Novartis AG (NVS) Cash Flow Statement
Where NVS’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $19.24B +9.2% vs 2024
- Capital expenditures
- $1.56B 2.8% of revenue
- Free cash flow
- $17.69B 32.3% margin
- Returned to shareholders
- $17.12B 97% of free cash flow
- Change in cash
- −$24.0M cash at year-end $11.44B
Drawn to scale: where the cash came from and how it was used. Hover for values.
NVS operating cash flow, capex and free cash flow
NVS cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $11.47B2016 | $19.24B2025 | +5.9%/yr | |
| Capital expenditures | $2.88B2016 | $1.56B2025 | −6.6%/yr | |
| Free cash flow | $8.60B2016 | $17.69B2025 | +8.3%/yr | |
| Free cash flow margin | 17.4%2016 | 32.3%2025 | +14.9 pts | |
| Operating cash flow / net income | 1.712016 | 1.372025 | −0.34 | |
| Stock-based compensation | $671.0M2016 | $1.10B2025 | +5.6%/yr | |
| Dividends paid | $6.47B2016 | $7.86B2025 | +2.2%/yr | |
| Share buybacks (net) | $1.11B2016 | $9.26B2025 | +26.6%/yr | |
| Capex / revenue | 5.8%2016 | 2.8%2025 | −3.0 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
NVS cash flow by activity
NVS net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
NVS cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $14.06B | $11.94B | $8.57B | $6.96B | $24.02B | $8.07B | $7.15B | $12.61B | $7.70B | $6.70B |
| Depreciation & amortization | $5.35B | $6.07B | $8.28B | $7.18B | $6.11B | $6.46B | $5.83B | $5.21B | $4.74B | $6.04B |
| Stock-based compensation | $1.10B | $1.04B | $865.0M | $823.0M | $736.0M | $738.0M | $758.0M | $759.0M | $683.0M | $671.0M |
| Change in working capital | −$3.08B | −$706.0M | −$369.0M | −$1.00B | $241.0M | −$291.0M | $199.0M | $499.0M | $244.0M | −$77.0M |
| Other non-cash items | $1.81B | −$727.0M | −$2.89B | $280.0M | −$16.04B | −$1.33B | −$305.0M | −$4.81B | −$745.0M | −$1.86B |
| Cash from operating activities | $19.24B | $17.62B | $14.46B | $14.24B | $15.07B | $13.65B | $13.62B | $14.27B | $12.62B | $11.47B |
| Investing activities | ||||||||||
| Capital expenditures | −$1.56B | −$3.81B | −$2.75B | −$2.67B | −$2.97B | −$2.58B | −$2.26B | −$3.35B | −$2.75B | −$2.88B |
| Investments (net) | $1.87B | −$7.51B | $5.89B | $1.47B | $6.82B | −$13.18B | −$2.23B | −$5.59B | −$3.12B | −$3.44B |
| Acquisitions & other investing | −$5.22B | $3.81B | $2.46B | $2.67B | $364.0M | $2.58B | $2.26B | $3.35B | $2.75B | $2.88B |
| Cash from investing activities | −$4.90B | −$7.51B | $5.60B | $1.47B | $4.21B | −$13.18B | −$2.23B | −$5.59B | −$3.12B | −$3.44B |
| Financing activities | ||||||||||
| Dividends paid | −$7.86B | −$7.62B | −$7.25B | −$7.51B | −$7.37B | −$6.99B | −$6.64B | −$6.97B | −$6.50B | −$6.47B |
| Share repurchases & issuance (net) | −$9.26B | −$8.33B | −$8.72B | −$10.65B | −$3.06B | −$2.84B | −$5.53B | −$2.04B | −$5.49B | −$1.11B |
| Net borrowing (repayment) | $2.43B | $4.39B | −$1.94B | −$2.56B | −$5.99B | $7.07B | −$4.96B | $4.18B | $4.10B | $2.06B |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$255.9M | −$177.0M | $3.63B | $155.0M | $147.0M | $549.0M | $3.51B | $581.0M | $151.0M | $215.0M |
| Cash from financing activities | −$14.94B | −$11.74B | −$14.28B | −$20.56B | −$16.26B | −$2.21B | −$13.63B | −$4.24B | −$7.73B | −$5.31B |
| Summary | ||||||||||
| Net change in cash | −$24.0M | −$1.93B | $5.88B | −$4.89B | $2.75B | −$1.45B | −$2.16B | $4.41B | $1.85B | $2.33B |
| Cash at end of period | $11.44B | $11.46B | $13.39B | $7.52B | $12.41B | $9.66B | $11.11B | $13.27B | $8.86B | $7.01B |
| Free cash flow | $17.69B | $13.80B | $11.71B | $11.56B | $12.10B | $11.06B | $11.37B | $10.92B | $9.88B | $8.60B |
| Free cash flow margin | 32.3% | 26.7% | 25.1% | 26.6% | 27.5% | 22.2% | 23.4% | 23.7% | 22.8% | 17.4% |
| Capex / revenue | 2.8% | 7.4% | 5.9% | 6.1% | 6.8% | 5.2% | 4.6% | 7.3% | 6.3% | 5.8% |
| Operating cash flow / net income | 1.37 | 1.48 | 1.69 | 2.05 | 0.63 | 1.69 | 1.91 | 1.13 | 1.64 | 1.71 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $3.27B | $3.16B | $2.41B | $3.93B | $4.02B | $3.61B | $2.82B | $3.19B | $3.25B | $2.69B | $2.68B | $1.51B |
| Depreciation & amortization | $1.20B | $1.23B | $1.55B | $1.36B | $1.26B | $1.15B | $1.63B | $1.97B | $1.16B | $1.31B | $1.59B | $3.11B |
| Stock-based compensation | $267.0M | $303.0M | $299.0M | $268.0M | $267.0M | $262.0M | $272.0M | $255.0M | $257.0M | $260.0M | $248.0M | $205.0M |
| Change in working capital | −$285.2M | −$787.0M | −$2.29B | $1.34B | $442.0M | −$1.77B | $5.0M | $824.0M | $238.0M | −$1.99B | −$737.0M | $1.18B |
| Other non-cash items | $1.44B | −$224.0M | $287.6M | −$327.0M | $675.0M | $391.0M | −$530.0M | $53.0M | −$28.0M | −$8.0M | −$1.23B | −$629.0M |
| Cash from operating activities | $5.89B | $3.68B | $2.25B | $6.57B | $6.66B | $3.65B | $4.19B | $6.29B | $4.88B | $2.27B | $2.55B | $5.38B |
| Investing activities | ||||||||||||
| Capital expenditures | −$321.1M | −$807.0M | −$610.9M | −$831.0M | −$558.0M | −$1.49B | −$1.13B | −$799.0M | −$728.0M | −$1.16B | −$406.0M | −$683.0M |
| Investments (net) | $90.0M | $1.11B | −$18.0M | −$860.0M | −$2.24B | $330.0M | −$3.03B | −$374.0M | −$3.21B | −$899.0M | −$1.76B | −$2.21B |
| Acquisitions & other investing | −$2.86B | −$12.04B | −$1.48B | $831.0M | $558.0M | $1.49B | $1.13B | $799.0M | $728.0M | $1.16B | $1.05B | $683.0M |
| Cash from investing activities | −$3.09B | −$11.74B | −$2.11B | −$860.0M | −$2.24B | $330.0M | −$3.03B | −$374.0M | −$3.21B | −$899.0M | −$1.11B | −$2.21B |
| Financing activities | ||||||||||||
| Dividends paid | −$2.87B | −$6.20B | −$10.1M | −$29.8M | −$2.48B | −$5.33B | −$7.62B | — | −$2.42B | −$5.21B | −$133.0M | −$1.0M |
| Share repurchases & issuance (net) | −$1.20B | −$1.88B | −$1.48B | −$2.30B | −$2.71B | −$2.72B | −$2.76B | −$2.85B | −$1.62B | −$1.10B | −$1.25B | −$1.62B |
| Net borrowing (repayment) | $2.10B | $11.57B | $3.28B | −$511.0M | $181.0M | −$523.0M | −$106.0M | $2.51B | — | — | — | −$2.70B |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$69.7M | $78.0M | −$82.2M | $53.8M | −$195.0M | $24.0M | $7.50B | −$38.0M | $833.0M | $1.14B | $777.0M | $3.50B |
| Cash from financing activities | −$2.03B | $3.58B | $1.71B | −$2.79B | −$5.21B | −$8.55B | −$3.00B | −$382.0M | −$3.20B | −$5.16B | −$607.0M | −$832.0M |
| Summary | ||||||||||||
| Net change in cash | $739.0M | −$4.56B | $1.88B | $2.90B | −$410.0M | −$4.39B | −$2.15B | $5.71B | −$1.57B | −$3.92B | $988.0M | $1.52B |
| Cash at end of period | $7.62B | $6.88B | $11.44B | $9.56B | $6.66B | $7.07B | $11.46B | $13.61B | $7.90B | $9.47B | $13.39B | $12.40B |
| Free cash flow | $5.57B | $2.87B | $1.64B | $5.74B | $6.11B | $2.15B | $3.06B | $5.49B | $4.15B | $1.11B | $2.14B | $4.70B |
| Free cash flow margin | 38.6% | 21.2% | 12.3% | 40.0% | 41.2% | 15.8% | 22.6% | 41.7% | 32.2% | 9.2% | 18.2% | 38.8% |
| Capex / revenue | 2.2% | 6.0% | 4.6% | 5.8% | 3.8% | 11.0% | 8.3% | 6.1% | 5.7% | 9.5% | 3.4% | 5.6% |
| Operating cash flow / net income | 1.80 | 1.16 | 0.94 | 1.67 | 1.66 | 1.01 | 1.49 | 1.97 | 1.50 | 0.84 | 0.95 | 3.55 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
NVS cash generation
In fiscal 2025 (ended December 31, 2025), Novartis generated $19.2 billion of cash from operations (up 9.2%) and spent $1.6 billion on capital expenditures, leaving free cash flow of $17.7 billion, 32.3% of revenue. It returned $17.1 billion to shareholders through dividends ($7.9 billion) and net share buybacks ($9.3 billion). Cash and equivalents fell by $24.0 million over the year.
Related: NVS income statement, NVS balance sheet, NVS dividend history. See the NVS stock overview for the latest quote and news.
NVS cash flow FAQ
What is Novartis's free cash flow?
Novartis's free cash flow was $17.7 billion in fiscal 2025: $19.2 billion of operating cash flow minus $1.6 billion of capital expenditures It was $13.8 billion a year earlier..
How much cash does Novartis generate from operations?
Novartis generated $19.2 billion of cash from operating activities in fiscal 2025, 1.37 times its net income of $14.1 billion.
How much does Novartis spend on capital expenditures?
Novartis spent $1.6 billion on capital expenditures in fiscal 2025, 2.8% of revenue, compared with $3.8 billion the year before.
How much stock does Novartis buy back?
Novartis spent $9.3 billion on net share repurchases in fiscal 2025.
How much does Novartis pay in dividends?
Novartis paid $7.9 billion in dividends in fiscal 2025, 44.4% of free cash flow.