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 DKK; per-share values in DKK; shares in millions.
| Item | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | 55,199 | 24,084 | 7,619 | 46,107 | 41,774 | 24,730 | 12,301 | 43,850 | 50,503 | 14,314 | 9,551 | 40,966 |
| Depreciation and amortization | 3,605 | 3,513 | 3,085 | 3,237 | 3,744 | 3,759 | 2,076 | 2,020 | 2,037 | 2,157 | 655 | 2,525 |
| Capital expenditure | -12,675 | -11,311 | -18,429 | -13,628 | -14,661 | -13,422 | -16,101 | -12,119 | -10,470 | -8,474 | -9,407 | -5,828 |
| Investing cash flow | -12,764 | -11,712 | -42,812 | -15,425 | -14,118 | -5,979 | -91,216 | -20,904 | -20,731 | 3,956 | -14,717 | -13,243 |
| Financing cash flow | -19,132 | -17,433 | 29,467 | -17,096 | -47,349 | 4,618 | 36,835 | -18,401 | 16,683 | -26,382 | -10,116 | -19,832 |
| Dividends paid | 0.0 | -35,312 | 0.0 | -16,663 | 174 | -35,274 | 0.0 | -15,583 | 0.0 | -28,557 | — | -13,430 |
| Share repurchases | -3,499 | -2,400 | 0.0 | 0.0 | 0.0 | -1,388 | -7,491 | -2,405 | -7,449 | -2,836 | -9,761 | -6,141 |
| Debt issued | 18,772 | 15,977 | 30,620 | 713 | 45,235 | 27,363 | 44,759 | 119 | 34,513 | — | — | — |
| Debt repaid | -26,112 | -1,232 | -1,153 | -1,146 | -64,857 | -12,032 | -433 | -532 | -5,053 | -317 | -355 | -261 |
| Effect of exchange rates | 52.0 | -276 | 106 | 63.0 | -810 | -86.0 | 717 | -348 | 42.0 | 44.0 | -209 | 418 |
| Net change in cash | 23,355 | -5,337 | -5,620 | 13,649 | -20,503 | 23,283 | -41,363 | 4,197 | 46,497 | -8,068 | -15,491 | 8,309 |
| Free cash flow | 42,524 | 12,773 | -10,810 | 32,479 | 27,113 | 11,308 | -3,800 | 31,731 | 40,033 | 5,840 | 144 | 35,138 |
| Levered free cash flow | 25,514 | 12,839 | -34,948 | 29,842 | -23,795 | 25,255 | 3,836 | 25,603 | 26,881 | 6,366 | -13,956 | 29,516 |