Filing Flows › Novartis AG (NVS) › Q4 2025
Novartis AG (NVS) Q4 2025 earnings results (fourth quarter 2025)
6-K filed Feb 4, 2026
Novartis AG (NVS) reported revenue of $13.3B for the fourth quarter 2025 (Q4 2025), +1% from a year earlier. Operating margin was 27.1%, net earnings $2.4B (18.0% of revenue).
Novartis AG, Q4 2025: revenue $13.3B (+1% year over year), operating margin 27.1%, net earnings $2.4B, operating cash flow $2.3B. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $13.3B | — | +1% |
| Gross profit | $10.2B | — | +0.1% |
| Operating profit | $3.6B | — | +2% |
| Net earnings | $2.4B | — | -15% |
| Operating cash flow | $2.3B | — | -46% |
| Free cash flow | $1.7B | — | -54% |
What changed
Revenue was $13.3B in Q4 2025, up 1% year over year. Kisqali was the largest line at 22% of revenue.
Gross margin was 76.9%, down 1.0 points from a year earlier. Operating profit was $3.6B, a 27.1% margin (up 0.3 points year over year). Of the extra revenue versus a year earlier, 47% reached operating profit, above the 27% margin then. Operating expenses fell 1% while revenue rose 1%. The fastest-growing cost line was Research & development (+11%). Net earnings were $2.4B, down 15% year over year. The effective tax rate was 25.3%.
Operating cash flow was $2.3B (down 46% year over year), 94% of net earnings. Working capital and other items used $0.14B. Capital expenditures of $0.61B left free cash flow of $1.7B.
Questions
What was Novartis AG's revenue in the fourth quarter 2025?
Novartis AG (NVS) reported revenue of $13.3B for the fourth quarter 2025 (Q4 2025), +1% from a year earlier.
Was Novartis AG profitable in the fourth quarter 2025?
Operating profit was $3.6B (27.1% of revenue) and net earnings $2.4B.
Source: Novartis AG 6-K on SEC EDGAR.