Carlsberg A/S (CPH:CARL.B)

Carlsberg Financials Overview

Financials in millions DKK. Fiscal year is January - December.

Revenue & Profits

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Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Revenue Revenue Growth	90,293	89,095	75,011	73,585	70,265	60,097
Revenue Growth	1.34%	18.78%	1.94%	4.72%	16.92%	2.66%
Gross Profit Gross Profit Growth	40,623	40,236	34,380	32,832	32,067	28,569
Operating Income Operating Income Growth	13,408	12,567	10,654	10,387	10,405	9,628
Net Income Net Income Growth	6,395	5,955	9,116	-40,788	-1,063	6,846
Earnings Per Share EPS Growth	48.19	44.90	68.59	-298.92	-7.60	47.43
EPS Growth	7.33%	-34.54%	-	-	-	15.41%

Revenue by Segment

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Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Beer Beer Growth	-	55,279	54,312	51,825	46,720
Other Beverage Other Beverage Growth	-	18,649	18,277	17,569	12,705
Other Sources Other Sources Growth	-	1,083	996	871	672
Revenue (Total) Revenue (Total) Growth	90,293	75,011	73,585	70,265	60,097

Cash & Debt

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Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Cash & Investments Cash & Investments Growth	9,653	9,585	11,601	15,618	8,163	8,344
Total Debt Total Debt Growth	60,112	70,623	38,140	39,101	28,646	28,922
Net Cash (Debt) Net Cash Growth	-50,459	-61,038	-26,539	-23,483	-20,483	-20,578
Net Cash Growth	-	-	-	-	-	-
Net Cash Per Share Net Cash Per Share Growth	-380.58	-460.53	-199.66	-172.09	-146.10	-142.61

Cash Flow & CapEx

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Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Operating Cash Flow Operating Cash Flow Growth	13,938	12,431	13,570	10,613	14,901	12,278
Capital Expenditures CapEx Growth	-5,777	-4,924	-4,668	-3,887	-4,018	-3,903
Free Cash Flow Free Cash Flow Growth	8,161	7,507	8,902	6,726	10,883	8,375
Free Cash Flow Growth	8.71%	-15.67%	32.35%	-38.20%	29.95%	28.21%

Margins

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Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Gross Margin	44.99%	45.16%	45.83%	44.62%	45.64%	47.54%
Operating Margin	14.85%	14.11%	14.20%	14.12%	14.81%	16.02%
Pretax Margin	10.66%	10.16%	13.31%	13.36%	14.18%	17.38%
Profit Margin	7.08%	6.68%	12.15%	-55.43%	-1.51%	11.39%
FCF Margin	9.04%	8.43%	11.87%	9.14%	15.49%	13.94%

Dividends

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Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep 5, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Dividend Per Share Dividend Per Share Growth	29.000	29.000	27.000	27.000	27.000	24.000
Dividend Per Share Growth	7.41%	7.41%	0%	0%	12.50%	9.09%
Dividend Yield	3.33%	3.59%	4.17%	3.50%	3.30%	2.47%

Valuation

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Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep 5, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
PE Ratio	18.16	19.12	10.46	-	-	23.83
Forward PE	13.05	13.49	11.88	15.09	16.83	21.73
P/FCF Ratio	14.92	15.17	10.71	18.25	12.28	19.48
PS Ratio	1.35	1.28	1.27	1.67	1.90	2.72

Data Sources: S&P Global Market Intelligence and Fiscal.ai Last updated: Aug 19, 2026

Financial data is provided by S&P Global Market Intelligence and updates within hours after each earnings release, which is every six months for this company. Revenue segment data is provided by Fiscal.ai.

Update frequency:

Semi-annually

Last checked:

Sep 4, 2026

Data Sources Report a data error