Novartis AG (NVS) annual results, year to 31 December 2025: revenue USD 54,532 million, from the 20-F
Novartis AG files a 20-F with the SEC once a year, in US dollars. In the year to 31 December 2025 it reported revenue from the sale of goods of USD 54,532 million, up 8.4% on the year before. Its profit attributable to shareholders was USD 13,984 million, up 17.1%, and diluted earnings per share USD 7.15.
The year to 31 December 2025, against the year before
| Year to | Dec 2024 | Dec 2025 |
|---|---|---|
| Revenue from the sale of goods | 50,317 | 54,532 |
| Cost of sales | 12,827 | 13,699 |
| Gross profit | 38,895 | 42,975 |
| Research and development | 10,022 | 11,200 |
| Selling, general and administrative | 12,566 | 13,248 |
| Operating profit | 14,544 | 17,644 |
| Profit before tax | 13,640 | 16,352 |
| Income tax | 1,701 | 2,385 |
| Profit for the year | 11,939 | 13,967 |
| Profit attributable to shareholders | 11,941 | 13,984 |
| Filing | 20-F | 20-F |
USD million, from the 20-F on the SEC's EDGAR, linked in the last row, on the IFRS tags the company filed. A line the company does not file under the standard tag is left out rather than estimated.
USD per ordinary share, as filed.
Cash flow
| Year to | Dec 2024 | Dec 2025 |
|---|---|---|
| Cash from operations | 17,619 | 19,144 |
| Purchase of property, plant and equipment | 1,366 | 1,548 |
| Free cash flow | 16,253 | 17,596 |
| Dividends paid | 7,624 | 7,818 |
| Filing | 20-F | 20-F |
USD million. Free cash flow is cash from operations less the purchase of property, plant and equipment, arithmetic on the two filed lines.
Balance sheet at year end
| Year to | Dec 2024 | Dec 2025 |
|---|---|---|
| Total assets | 102,246 | 110,949 |
| Equity attributable to shareholders | 44,046 | 46,130 |
| Cash and cash equivalents | 11,459 | 11,435 |
| Borrowings, as filed | 24,722 | 28,729 |
| Lease liabilities | 1,803 | 1,920 |
| Inventories | 5,723 | 6,269 |
| Goodwill | 24,756 | 25,567 |
| Filing | 20-F | 20-F |
USD million, at each fiscal year end.
Ratios on the filed lines
| Year to | Dec 2024 | Dec 2025 |
|---|---|---|
| Return on year-end equity | 27.1% | 30.3% |
| Effective tax rate | 12.5% | 14.6% |
| Filing | 20-F | 20-F |
Arithmetic on the filed lines of the same year.
Every annual report here
- Year to 31 December 2025, this page
- Year to 31 December 2024
- Year to 31 December 2023
- Year to 31 December 2022
- Year to 31 December 2021
- Year to 31 December 2020
- Year to 31 December 2019
- Year to 31 December 2018
- Year to 31 December 2017
- Year to 31 December 2016
Source
20-F for the year to 31 December 2025, filed 4 February 2026, accession 0001114448-26-000004: the filing on EDGAR. All of Novartis AG's filings: EDGAR company page. The figures are in US dollars as filed.
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