Filing Flows › Novartis AG (NVS) › Q2 2025
Novartis AG (NVS) Q2 2025 earnings results (second quarter 2025)
6-K filed Jul 17, 2025
Novartis AG (NVS) reported revenue of $14.1B for the second quarter 2025 (Q2 2025), +12% from a year earlier. Operating margin was 34.6%, net earnings $4.0B (28.8% of revenue).
Novartis AG, Q2 2025: revenue $14.1B (+12% year over year), operating margin 34.6%, net earnings $4.0B, operating cash flow $6.7B. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $14.1B | — | +12% |
| Gross profit | $11.5B | — | +19% |
| Operating profit | $4.9B | — | +21% |
| Net earnings | $4.0B | — | -14% |
| Operating cash flow | $6.7B | — | +37% |
| Free cash flow | $6.3B | — | +37% |
What changed
Revenue was $14.1B in Q2 2025, up 12% year over year. US was the largest line at 44% of revenue. US added $1.1B year over year (up 21%), 72% of the total change.
Gross margin was 81.9%, up 4.4 points from a year earlier. Operating profit was $4.9B, a 34.6% margin (up 2.5 points year over year). Of the extra revenue versus a year earlier, 55% reached operating profit, above the 32% margin then. Operating expenses grew 17% against revenue growth of 12%. The fastest-growing cost line was Other operating costs (+112%). Net earnings were $4.0B, down 14% year over year ($4.0B including minority interests, which bore $0.02B of losses). The effective tax rate was 11.2%.
Operating cash flow was $6.7B (up 37% year over year), 166% of net earnings. Working capital and other items added $2.6B. Capital expenditures of $0.33B left free cash flow of $6.3B.
Questions
What was Novartis AG's revenue in the second quarter 2025?
Novartis AG (NVS) reported revenue of $14.1B for the second quarter 2025 (Q2 2025), +12% from a year earlier.
Was Novartis AG profitable in the second quarter 2025?
Operating profit was $4.9B (34.6% of revenue) and net earnings $4.0B.
Source: Novartis AG 6-K on SEC EDGAR.