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Novo Nordisk A/S (NVO) Financial History

20 years of revenue, earnings, cash-flow and balance-sheet history from public filings.

HEALTHCARE · DRUG MANUFACTURERS - GENERAL · DATA UPDATED 2026-09-19

Novo Nordisk A/S (NVO) operates in the DRUG MANUFACTURERS - GENERAL industry and is headquartered in Bagsvaerd, Denmark with about 66,700 employees. Its market capitalization is roughly $191 billion. In the fiscal year ended 2025-12-31, NVO reported DKK 309.1B in revenue and DKK 102.4B in net income.

Novo Nordisk A/S, together with its subsidiaries, engages in the research and development, manufacture, and distribution of pharmaceutical products. It operates through two segments, Obesity and Diabetes Care, and Rare Disease.

Interactive charts & full statements → Open the NVO valuation workbench →

NVO Revenue & Earnings History — Annual Income Statement

Income statement	TTM → 2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Revenue	DKK 329.4B	DKK 309.1B	DKK 290.4B	DKK 232.3B	DKK 177.0B	DKK 140.8B	DKK 126.9B	DKK 122.0B	DKK 111.8B	DKK 111.7B	DKK 111.8B	DKK 107.9B	DKK 88.8B	DKK 83.6B	DKK 78.0B	DKK 66.3B	DKK 60.8B	DKK 51.1B	DKK 45.7B	DKK 41.9B	DKK 38.8B
Gross Profit	DKK 265.7B	DKK 250.3B	DKK 245.9B	DKK 196.5B	DKK 148.5B	DKK 117.1B	DKK 106.0B	DKK 101.9B	DKK 94.2B	DKK 94.1B	DKK 94.6B	DKK 91.7B	DKK 74.2B	DKK 69.4B	DKK 64.6B	DKK 53.8B	DKK 49.1B	DKK 40.6B	DKK 35.5B	DKK 32.1B	DKK 29.2B
Gross Margin %	80.7%	81.0%	84.7%	84.6%	83.9%	83.2%	83.5%	83.5%	84.2%	84.2%	84.6%	85.0%	83.6%	83.1%	82.7%	81.0%	80.8%	79.6%	77.8%	76.6%	75.3%
Operating Income (EBIT)	DKK 142.1B	DKK 127.7B	DKK 128.3B	DKK 102.6B	DKK 74.8B	DKK 58.6B	DKK 54.1B	DKK 52.5B	DKK 47.2B	DKK 49.0B	DKK 48.4B	DKK 49.4B	DKK 34.5B	DKK 31.5B	DKK 29.5B	DKK 22.4B	DKK 18.9B	DKK 14.9B	DKK 12.4B	DKK 9.0B	DKK 9.1B
Operating Margin %	43.1%	41.3%	44.2%	44.2%	42.3%	41.6%	42.6%	43.0%	42.2%	43.8%	43.3%	45.8%	38.8%	37.7%	37.8%	33.7%	31.1%	29.2%	27.2%	21.4%	23.5%
Net Income	DKK 116.4B	DKK 102.4B	DKK 101.0B	DKK 83.7B	DKK 55.5B	DKK 47.8B	DKK 42.1B	DKK 39.0B	DKK 38.6B	DKK 38.1B	DKK 37.9B	DKK 34.9B	DKK 26.5B	DKK 25.2B	DKK 21.4B	DKK 17.1B	DKK 14.4B	DKK 10.8B	DKK 9.7B	DKK 8.5B	DKK 6.5B
Net Margin %	35.4%	33.1%	34.8%	36.0%	31.4%	33.9%	33.2%	31.9%	34.5%	34.1%	33.9%	32.3%	29.8%	30.1%	27.5%	25.8%	23.7%	21.1%	21.2%	20.4%	16.7%
EBITDA	—	DKK 156.7B	DKK 147.9B	DKK 114.6B	DKK 76.8B	DKK 65.4B	DKK 59.3B	DKK 54.4B	DKK 51.6B	DKK 52.0B	DKK 51.1B	DKK 46.5B	DKK 37.6B	DKK 35.4B	DKK 30.6B	DKK 24.9B	DKK 21.3B	DKK 17.8B	DKK 14.9B	DKK 12.0B	DKK 11.3B
Earnings Per Share (EPS)	DKK 26.20	DKK 23.03	DKK 22.63	DKK 18.62	DKK 12.22	DKK 10.37	DKK 9.00	DKK 8.19	DKK 7.97	DKK 7.69	DKK 7.48	DKK 6.76	DKK 5.03	DKK 4.67	DKK 3.88	DKK 3.00	DKK 2.46	DKK 1.78	DKK 1.55	DKK 1.34	DKK 1.00
Shares Outstanding (M)	—	4,448M	4,463M	4,495M	4,545M	4,606M	4,680M	4,757M	4,849M	4,956M	5,070M	5,157M	5,260M	5,387M	5,517M	5,701M	5,855M	6,043M	6,226M	6,357M	6,459M

DKK; DKKM / DKKB as marked (reporting currency). Newest period first. Source: public company filings (via Yahoo Finance aggregation).

NVO Quarterly Revenue & Earnings — Last 8 Quarters

Quarterly income statement	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30
Total Revenue	DKK 78.5B	DKK 96.8B	DKK 79.1B	DKK 75.0B	DKK 76.9B	DKK 78.1B	DKK 85.7B	DKK 71.3B	DKK 68.1B
Gross Profit	DKK 61.4B	DKK 83.2B	DKK 64.0B	DKK 57.1B	DKK 64.0B	DKK 65.2B	DKK 72.7B	DKK 60.0B	DKK 57.8B
Gross Margin %	78.2%	86.0%	80.9%	76.1%	83.3%	83.5%	84.8%	84.1%	84.9%
Operating Income (EBIT)	DKK 27.1B	DKK 59.6B	DKK 31.7B	DKK 23.7B	DKK 33.4B	DKK 38.8B	DKK 36.7B	DKK 33.8B	DKK 25.9B
Operating Margin %	34.5%	61.6%	40.1%	31.6%	43.5%	49.7%	42.9%	47.4%	38.1%
Net Income	DKK 21.0B	DKK 48.6B	DKK 26.9B	DKK 20.0B	DKK 26.5B	DKK 29.0B	DKK 28.2B	DKK 27.3B	DKK 20.1B
Net Margin %	26.7%	50.1%	34.0%	26.7%	34.5%	37.2%	33.0%	38.3%	29.5%
EBITDA	—	DKK 69.2B	DKK 39.7B	DKK 33.3B	DKK 43.6B	DKK 46.0B	DKK 45.8B	DKK 37.4B	DKK 35.7B
Earnings Per Share (EPS)	DKK 4.74	DKK 10.91	DKK 6.05	DKK 4.50	DKK 5.96	DKK 6.53	DKK 6.33	DKK 6.12	DKK 4.49
Shares Outstanding (M)	—	4,449M	4,448M	4,447M	4,447M	4,446M	4,460M	4,460M	4,465M

DKK; DKKM / DKKB as marked (reporting currency). Newest period first. Source: public company filings (via Yahoo Finance aggregation).

NVO Free Cash Flow History

Cash flow	TTM → 2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Cash from Operations (CFO)	DKK 133.0B	DKK 119.1B	DKK 121.0B	DKK 108.9B	DKK 78.9B	DKK 55.0B	DKK 52.0B	DKK 46.8B	DKK 44.6B	DKK 41.2B	DKK 48.3B	DKK 38.3B	DKK 31.7B	DKK 25.9B	DKK 22.2B	DKK 21.4B	DKK 19.7B	DKK 15.4B	DKK 12.9B	DKK 10.0B	DKK 7.7B
Capital Expenditures (CapEx)	DKK 84.1B	DKK 90.1B	DKK 51.3B	DKK 38.9B	DKK 14.8B	DKK 7.4B	DKK 22.1B	DKK 11.2B	DKK 12.4B	DKK 8.6B	DKK 8.3B	DKK 6.4B	DKK 4.3B	DKK 3.6B	DKK 3.6B	DKK 3.3B	DKK 3.9B	DKK 3.1B	DKK 2.0B	DKK 2.4B	DKK 3.3B
Free Cash Flow (FCF)	DKK 48.9B	DKK 29.0B	DKK 69.7B	DKK 70.0B	DKK 64.1B	DKK 47.6B	DKK 29.9B	DKK 35.6B	DKK 32.2B	DKK 32.5B	DKK 40.0B	DKK 31.9B	DKK 27.4B	DKK 22.3B	DKK 18.6B	DKK 18.0B	DKK 15.8B	DKK 12.3B	DKK 10.9B	DKK 7.6B	DKK 4.4B
FCF Margin %	14.8%	9.4%	24.0%	30.1%	36.2%	33.8%	23.5%	29.1%	28.8%	29.1%	35.8%	29.5%	30.8%	26.7%	23.8%	27.2%	26.0%	24.1%	23.8%	18.1%	11.4%
Dividends Paid	—	DKK 51.8B	DKK 44.1B	DKK 31.8B	DKK 25.3B	DKK 21.5B	DKK 20.1B	DKK 19.4B	DKK 19.0B	DKK 18.8B	DKK 23.8B	DKK 12.9B	DKK 11.9B	DKK 9.7B	DKK 7.7B	DKK 5.7B	DKK 4.4B	DKK 703M	DKK 2.8B	DKK 2.2B	DKK 1.9B

DKK; DKKM / DKKB as marked (reporting currency). Newest period first. Source: public company filings (via Yahoo Finance aggregation).

NVO Quarterly Free Cash Flow — Last 8 Quarters

Quarterly cash flow	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30
Cash from Operations (CFO)	DKK 55.2B	DKK 24.1B	DKK 7.6B	DKK 46.1B	DKK 40.8B	DKK 24.6B	DKK 12.3B	DKK 43.9B	DKK 50.5B
Capital Expenditures (CapEx)	DKK 12.8B	DKK 12.0B	DKK 43.8B	DKK 15.4B	DKK 16.3B	DKK 14.6B	DKK 16.6B	DKK 12.5B	DKK 13.2B
Free Cash Flow (FCF)	DKK 42.4B	DKK 12.0B	(DKK 36.2B)	DKK 30.7B	DKK 24.5B	DKK 10.0B	(DKK 4.3B)	DKK 31.3B	DKK 37.3B
FCF Margin %	54.0%	12.4%	-45.8%	40.9%	31.9%	12.8%	-5.0%	44.0%	54.8%
Dividends Paid	—	DKK 35.3B	DKK 257M	DKK 16.7B	DKK 174M	DKK 35.3B	DKK 44.1B	DKK 15.6B	DKK 0M

DKK; DKKM / DKKB as marked (reporting currency). Newest period first. Source: public company filings (via Yahoo Finance aggregation).

NVO Balance Sheet History

Balance sheet	2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Assets	DKK 594.9B	DKK 542.9B	DKK 465.8B	DKK 314.5B	DKK 241.3B	DKK 194.5B	DKK 23.8B	DKK 18.9B	DKK 110.8B	DKK 102.4B	DKK 97.5B	DKK 91.8B	DKK 77.1B	DKK 70.3B	DKK 65.7B	DKK 64.7B	DKK 61.4B	DKK 54.7B	DKK 50.7B	DKK 47.8B	DKK 44.7B
Cash & Cash Equivalents	DKK 44.5B	DKK 26.5B	DKK 15.7B	DKK 14.4B	DKK 12.7B	DKK 10.7B	DKK 2.1B	DKK 2.3B	DKK 15.6B	DKK 18.9B	DKK 18.7B	DKK 16.9B	DKK 14.4B	DKK 10.7B	DKK 11.6B	DKK 13.4B	DKK 12.0B	DKK 11.3B	DKK 8.8B	DKK 4.8B	DKK 3.3B
Total Liabilities	DKK 373.7B	DKK 348.9B	DKK 322.3B	DKK 207.9B	DKK 157.8B	DKK 123.8B	DKK 13.4B	DKK 10.2B	DKK 58.9B	DKK 52.5B	DKK 52.3B	DKK 44.8B	DKK 36.8B	DKK 27.8B	DKK 25.0B	DKK 27.2B	DKK 24.4B	DKK 19.0B	DKK 17.7B	DKK 15.6B	DKK 14.6B
Total Debt (Short + Long-Term)	DKK 140.1B	DKK 131.0B	DKK 97.4B	DKK 22.5B	DKK 22.2B	DKK 23.3B	DKK 1.2B	DKK 221M	DKK 515M	DKK 1.7B	DKK 229M	DKK 1.1B	DKK 720M	DKK 2.2B	DKK 500M	DKK 439M	DKK 1.8B	DKK 605M	DKK 1.5B	DKK 592M	DKK 547M
Total Shareholders' Equity	DKK 221.3B	DKK 194.0B	DKK 143.5B	DKK 106.6B	DKK 83.5B	DKK 70.7B	DKK 10.4B	DKK 8.7B	DKK 51.8B	DKK 49.8B	DKK 45.3B	DKK 47.0B	DKK 40.3B	DKK 42.6B	DKK 40.6B	DKK 37.4B	DKK 37.0B	DKK 35.7B	DKK 33.1B	DKK 32.2B	DKK 30.1B

DKK; DKKM / DKKB as marked (reporting currency). Newest period first. Source: public company filings (via Yahoo Finance aggregation).

Quarterly statements, profitability ratios, price history, insider activity and institutional holders are in the interactive NVO viewer.

NVO Metric Deep Dives

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