Novartis AG (TSX:NVS)
Canada · Delayed Price · Currency is CAD 31.89
+0.23 (0.73%)
Oct 30, 2026, 10:32 AM EDT
Novartis AG Cash Flow Statement
Financials in millions USD. Fiscal year is January - December.
Millions USD. Fiscal year is Jan - Dec.
Operating Activities
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Sep '26 Sep 30, 2026 | 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 | 10,031 | 13,984 | 11,941 | 14,850 | 6,955 | 24,021 |
Depreciation & Amortization | 4,874 | 4,744 | 4,599 | 8,183 | 4,994 | 4,949 |
Loss (Gain) From Sale of Assets | -232 | 116 | -74 | -180 | -308 | -646 |
Asset Writedown & Restructuring Costs | 2,885 | 581 | 1,470 | 94 | 1,711 | 648 |
Loss (Gain) From Sale of Investments | -66 | -50 | 45 | 106 | 260 | -14,638 |
Loss (Gain) on Equity Investments | 10 | 12 | 38 | 13 | 11 | -214 |
Stock-Based Compensation | 1,136 | 1,096 | 1,044 | 865 | 791 | 700 |
Other Operating Activities | 2,380 | 1,721 | 369 | -7,808 | 195 | -607 |
Change in Accounts Receivable | -1,024 | -1,124 | -931 | -1,504 | -397 | -352 |
Change in Inventory | 118 | 34 | -225 | -546 | -560 | -102 |
Change in Accounts Payable | -94 | -273 | -105 | 479 | -181 | -111 |
Change in Other Net Operating Assets | -2,693 | -1,697 | -552 | -332 | -432 | -283 |
Operating Cash Flow | 17,325 | 19,144 | 17,619 | 14,458 | 14,236 | 15,071 |
Operating Cash Flow Growth | -17.79% | 8.65% | 21.86% | 1.56% | -5.54% | 10.41% |
Investing Activities
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Sep '26 Sep 30, 2026 | 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 |
Capital Expenditures | -1,668 | -1,548 | -1,366 | -1,060 | -916 | -1,066 |
Sale of Property, Plant & Equipment | 32 | 13 | 86 | 237 | 158 | 211 |
Cash Acquisitions | -16,692 | -2,916 | -4,018 | -3,561 | -832 | -259 |
Divestitures | 93 | -88 | 107 | 3 | -8 | 54 |
Sale (Purchase) of Intangibles | -1,544 | -2,188 | -2,368 | 262 | -1,153 | -804 |
Investment in Securities | 890 | 1,874 | 53 | 10,849 | 4,656 | 6,816 |
Other Investing Activities | 198 | -24 | -7 | -1,134 | -437 | -744 |
Investing Cash Flow | -18,691 | -4,877 | -7,513 | 5,596 | 1,468 | 4,208 |
Financing Activities
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Sep '26 Sep 30, 2026 | 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 |
Short-Term Debt Issued | - | 5 | 958 | 546 | 252 | - |
Long-Term Debt Issued | - | 6,098 | 6,143 | - | - | - |
Total Debt Issued | 18,299 | 6,103 | 7,101 | 546 | 252 | - |
Short-Term Debt Repaid | - | - | -289 | - | - | -3,547 |
Long-Term Debt Repaid | - | -3,673 | -2,422 | -2,481 | -2,837 | -2,440 |
Lease Payments | -280 | -281 | -262 | -258 | -262 | -278 |
Total Debt Repaid | -2,108 | -3,673 | -2,711 | -2,481 | -2,837 | -5,987 |
Net Debt Issued (Repaid) | 16,191 | 2,430 | 4,390 | -1,935 | -2,585 | -5,987 |
Issuance of Common Stock | 18 | 27 | 30 | 153 | 100 | 53 |
Repurchase of Common Stock | -6,252 | -9,212 | -8,331 | -8,719 | -10,652 | -3,057 |
Common Dividends Paid | -9,068 | -7,818 | -7,624 | -7,255 | -7,506 | -7,368 |
Other Financing Activities | -111 | -294 | -207 | 3,478 | 81 | 95 |
Financing Cash Flow | 778 | -14,867 | -11,742 | -14,278 | -20,562 | -16,264 |
Net Cash Flow
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Sep '26 Sep 30, 2026 | 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 |
Foreign Exchange Rate Adjustments | -98 | 576 | -298 | 100 | -32 | -266 |
Net Cash Flow | -686 | -24 | -1,934 | 5,876 | -4,890 | 2,749 |
Free Cash Flow
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Sep '26 Sep 30, 2026 | 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 |
Free Cash Flow | 15,657 | 17,596 | 16,253 | 13,398 | 13,320 | 14,005 |
Free Cash Flow Growth | -20.02% | 8.26% | 21.31% | 0.59% | -4.89% | 13.17% |
Free Cash Flow Margin | 27.29% | 31.05% | 31.42% | 28.71% | 30.65% | 31.85% |
Free Cash Flow Per Share | 8.16 | 9.00 | 7.99 | 6.40 | 6.06 | 6.20 |
Levered Free Cash Flow | 11,266 | 12,115 | 12,038 | 13,676 | 7,311 | 11,774 |
Unlevered Free Cash Flow | 12,252 | 12,830 | 12,667 | 14,210 | 7,811 | 12,266 |
Free Cash Flow After Leases | 15,377 | 17,315 | 15,991 | 13,140 | 13,058 | 13,727 |
Additional Metrics
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Sep '26 Sep 30, 2026 | 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 |
Cash Interest Paid | 1,297 | 981 | 855 | 751 | 667 | 643 |
Cash Income Tax Paid | 2,455 | 2,562 | 2,258 | 2,787 | 1,702 | 1,856 |
Change in Working Capital | -3,693 | -3,060 | -1,813 | -1,903 | -1,570 | -848 |