Novartis AG Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	13,967	11,939	8,572	6,049	22,905
Other Adjustments	8,237	-2,739	7,551	7,786	-9,467
Changes in Other Operating Activities	-1,577	-706	-131	401	1,633
Operating Cash Flow	19,144	8,494	14,458	14,236	15,071
Operating Cash Flow Growth	125.38%	-41.25%	1.56%	-5.54%	10.41%
Capital Expenditures	-	-	-	-916	-1,066
Sale of Property, Plant & Equipment	-	-	-	158	211
Purchases of Intangible Assets	-	-	-	-1,323	-1,490
Proceeds from Sale of Intangible Assets	-	-	-	170	686
Purchases of Investments	-	-	-	-34,810	-16,591
Proceeds from Sale of Investments	-	-	-	39,490	2,738
Payments for Business Acquisitions	-2,916	-4,018	-3,561	-840	-205
Other Investing Activities	-112	100	-1,131	-460	19,925
Investing Cash Flow	-4,877	-3,918	5,596	1,468	4,208
Short-Term Debt Issued	-	-	-	252	-3,547
Short-Term Debt Repaid	-	-289	-	-	-
Net Short-Term Debt Issued (Repaid)	-	-289	-	252	-3,547
Long-Term Debt Repaid	-3,392	-2,160	-2,223	-2,575	-2,162
Net Long-Term Debt Issued (Repaid)	-3,392	-2,160	-2,223	-2,575	-2,162
Issuance of Common Stock	27	30	153	100	53
Repurchase of Common Stock	-9,212	-8,331	-8,719	-10,652	-3,057
Net Common Stock Issued (Repurchased)	-9,185	-8,301	-8,566	-10,552	-3,004
Common Dividends Paid	-	-	-	-7,506	-7,368
Other Financing Activities	-575	-469	3,220	-181	-183
Financing Cash Flow	-14,867	-11,219	-14,278	-20,562	-16,264
Effect of Exchange Rate Changes on Cash and Cash Equivalents	576	-	100	-32	-266
Net Cash Flow	-24	-1,934	5,876	-4,890	2,749
Free Cash Flow	19,144	8,494	14,458	13,320	14,005
Free Cash Flow Growth	125.38%	-41.25%	8.54%	-4.89%	13.17%
FCF Margin	33.78%	16.42%	30.99%	30.65%	31.85%
Free Cash Flow Per Share	9.79	4.17	6.91	6.06	6.20
Levered Free Cash Flow	9,015	8,786	12,496	4,117	18,879
Unlevered Free Cash Flow	13,494	12,024	9,048	6,182	9,957

Updated Dec 31, 2025. Data Source: Fiscal.ai. Standard template. Financial Sources.