Novartis AG balance sheet NVS

Annual Quarterly

As of Dec 31, 2025, Novartis AG had total assets of $110.9 billion and total liabilities of $64.4 billion. Total assets were up 8.5% from a year earlier. Stockholders' equity was $46.5 billion. It held $11.4 billion in cash and investments against $31.3 billion of total debt, net debt of $19.9 billion. The current ratio, current assets divided by current liabilities, was 1.12.

USD in millions, except ratios and per-share amounts. The percent under a figure is the change from the year before.

Line	FY 2025 Dec 31, 2025	FY 2024 Dec 31, 2024	FY 2023 Dec 31, 2023	FY 2022 Dec 31, 2022	FY 2021 Dec 31, 2021	FY 2020 Dec 31, 2020	FY 2019 Dec 31, 2019	FY 2018 Dec 31, 2018
Assets
Cash	11,435 -0.2%	11,459 -14.4%	13,393 +78.2%	7,517 -39.4%	12,407 +28.5%	9,658 -13.1%	11,112 -16.3%	13,271
Cash and investments	11,435 -0.2%	11,459 -14.4%	13,393 +78.2%	7,517 -39.4%	12,407 +28.5%	9,658 -13.1%	11,112 -16.3%	13,271
Inventory	6,269 +9.5%	5,723 -3.2%	5,913 -17.6%	7,175 +7.6%	6,666 -6.5%	7,131 +19.2%	5,982 -14.0%	6,956
Total current assets	30,460 +2.5%	29,704 -2.5%	30,481 -17.4%	36,910 -19.3%	45,718 +54.1%	29,673 +0.6%	29,504 -17.0%	35,563
Property and equipment, net	10,782 +14.0%	9,458 -0.6%	9,514 -11.6%	10,764 -6.8%	11,545 -5.9%	12,263 +1.6%	12,069 -23.1%	15,696
Goodwill	25,567 +3.3%	24,756 +6.1%	23,341 -20.3%	29,301 -1.0%	29,595 -1.3%	29,999 +13.1%	26,524 -24.8%	35,294
Total assets	110,949 +8.5%	102,246 +2.3%	99,945 -14.9%	117,453 -10.9%	131,795 +3.1%	127,778 +7.9%	118,370 -18.7%	145,563
Liabilities and equity
Total current liabilities	27,278 -4.9%	28,692 +8.7%	26,390 -7.9%	28,656 -5.1%	30,208 -8.6%	33,059 +17.0%	28,264 -4.5%	29,607
Total liabilities	64,400 +10.8%	58,120 +9.3%	53,195 -8.3%	58,030 -9.3%	63,973 -10.0%	71,112 +13.2%	62,819 -6.1%	66,871
Stockholders' equity	46,549 +5.5%	44,126 -5.6%	46,750 -21.3%	59,423 -12.4%	67,822 +19.7%	56,666 +2.0%	55,551 -29.4%	78,692
Debt
Debt due within a year	29,411 +16.0%	25,364 +19.4%	21,251 -9.0%	23,348 -11.6%	26,422 -10.5%	29,507 +27.9%	23,074 -12.5%	26,361
Lease liabilities	1,920 +6.5%	1,803 -1.4%	1,828 +2.2%	1,789 -5.6%	1,896 -5.4%	2,005 +2.9%	1,949	—
Total debt	31,331 +15.3%	27,167 +17.7%	23,079 -8.2%	25,137 -11.2%	28,318 -10.1%	31,512 +25.9%	25,023 -5.1%	26,361
Net cash	-19,896 -26.7%	-15,708 -62.2%	-9,686 +45.0%	-17,620 -10.7%	-15,911 +27.2%	-21,854 -57.1%	-13,911 -6.3%	-13,090
Ratios
Current ratio	1.12x	1.04x	1.16x	1.29x	1.51x	0.90x	1.04x	1.20x
Debt to equity	0.67x	0.62x	0.49x	0.42x	0.42x	0.56x	0.45x	0.33x
Return on equity	30.00%	27.06%	31.77%	11.70%	35.41%	14.24%	21.13%	16.03%
Return on assets	12.59%	11.68%	14.86%	5.92%	18.22%	6.32%	9.92%	8.67%

How these figures are calculated

Annual columns are full-year amounts from the annual report (Form 10-K, 20-F, or 40-F). If a company restates a year, the latest filed number is shown. USD in millions, except ratios and per-share amounts. Cash and investments adds short-term and long-term marketable securities to cash. Debt due within a year is the borrowings that are not already in long-term debt. Total debt is those borrowings plus lease liabilities. Net cash is cash and investments minus total debt. Return on equity and return on assets divide the trailing twelve months of net income by the balance on that date. Debt to EBITDA uses the trailing twelve months of EBITDA. More on our methodology.

Company profile

Industry: Pharmaceutical Preparations (SIC 2834)
Listed as: NVS (NYSE), NVSEF (OTC)
Fiscal year ends: December 31
Incorporated in: Switzerland
Headquarters: Basel, Switzerland
SEC filer status: Large accelerated filer
SEC CIK: 1114448

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Source: SEC EDGAR filings. This is company-reported data, not investment advice.