Novartis AG (NVS) Income Statement
NVS 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsNVS revenue and net income
Where NVS's revenue goes
2025Each bar shows an amount and its share of revenue. NVS kept 25.6% of revenue as net income.
NVS profit margins
NVS growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +6.0% | +8.0% | +1.9% | +0.8% |
| Gross profit | +5.7% | +8.9% | +3.4% | +2.2% |
| Operating income | +17.4% | +29.0% | +11.0% | +6.6% |
| Net income | +17.7% | +26.4% | +11.7% | −2.3% |
| EPS (diluted) | +15.0% | +13.6% | +9.2% | +6.2% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
NVS quarterly EPS vs estimates
Novartis beat the analyst EPS estimate in 7 of the last 8 quarters. Next report: October 27, 2026 (estimate $2.25).
NVS income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $54.81B | $51.72B | $46.66B | $43.46B | $43.97B | $49.90B | $48.68B | $46.10B | $43.40B | $49.44B |
| Cost of revenue | $13.69B | $12.83B | $12.47B | $11.58B | $11.73B | $15.12B | $14.43B | $14.51B | $13.63B | $17.52B |
| Gross profit | $41.12B | $38.90B | $34.19B | $31.88B | $32.24B | $34.78B | $34.25B | $31.59B | $29.77B | $31.92B |
| Research & development | $10.74B | $10.02B | $11.37B | $9.17B | $8.64B | $8.98B | $9.40B | $8.49B | $8.39B | $9.04B |
| Sales, general & admin | $13.24B | $12.57B | $14.32B | $14.25B | $14.81B | $14.20B | $14.37B | $16.47B | $2.14B | $14.19B |
| Total operating expenses | $24.05B | $24.35B | $24.42B | $23.93B | $22.18B | $24.62B | $25.17B | $23.19B | $21.07B | $23.65B |
| Operating income | $17.07B | $14.54B | $9.77B | $7.95B | $10.06B | $10.15B | $9.09B | $8.40B | $8.70B | $8.27B |
| Interest income | $1.16B | $568.0M | $627.0M | $379.0M | $14.63B | $91.0M | $36.0M | $5.0M | $418.0M | $440.0M |
| Interest expense | $1.19B | $1.04B | $876.1M | $834.6M | $905.0M | $921.0M | $902.9M | $973.2M | $802.0M | $729.0M |
| Income before taxes | $16.44B | $13.64B | $9.12B | $7.18B | $24.53B | $9.88B | $8.94B | $14.10B | $9.10B | $7.82B |
| Income taxes | $2.40B | $1.70B | $551.0M | $1.13B | $1.62B | $1.81B | $1.79B | $1.29B | $1.60B | $1.12B |
| Net income | $14.06B | $11.94B | $14.85B | $6.96B | $24.02B | $8.07B | $11.73B | $12.61B | $7.70B | $6.71B |
| EBITDA | $22.99B | $20.71B | $18.25B | $14.68B | $30.91B | $17.21B | $15.62B | $20.24B | $14.59B | $14.57B |
| EPS (diluted) | $8.98 | $7.81 | $6.81 | $6.12 | $6.29 | $5.78 | $5.28 | $5.14 | $4.85 | $4.75 |
| Gross margin | 75.0% | 75.2% | 73.3% | 73.4% | 73.3% | 69.7% | 70.4% | 68.5% | 68.6% | 64.6% |
| Operating margin | 31.2% | 28.1% | 20.9% | 18.3% | 22.9% | 20.3% | 18.7% | 18.2% | 20.0% | 16.7% |
| Net margin | 25.6% | 23.1% | 31.8% | 16.0% | 54.6% | 16.2% | 24.1% | 27.4% | 17.7% | 13.6% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $14.42B | $13.52B | $13.33B | $14.36B | $14.84B | $13.62B | $13.56B | $13.17B | $12.87B | $12.12B | $11.78B | $12.09B |
| Cost of revenue | $3.68B | $3.46B | $3.54B | $3.54B | $3.32B | $3.23B | $3.32B | $3.23B | $3.17B | $3.10B | $3.02B | $3.12B |
| Gross profit | $10.74B | $10.06B | $9.79B | $10.82B | $11.51B | $10.39B | $10.23B | $9.94B | $9.70B | $9.02B | $8.75B | $8.97B |
| Research & development | $2.76B | $2.74B | $2.84B | $2.94B | $2.73B | $2.37B | $2.84B | $2.39B | $2.37B | $2.42B | $2.57B | $3.92B |
| Sales, general & admin | $3.24B | $3.14B | $3.44B | $3.31B | $3.44B | $3.06B | $3.50B | $3.13B | $3.09B | $2.84B | $3.44B | $3.09B |
| Total operating expenses | $6.00B | $5.83B | $6.27B | $6.32B | $6.65B | $5.73B | $6.70B | $6.31B | $5.68B | $5.65B | $6.17B | $7.21B |
| Operating income | $4.74B | $4.24B | $3.52B | $4.50B | $4.86B | $4.66B | $3.53B | $3.63B | $4.01B | $3.37B | $2.58B | $1.76B |
| Interest income | — | — | $306.0M | $285.0M | $292.0M | $273.0M | $200.0M | — | — | $6.0M | — | $225.0M |
| Interest expense | $462.3M | $343.0M | $304.0M | $281.0M | $293.6M | $270.2M | $273.1M | $266.9M | $245.6M | $219.7M | $238.9M | $222.0M |
| Income before taxes | $4.27B | $3.84B | $3.22B | $4.20B | $4.53B | $4.41B | $3.29B | $3.38B | $3.84B | $3.13B | $2.38B | $1.55B |
| Income taxes | $1.01B | $683.0M | $813.9M | $266.0M | $507.0M | $798.0M | $465.0M | $200.0M | $595.0M | $441.0M | −$261.0M | $39.0M |
| Net income | $3.27B | $3.16B | $2.41B | $3.93B | $4.04B | $3.61B | $2.82B | $3.19B | $3.25B | $2.69B | $8.48B | $1.76B |
| EBITDA | $5.94B | $5.41B | $5.07B | $5.84B | $6.08B | $5.83B | $5.19B | $5.61B | $5.25B | $4.66B | $4.18B | $4.88B |
| EPS (diluted) | $2.41 | $1.65 | $2.03 | $2.25 | $2.42 | $2.28 | $1.98 | $2.06 | $1.97 | $1.80 | $1.53 | $1.74 |
| Gross margin | 74.5% | 74.4% | 73.4% | 75.4% | 77.6% | 76.3% | 75.5% | 75.4% | 75.3% | 74.5% | 74.3% | 74.2% |
| Operating margin | 32.8% | 31.3% | 26.4% | 31.3% | 32.8% | 34.2% | 26.0% | 27.5% | 31.2% | 27.8% | 21.9% | 14.6% |
| Net margin | 22.7% | 23.3% | 18.1% | 27.4% | 27.2% | 26.5% | 20.8% | 24.2% | 25.2% | 22.2% | 72.0% | 14.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in NVS's financial statements (latest annual report filed February 4, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
NVS financial results
In fiscal year 2025 (ended December 31, 2025), Novartis reported revenue of $54.8 billion, up 6.0% from the year before. It had net income of $14.1 billion (up 17.7%), a net profit margin of 25.6%. Diluted earnings per share came to $8.98. Over five years revenue grew at an average rate of 1.9% a year.
See the NVS stock overview for the latest quote and news, or the NVS chart for price history and technical indicators.
NVS income statement FAQ
What is Novartis's annual revenue?
Novartis reported total revenue of $54.8 billion for fiscal year 2025, which ended on December 31, 2025. That was up 6.0% from $51.7 billion the previous year.
Is Novartis profitable?
Yes. Novartis reported net income of $14.1 billion in fiscal 2025, a net profit margin of 25.6%; its operating margin was 31.2%.
What is Novartis's gross margin?
Novartis's gross margin was 75.0% in fiscal 2025: for every $100 of revenue, Novartis kept $75 after the direct cost of its products and services.
How much does Novartis spend on research and development?
Novartis spent $10.7 billion on research and development in fiscal 2025, 19.6% of revenue.
How fast is Novartis growing?
Revenue grew 1.9% a year on average over the last five fiscal years, from $49.9 billion to $54.8 billion.
What are Novartis's earnings per share?
Novartis earned $8.98 per diluted share in fiscal 2025, compared with $7.81 a year earlier.
When will Novartis report its next earnings?
Novartis is expected to report results for the quarter ending September 30, 2026 on October 27, 2026 before the market opens.
When does Novartis's fiscal year end?
Novartis's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 4, 2026.