Novartis AG ADR's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Novartis AG ADR reported revenue of $54.5B (+8.4% year on year) and net income of $14.0B (+17.0% year on year).
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Net sales from continuing operations | $54.5B | $50.3B | $45.4B | $50.5B |
| Other revenues | $2.1B | $1.4B | $1.2B | $1.3B |
| Cost of goods sold | ($13.7B) | ($12.8B) | ($12.5B) | ($15.5B) |
| Gross profit from continuing operations | $43.0B | $38.9B | $34.2B | $36.3B |
| Selling, general and administration | ($13.2B) | ($12.6B) | ($12.5B) | ($14.3B) |
| Research and development | ($11.2B) | ($10.0B) | ($11.4B) | ($10.0B) |
| Other income | $1.5B | $1.2B | $1.8B | $805.0M |
| Other expense | ($2.3B) | ($2.9B) | ($2.3B) | ($3.7B) |
| Operating income from continuing operations | $17.6B | $14.5B | $9.8B | $9.2B |
| Loss from associated companies | ($12.0M) | ($38.0M) | ($13.0M) | ($9.0M) |
| Interest expense | ($1.1B) | ($1.0B) | ($855.0M) | ($837.0M) |
| Other financial income and expense | ($136.0M) | $140.0M | $222.0M | $20.0M |
| Income before taxes from continuing operations | $16.4B | $13.6B | $9.1B | $8.4B |
| Income taxes | ($2.4B) | ($1.7B) | ($551.0M) | ($1.4B) |
| Net income from continuing operations | $14.0B | $11.9B | $8.6B | — |
| Net income | $14.0B | $11.9B | $14.9B | $7.0B |
| Shareholders of Novartis AG | $14.0B | $11.9B | $14.8B | $7.0B |
| Non-controlling interests | ($17.0M) | ($2.0M) | $4.0M | $0 |
| Basic earnings per share, Continuing operations | $7.21 | $5.92 | $4.13 | — |
| Basic earnings per share | $7.21 | $5.92 | $7.15 | $3.19 |
| Diluted earnings per share, Continuing operations | $7.15 | $5.87 | $4.10 | — |
| Diluted earnings per share | $7.15 | $5.87 | $7.10 | $3.17 |
| Line item | Jun 30, 2026 · YTD | Jun 30, 2025 · YTD | Jun 30, 2024 · YTD | Jun 30, 2023 · YTD |
|---|---|---|---|---|
| Net sales to third parties | $27.5B | $27.3B | $24.3B | $26.6B |
| Other revenues | $954.0M | $1.2B | $651.0M | $569.0M |
| Cost of goods sold | ($7.2B) | ($6.5B) | ($6.3B) | ($8.3B) |
| Gross profit | $21.3B | $21.9B | $18.7B | $18.9B |
| Selling, general and administration | ($6.4B) | ($6.5B) | ($5.9B) | ($7.1B) |
| Research and development | ($5.6B) | ($5.1B) | ($4.8B) | ($5.3B) |
| Other income | $888.0M | $774.0M | $522.0M | $1.1B |
| Other expense | ($1.2B) | ($1.6B) | ($1.1B) | ($1.8B) |
| Operating income | $9.0B | $9.5B | $7.4B | $5.8B |
| Loss from associated companies | ($5.0M) | ($6.0M) | ($31.0M) | ($3.0M) |
| Interest expense | ($805.0M) | ($559.0M) | ($467.0M) | ($435.0M) |
| Other financial income and expense | ($67.0M) | ($24.0M) | $81.0M | $171.0M |
| Income before taxes | $8.1B | $8.9B | $7.0B | $5.5B |
| Income taxes | ($1.7B) | ($1.3B) | ($1.0B) | ($898.0M) |
| Net income | $6.4B | $7.6B | $5.9B | $4.6B |
| Shareholders of Novartis AG | $6.4B | $7.6B | $5.9B | $4.6B |
| Non-controlling interests | ($7.0M) | ($14.0M) | $0 | $2.0M |
| Weighted average number of shares outstanding used in the basic earnings per share | $1906000000.00 | $1958000000.00 | $2038000000.00 | $2097000000.00 |
| Basic earnings per share | $3.37 | $3.91 | $2.91 | $2.20 |
| Weighted average number of shares in diluted earnings per share | $1915000000.00 | $1970000000.00 | $2052000000.00 | $2109000000.00 |
| Diluted earnings per share | $3.35 | $3.88 | $2.89 | $2.19 |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Property, plant and equipment | $10.8B | $9.5B | $9.5B | $10.8B |
| Right-of-use assets | $1.6B | $1.4B | $1.4B | $1.4B |
| Goodwill | $25.6B | $24.8B | $23.3B | $29.3B |
| Intangible assets other than goodwill | $29.4B | $26.9B | $26.9B | $31.6B |
| Investments in associated companies | $98.0M | $119.0M | $205.0M | $143.0M |
| Deferred tax assets | $5.4B | $4.4B | $4.3B | $3.7B |
| Financial assets | $2.3B | $2.0B | $2.6B | $2.4B |
| Other non-current assets | $5.3B | $3.5B | $1.2B | $1.1B |
| Total non-current assets | $80.5B | $72.5B | $69.5B | $80.5B |
| Inventories | $6.3B | $5.7B | $5.9B | $7.2B |
| Total trade receivables, net | $8.9B | $7.4B | $7.1B | $8.1B |
| Income tax receivables | $205.0M | $133.0M | $426.0M | $268.0M |
| Marketable securities, time deposits and derivative financial instruments | $155.0M | $2.0B | $1.0B | $11.4B |
| Cash and cash equivalents | $11.4B | $11.5B | $13.4B | $7.5B |
| Other current assets | $3.5B | $3.0B | $2.6B | $2.5B |
| Total current assets | $30.5B | $29.7B | $30.5B | $36.9B |
| Total assets | $110.9B | $102.2B | $99.9B | $117.5B |
| Share capital | $766.0M | $793.0M | $825.0M | $890.0M |
| Treasury shares | -50.0M | -53.0M | -41.0M | -92.0M |
| Reserves | $45.4B | $43.3B | $45.9B | $58.5B |
| Equity attributable to Novartis AG shareholders | $46.1B | $44.0B | $46.7B | $59.3B |
| Non-controlling interests | $419.0M | $80.0M | $83.0M | $81.0M |
| Total equity | $46.5B | $44.1B | $46.8B | $59.4B |
| Financial debts | $27.9B | $21.4B | $18.4B | $20.2B |
| Lease liabilities | $1.7B | $1.6B | $1.6B | $1.5B |
| Deferred tax liabilities | $3.4B | $2.4B | $2.2B | $2.7B |
| Provisions and other non-current liabilities | $4.1B | $4.1B | $4.5B | $4.9B |
| Total non-current liabilities | $37.1B | $29.4B | $26.8B | $29.4B |
| Trade payables | $4.5B | $4.6B | $4.9B | $5.1B |
| Financial debts and derivative financial instruments | $5.6B | $8.2B | $6.2B | $5.9B |
| Lease liabilities | $263.0M | $235.0M | $230.0M | $251.0M |
| Current income tax liabilities | $2.0B | $1.6B | $1.9B | $2.5B |
| Provisions and other current liabilities | $15.0B | $14.1B | $13.2B | $14.8B |
| Total current liabilities | $27.3B | $28.7B | $26.4B | $28.7B |
| Total liabilities | $64.4B | $58.1B | $53.2B | $58.0B |
| Total equity and liabilities | $110.9B | $102.2B | $99.9B | $117.5B |
| Line item | Jun 30, 2026 | Jun 30, 2025 | Jun 30, 2024 | Jun 30, 2023 |
|---|---|---|---|---|
| Property, plant and equipment | $10.7B | $10.4B | $9.3B | $10.8B |
| Right-of-use assets | $1.6B | $1.4B | $1.4B | $1.5B |
| Goodwill | $26.8B | $25.6B | $25.2B | $29.5B |
| Intangible assets other than goodwill | $42.1B | $29.2B | $27.8B | $28.0B |
| Investments in associated companies | $69.0M | $92.0M | $103.0M | $127.0M |
| Deferred tax assets | $5.3B | $5.2B | $4.4B | $4.0B |
| Financial assets | $2.3B | $2.1B | $2.0B | $2.3B |
| Other non-current assets | $5.9B | $4.5B | $1.7B | $1.2B |
| Total non-current assets | $94.7B | $78.5B | $71.8B | $77.5B |
| Inventories | $6.2B | $6.3B | $5.7B | $8.2B |
| Total trade receivables, net | $9.6B | $9.1B | $8.2B | $9.2B |
| Income tax receivables | $218.0M | $120.0M | $252.0M | $348.0M |
| Marketable securities, time deposits and derivative financial instruments | $74.0M | $344.0M | $532.0M | $289.0M |
| Cash and cash equivalents | $7.6B | $6.7B | $7.9B | $10.9B |
| Other current assets | $3.6B | $3.5B | $3.0B | $2.8B |
| Total current assets | $27.4B | $25.9B | $25.7B | $33.5B |
| Total assets | $122.0B | $104.4B | $97.5B | $111.0B |
| Share capital | $736.0M | $766.0M | $793.0M | $842.0M |
| Treasury shares | -49.0M | -33.0M | -25.0M | -52.0M |
| Reserves | $40.9B | $41.3B | $41.0B | $51.1B |
| Equity attributable to Novartis AG shareholders | $41.5B | $42.0B | $41.7B | $51.8B |
| Non-controlling interests | $404.0M | $69.0M | $169.0M | $84.0M |
| Total equity | $41.9B | $42.1B | $41.9B | $51.9B |
| Financial debts | $37.5B | $22.5B | $19.7B | $18.3B |
| Lease liabilities | $1.7B | $1.6B | $1.6B | $1.5B |
| Deferred tax liabilities | $5.3B | $2.3B | $2.5B | $2.5B |
| Provisions and other non-current liabilities | $3.9B | $4.2B | $4.3B | $4.8B |
| Total non-current liabilities | $48.3B | $30.6B | $28.0B | $27.1B |
| Trade payables | $4.3B | $4.5B | $4.1B | $5.3B |
| Financial debts and derivative financial instruments | $9.6B | $8.3B | $7.5B | $8.3B |
| Lease liabilities | $274.0M | $259.0M | $232.0M | $247.0M |
| Current income tax liabilities | $2.3B | $2.8B | $1.9B | $2.7B |
| Provisions and other current liabilities | $15.3B | $15.8B | $13.8B | $15.3B |
| Total current liabilities | $31.7B | $31.7B | $27.6B | $31.9B |
| Total liabilities | $80.1B | $62.3B | $55.6B | $59.0B |
| Total equity and liabilities | $122.0B | $104.4B | $97.5B | $111.0B |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Net income from continuing operations | $14.0B | $11.9B | $8.6B | — |
| Reversal of non-cash items and other adjustments | $11.2B | $10.2B | $10.4B | $11.5B |
| Dividends received from associated companies and others | $1.0M | $1.0M | $2.0M | $1.0M |
| Interest received | $310.0M | $489.0M | $645.0M | $254.0M |
| Interest paid | ($981.0M) | ($855.0M) | ($751.0M) | ($696.0M) |
| Other financial receipts | $266.0M | — | $90.0M | $71.0M |
| Other financial payments | ($26.0M) | ($116.0M) | ($17.0M) | ($32.0M) |
| Income taxes paid | ($2.6B) | ($2.3B) | ($2.8B) | ($2.0B) |
| Net cash flows from operating activities from continuing operations before working capital and provision changes | $22.2B | $19.4B | $16.1B | $16.1B |
| Payments out of provisions and other net cash movements in non-current liabilities | ($1.5B) | ($1.1B) | ($1.5B) | ($885.0M) |
| Changes in working capital and other operating cash flow items | ($1.6B) | ($706.0M) | ($369.0M) | ($1.0B) |
| Net cash flows from operating activities from continuing operations | $19.1B | $17.6B | $14.2B | — |
| Total net cash flows from operating activities | $19.1B | $17.6B | $14.5B | $14.2B |
| Purchases of property, plant and equipment | ($1.5B) | ($1.4B) | ($1.1B) | ($1.2B) |
| Proceeds from sale of property, plant and equipment | $13.0M | $86.0M | $237.0M | $167.0M |
| Purchases of intangible assets | ($2.4B) | ($2.4B) | ($1.7B) | ($1.5B) |
| Proceeds from sale of intangible assets | $164.0M | $80.0M | $2.0B | $202.0M |
| Purchases of financial assets | ($116.0M) | ($193.0M) | ($106.0M) | ($121.0M) |
| Proceeds from sale of financial assets | $209.0M | $957.0M | $348.0M | $133.0M |
| Acquisitions of businesses | ($147.0M) | — | — | — |
| Acquisitions applying the optional concentration test | ($2.8B) | — | — | — |
| Divestments of businesses, net | ($88.0M) | — | — | — |
| Investments in time deposits and marketable securities | ($187.0M) | ($3.5B) | ($641.0M) | ($34.7B) |
| Proceeds from time deposits and from sale of marketable securities and commodities | $2.0B | $2.7B | $11.2B | $39.4B |
| Other investing cash flows, net | ($24.0M) | — | — | — |
| Net cash flows (used in)/(from) investing activities from continuing operations | ($4.9B) | ($7.5B) | $6.7B | $1.5B |
| Total net cash flows (used in)/from investing activities | ($4.9B) | ($7.5B) | $5.6B | $1.5B |
| Dividends paid to shareholders of Novartis AG | ($7.8B) | ($7.6B) | ($7.3B) | ($7.5B) |
| Purchases of treasury shares | -9.2B | -8.3B | -8.7B | -10.7B |
| Proceeds from exercised options and other treasury share transactions, net | $27.0M | $30.0M | $153.0M | $100.0M |
| Proceeds from non-current financial debts | $6.1B | $6.1B | — | $16.0M |
| Repayments of the current portion of non-current financial debts | ($3.4B) | ($2.2B) | ($2.2B) | ($2.6B) |
| Change in current financial debts | $5.0M | $958.0M | $546.0M | $295.0M |
| Payments of lease liabilities | ($281.0M) | ($262.0M) | ($258.0M) | ($295.0M) |
| Payments from changes in ownership interests in consolidated subsidiaries | ($91.0M) | ($293.0M) | — | — |
| Other financing cash flows, net | ($203.0M) | $86.0M | $192.0M | $55.0M |
| Net cash flows used in financing activities from continuing operations | ($14.9B) | ($11.7B) | ($17.6B) | ($20.6B) |
| Total net cash flows used in financing activities | ($14.9B) | ($11.7B) | ($14.3B) | ($20.6B) |
| Net change in cash and cash equivalents before effect of exchange rate changes | ($600.0M) | ($1.6B) | $5.8B | ($4.9B) |
| Effect of exchange rate changes on cash and cash equivalents | $576.0M | ($298.0M) | $100.0M | ($32.0M) |
| Net change in cash and cash equivalents | ($24.0M) | ($1.9B) | $5.9B | ($4.9B) |
| Cash and cash equivalents at beginning of period | $11.5B | $13.4B | $7.5B | $12.4B |
| Cash and cash equivalents at end of period | $11.4B | $11.5B | $13.4B | $7.5B |
| Line item | Jun 30, 2026 · YTD | Jun 30, 2025 · YTD | Jun 30, 2024 · YTD | Jun 30, 2023 · YTD |
|---|---|---|---|---|
| Net income | $6.4B | $7.6B | — | $4.6B |
| Reversal of non-cash items and other adjustments | $5.9B | $5.7B | $4.9B | $5.9B |
| Dividends received from associated companies and others | $1.0M | $1.0M | $1.0M | $5.0M |
| Interest received | $127.0M | $161.0M | $235.0M | $374.0M |
| Interest paid | ($540.0M) | ($480.0M) | ($402.0M) | ($353.0M) |
| Other financial payments | ($53.0M) | ($13.0M) | ($94.0M) | ($11.0M) |
| Income taxes paid | ($1.2B) | ($1.2B) | ($1.0B) | ($1.4B) |
| Net cash flows from operating activities before working capital and provision changes | $10.6B | $12.2B | $9.5B | $9.2B |
| Payments out of provisions and other net cash movements in non-current liabilities | ($518.0M) | ($516.0M) | ($631.0M) | ($966.0M) |
| Changes in working capital and other operating cash flow items | ($555.0M) | ($1.3B) | ($1.8B) | ($1.7B) |
| Net cash flows from operating activities | $9.6B | $10.3B | $7.1B | $6.5B |
| Purchases of property, plant and equipment | ($667.0M) | ($585.0M) | ($487.0M) | ($538.0M) |
| Proceeds from sale of property, plant and equipment | $31.0M | $11.0M | $38.0M | $39.0M |
| Purchases of intangible assets | ($898.0M) | ($1.5B) | ($1.4B) | ($928.0M) |
| Purchases of financial assets | ($40.0M) | ($40.0M) | ($92.0M) | ($69.0M) |
| Proceeds from sale of financial assets | $86.0M | $45.0M | $710.0M | $111.0M |
| Acquisitions of businesses | ($11.7B) | — | — | — |
| Acquisitions applying the optional concentration test | ($2.7B) | — | — | — |
| Divestments of businesses, net | $60.0M | — | — | — |
| Investments in time deposits and marketable securities | ($60.0M) | ($73.0M) | ($240.0M) | ($69.0M) |
| Proceeds from time deposits and from sale of marketable securities | $856.0M | $1.9B | $936.0M | $11.0B |
| Other investing cash flows, net | $215.0M | — | — | — |
| Net cash flows (used in)/from investing activities | ($14.8B) | ($1.9B) | ($4.1B) | $9.6B |
| Dividends paid to shareholders of Novartis AG | ($9.1B) | ($7.8B) | ($7.6B) | ($7.3B) |
| Purchases of treasury shares | -3.1B | -5.4B | -2.7B | -5.8B |
| Proceeds from exercised options and other treasury share transactions, net | $14.0M | $21.0M | $25.0M | $159.0M |
| Proceeds from non-current financial debts | $12.9B | — | $2.5B | $6.0M |
| Repayments of the current portion of non-current financial debts | ($39.0M) | ($1.6B) | ($2.1B) | — |
| Change in current financial debts | $955.0M | $1.4B | $1.8B | $309.0M |
| Payments of lease liabilities | ($140.0M) | ($135.0M) | ($126.0M) | ($148.0M) |
| Other financing cash flows, net | $11.0M | ($192.0M) | $11.0M | ($67.0M) |
| Net cash flows from/(used in) financing activities | $1.6B | ($13.8B) | ($8.4B) | ($12.8B) |
| Net change in cash and cash equivalents before effect of exchange rate changes | ($3.7B) | ($5.4B) | ($5.3B) | $3.3B |
| Effect of exchange rate changes on cash and cash equivalents | ($95.0M) | $562.0M | ($160.0M) | $106.0M |
| Net change in cash and cash equivalents | ($3.8B) | ($4.8B) | ($5.5B) | $3.4B |
| Cash and cash equivalents at beginning of period | $11.4B | $11.5B | $13.4B | $7.5B |
| Cash and cash equivalents at end of period | $7.6B | $6.7B | $7.9B | $10.9B |
Novartis AG ADR score and earnings-call analysis · All covered companies
Figures as reported in SEC filings. General information, not investment advice.