Novo Nordisk revenue and financials
Secondary listing. The primary listing is Novo Nordisk · Nasdaq Copenhagen (DKK)
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In the fiscal year ended December 2025, Novo Nordisk reported revenue of 309.06B id:6 (+6.43% year over year). Net income was 102.43B id:6, a net margin of 33.1%.
Fiscal year ending in December. Sources and method on the page Methodology and sources.
At a glance
- Revenue growth
- +6.43%
- 2025 vs 2024
- Net income growth
- +1.43%
- 2025 vs 2024
- Net margin
- 33.1%
- 2024: 34.8%
Financial data
Amounts in millions of id:6; per-share values in id:6; shares in millions.
| Item | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | 119,102 | 120,968 | 108,908 | 78,887 | 55,000 | 51,951 | 46,782 | 44,616 | 41,168 | 48,314 |
| Depreciation and amortization | 14,348 | 8,290 | 7,289 | 6,553 | 5,452 | 5,403 | 4,679 | 3,925 | 3,182 | 3,193 |
| Capital expenditure | -60,140 | -47,164 | -25,806 | -12,146 | -6,335 | -5,825 | -8,932 | -9,636 | -7,626 | -7,068 |
| Investing cash flow | -79,158 | -128,895 | -43,892 | -24,918 | -31,605 | -22,436 | -11,509 | -12,080 | -6,571 | -6,790 |
| Financing cash flow | -28,408 | 8,735 | -63,158 | -51,797 | -25,493 | -32,244 | -35,484 | -34,521 | -35,689 | -38,887 |
| Dividends paid | -51,763 | -44,140 | -31,767 | -25,303 | -21,517 | -20,121 | -19,409 | -19,048 | -18,844 | -23,830 |
| Share repurchases | -1,388 | -20,181 | -29,924 | -24,086 | -19,447 | -16,855 | -15,334 | -15,567 | -16,845 | -15,057 |
| Debt issued | 103,931 | 79,391 | 0.0 | 11,215 | 22,160 | 5,682 | 81.0 | 94.0 | — | — |
| Debt repaid | -79,188 | -6,335 | -1,467 | -13,623 | -6,689 | -950 | -822 | — | — | — |
| Effect of exchange rates | -727 | 455 | -119 | -238 | 591 | -456 | -7.0 | 44.0 | -211 | -26.0 |
| Net change in cash | 10,809 | 1,263 | 1,739 | 1,934 | -1,507 | -3,185 | -218 | -1,529 | -1,303 | 2,611 |
| Free cash flow | 58,962 | 73,804 | 83,102 | 66,741 | 48,665 | — | — | — | — | — |
| Levered free cash flow | 377 | 60,573 | 54,547 | 57,496 | 43,897 | 16,964 | 26,783 | 27,492 | 21,368 | 28,538 |