Novo Nordisk A/S (CPH:NOVO.B)
Denmark · Delayed Price · Currency is DKK 295.50
+0.25 (0.08%)
Aug 28, 2026, 4:59 PM CET
Novo Nordisk Cash Flow Statement
Financials in millions DKK. Fiscal year is January - December.
Millions DKK. Fiscal year is Jan - Dec.
Operating Activities
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Jun '26 Jun 30, 2026 | Dec '25 Dec 31, 2025 | Dec '24 Dec 31, 2024 | Dec '23 Dec 31, 2023 | Dec '22 Dec 31, 2022 | Dec '21 Dec 31, 2021 |
Net Income | 116,443 | 102,434 | 100,988 | 83,683 | 55,525 | 47,757 |
Depreciation & Amortization | 13,963 | 14,348 | 8,290 | 7,289 | 6,553 | 5,452 |
Other Amortization | 318 | 318 | 255 | - | - | - |
Asset Writedown & Restructuring Costs | 12,878 | 7,316 | 10,562 | 2,124 | 809 | 573 |
Loss (Gain) From Sale of Investments | 4,161 | 4,161 | -5,079 | -556 | 2,572 | - |
Loss (Gain) on Equity Investments | 17 | 17 | 17 | -81 | 189 | - |
Stock-Based Compensation | 1,435 | 1,435 | 2,289 | 2,149 | 1,539 | - |
Other Operating Activities | -8,632 | -14,664 | 1,057 | -5,413 | 17,235 | 10,281 |
Change in Accounts Receivable | 1,093 | 1,093 | -7,179 | -14,210 | -9,917 | -12,909 |
Change in Inventory | -8,774 | -8,774 | -9,038 | -7,423 | -4,767 | -1,085 |
Change in Accounts Payable | 2,618 | 2,618 | 5,011 | 7,529 | 6,717 | 3,153 |
Change in Other Net Operating Assets | -3,639 | 8,800 | 13,795 | 33,817 | 2,432 | 1,778 |
Operating Cash Flow | 131,881 | 119,102 | 120,968 | 108,908 | 78,887 | 55,000 |
Operating Cash Flow Growth | 7.52% | -1.54% | 11.07% | 38.06% | 43.43% | 5.87% |
Investing Activities
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Jun '26 Jun 30, 2026 | Dec '25 Dec 31, 2025 | Dec '24 Dec 31, 2024 | Dec '23 Dec 31, 2023 | Dec '22 Dec 31, 2022 | Dec '21 Dec 31, 2021 |
Capital Expenditures | -56,043 | -60,140 | -47,164 | -25,806 | -12,146 | -6,335 |
Cash Acquisitions | 1,004 | 1,004 | -82,163 | - | -7,075 | -18,283 |
Sale (Purchase) of Intangibles | -28,049 | -29,973 | -4,145 | -13,090 | -2,607 | -1,050 |
Investment in Securities | 33 | 9,951 | 4,577 | -4,996 | -3,090 | -5,941 |
Other Investing Activities | -482 | - | - | - | - | 4 |
Investing Cash Flow | -83,537 | -79,158 | -128,895 | -43,892 | -24,918 | -31,605 |
Financing Activities
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Jun '26 Jun 30, 2026 | Dec '25 Dec 31, 2025 | Dec '24 Dec 31, 2024 | Dec '23 Dec 31, 2023 | Dec '22 Dec 31, 2022 | Dec '21 Dec 31, 2021 |
Long-Term Debt Issued | - | 103,931 | 79,391 | - | 11,215 | 22,160 |
Long-Term Debt Repaid | - | -79,188 | -6,335 | -1,467 | -13,623 | -6,689 |
Net Debt Issued (Repaid) | 36,439 | 24,743 | 73,056 | -1,467 | -2,408 | 15,471 |
Repurchase of Common Stock | -5,899 | -1,388 | -20,181 | -29,924 | -24,086 | -19,447 |
Common Dividends Paid | -51,975 | -51,763 | -44,140 | -31,767 | -25,303 | -21,517 |
Financing Cash Flow | -22,242 | -28,408 | 8,735 | -63,158 | -51,797 | -25,493 |
Net Cash Flow
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Jun '26 Jun 30, 2026 | Dec '25 Dec 31, 2025 | Dec '24 Dec 31, 2024 | Dec '23 Dec 31, 2023 | Dec '22 Dec 31, 2022 | Dec '21 Dec 31, 2021 |
Foreign Exchange Rate Adjustments | -55 | -727 | 455 | -119 | -238 | 591 |
Net Cash Flow | 26,047 | 10,809 | 1,263 | 1,739 | 1,934 | -1,507 |
Free Cash Flow
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Jun '26 Jun 30, 2026 | Dec '25 Dec 31, 2025 | Dec '24 Dec 31, 2024 | Dec '23 Dec 31, 2023 | Dec '22 Dec 31, 2022 | Dec '21 Dec 31, 2021 |
Free Cash Flow | 75,838 | 58,962 | 73,804 | 83,102 | 66,741 | 48,665 |
Free Cash Flow Growth | 14.30% | -20.11% | -11.19% | 24.51% | 37.14% | 5.50% |
Free Cash Flow Margin | 23.02% | 19.08% | 25.41% | 35.78% | 37.72% | 34.56% |
Free Cash Flow Per Share | 17.06 | 13.26 | 16.54 | 18.49 | 14.69 | 10.56 |
Levered Free Cash Flow | 37,673 | 376.88 | 60,573 | 54,547 | 57,496 | 43,897 |
Unlevered Free Cash Flow | 37,738 | 3,006 | 61,598 | 54,885 | 57,732 | 44,078 |
Additional Metrics
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Jun '26 Jun 30, 2026 | Dec '25 Dec 31, 2025 | Dec '24 Dec 31, 2024 | Dec '23 Dec 31, 2023 | Dec '22 Dec 31, 2022 | Dec '21 Dec 31, 2021 |
Cash Interest Paid | 4,226 | 3,419 | 612 | 491 | 272 | 261 |
Cash Income Tax Paid | 30,916 | 32,014 | 29,636 | 25,897 | 14,515 | 14,438 |
Change in Working Capital | -8,702 | 3,737 | 2,589 | 19,713 | -5,535 | -9,063 |