What is Novartis's earnings per share (EPS)?

Novartis (NVSEF) reported diluted earnings per share of $7.15 for fiscal year 2025. This represents a 21.8% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Novartis (NVSEF) Financials

NVSEF

FY2025 annual

Net Income $14.0B +17.0% YoY

EPS (Diluted) $7.15 +21.8% YoY

Free Cash Flow $17.6B +8.3% YoY

Operating Cash Flow $19.1B +8.7% YoY

Source SEC Filings (10-K/10-Q) Latest period FY2025, ended Dec 31, 2025 Reported Feb 4, 2026 Currency USD FYE December

Newest figures come from the 10-K for FY2025, filed Feb 4, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the NVSEF SEC filings page.

This page shows Novartis (NVSEF) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 11 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial health score not available

Novartis does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.

Piotroski F-Score Partial

7/7

Novartis passes 7 of 7 computable financial strength tests (2 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), all 3 leverage/liquidity signals pass.

Earnings Quality Cash-Backed

1.37x

For every $1 of reported earnings, Novartis generates $1.37 in operating cash flow ($19.1B OCF vs $14.0B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

None of these metrics is reported for Q4 2025.

Cash & Balance Sheet

Cash & Debt

$11.4B

YoY-0.2%

QoQ+71.8%

Novartis held $11.4B in cash against $1.7B in long-term debt as of Q4 2025, with $27.3B of liabilities due within a year.

Shares Outstanding

1.91B

YoY-3.4%

Novartis had 1.91B shares outstanding in Q4 2025. This represents a decrease of 3.4% from the same quarter a year earlier.

Free Cash Flow

Not reported for Q4 2025.

Dividends Per Share

Not reported for Q4 2025.

Margins & Returns

None of these metrics is reported for Q4 2025.

Capital Allocation

None of these metrics is reported for Q4 2025.

NVSEF Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

NVSEF quarterly income statement

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K
Interest Expense	$76.0M+5.6%	$72.0M+16.1%	$62.0M+8.8%	$57.0M-3.4%	$59.0M-11.9%	$67.0M+1.5%	$66.0M	N/A	N/A	N/A	N/A
Income Tax	$2.4B+40.2%	$1.7B+208.7%	$551.0M-51.2%	$1.1B-30.6%	$1.6B-10.1%	$1.8B+0.8%	$1.8B+38.5%	$1.3B-19.2%	$1.6B+43.3%	$1.1B+1.2%	$1.1B
Net Income	$14.0B+17.0%	$11.9B-19.6%	$14.9B+113.6%	$7.0B-71.0%	$24.0B+197.6%	$8.1B-31.2%	$11.7B-7.0%	$12.6B+63.8%	$7.7B+15.0%	$6.7B-62.4%	$17.8B
EPS (Basic)	$7.21+21.8%	$5.92+43.3%	$4.13+49.1%	$2.77-72.9%	$10.22+187.9%	$3.55+13.8%	$3.12-43.5%	$5.52+72.5%	$3.20+13.5%	$2.82-3.4%	$2.92
EPS (Diluted)	$7.15+21.8%	$5.87	$4.10+48.6%	$2.76-72.8%	$10.14+188.1%	$3.52	$3.08	$5.46+72.2%	$3.17+13.2%	$2.80	$2.88
Diluted Shares (Avg)	1.96B-3.9%	2.04B	2.09B-4.8%	2.20B-2.8%	2.26B-1.6%	2.30B	2.32B	2.34B-1.1%	2.37B-1.2%	2.40B	2.44B

Metric	Q4'2510-K	Q2'2510-Q	Q4'2410-K	Q2'2410-Q	Q4'2310-K	Q2'2310-Q	Q4'2210-K	Q2'2210-Q
Income Tax	N/A	$507.0M-14.8%	N/A	$595.0M+47.6%	N/A	$403.0M+16.1%	N/A	$347.0M-43.2%
Net Income	N/A	$4.0B+24.0%	N/A	$3.2B+40.1%	N/A	$2.3B+36.7%	N/A	$1.7B-41.5%
EPS (Basic)	N/A	N/A	N/A	$1.60+46.8%	N/A	$1.09	N/A	N/A
EPS (Diluted)	N/A	N/A	N/A	$1.59+45.9%	N/A	$1.09	N/A	N/A
Diluted Shares (Avg)	N/A	1.96B-4.2%	N/A	2.05B-2.3%	N/A	2.10B-5.2%	N/A	2.21B-2.1%

Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, EBITDA, Interest Expense.

NVSEF Balance Sheet

NVSEF quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K
Total Assets	$110.9B+8.5%	$102.2B+2.3%	$99.9B-14.9%	$117.5B-10.9%	$131.8B+3.1%	$127.8B+7.9%	$118.4B-18.7%	$145.6B+9.4%	$133.1B+2.3%	$130.1B	N/A
Current Assets	$30.5B+2.5%	$29.7B-2.5%	$30.5B-17.4%	$36.9B-19.3%	$45.7B+54.1%	$29.7B+0.6%	$29.5B-17.0%	$35.6B+26.1%	$28.2B+13.1%	$24.9B	N/A
Cash & Equivalents	$11.4B-0.2%	$11.5B-14.4%	$13.4B+78.2%	$7.5B-39.4%	$12.4B+28.5%	$9.7B-13.1%	$11.1B-16.3%	$13.3B+49.8%	$8.9B+26.4%	$7.0B+49.9%	$4.7B
Inventory	$6.3B+9.5%	$5.7B-3.2%	$5.9B-17.6%	$7.2B+7.6%	$6.7B-6.5%	$7.1B+19.2%	$6.0B-14.0%	$7.0B+1.3%	$6.9B+9.8%	$6.3B	N/A
Goodwill	$25.6B+3.3%	$24.8B+6.1%	$23.3B-20.3%	$29.3B-1.0%	$29.6B-1.3%	$30.0B+13.1%	$26.5B-24.8%	$35.3B+11.2%	$31.8B+2.5%	$31.0B	N/A
Total Liabilities	$64.4B+10.8%	$58.1B+9.3%	$53.2B-8.3%	$58.0B-9.3%	$64.0B-10.0%	$71.1B+13.2%	$62.8B-6.1%	$66.9B+13.6%	$58.9B+6.6%	$55.2B	N/A
Current Liabilities	$27.3B-4.9%	$28.7B+8.7%	$26.4B-7.9%	$28.7B-5.1%	$30.2B-8.6%	$33.1B+17.0%	$28.3B-4.5%	$29.6B+26.5%	$23.4B+5.4%	$22.2B	N/A
Non-Current Liabilities	$37.1B+26.1%	$29.4B+9.8%	$26.8B-8.7%	$29.4B-13.0%	$33.8B-11.3%	$38.1B+10.1%	$34.6B-7.3%	$37.3B+5.1%	$35.4B+7.3%	$33.0B	N/A
Long-Term Debt	$1.7B+5.7%	$1.6B-1.9%	$1.6B+3.9%	$1.5B-5.1%	$1.6B-5.7%	$1.7B+0.9%	$1.7B-93.4%	$25.7B+8.8%	$23.6B+30.5%	$18.1B	N/A
Total Equity	$46.5B+5.5%	$44.1B-5.6%	$46.8B-21.3%	$59.4B-12.4%	$67.8B+19.7%	$56.7B+2.0%	$55.6B-29.4%	$78.7B+6.0%	$74.2B-0.9%	$74.9B-2.9%	$77.1B

Metric	Q4'2510-K	Q2'2510-Q	Q4'2410-K	Q2'2410-Q	Q4'2310-K	Q2'2310-Q	Q4'2210-K	Q2'2210-Q
Total Assets	$110.9B+8.5%	$104.4B+7.1%	$102.2B+2.3%	$97.5B-12.1%	$99.9B-14.9%	$111.0B-9.7%	$117.5B-10.9%	$122.9B-0.9%
Current Assets	$30.5B+2.5%	$25.9B+1.0%	$29.7B-2.5%	$25.7B-23.3%	$30.5B-17.4%	$33.5B-12.2%	$36.9B-19.3%	$38.1B+60.2%
Cash & Equivalents	$11.4B-0.2%	$6.7B-15.8%	$11.5B-14.4%	$7.9B-27.4%	$13.4B+78.2%	$10.9B+200.3%	$7.5B-39.4%	$3.6B-29.2%
Inventory	$6.3B+9.5%	$6.3B+9.7%	$5.7B-3.2%	$5.7B-30.2%	$5.9B-17.6%	$8.2B+19.6%	$7.2B+7.6%	$6.9B-3.2%
Goodwill	$25.6B+3.3%	$25.6B+1.3%	$24.8B+6.1%	$25.2B-14.5%	$23.3B-20.3%	$29.5B+1.4%	$29.3B-1.0%	$29.1B-2.2%
Total Liabilities	$64.4B+10.8%	$62.3B+12.1%	$58.1B+9.3%	$55.6B-5.8%	$53.2B-8.3%	$59.0B-1.4%	$58.0B-9.3%	$59.9B-14.3%
Current Liabilities	$27.3B-4.9%	$31.7B+14.9%	$28.7B+8.7%	$27.6B-13.5%	$26.4B-7.9%	$31.9B+15.4%	$28.7B-5.1%	$27.6B-6.7%
Non-Current Liabilities	$37.1B+26.1%	$30.6B+9.4%	$29.4B+9.8%	$28.0B+3.1%	$26.8B-8.7%	$27.1B-15.9%	$29.4B-13.0%	$32.3B-19.9%
Long-Term Debt	$1.7B+5.7%	$1.6B+2.2%	$1.6B-1.9%	$1.6B+1.0%	$1.6B+3.9%	$1.5B-0.5%	$1.5B-5.1%	$1.6B-6.7%
Total Equity	$46.5B+5.5%	$42.1B+0.4%	$44.1B-5.6%	$41.9B-19.3%	$46.8B-21.3%	$51.9B-17.6%	$59.4B-12.4%	$63.0B+16.4%

Not reported in any period shown, so not listed: Short-Term Investments, Accounts Receivable, Long-Term Investments, Retained Earnings.

NVSEF Cash Flow Statement

NVSEF quarterly cash flow statement

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K
Operating Cash Flow	$19.1B+8.7%	$17.6B+21.9%	$14.5B+1.6%	$14.2B-5.5%	$15.1B+10.4%	$13.7B+0.2%	$13.6B-4.5%	$14.3B+13.1%	$12.6B+10.0%	$11.5B-3.5%	$11.9B
Capital Expenditures	$1.5B+13.3%	$1.4B+28.9%	$1.1B+15.7%	$916.0M-14.1%	$1.1B-16.4%	$1.3B-7.5%	$1.4B+10.0%	$1.3B-5.4%	$1.3B-28.8%	$1.9B-21.3%	$2.4B
Free Cash Flow	$17.6B+8.3%	$16.3B+21.3%	$13.4B+0.6%	$13.3B-4.9%	$14.0B+13.2%	$12.4B+1.1%	$12.2B-5.9%	$13.0B+15.2%	$11.3B+17.5%	$9.6B+0.9%	$9.5B
Investing Cash Flow	-$4.9B+35.1%	-$7.5B-234.3%	$5.6B+281.2%	$1.5B-65.1%	$4.2B+131.9%	-$13.2B-492.2%	-$2.2B+60.2%	-$5.6B-79.3%	-$3.1B+9.4%	-$3.4B+68.1%	-$10.8B
Financing Cash Flow	-$14.9B-26.6%	-$11.7B+17.8%	-$14.3B+30.6%	-$20.6B-26.4%	-$16.3B-636.6%	-$2.2B+83.8%	-$13.6B-221.1%	-$4.2B+45.1%	-$7.7B-45.5%	-$5.3B+42.1%	-$9.2B
Dividends Paid	$7.8B+2.5%	$7.6B+5.1%	$7.3B-3.3%	$7.5B+1.9%	$7.4B+5.5%	$7.0B+5.1%	$6.6B-4.6%	$7.0B+7.3%	$6.5B+0.3%	$6.5B-2.5%	$6.6B
Share Buybacks	$9.1B+8.0%	$8.4B-0.8%	$8.5B-21.9%	$10.9B+273.6%	$2.9B-4.5%	$3.1B-44.5%	$5.5B+179.3%	$2.0B-64.6%	$5.6B+461.9%	$992.0M-83.8%	$6.1B

Metric	Q4'2510-K	Q2'2510-Q	Q4'2410-K	Q2'2410-Q	Q4'2310-K	Q2'2310-Q	Q4'2210-K	Q2'2210-Q
Operating Cash Flow	N/A	$6.7B+36.7%	N/A	$4.9B+36.3%	N/A	$3.6B-4.8%	N/A	$3.8B-9.1%
Capital Expenditures	N/A	$331.0M+27.3%	N/A	$260.0M+15.6%	N/A	$225.0M-12.5%	N/A	$257.0M-19.9%
Free Cash Flow	N/A	$6.3B+37.2%	N/A	$4.6B+37.7%	N/A	$3.4B-4.2%	N/A	$3.5B-8.2%
Investing Cash Flow	N/A	-$2.2B+30.1%	N/A	-$3.2B-204.6%	N/A	-$1.1B+90.9%	N/A	-$11.6B-12087.6%
Financing Cash Flow	N/A	-$5.2B-62.9%	N/A	-$3.2B+12.0%	N/A	-$3.6B-58.0%	N/A	-$2.3B+21.7%
Dividends Paid	N/A	$2.5B+2.8%	N/A	$2.4B	N/A	N/A	N/A	N/A
Share Buybacks	N/A	$2.7B+62.5%	N/A	$1.7B-44.5%	N/A	$3.0B+12.2%	N/A	$2.7B+238.3%

Not reported in any period shown, so not listed: Depreciation & Amortization, Stock-Based Compensation.

NVSEF Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

NVSEF quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K
Return on Equity	30.0%+2.9pp	27.1%-4.7pp	31.8%+20.1pp	11.7%-23.7pp	35.4%+21.2pp	14.2%-6.9pp	21.1%+5.1pp	16.0%+5.6pp	10.4%+1.4pp	8.9%-14.1pp	23.1%
Return on Assets	12.6%+0.9pp	11.7%-3.2pp	14.9%+8.9pp	5.9%-12.3pp	18.2%+11.9pp	6.3%-3.6pp	9.9%+1.2pp	8.7%+2.9pp	5.8%+0.6pp	5.1%	N/A
Current Ratio	1.12+0.1x	1.04-0.1x	1.16-0.1x	1.29-0.2x	1.51+0.6x	0.90-0.1x	1.04-0.2x	1.200.0x	1.21+0.1x	1.12	N/A
Debt-to-Equity	0.040.0x	0.040.0x	0.030.0x	0.030.0x	0.020.0x	0.030.0x	0.03-0.3x	0.330.0x	0.32+0.1x	0.24	N/A

Metric	Q4'2510-K	Q2'2510-Q	Q4'2410-K	Q2'2410-Q	Q4'2310-K	Q2'2310-Q	Q4'2210-K	Q2'2210-Q
Return on Equity	N/A	9.6%+1.8pp	N/A	7.8%+3.3pp	N/A	4.5%+1.8pp	N/A	2.7%-2.7pp
Return on Assets	N/A	3.9%+0.5pp	N/A	3.3%+1.2pp	N/A	2.1%+0.7pp	N/A	1.4%-1.0pp
Current Ratio	1.12+0.1x	0.82-0.1x	1.04-0.1x	0.93-0.1x	1.16-0.1x	1.05-0.3x	1.29-0.2x	1.38+0.6x
Debt-to-Equity	0.040.0x	0.040.0x	0.040.0x	0.040.0x	0.030.0x	0.030.0x	0.030.0x	0.020.0x

Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Asset Turnover, FCF Margin.

Where Novartis Ranks

Frequently Asked Questions

Is Novartis profitable?

Yes, Novartis (NVSEF) reported a net income of $14.0B in fiscal year 2025.

How much debt does Novartis have?

As of fiscal year 2025, Novartis (NVSEF) had $11.4B in cash and equivalents against $1.7B in long-term debt.

What is Novartis's return on equity (ROE)?

Novartis (NVSEF) has a return on equity of 30.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Novartis's free cash flow?

Novartis (NVSEF) generated $17.6B in free cash flow during fiscal year 2025. This represents a 8.3% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Novartis's operating cash flow?

Novartis (NVSEF) generated $19.1B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Novartis's total assets?

Novartis (NVSEF) had $110.9B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Novartis's capital expenditures?

Novartis (NVSEF) invested $1.5B in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Does Novartis buy back shares?

Yes, Novartis (NVSEF) spent $9.1B on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Novartis have outstanding?

Novartis (NVSEF) had 1.91B shares outstanding as of fiscal year 2025.

What is Novartis's current ratio?

Novartis (NVSEF) had a current ratio of 1.12 as of fiscal year 2025, which is considered adequate.

What is Novartis's debt-to-equity ratio?

Novartis (NVSEF) had a debt-to-equity ratio of 0.04 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Novartis's return on assets (ROA)?

Novartis (NVSEF) had a return on assets of 12.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Novartis's Piotroski F-Score?

Novartis (NVSEF) has a Piotroski F-Score of 7 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Novartis's earnings high quality?

Novartis (NVSEF) has an earnings quality ratio of 1.37x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.