Novartis AG ADR (NVS) financial statements
Net income was $14.0B.
Free cash flow was $15.2B, and the company returned $7.8B in dividends and $9.2B in net buybacks.
The diluted share count fell 19% over the period (buybacks).
Income statement
Fiscal years, from Novartis AG ADR's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cost of revenue | $17.5B | $13.6B | $14.5B | $14.4B | $15.1B | $11.7B | $11.6B | $12.5B | $12.8B | $13.7B |
| Gross profit | $31.9B | $29.8B | $31.6B | $34.3B | $34.8B | $32.2B | $31.9B | $34.2B | $38.9B | $43.0B |
| Research and development | $9.0B | $8.4B | $8.5B | $9.4B | $9.0B | $8.6B | $9.2B | $11.4B | $10.0B | $11.2B |
| Selling, general and admin | $14.2B | $12.5B | $13.7B | $14.4B | $14.2B | $12.8B | $12.2B | $12.5B | $12.6B | $13.2B |
| Operating income | $8.3B | $8.7B | $8.4B | $9.1B | $10.2B | $10.1B | $7.9B | $9.8B | $14.5B | $17.6B |
| Interest expense | $707M | $750M | $932M | $850M | $869M | $787M | $800M | $855M | $1.0B | $1.1B |
| Pre-tax income | $7.8B | $9.1B | $14.1B | $8.9B | $9.9B | $24.5B | $7.2B | $9.1B | $13.6B | $16.4B |
| Income tax | $1.1B | $1.6B | $1.3B | $1.8B | $1.8B | $1.6B | $1.1B | $551M | $1.7B | $2.4B |
| Net income | $6.7B | $7.7B | $12.6B | $11.7B | $8.1B | $24.0B | $7.0B | $14.8B | $11.9B | $14.0B |
| EPS (diluted) | $2.80 | $3.25 | $5.38 | $5.06 | $3.52 | $10.63 | $3.17 | $7.10 | $5.87 | $7.15 |
| Diluted shares | 2.40B | 2.37B | 2.34B | 2.32B | 2.30B | 2.26B | 2.20B | 2.09B | 2.04B | 1.96B |
Balance sheet
Fiscal years, from Novartis AG ADR's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $7.0B | $8.9B | $13.3B | $11.1B | $9.7B | $12.4B | $7.5B | $13.4B | $11.5B | $11.4B |
| Receivables | $8.2B | $8.6B | $8.7B | $8.3B | $8.2B | $8.0B | $8.1B | $7.1B | $7.4B | $8.9B |
| Inventory | $6.3B | $6.9B | $7.0B | $6.0B | $7.1B | $6.7B | $7.2B | $5.9B | $5.7B | $6.3B |
| Total current assets | $24.9B | $28.2B | $35.6B | $29.5B | $29.7B | $45.7B | $36.9B | $30.5B | $29.7B | $30.5B |
| Property, plant and equipment | $15.6B | $16.5B | $15.7B | $12.1B | $12.3B | $11.5B | $10.8B | $9.5B | $9.5B | $10.8B |
| Goodwill | $31.0B | $31.8B | $35.3B | $26.5B | $30.0B | $29.6B | $29.3B | $23.3B | $24.8B | $25.6B |
| Total assets | $130.1B | $133.1B | $145.6B | $118.4B | $127.8B | $131.8B | $117.5B | $99.9B | $102.2B | $110.9B |
| Total current liabilities | $22.2B | $23.4B | $29.6B | $28.3B | $33.1B | $30.2B | $28.7B | $26.4B | $28.7B | $27.3B |
| Total liabilities | $55.2B | $58.9B | $66.9B | $62.8B | $71.1B | $64.0B | $58.0B | $53.2B | $58.1B | $64.4B |
| Shareholders' equity | $74.8B | $74.2B | $78.6B | $55.5B | $56.6B | $67.7B | $59.3B | $46.7B | $44.0B | $46.1B |
| Net debt | -$6.2B | -$8.2B | -$12.6B | -$10.4B | -$8.7B | -$11.5B | -$6.7B | -$12.8B | -$10.8B | -$10.8B |
Cash flow
Fiscal years, from Novartis AG ADR's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $11.5B | $12.6B | $14.3B | $13.6B | $13.7B | $15.1B | $14.2B | $14.5B | $17.6B | $19.1B |
| Capital spending | $2.9B | $2.3B | $2.6B | $2.3B | $2.6B | $2.6B | $2.2B | $2.8B | $3.8B | $3.9B |
| Free cash flow | $8.6B | $10.3B | $11.6B | $11.4B | $11.1B | $12.5B | $12.0B | $11.7B | $13.8B | $15.2B |
| Stock-based compensation | $671M | $612M | $673M | $758M | $738M | $700M | $791M | $865M | $1.0B | $1.1B |
| Dividends paid | $6.5B | $6.5B | $7.0B | $6.6B | $7.0B | $7.4B | $7.5B | $7.3B | $7.6B | $7.8B |
| Share buybacks (net) | -$1.1B | -$5.5B | -$2.0B | -$5.5B | -$2.8B | -$3.1B | -$10.7B | -$8.7B | -$8.3B | -$9.2B |
| Net borrowing | $239M | $4.7B | $2.5B | -$3.1B | $5.1B | -$2.1B | -$2.6B | -$2.2B | $4.0B | $2.7B |
| Dividends per share | $2.70 | $2.74 | $2.97 | $2.87 | $3.04 | $3.26 | $3.42 | $3.47 | $3.75 | $4.00 |
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How much free cash flow does Novartis AG ADR generate?
$15.2B in fiscal 2025 (operating cash flow minus capital spending).
From Novartis AG ADR's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.