Novartis AG (NVS) quarterly income statement — complete revenue, gross profit & net income history
| Metric | 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 | Q2'21 |
|---|
| Sales/Revenue | 13.52B | 13.33B | 14.36B | 14.84B | 13.62B | 13.56B | 13.17B | 12.87B | 12.12B | 11.78B | 12.09B | 11.74B | 11.05B | 13.09B | 10.78B | 13.09B | 12.81B | 13.52B | 13.37B | 13.29B |
| Revenue Growth % | -0.7% | -1.64% | 9% | 15.26% | 12.38% | 15.13% | 8.93% | 9.6% | 9.71% | -10.02% | 12.14% | -10.24% | -13.79% | -3.22% | -19.33% | -1.57% | 0.95% | 3.78% | 6.61% | 14.39% |
| Cost of Goods Sold | 3.46B | 3.54B | 3.54B | 3.32B | 3.23B | 3.32B | 3.23B | 3.17B | 3.1B | 3.02B | 3.12B | 3.34B | 2.99B | 4.07B | 2.87B | 3.75B | 3.86B | 3.98B | 3.94B | 3.91B |
| COGS % of Revenue | 25.58% | 26.56% | 24.65% | 22.39% | 23.69% | 24.52% | 24.55% | 24.65% | 25.54% | 25.66% | 25.78% | 28.45% | 27.08% | 31.12% | 26.65% | 28.67% | 30.09% | 29.4% | 29.46% | 29.44% |
| Gross Profit | 10.06B | 9.79B | 10.82B | 11.51B | 10.39B | 10.23B | 9.94B | 9.7B | 9.02B | 8.75B | 8.97B | 8.4B | 8.06B | 9.01B | 7.91B | 9.33B | 8.96B | 9.55B | 9.43B | 9.38B |
| Gross Margin % | 74.42% | 73.44% | 75.35% | 77.61% | 76.31% | 75.48% | 75.45% | 75.35% | 74.46% | 74.34% | 74.22% | 71.55% | 72.92% | 68.88% | 73.35% | 71.33% | 69.91% | 70.6% | 70.54% | 70.56% |
| Gross Profit Growth % | -3.16% | -4.31% | 8.87% | 18.71% | 15.17% | 16.91% | 10.73% | 15.42% | 12.02% | -2.88% | 13.48% | -9.97% | -10.07% | -5.57% | -16.12% | -0.49% | 3.5% | 8.32% | 7.33% | 14.49% |
| Operating Expenses | 5.83B | 6.27B | 6.32B | 6.65B | 5.73B | 6.7B | 6.31B | 5.68B | 5.65B | 6.17B | 7.21B | 5.6B | 5.44B | 7.07B | 6.08B | 7.11B | 6.11B | 6.98B | 6.2B | 5.9B |
| OpEx % of Revenue | 43.11% | 47.04% | 44% | 44.82% | 42.07% | 49.45% | 47.91% | 44.17% | 46.63% | 52.41% | 59.65% | 47.65% | 49.23% | 53.98% | 56.41% | 54.31% | 47.65% | 51.65% | 46.35% | 44.39% |
| Selling, General & Admin | 3.14B | 3.44B | 3.31B | 3.44B | 3.06B | 3.5B | 3.13B | 3.09B | 2.84B | 3.44B | 3.09B | 3.09B | 2.89B | 3.75B | 2.94B | 3.58B | 3.51B | 3.98B | 3.62B | 3.75B |
| SG&A % of Revenue | 23.22% | 25.76% | 23.04% | 23.2% | 22.45% | 25.82% | 23.79% | 24.01% | 23.43% | 29.25% | 25.56% | 26.32% | 26.17% | 28.63% | 27.23% | 27.37% | 27.41% | 29.47% | 27.07% | 28.24% |
| Research & Development | 2.74B | 2.84B | 2.94B | 2.73B | 2.37B | 2.84B | 2.39B | 2.37B | 2.42B | 2.57B | 3.92B | 2.3B | 2.58B | 2.44B | 2.54B | 2.5B | 2.32B | 2.41B | 2.38B | 2.4B |
| R&D % of Revenue | 20.26% | 21.27% | 20.5% | 18.38% | 17.37% | 20.96% | 18.16% | 18.39% | 19.98% | 21.8% | 32.46% | 19.62% | 23.31% | 18.66% | 23.57% | 19.09% | 18.11% | 17.82% | 17.8% | 18.05% |
| Other Operating Expenses | -1000K | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K |
| Operating Income | 4.24B | 3.52B | 4.5B | 4.86B | 4.66B | 3.53B | 3.63B | 4.01B | 3.37B | 2.58B | 1.76B | 2.81B | 2.62B | 1.95B | 1.83B | 2.23B | 2.85B | 2.56B | 3.23B | 3.48B |
| Operating Margin % | 31.31% | 26.4% | 31.35% | 32.79% | 34.24% | 26.04% | 27.54% | 31.18% | 27.83% | 21.93% | 14.57% | 23.9% | 23.7% | 14.89% | 16.93% | 17.03% | 22.26% | 18.95% | 24.19% | 26.17% |
| Operating Income Growth % | -9.18% | -0.26% | 24.1% | 21.18% | 38.24% | 36.72% | 105.85% | 43% | 28.84% | 32.48% | -3.5% | 25.99% | -8.2% | -23.93% | -43.52% | -35.96% | 18.1% | -3.1% | 34.04% | 47.92% |
| EBITDA | 5.46B | 5.07B | 5.87B | 6.12B | 5.82B | 5.16B | 5.59B | 5.18B | 4.69B | 4.17B | 4.87B | 4.51B | 4.49B | 3.9B | 3.74B | 4.03B | 4.26B | 4.08B | 4.69B | 4.92B |
| EBITDA Margin % | 40.39% | 38.03% | 40.85% | 41.25% | 42.71% | 38.04% | 42.45% | 40.21% | 38.67% | 35.41% | 40.3% | 38.44% | 40.63% | 29.78% | 34.69% | 30.8% | 33.22% | 30.18% | 35.06% | 37.03% |
| EBITDA Growth % | -6.09% | -1.67% | 4.88% | 18.24% | 24.11% | 23.69% | 14.75% | 14.64% | 4.43% | 7.01% | 30.26% | 12.03% | 5.43% | -4.51% | -20.17% | -18.14% | 3.53% | -4.22% | 13.02% | 21.41% |
| D&A (Non-Cash Add-back) | 1.23B | 1.55B | 1.36B | 1.26B | 1.15B | 1.63B | 1.97B | 1.16B | 1.31B | 1.59B | 3.11B | 1.71B | 1.87B | 1.95B | 1.92B | 1.8B | 1.41B | 1.52B | 1.45B | 1.44B |
| EBIT | 4.18B | 3.52B | 4.48B | 4.82B | 4.68B | 3.56B | 3.65B | 4.09B | 3.35B | 2.59B | 1.77B | 2.89B | 2.72B | 1.96B | 1.79B | 2.24B | 2.87B | 17.16B | 3.43B | 3.71B |
| Net Interest Income | -343M | -303.98M | -281M | -293.64M | -270.22M | -273.05M | -266.88M | -245.62M | -219.74M | -238.87M | -222M | -215.85M | -200.47M | -241.37M | -206M | -202M | -201M | -206M | -202M | -201M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 343M | 303.98M | 281M | 293.64M | 270.22M | 273.05M | 266.88M | 245.62M | 219.74M | 238.87M | 222M | 215.85M | 200.47M | 241.37M | 206M | 202M | 201M | 206M | 202M | 201M |
| Other Income/Expense | -396M | -302.98M | -305M | -333M | -256M | -245M | -242M | -173M | -244M | -205M | -210M | -133M | -98M | -208M | -239M | -186M | -183M | 14.39B | -3M | 27M |
| Pretax Income | 3.84B | 3.22B | 4.2B | 4.53B | 4.41B | 3.29B | 3.38B | 3.84B | 3.13B | 2.38B | 1.55B | 2.67B | 2.52B | 1.74B | 1.59B | 2.04B | 2.67B | 16.95B | 3.23B | 3.51B |
| Pretax Margin % | 28.39% | 24.13% | 29.22% | 30.54% | 32.36% | 24.23% | 25.7% | 29.84% | 25.82% | 20.19% | 12.83% | 22.77% | 22.81% | 13.3% | 14.72% | 15.61% | 20.83% | 125.36% | 24.16% | 26.37% |
| Income Tax | 683M | 813.94M | 266M | 507M | 798M | 465M | 200M | 595M | 441M | -261M | 39M | 403M | 370M | 275M | 257M | 347M | 450M | 645M | 472M | 611M |
| Effective Tax Rate % | 17.79% | 25.3% | 6.34% | 11.19% | 18.11% | 14.16% | 5.91% | 15.49% | 14.09% | -10.98% | 2.51% | 15.07% | 14.68% | 15.8% | 16.19% | 16.99% | 16.86% | 3.81% | 14.61% | 17.43% |
| Net Income | 3.16B | 2.41B | 3.93B | 4.04B | 3.61B | 2.82B | 3.19B | 3.25B | 2.69B | 8.48B | 1.76B | 2.32B | 2.29B | 1.47B | 1.57B | 1.69B | 2.22B | 16.31B | 2.76B | 2.9B |
| Net Margin % | 23.34% | 18.06% | 27.36% | 27.24% | 26.48% | 20.78% | 24.21% | 25.22% | 22.18% | 72.01% | 14.56% | 19.72% | 20.76% | 11.2% | 14.59% | 12.95% | 17.34% | 120.6% | 20.63% | 21.78% |
| Net Income Growth % | -12.48% | -14.52% | 23.17% | 24.49% | 34.15% | -66.77% | 81.09% | 40.16% | 17.23% | 478.44% | 11.95% | 36.72% | 3.2% | -91.01% | -42.97% | -41.51% | 7.92% | 678.8% | 42.53% | 55.12% |
| Net Income (Continuing) | 3.16B | 2.4B | 3.93B | 4.02B | 3.61B | 2.82B | 3.19B | 3.25B | 2.69B | 2.64B | 1.51B | 2.27B | 2.15B | 1.47B | 1.33B | 1.7B | 2.22B | 16.31B | 2.76B | 2.9B |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1000K | 1000K | 1000K | 1000K | 0 | 1000K | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 415M | 419M | 422M | 69M | 83M | 80M | 124M | 169M | 81M | 83M | 81M | 84M | 83M | 81M | 78M | 81M | 164M | 167M | 166M | 86M |
| EPS (Diluted) | 1.65 | 1.25 | 2.02 | 2.06 | 1.82 | 1.41 | 1.57 | 1.59 | 1.31 | 4.11 | 0.85 | 1.11 | 1.08 | 0.68 | 0.72 | 0.77 | 0.99 | 7.24 | 1.22 | 1.28 |
| EPS Growth % | -9.34% | -11.35% | 28.66% | 29.56% | 38.93% | -65.69% | 84.71% | 43.24% | 21.3% | 504.41% | 18.06% | 44.16% | 9.09% | -90.61% | -40.98% | -39.84% | 8.79% | 686.96% | 45.24% | 58.02% |
| EPS (Basic) | 1.65 | 1.26 | 2.04 | 2.07 | 1.83 | 1.42 | 1.58 | 1.60 | 1.32 | 4.14 | 0.85 | 1.11 | 1.09 | 0.69 | 0.73 | 0.77 | 1.00 | 7.29 | 1.23 | 1.29 |
| Diluted Shares Outstanding | 1.92B | 1.93B | 1.94B | 1.96B | 1.98B | 2B | 2.03B | 2.05B | 2.06B | 2.06B | 2.08B | 2.1B | 2.12B | 2.15B | 2.18B | 2.21B | 2.24B | 2.25B | 2.25B | 2.26B |
| Basic Shares Outstanding | 1.91B | 1.91B | 1.93B | 1.95B | 1.97B | 1.99B | 2.01B | 2.03B | 2.04B | 2.05B | 2.06B | 2.08B | 2.11B | 2.13B | 2.17B | 2.2B | 2.23B | 2.24B | 2.24B | 2.24B |
| Dividend Payout Ratio | 196.36% | 0.42% | 0.76% | 61.49% | 147.89% | - | - | 74.46% | 193.71% | - | - | - | 316.4% | - | - | - | 337.8% | - | - | - |