Novartis AG (NVS) quarterly cash flow statement — complete operating, investing & financing history
Novartis AG (NVS) cash flow statement — 28-year operating, investing & financing cash flows
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 |
|---|
| Cash from Operations | 5.89B | 3.68B | 2.25B | 6.57B | 6.66B | 3.65B | 4.19B | 6.29B | 4.88B | 2.27B | 2.55B | 5.38B | 3.58B | 2.96B | 4.11B | 4.72B | 3.75B | 1.65B | 3.88B | 4.92B |
| Operating CF Margin % | 40.84% | 27.18% | 16.9% | 45.77% | 44.92% | 26.76% | 30.93% | 47.72% | 37.87% | 18.69% | 21.63% | 44.48% | 30.45% | 26.77% | 31.41% | 43.78% | 28.7% | 12.87% | 28.72% | 36.84% |
| Operating CF Growth % | -11.64% | 0.85% | -46.25% | 4.53% | 36.7% | 60.93% | 64.63% | 16.88% | 36.33% | -23.4% | -38.04% | 13.92% | -4.77% | 79.32% | 5.84% | -4.14% | -9.12% | -22.58% | -3.02% | 56.05% |
| 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 | 2.27B | 2.29B | 1.47B | 1.33B | 1.7B | 2.22B | 16.31B | 2.76B |
| Depreciation & Amortization | 1.2B | 1.23B | 1.55B | 1.36B | 1.26B | 1.15B | 1.63B | 1.97B | 1.16B | 1.31B | 1.61B | 3.11B | 1.71B | 2B | 1.95B | 1.92B | 1.8B | 1.41B | 1.52B | 1.45B |
| Stock-Based Compensation | 0 | 303M | 0 | 268M | 267M | 262M | 272M | 255M | 257M | 260M | 0 | 0 | 222M | 190M | 197M | 208M | 204M | 203M | 195M | 173M |
| Deferred Taxes | 0 | 683M | 0 | 266M | 507M | 798M | 465M | 200M | 595M | 441M | -1.88B | 0 | 403M | 446M | 275M | 257M | 347M | 450M | 645M | 472M |
| Other Non-Cash Items | 1.71B | -907M | 586.68M | -593M | 168M | -403M | -995M | -147M | -623M | -449M | 863.44M | -710M | -1.08B | -474M | -360M | 564M | -239M | -617M | -15.96B | -340M |
| Working Capital Changes | -285.19M | -787M | -2.29B | 1.34B | 442M | -1.77B | 5M | 824M | 238M | -1.99B | -737M | 1.47B | 55M | -1.5B | 585M | 447M | -54M | -2.01B | 1.18B | 409M |
| Change in Receivables | -255.64M | -504M | -93.15M | 180M | -167M | -1.04B | 162M | 328M | -501M | -920M | -240M | 11M | -447M | -850M | 463M | -136M | -413M | -496M | 0 | -171M |
| Change in Inventory | 30.24M | -95M | 151.92M | -128M | -44M | 55M | -169M | 90M | -18M | -128M | 33M | 417M | -185M | -620M | -29M | -129M | -194M | -425M | 0 | 98M |
| Change in Payables | -184.3M | -53M | 103.01M | -60M | -143M | -172M | 555M | -109M | -142M | -409M | 564M | -299M | 73M | 87M | 202M | -121M | 11M | -143M | 0 | -98M |
| Cash from Investing | -3.09B | -11.74B | -2.11B | -860M | -2.24B | 330M | -3.03B | -374M | -3.21B | -899M | -1.11B | -2.86B | -1.05B | 10.62B | -1.47B | 5.2B | -11.63B | 9.37B | 4.56B | -1.23B |
| Capital Expenditures | -758.17M | -346M | -1.02B | -354M | -331M | -254M | -558M | -321M | -260M | -227M | -783M | -504M | -225M | -470M | -397M | -221M | -257M | -257M | -460M | -351M |
| CapEx % of Revenue | 5.26% | 2.56% | 7.63% | 2.47% | 2.23% | 1.86% | 4.12% | 2.44% | 2.02% | 1.87% | 6.65% | 4.17% | 1.92% | 4.25% | 3.03% | 2.05% | 1.96% | 2.01% | 3.4% | 2.63% |
| Acquisitions | -2.28B | -12.04B | -1.17B | -160M | -1.68B | 6M | -264M | -50M | -3.33B | -263M | 156M | -3.39B | -86M | -42M | -11M | 6M | -61M | -839M | 20.33B | -17M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 218.48M | -459M | 88.38M | -425M | -226M | -1.24B | -487M | -466M | -411M | -928M | -88M | 787M | -762M | 162M | -142M | -340M | -186M | -503M | -364M | -79M |
| Cash from Financing | -2.03B | 3.58B | 1.71B | -2.79B | -5.21B | -8.55B | -3B | -382M | -3.2B | -5.16B | -607M | -832M | -3.64B | -9.2B | -3.99B | -4.74B | -2.3B | -9.53B | -3.25B | -1.53B |
| Debt Issued (Net) | 2.15B | 11.57B | 3.37B | -511M | 181M | -523M | -106M | 2.51B | 892M | 1.15B | 674M | -443M | -774M | 933M | -1.27B | -2.01B | 331M | 404M | -3.05B | -1.26B |
| Equity Issued (Net) | -1.18B | -1.88B | -1.47B | -2.3B | -2.71B | -2.72B | -2.76B | -2.85B | -1.59B | -1.1B | -1.26B | -1.63B | -2.96B | -2.89B | -2.68B | -2.72B | -2.71B | -2.54B | -148M | -284M |
| Dividends Paid | -2.87B | -6.2B | 10.14M | 29.8M | -2.48B | -5.33B | 0 | 0 | -2.42B | -5.21B | 0 | 0 | 0 | -7.25B | 0 | 0 | 0 | -7.51B | 0 | 0 |
| Share Repurchases | -1.2B | -1.88B | -1.48B | -2.3B | -2.71B | -2.72B | -2.76B | -2.85B | -1.62B | -1.1B | -1.25B | -1.63B | -2.96B | -2.89B | -2.68B | -2.72B | -2.71B | -2.54B | -148M | -284M |
| Other Financing | -134.3M | 78M | -197.52M | -5.8M | -195M | 24M | -128M | -38M | -84M | -11M | -25M | 1.24B | 94M | 6M | -44M | -7M | 81M | 116M | -57M | 10M |
| Net Change in Cash | 739.02M | -4.56B | 1.88B | 2.9B | -410M | -4.39B | -2.15B | 5.71B | -1.57B | -3.92B | 987.97M | 1.52B | -1.11B | 4.48B | -1.21B | 5.1B | -10.23B | 1.45B | 5.2B | 2.09B |
| 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 | 5.26B | 2.68B | 2.49B | 3.46B | 4.25B | 3.17B | 790M | 2.91B | 4.39B |
| FCF Margin % | 38.61% | 21.21% | 12.32% | 39.98% | 41.16% | 15.79% | 22.58% | 41.66% | 32.22% | 9.15% | 18.18% | 43.52% | 22.8% | 22.51% | 26.47% | 39.4% | 24.24% | 6.17% | 21.5% | 32.81% |
| FCF Growth % | -8.83% | 33.38% | -46.35% | 4.61% | 47.24% | 93.96% | 43.02% | 4.28% | 54.85% | -55.41% | -38.19% | 23.84% | -15.57% | 214.81% | 19.16% | -3.12% | -10.27% | -37.89% | -2.52% | 73.43% |
| FCF per Share | 2.91 | 1.50 | 0.85 | 2.96 | 3.12 | 1.09 | 1.53 | 2.71 | 2.03 | 0.54 | 1.04 | 2.54 | 1.28 | 1.17 | 1.61 | 1.95 | 1.43 | 0.35 | 1.29 | 1.95 |
| FCF Conversion (FCF/Net Income) | 1.80x | 1.16x | 0.94x | 1.67x | 1.65x | 1.01x | 1.49x | 1.97x | 1.50x | 0.84x | 0.30x | 3.05x | 1.54x | 1.29x | 2.80x | 3.00x | 2.22x | 0.74x | 0.24x | 1.79x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |