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Novartis AG cash flow, quarter by quarter

Latest: Q2 2025 · from the cash-flow statements filed with the SEC

Free cash flow$6.3B in Q2 2025

Operating cash flow$6.7B
Capital spending−$331M
Free cash flow+$6.3B
Cash / net income1.7×

Analysis

In Q2 2025, Novartis AG generated $6.7B of operating cash flow and spent $331M on capital projects, leaving free cash flow of $6.3B. That is $1.7B more than in Q2 2024 ($4.6B).

Operating cash flow was $6.7B against net income of $4.0B — 1.7× profit, cash ran ahead of reported earnings. The largest differences: stock-based pay +$267M.

Free cash flow

Novartis AG: free cash flow by quarterNovartis AG: free cash flow by quarter$3.7BQ2 2018$2.8BQ2 2019$3.7BQ2 2020$3.8BQ2 2021$3.5BQ2 2022$3.4BQ2 2023$4.6BQ2 2024$6.3BQ2 2025
Operating cash flow less capital spending.
Novartis AG: operating cash flow against capital spendingNovartis AG: operating cash flow against capital spendingOperating cash flowCapital spending$3.9B$257MQ2 2018$3.1B$279MQ2 2019$4.0B$238MQ2 2020$4.1B$321MQ2 2021$3.8B$257MQ2 2022$3.6B$225MQ2 2023$4.9B$260MQ2 2024$6.7B$331MQ2 2025
Latest (Q2 2025): Operating cash flow $6.7B, Capital spending $331M.

Capital allocation, year by year

Novartis AG: where the cash came from (up) and went (down), by fiscal yearNovartis AG: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $15.1BFY2021: Net borrowing −$2.5BFY2021: Capital spending −$1.4BFY2021: Buybacks −$3.1BFY2021: Dividends −$7.4B$15.1BFY2021FY2022: Operating cash flow $14.2BFY2022: Net borrowing −$2.9BFY2022: Capital spending −$1.2BFY2022: Buybacks −$10.7BFY2022: Dividends −$7.5B$14.2BFY2022FY2023: Operating cash flow $14.5BFY2023: Net borrowing −$2.5BFY2023: Capital spending −$1.1BFY2023: Acquisitions −$3.6BFY2023: Buybacks −$8.7BFY2023: Dividends −$7.3B$14.5BFY2023FY2024: Operating cash flow $17.6BFY2024: Net borrowing $3.7BFY2024: Capital spending −$1.4BFY2024: Acquisitions −$4.0BFY2024: Buybacks −$8.3BFY2024: Dividends −$7.6B$21.3BFY2024FY2025: Operating cash flow $19.1BFY2025: Net borrowing $2.4BFY2025: Capital spending −$1.5BFY2025: Acquisitions −$147MFY2025: Buybacks −$9.2BFY2025: Dividends −$7.8B$21.6BFY2025
Over these 5 years operating cash flow totalled $80.5B; the largest uses were buybacks ($40.0B) and dividends ($37.6B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$2.6B
Debtnone
Net cash$2.6B

Novartis AG funds itself: free cash flow was — over the last twelve months, with $2.6B of cash and investments and no debt on the balance sheet.

Where the cash came from and went

Novartis AG: sources (+) and uses (−) of cash, Q2 2025Novartis AG: sources (+) and uses (−) of cash, Q2 2025Operating cash flow$6.7BBuybacks−$2.7BDividends−$2.5BOther investing−$1.9BNet borrowing (+) / repaid (−)−$669MOther financing$655MCash drawn (+) / kept (−)$410MExchange rates$382MCapital spending−$331M

From profit to cash

Novartis AG: net income to operating cash flow, Q2 2025Novartis AG: net income to operating cash flow, Q2 2025Net income$4.0BStock-based pay$267MOperating cash flow$6.7B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q2 2025$6.7B−$331M−$2.7B−$2.5B−$669M$410M$6.3B
Q2 2024$4.9B−$260M−$1.6B−$2.4B$264M$1.6B$4.6B
Q2 2023$3.6B−$225M−$3.0B—−$61.0M$1.1B$3.4B
Q2 2022$3.8B−$257M−$2.7B—−$1.1B$10.2B$3.5B
Q2 2021$4.1B−$321M−$703M—−$78.0M−$1.3B$3.8B
Q2 2020$4.0B−$238M−$9.0M—−$1.1B−$1.4B$3.7B
Q2 2019$3.1B−$279M−$2.4B—−$76.0M−$3.2B$2.8B
Q2 2018$3.9B−$257M−$599M—−$274M−$6.6B$3.7B

Novartis AG: income statement and cash flow

Novartis AG, Q2 2026: revenue $14.4B (+2% year over year), operating margin 33.0%. The chart follows the revenue to costs, profit and cash.

Novartis AG: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.