Novartis AG NVS
What this company does
Written from the business description in Novartis AG's annual report to the U.S. Securities and Exchange Commission, filed 4 February 2026. Every sentence was checked against that document before publication.
Revenue compounded at +2.3% a year over five years — but profit grew faster: net income at +11.6%, earnings per share at +15.2%.
The share count fell from 2.26B to 1.91B — the buyback concentrates the same profit into fewer slices.
Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.
Each USD of equity produced 31 cents of profit this year.
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue $B | 54.5 | 50.3 | 45.4 | 42.2 | 42.8 | 48.7 | 47.5 | 44.8 | 42.4 | 48.5 |
| Operating income $B | 17.6 | 14.5 | 9.8 | 7.9 | 10.1 | 10.2 | 9.1 | 8.4 | 8.7 | 8.3 |
| EBITDA $B | · | · | · | · | · | · | · | · | · | · |
| Income tax $B | 2.4 | 1.7 | 0.6 | 1.1 | 1.6 | 1.8 | 1.8 | 1.3 | 1.6 | 1.1 |
| Net income $B | 14.0 | 11.9 | 14.8 | 7.0 | 24.0 | 8.1 | 11.7 | 12.6 | 7.7 | 6.7 |
| Free cash flow $B | 17.6 | 16.3 | 13.4 | 13.3 | 14.0 | 12.4 | 12.2 | 13.0 | 11.3 | 9.6 |
| EPS, diluted $ | 7.15 | 5.87 | 7.10 | 3.17 | 10.63 | 3.52 | 5.06 | 5.38 | 3.25 | 2.80 |
| Dividend / sh $ | · | · | · | · | · | · | · | · | · | · |
| Payout % | · | · | · | · | · | · | · | · | · | · |
| ROE % | 31.0 | 26.3 | 28.0 | 11.0 | 38.7 | 14.4 | 17.5 | 16.5 | 10.4 | · |
| Shares out B | 1.91 | 1.98 | 2.04 | 2.12 | 2.23 | 2.26 | 2.27 | 2.31 | 2.32 | 2.37 |
Slide the table for earlier years · "·" marks a figure not available in our data for that year.
This company against its peers
No fiscal year had a computed check that closed clean. 10 of those reconciliations are divergences — the figures exist but don't fit the formula this check expects; that isn't the same as an error. 47 checks could not be computed.