Novartis revenue and financials
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In the fiscal year ended December 2025, Novartis reported revenue of $56.67B (+9.57% year over year). Net income was $13.98B, a net margin of 24.7%.
Fiscal year ending in December. Sources and method on the page Methodology and sources.
At a glance
- Revenue growth
- +9.57%
- 2025 vs 2024
- Net income growth
- +17.11%
- 2025 vs 2024
- Net margin
- 24.7%
- 2024: 23.1%
Financial data
Amounts in millions of USD; per-share values in USD; shares in millions.
| Item | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | 19,144 | 17,619 | 14,458 | 14,236 | 15,071 | 13,650 | 13,625 | 14,272 | 12,621 |
| Depreciation and amortization | 4,744 | 4,599 | 8,183 | 4,994 | 4,949 | — | — | — | — |
| Capital expenditure | -1,548 | -1,366 | -1,060 | -916 | -1,066 | -1,275 | -1,379 | -1,254 | -1,325 |
| Investing cash flow | -4,877 | -7,513 | 5,596 | 1,468 | 4,208 | — | — | — | — |
| Financing cash flow | -14,867 | -11,742 | -14,278 | -20,562 | -16,264 | — | — | — | — |
| Dividends paid | -7,818 | -7,624 | -7,255 | -7,506 | -7,368 | — | — | — | — |
| Share repurchases | -9,212 | -8,331 | -8,719 | -10,652 | -3,057 | -2,842 | -5,533 | -2,036 | -5,490 |
| Debt issued | 6,103 | 7,101 | 546 | 252 | — | — | — | — | — |
| Debt repaid | -3,673 | -2,711 | -2,481 | -2,837 | -5,987 | — | — | — | — |
| Effect of exchange rates | 576 | -298 | 100 | -32.0 | -266 | — | — | — | — |
| Net change in cash | -24.0 | -1,934 | 5,876 | -4,890 | 2,749 | — | — | — | — |
| Free cash flow | 17,596 | 16,253 | 13,398 | 13,320 | 14,005 | — | — | — | — |
| Levered free cash flow | 12,115 | 12,038 | 13,676 | 7,311 | 11,774 | — | — | — | — |