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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 2026-07-19

Novo Nordisk A/S (NVO) operates in the DRUG MANUFACTURERS - GENERAL industry and is headquartered in Bagsvaerd, Denmark with about 67,900 employees. Its market capitalization is roughly $216 billion. In the fiscal year ended 2025-12-31, NVO reported $309.1B in revenue and $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 → 2026-03-31	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	$327.8B	$309.1B	$290.4B	$232.3B	$177.0B	$140.8B	$126.9B	$122.0B	$111.8B	$111.7B	$111.8B	$107.9B	$88.8B	$83.6B	$78.0B	$66.3B	$60.8B	$51.1B	$45.7B	$41.9B	$38.8B
Gross Profit	$268.3B	$250.3B	$245.9B	$196.5B	$148.5B	$117.1B	$106.0B	$101.9B	$94.2B	$94.1B	$94.6B	$91.7B	$74.2B	$69.4B	$64.6B	$53.8B	$49.1B	$40.6B	$35.5B	$32.1B	$29.2B
Gross Margin %	81.8%	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)	$148.5B	$127.7B	$128.3B	$102.6B	$74.8B	$58.6B	$54.1B	$52.5B	$47.2B	$49.0B	$48.4B	$49.4B	$34.5B	$31.5B	$29.5B	$22.4B	$18.9B	$14.9B	$12.4B	$9.0B	$9.1B
Operating Margin %	45.3%	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	$122.0B	$102.4B	$101.0B	$83.7B	$55.5B	$47.8B	$42.1B	$39.0B	$38.6B	$38.1B	$37.9B	$34.9B	$26.5B	$25.2B	$21.4B	$17.1B	$14.4B	$10.8B	$9.7B	$8.5B	$6.5B
Net Margin %	37.2%	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	$185.8B	$156.7B	$147.9B	$114.6B	$76.8B	$65.4B	$59.3B	$54.4B	$51.6B	$52.0B	$51.1B	$46.5B	$37.6B	$35.4B	$30.6B	$24.9B	$21.3B	$17.8B	$14.9B	$12.0B	$11.3B
Earnings Per Share (EPS)	$27.42	$23.03	$22.63	$18.62	$12.22	$10.37	$9.00	$8.19	$7.97	$7.69	$7.48	$6.76	$5.03	$4.67	$3.88	$3.00	$2.46	$1.78	$1.55	$1.34	$1.00
Shares Outstanding (M)	4,449M	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

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

NVO Quarterly Revenue & Earnings — Last 8 Quarters

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

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

NVO Free Cash Flow History

Cash flow	TTM → 2026-03-31	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)	$118.6B	$119.1B	$121.0B	$108.9B	$78.9B	$55.0B	$52.0B	$46.8B	$44.6B	$41.2B	$48.3B	$38.3B	$31.7B	$25.9B	$22.2B	$21.4B	$19.7B	$15.4B	$12.9B	$10.0B	$7.7B
Capital Expenditures (CapEx)	$87.6B	$90.1B	$51.3B	$38.9B	$14.8B	$7.4B	$22.1B	$11.2B	$12.4B	$8.6B	$8.3B	$6.4B	$4.3B	$3.6B	$3.6B	$3.3B	$3.9B	$3.1B	$2.0B	$2.4B	$3.3B
Free Cash Flow (FCF)	$31.0B	$29.0B	$69.7B	$70.0B	$64.1B	$47.6B	$29.9B	$35.6B	$32.2B	$32.5B	$40.0B	$31.9B	$27.4B	$22.3B	$18.6B	$18.0B	$15.8B	$12.3B	$10.9B	$7.6B	$4.4B
FCF Margin %	9.5%	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	$52.4B	$51.8B	$44.1B	$31.8B	$25.3B	$21.5B	$20.1B	$19.4B	$19.0B	$18.8B	$23.8B	$12.9B	$11.9B	$9.7B	$7.7B	$5.7B	$4.4B	$703M	$2.8B	$2.2B	$1.9B

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

NVO Quarterly Free Cash Flow — Last 8 Quarters

Quarterly cash flow	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)	$24.1B	$7.6B	$46.1B	$40.8B	$24.6B	$12.3B	$43.9B	$50.5B
Capital Expenditures (CapEx)	$12.0B	$43.8B	$15.4B	$16.3B	$14.6B	$16.6B	$12.5B	$13.2B
Free Cash Flow (FCF)	$12.0B	($36.2B)	$30.7B	$24.5B	$10.0B	($4.3B)	$31.3B	$37.3B
FCF Margin %	12.4%	-45.8%	40.9%	31.9%	12.8%	-5.0%	44.0%	54.8%
Dividends Paid	$35.3B	$257M	$16.7B	$174M	$35.3B	$44.1B	$15.6B	$0M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

NVO Balance Sheet History

Balance sheet	2026-03-31	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	$559.2B	$542.9B	$465.8B	$314.5B	$241.3B	$194.5B	$23.8B	$18.9B	$110.8B	$102.4B	$97.5B	$91.8B	$77.1B	$70.3B	$65.7B	$64.7B	$61.4B	$54.7B	$50.7B	$47.8B	$44.7B
Cash & Cash Equivalents	$21.1B	$26.5B	$15.7B	$14.4B	$12.7B	$10.7B	$2.1B	$2.3B	$15.6B	$18.9B	$18.7B	$16.9B	$14.4B	$10.7B	$11.6B	$13.4B	$12.0B	$11.3B	$8.8B	$4.8B	$3.3B
Total Liabilities	$356.2B	$348.9B	$322.3B	$207.9B	$157.8B	$123.8B	$13.4B	$10.2B	$58.9B	$52.5B	$52.3B	$44.8B	$36.8B	$27.8B	$25.0B	$27.2B	$24.4B	$19.0B	$17.7B	$15.6B	$14.6B
Total Debt (Short + Long-Term)	$146.4B	$131.0B	$97.4B	$22.5B	$22.2B	$23.3B	$1.2B	$221M	$515M	$1.7B	$229M	$1.1B	$720M	$2.2B	$500M	$439M	$1.8B	$605M	$1.5B	$592M	$547M
Total Shareholders' Equity	$203.1B	$194.0B	$143.5B	$106.6B	$83.5B	$70.7B	$10.4B	$8.7B	$51.8B	$49.8B	$45.3B	$47.0B	$40.3B	$42.6B	$40.6B	$37.4B	$37.0B	$35.7B	$33.1B	$32.2B	$30.1B

USD; $M / $B as marked. 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.

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