Filing Flows › Novartis AG (NVS) › Q3 2025
Novartis AG (NVS) Q3 2025 earnings results (third quarter 2025)
6-K filed Oct 28, 2025
Novartis AG (NVS) reported revenue of $13.9B for the third quarter 2025 (Q3 2025), +8% from a year earlier and -1% from the quarter before. Operating margin was 32.4%, net earnings $3.9B (28.2% of revenue).
Novartis AG, Q3 2025: revenue $13.9B (+8% year over year), operating margin 32.4%, net earnings $3.9B, operating cash flow $6.6B. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $13.9B | -1% | +8% |
| Gross profit | $10.8B | -6% | +9% |
| Operating profit | $4.5B | -7% | +24% |
| Net earnings | $3.9B | -3% | -9% |
| Operating cash flow | $6.6B | -1% | +5% |
| Free cash flow | $6.2B | -2% | +4% |
What changed
Revenue was $13.9B in Q3 2025, up 8% year over year and down 1% from the previous quarter. Cosentyx was the largest line at 20% of revenue.
Gross margin was 77.8%, up 0.3 points from a year earlier. Operating profit was $4.5B, a 32.4% margin (up 4.1 points year over year). Of the extra revenue versus a year earlier, 80% reached operating profit, above the 28% margin then. Operating expenses grew 0% against revenue growth of 8%. The fastest-growing cost line was Research & development (+23%). Net earnings were $3.9B, down 9% year over year. The effective tax rate was 6.3%.
Operating cash flow was $6.6B (up 5% year over year), 167% of net earnings. Working capital and other items added $2.6B. Capital expenditures of $0.35B left free cash flow of $6.2B.
Questions
What was Novartis AG's revenue in the third quarter 2025?
Novartis AG (NVS) reported revenue of $13.9B for the third quarter 2025 (Q3 2025), +8% from a year earlier and -1% from the quarter before.
Was Novartis AG profitable in the third quarter 2025?
Operating profit was $4.5B (32.4% of revenue) and net earnings $3.9B.
Source: Novartis AG 6-K on SEC EDGAR.