Novartis AG (NVS)

Novartis AG Cash Flow Statement

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

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Net Income	13,984	11,941	14,850	6,955	24,021
Depreciation & Amortization	-	4,599	5,135	4,994	4,949
Loss (Gain) From Sale of Assets	-	-74	-180	-308	-646
Asset Writedown & Restructuring Costs	-	1,470	3,142	1,711	648
Loss (Gain) From Sale of Investments	-	45	106	260	-14,638
Loss (Gain) on Equity Investments	1	38	13	11	-214
Stock-Based Compensation	-	1,044	865	791	700
Other Operating Activities	8,219	369	-7,808	195	-607
Change in Accounts Receivable	-	-931	-1,504	-397	-352
Change in Inventory	-	-225	-546	-560	-102
Change in Accounts Payable	-	-105	479	-181	-111
Change in Other Net Operating Assets	-3,060	-552	-332	-432	-283
Operating Cash Flow	19,144	17,619	14,458	14,236	15,071
Operating Cash Flow Growth	8.65%	21.86%	1.56%	-5.54%	10.41%
Capital Expenditures	-1,548	-1,366	-1,060	-916	-1,066
Sale of Property, Plant & Equipment	13	86	237	158	211
Cash Acquisitions	-147	-4,018	-3,561	-832	-259
Divestitures	-88	107	3	-8	54
Sale (Purchase) of Intangibles	-2,188	-2,368	262	-1,153	-804
Investment in Securities	1,850	43	10,838	4,656	6,816
Other Investing Activities	-2,769	3	-1,123	-437	-744
Investing Cash Flow	-4,877	-7,513	5,596	1,468	4,208
Short-Term Debt Issued	5	958	546	252	-
Long-Term Debt Issued	6,098	6,143	-	-	-
Total Debt Issued	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
Total Debt Repaid	-3,673	-2,711	-2,481	-2,837	-5,987
Net Debt Issued (Repaid)	2,430	4,390	-1,935	-2,585	-5,987
Issuance of Common Stock	27	30	153	100	53
Repurchase of Common Stock	-9,212	-8,331	-8,719	-10,652	-3,057
Common Dividends Paid	-7,818	-7,624	-7,255	-7,506	-7,368
Other Financing Activities	-294	-207	3,478	81	95
Financing Cash Flow	-14,867	-11,742	-14,278	-20,562	-16,264
Foreign Exchange Rate Adjustments	576	-298	100	-32	-266
Net Cash Flow	-24	-1,934	5,876	-4,890	2,749
Free Cash Flow	17,596	16,253	13,398	13,320	14,005
Free Cash Flow Growth	8.26%	21.31%	0.59%	-4.89%	13.17%
Free Cash Flow Margin	31.05%	31.42%	28.71%	30.65%	31.85%
Free Cash Flow Per Share	9.00	7.99	6.40	6.06	6.20
Cash Interest Paid	-	855	751	667	643
Cash Income Tax Paid	-	2,258	2,787	1,702	1,856
Levered Free Cash Flow	5,248	12,038	12,133	7,311	11,774
Unlevered Free Cash Flow	5,963	12,667	12,667	7,811	12,266
Change in Working Capital	-3,060	-1,813	-1,903	-1,570	-848

Updated Feb 4, 2026. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q