
| Free cash flow | $14B | $13.3B | $13.4B | $16.3B | $17.6B |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating income growth (YoY) | – | −21.0% | 22.9% | 48.9% | 21.3% |
| Return on equityBlank when equity is negative | 35.5% | 11.7% | 31.8% | 27.1% | 30.3% |
| ROCEEBIT ÷ (assets − current liabilities) | 9.9% | 8.9% | 13.3% | 19.8% | 21.1% |
| Cash conversion (CFO ÷ net income) | 0.63x | 2.05x | 0.97x | 1.48x | 1.37x |
| Inventory days | 207 | 226 | 173 | 163 | 167 |
| Interest cover | 12.8x | 9.93x | 11.4x | 14.5x | 15.4x |
| Current ratio | 1.51x | 1.29x | 1.16x | 1.04x | 1.12x |
Recent filings
More in Pharmaceutical Preparations
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.