Novartis AG Sponsored ADR (NVS) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$2.15	$2.41	+12.1%	—	$15B	—
Q1 26	$1.65	$1.65	0.0%	—	$13.5B	—
Q3 25	$2.31	$2.25	-2.6%	—	$14.4B	—
Q2 25	$2.37	$2.42	+2.1%	—	$14.8B	—
Q1 25	$2.17	$2.28	+5.1%	—	$13.6B	—
Q4 24	$1.76	$1.98	+12.5%	—	$13.6B	—
Q3 24	$1.93	$2.06	+6.7%	—	$13.2B	—
Q2 24	$1.86	$1.97	+5.9%	—	$12.9B	—
Q1 24	$1.68	$1.8	+7.1%	—	$12.1B	—
Q4 23	$1.66	$1.53	-7.8%	—	$11.8B	—
Q3 23	$1.74	$1.74	0.0%	—	$12.1B	—
Q2 23	$1.76	$1.83	+4.0%	—	$11.7B	—
Q1 23	$1.53	$1.71	+11.8%	—	$11B	—
Q4 22	$1.43	$1.52	+6.3%	—	$13.1B	—
Q3 22	$1.62	$1.58	-2.5%	—	$10.8B	—
Q2 22	$1.54	$1.56	+1.3%	—	$13.1B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$7.21	—	—	$56.7B	—
FY24	—	$5.92	—	—	$51.7B	—
FY23	—	$7.15	—	—	$46.7B	—
FY22	—	$3.19	—	—	$43.5B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$49.4B	$43.4B	$46.1B	$48.7B	$49.9B	$44B	$43.5B	$46.7B	$51.7B	$56.7B
YoY change	-1.89%	-12.2%	+6.21%	+5.59%	+2.51%	-11.9%	-1.17%	+7.36%	+10.8%	+9.57%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	49.4B	43.4B	46.1B	48.7B	49.9B	44B	43.5B	46.7B	51.7B	56.7B
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	43B
Gross margin	64.6%	68.6%	68.5%	70.4%	69.7%	73.3%	73.4%	73.3%	75.2%	75.8%
Research & development	9B	8.4B	8.5B	9.4B	9B	8.6B	9.2B	11.4B	10B	11.2B
Selling, general & administrative	14.2B	12.5B	13.7B	14.4B	14.2B	12.8B	12.2B	12.5B	12.6B	13.2B
Operating expenses	23.6B	21.1B	23.2B	25.2B	24.6B	22.2B	23.9B	24.4B	24.4B	25.3B
Operating income	8.3B	8.7B	8.4B	9.1B	10.2B	10.1B	7.9B	9.8B	14.5B	17.6B
Operating margin	16.7%	20%	18.2%	18.7%	20.3%	22.9%	18.3%	20.9%	28.1%	31.1%
Non-operating income, net	233M	1.1B	6.4B	659M	538M	15.3B	-195M	-227M	-218M	-312M
Pretax 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	24B	7B	14.9B	11.9B	14B
Net margin	13.5%	17.7%	27.4%	24.1%	16.2%	54.6%	16%	31.8%	23.1%	24.6%
EBITDA	15B	14.6B	20.2B	15.6B	17.3B	31B	14.9B	18.5B	20.9B	23.1B
EPS	2.82	3.28	5.44	5.12	3.55	10.7	3.19	7.15	5.92	7.21
Diluted EPS	2.8	3.25	5.38	5.06	3.52	10.6	3.17	7.1	5.87	7.15

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	12.1B	11.8B	12.1B	12.9B	13.2B	13.6B	13.6B	14.8B	14.4B	13.9B	13.5B	15B
Cost of revenue	3.1B	3B	3.1B	3.2B	3.2B	3.3B	3.2B	3.3B	3.5B	3.6B	3.5B	3.7B
Gross profit	9B	8.8B	9B	9.7B	9.9B	10.2B	10.4B	11.5B	10.8B	10.2B	10.1B	11.2B
Gross margin	74.2%	74.3%	74.5%	75.3%	75.4%	75.5%	76.3%	77.6%	75.4%	73.9%	74.4%	75.2%
Research & development	3.9B	2.6B	2.4B	2.4B	2.4B	2.8B	2.4B	2.7B	2.9B	3.2B	2.7B	2.8B
Selling, general & administrative	3.1B	3.4B	2.8B	3.1B	3.1B	3.5B	3.1B	3.4B	3.3B	3.4B	3.1B	3.2B
Operating expenses	7.2B	6.2B	5.7B	5.7B	6.3B	6.7B	5.7B	6.7B	6.3B	6.6B	5.8B	6.5B
Operating income	1.8B	2.6B	3.4B	4B	3.6B	3.5B	4.7B	4.9B	4.5B	3.6B	4.2B	4.8B
Operating margin	14.6%	21.9%	27.8%	31.2%	27.5%	26%	34.2%	32.8%	31.3%	26.1%	31.3%	31.8%
Non-operating income, net	-3M	-220M	-29M	-2M	-4M	-183M	-3M	-3M	-4M	-302M	-3M	-2M
Pretax income	1.6B	2.4B	3.1B	3.8B	3.4B	3.3B	4.4B	4.5B	4.2B	3.2B	3.8B	4.3B
Income tax	39M	-261M	441M	595M	200M	465M	798M	507M	266M	814M	683M	1B
Net income	1.8B	8.5B	2.7B	3.2B	3.2B	2.8B	3.6B	4B	3.9B	2.4B	3.2B	3.3B
Net margin	14.6%	72%	22.2%	25.2%	24.2%	20.8%	26.5%	27.1%	27.4%	17.3%	23.3%	21.8%
EBITDA	4.9B	4.2B	4.7B	5.2B	5.6B	5.2B	5.8B	6.1B	5.8B	5.1B	5.4B	6.1B
EPS	0.85	—	1.31	1.6	1.58	1.42	1.83	2.07	2.04	1.26	1.65	1.71
Diluted EPS	0.85	—	1.31	1.59	1.57	1.41	1.82	2.06	2.02	1.25	1.65	1.71

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	155.2B	176.5B	178.3B	216.9B	215B	196.2B	197.9B	209.7B	196.4B	267.3B	279.2B
Enterprise value	171.1B	195.4B	194.4B	234.8B	241.6B	199.1B	207.2B	222.1B	214.3B	291.2B	318.3B
Shares outstanding	2.4B	2.3B	2.3B	2.3B	2.3B	2.2B	2.2B	2.1B	2B	1.9B	1.9B

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	23.2	22.9	14.1	18.5	26.6	8.17	28.4	14.1	16.4	19.1	22.2
P/S	3.14	4.07	3.87	4.46	4.31	4.46	4.55	4.49	3.8	4.72	4.92
P/B	2.07	2.38	2.27	3.91	3.79	2.89	3.33	4.49	4.45	5.74	6.72
EV/EBITDA	11.4	13.3	9.61	15	13.9	6.43	13.9	12	10.3	12.6	13.8
EV/Sales	3.46	4.5	4.22	4.82	4.84	4.53	4.77	4.76	4.14	5.14	5.61
Earnings yield	4.32%	4.36%	7.07%	5.41%	3.75%	12.2%	3.52%	7.08%	6.08%	5.22%	4.51%
FCF yield	5.54%	5.85%	6.52%	5.24%	5.15%	6.38%	6.06%	5.58%	7.03%	5.7%	4.26%
PEG	—	—	—	—	—	—	—	—	—	—	-1.28

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	64.6%	68.6%	68.5%	70.4%	69.7%	73.3%	73.4%	73.3%	75.2%	75.8%	75.2%
Operating margin	16.7%	20%	18.2%	18.7%	20.3%	22.9%	18.3%	20.9%	28.1%	31.1%	34.6%
Net margin	13.5%	17.7%	27.4%	24.1%	16.2%	54.6%	16%	31.8%	23.1%	24.6%	22.5%
ROE	8.94%	10.4%	16%	21.1%	14.2%	35.4%	11.7%	31.8%	27.1%	30%	30.3%
ROA	5.15%	5.79%	8.67%	9.92%	6.32%	18.2%	5.92%	14.9%	11.7%	12.6%	10.3%
ROIC	7.8%	7.7%	8.05%	9.89%	9.97%	13.3%	9.75%	15.5%	20.5%	21.4%	16.9%
Return on tangible assets	122.1%	80.4%	-512.1%	151.5%	-138.2%	566.3%	-156.8%	-3K%	-1.1K%	1.4K%	-81.5%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.12	1.21	1.2	1.04	0.9	1.51	1.29	1.16	1.04	1.12	0.86
Quick ratio	0.84	0.91	0.97	0.83	0.68	1.29	1.04	0.93	0.84	0.89	0.67
Debt / equity	0.32	0.38	0.41	0.52	0.67	0.46	0.47	0.56	0.71	0.76	1.17
Debt / assets	0.18	0.21	0.22	0.25	0.3	0.24	0.24	0.26	0.31	0.32	0.4
Net debt / EBITDA	1.06	1.29	0.8	1.15	1.53	0.09	0.63	0.67	0.86	1.03	1.84
Interest coverage	12.1	13.1	16.1	11.5	12.4	32.2	9.97	11.7	14.6	15.3	12.2
Effective tax rate	14.3%	17.6%	9.19%	20.1%	18.3%	6.62%	15.7%	6.04%	12.5%	14.6%	17.9%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	20.8	18.5	19.9	21.2	21.9	19.6	19.9	22.5	25.6	29.2	29.6
EPS (basic)	2.82	3.28	5.44	5.12	3.55	10.7	3.19	7.15	5.92	7.21	7.21
EPS (diluted)	2.8	3.25	5.38	5.06	3.52	10.6	3.17	7.1	5.87	7.15	6.62
Book value per share	31.5	31.6	33.9	24.2	24.9	30.2	27.2	22.5	21.9	24	21.9
FCF per share	3.61	4.4	5.01	4.96	4.86	5.58	5.5	5.64	6.84	7.86	7.83
Cash per share	3.27	4.04	6.88	4.9	4.96	12.5	8.54	6.72	6.62	5.95	4.01
Capex per share	0.72	0.53	0.5	0.23	0.52	0.38	0.35	0.4	0.63	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	3.44%	2.84%	2.5%	1.07%	2.38%	1.94%	1.74%	1.76%	2.47%	—	—
Capex / operating cash flow	12.2%	8.57%	5.53%	3.35%	7.55%	2.8%	5.46%	4.81%	6.55%	—	—
Payout ratio	96.7%	84.3%	55.2%	56.6%	86.6%	30.7%	107.9%	48.8%	63.9%	56%	71.6%
Dividend yield	4.17%	3.68%	3.91%	3.06%	3.25%	3.76%	3.79%	3.46%	3.88%	2.92%	13%

Yield

13%

trailing twelve months

Frequency

Annual

Last dividend

$4.773

ex-dividend Mar 11, 2026

Payout ratio

72%

of earnings

Dividend growth

6 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Mar 11, 2026	$4.773
Mar 12, 2025	$3.8695
Mar 7, 2024	$3.7772
Mar 9, 2023	$3.4694
Mar 8, 2022	$3.3252
Mar 4, 2021	$3.1991
Mar 3, 2020	$3.0874
Mar 4, 2019	$2.5395

Split history

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$12.1B	$11.8B	$12.1B	$12.9B	$13.2B	$13.6B	$13.6B	$14.8B	$14.4B	$13.9B	$13.5B	$15B
YoY change	+12.1%	-10%	+9.71%	+9.6%	+8.93%	+15.1%	+12.4%	+15.3%	+9%	+2.23%	-0.7%	+0.78%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	7.8B	9.5B	16B	11.2B	11.3B	28.1B	18.6B	14B	13.4B	11.5B
Receivables	8.2B	8.6B	8.7B	8.3B	8.2B	8B	8.1B	7.1B	7.4B	8.9B
Inventory	6.3B	6.9B	7B	6B	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 & equipment	2.5B	2.4B	1.6B	3B	599M	421M	54M	28M	595M	829M
Goodwill & intangibles	124.6B	123.5B	148B	110.6B	133.6B	127.6B	121.9B	100.4B	103.3B	110B
Total assets	130.1B	133.1B	145.6B	118.4B	127.8B	131.8B	117.5B	99.9B	102.2B	110.9B
Accounts payable	4.9B	5.2B	5.6B	5.4B	5.4B	5.6B	5.1B	4.9B	4.6B	4.5B
Short-term debt	5.8B	5.2B	9.6B	7.1B	9.9B	6.5B	6.1B	6.3B	8.3B	5.8B
Total current liabilities	22.2B	23.4B	29.6B	28.3B	33.1B	30.2B	28.7B	26.4B	28.7B	27.3B
Long-term debt	17.9B	23.2B	22.5B	22.1B	28B	24.5B	21.8B	20B	22.9B	29.6B
Total liabilities	55.2B	58.9B	66.9B	62.8B	71.1B	64B	58B	53.2B	58.1B	64.4B
Shareholders' equity	74.9B	74.2B	78.7B	55.6B	56.7B	67.8B	59.4B	46.8B	44.1B	46.5B
Total debt	23.7B	28.4B	32.1B	29.1B	37.9B	31B	27.9B	26.3B	31.3B	35.4B
Net debt	16.7B	19.6B	18.8B	18B	28.2B	18.6B	20.4B	13B	19.8B	23.9B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	12.7B	—	9.7B	8.4B	14B	—	7.2B	7B	9.8B	11.5B	7B	7.7B
Receivables	6.8B	—	7.8B	8.2B	8B	—	8.6B	9.1B	8.8B	8.9B	9.4B	9.6B
Inventory	5.6B	—	5.7B	5.7B	5.9B	—	5.8B	6.3B	6.4B	6.3B	6.3B	6.2B
Total current assets	45.7B	—	26.4B	25.7B	31.3B	—	25.1B	25.9B	28.2B	30.5B	26.6B	27.4B
Property, plant & equipment	10.3B	—	10.5B	10.6B	11.2B	—	11.1B	11.8B	12B	829M	12.2B	12.3B
Goodwill & intangibles	99.7B	—	98.7B	106B	105.7B	—	104.9B	109.6B	109.2B	110B	134.1B	137.7B
Total assets	112.7B	—	94.3B	97.5B	103.5B	—	99.9B	104.4B	107.3B	110.9B	118.5B	122B
Accounts payable	3.9B	—	4.1B	4.1B	4.1B	—	4.3B	4.5B	4.6B	4.5B	4.3B	4.3B
Short-term debt	5.7B	—	8.6B	7.8B	6.8B	—	8B	8.6B	7.8B	5.8B	7.9B	9.9B
Total current liabilities	48.4B	—	29.3B	27.6B	28.1B	—	31.6B	31.7B	32B	27.3B	31.4B	31.7B
Long-term debt	19.5B	—	18.7B	21.2B	25.3B	—	23.2B	24.1B	24.2B	29.6B	39.1B	39.2B
Total liabilities	74.5B	—	54.6B	55.6B	60.1B	—	61.5B	62.3B	62.5B	64.4B	79.6B	80.1B
Shareholders' equity	38.2B	—	39.8B	41.9B	43.4B	—	38.5B	42.1B	44.8B	46.5B	38.9B	41.9B
Total debt	25.2B	—	27.3B	29B	32.2B	—	31.3B	32.6B	32B	35.4B	47B	49B
Net debt	12.8B	—	17.8B	21.1B	18.6B	—	24.2B	26B	22.5B	23.9B	40.1B	41.4B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	6.7B	7.5B	12.8B	7.1B	8.1B	22.9B	6B	8.6B	11.9B	14B
Depreciation & amortization	6B	4.7B	5.2B	5.8B	6.5B	5.6B	6.7B	8.3B	6.1B	5.3B
Stock-based compensation	671M	612M	673M	758M	738M	700M	791M	865M	1B	1.1B
Change in working capital	-77M	332M	576M	199M	-291M	-73M	-796M	-369M	-706M	-1.6B
Operating cash flow	13.9B	14.4B	20.9B	15.6B	15.7B	30.5B	13.9B	17.1B	19.5B	19.1B
Capital expenditure	-1.7B	-1.2B	-1.2B	-522M	-1.2B	-855M	-758M	-823M	-1.3B	—
Investing cash flow	-2.5B	-2B	-4B	-1.2B	-12.1B	5.7B	3.1B	6.5B	-5.1B	-1.2B
Dividends paid	-6.5B	-6.5B	-7B	-6.6B	-7B	-7.4B	-7.5B	-7.3B	-7.6B	-7.8B
Share repurchases	-1.1B	-5.5B	-2B	-5.5B	-2.8B	-3.1B	-10.7B	-8.7B	-8.3B	-9.2B
Financing cash flow	-5.5B	-7.6B	-4.8B	-17.1B	-4.9B	-22B	-23.3B	-19.9B	-14.2B	-18.3B
Net change in cash	5.9B	4.8B	12.1B	-2.6B	-1.3B	14.2B	-6.4B	3.6B	171M	-269M
Free cash flow	8.6B	10.3B	11.6B	11.4B	11.1B	12.5B	12B	11.7B	13.8B	15.2B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	1.5B	—	—	—	—	—	—	—	3.9B	2.4B	3.2B	3.3B
Depreciation & amortization	3.1B	—	—	—	—	—	—	—	1.4B	1.6B	1.2B	1.4B
Stock-based compensation	205M	—	—	—	—	—	—	—	268M	299M	303M	267M
Change in working capital	1.2B	-240M	-920M	-501M	328M	162M	-1B	-167M	1.3B	-1.6B	-787M	232M
Operating cash flow	6B	-240M	-920M	-501M	328M	162M	-1B	-167M	6.6B	2.3B	3.7B	5.9B
Capital expenditure	-210M	—	—	—	—	—	—	—	—	—	—	—
Investing cash flow	-3.4B	—	—	—	—	—	—	—	-82M	-1.2B	-10.9B	-2.4B
Dividends paid	—	—	—	—	—	—	—	—	—	0	-6.2B	-2.9B
Share repurchases	-1.6B	—	—	—	—	—	—	—	-2.3B	-1.5B	-1.9B	-1.2B
Financing cash flow	-6.9B	—	—	—	—	—	—	—	-3.4B	-64M	3.6B	-2.1B
Net change in cash	-4.4B	-240M	-920M	-501M	328M	162M	-1B	-167M	3.1B	1B	-3.7B	1.5B
Free cash flow	4.7B	—	—	—	—	—	—	—	5.7B	1.2B	2.9B	5.1B

Date	Ratio
Apr 9, 2019	1116:1000
May 11, 2000	2:1

Novartis AG Sponsored ADR Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Split history

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement