Novartis AG (NVS)

Novartis AG Cash Flow Statement

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

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar 31, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Net Income	13,514	13,967	11,939	8,572	6,049	22,905
Depreciation & Amortization	5,288	-	6,114	8,383	6,965	5,559
Stock-Based Compensation	1,137	-	1,044	865	791	700
Other Adjustments	-168	-4,475	-772	-3,231	30	-15,726
Change in Receivables	-585	-	-931	-1,504	-397	-352
Changes in Inventories	-116	-	-225	-546	-560	-102
Changes in Accounts Payable	-154	-	-105	479	-181	-111
Changes in Accrued Expenses	431	-	1,057	1,327	426	671
Changes in Other Operating Activities	-768	-1,577	-1,208	-494	-880	-252
Operating Cash Flow	19,175	19,144	17,619	14,458	14,236	15,071
Operating Cash Flow Growth	0.93%	8.65%	21.86%	1.56%	-5.54%	10.41%
Capital Expenditures	-1,640	-1,548	-1,366	-1,060	-916	-1,066
Sale of Property, Plant & Equipment	8	13	86	237	158	211
Purchases of Intangible Assets	-1,573	-2,352	-2,448	-1,693	-1,323	-1,490
Proceeds from Sale of Intangible Assets	164	164	80	1,955	170	686
Purchases of Investments	-303	-303	-3,648	-747	-34,811	-16,591
Proceeds from Sale of Investments	1,467	2,177	3,701	11,596	39,490	2,742
Payments for Business Acquisitions	-14,968	-2,916	-4,018	-3,561	-840	-205
Proceeds from Business Divestments	-75	-88	107	3	-	-
Other Investing Activities	-23	-24	-7	-1,134	-460	19,977
Investing Cash Flow	-16,943	-4,877	-7,513	5,596	1,468	4,208
Short-Term Debt Issued	196	5	958	546	252	-3,547
Net Short-Term Debt Issued (Repaid)	196	5	958	546	252	-3,547
Long-Term Debt Issued	17,016	6,098	6,143	-	-	-
Long-Term Debt Repaid	-2,401	-3,392	-2,160	-2,223	-2,575	-2,162
Net Long-Term Debt Issued (Repaid)	14,615	2,706	3,983	-2,223	-2,575	-2,162
Issuance of Common Stock	26	27	30	153	100	53
Repurchase of Common Stock	-8,371	-9,212	-8,331	-8,719	-10,652	-3,057
Net Common Stock Issued (Repurchased)	-8,345	-9,185	-8,301	-8,566	-10,552	-3,004
Common Dividends Paid	-8,682	-7,818	-7,624	-7,255	-7,506	-7,368
Other Financing Activities	-524	-575	-758	3,220	-181	-180
Financing Cash Flow	-2,740	-14,867	-11,742	-14,278	-20,562	-16,264
Effect of Exchange Rate Changes on Cash and Cash Equivalents	319	576	-298	100	-32	-266
Net Cash Flow	-189	-24	-1,934	5,876	-4,890	2,749
Free Cash Flow	17,535	17,596	16,253	13,398	13,320	14,005
Free Cash Flow Growth	-0.35%	8.26%	21.31%	0.59%	-4.89%	13.17%
FCF Margin	30.99%	31.05%	31.42%	28.71%	30.65%	31.85%
Free Cash Flow Per Share	9.06	9.00	7.99	6.40	6.06	6.20
Levered Free Cash Flow	31,386	13,570	21,149	21,262	9,486	23,011
Unlevered Free Cash Flow	17,781	11,946	16,997	17,268	11,551	14,089

Updated Apr 28, 2026. Data Source: Fiscal.ai. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q