Vestas Wind Systems A/S (CPH:VWS)

Vestas Wind Systems Balance Sheet

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

Assets

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
Cash & Equivalents	3,462	4,384	3,817	3,318	2,378	2,420
Short-Term Investments	165	164	160	3	-	116
Cash & Short-Term Investments	3,627	4,548	3,977	3,321	2,378	2,536
Cash Growth	11.74%	14.36%	19.75%	39.66%	-6.23%	-20.10%
Accounts Receivable	4,875	4,223	3,846	3,082	2,679	2,758
Other Receivables	1,805	1,778	1,732	1,483	1,272	1,207
Receivables	6,680	6,001	5,578	4,565	3,951	3,965
Inventory	6,229	5,721	6,008	6,530	6,373	5,673
Other Current Assets	903	566	526	505	926	690
Total Current Assets	17,439	16,836	16,089	14,921	13,628	12,864
Property, Plant & Equipment	3,101	2,792	2,353	1,911	1,752	2,091
Long-Term Investments	723	739	841	790	829	790
Goodwill	1,613	1,497	1,513	1,507	1,514	1,508
Other Intangible Assets	1,906	1,939	1,872	1,696	1,551	1,554
Long-Term Deferred Tax Assets	904	883	722	795	497	378
Other Long-Term Assets	1,029	1,046	1,254	894	319	463
Total Assets	26,715	25,732	24,644	22,514	20,090	19,648

Liabilities

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
Accounts Payable	4,948	4,766	4,129	3,738	4,089	4,286
Current Portion of Long-Term Debt	332	528	4	9	106	560
Current Portion of Leases	-	254	196	154	142	144
Current Income Taxes Payable	41	115	141	176	58	75
Current Unearned Revenue	9,998	9,270	8,997	7,995	6,937	6,180
Other Current Liabilities	1,676	1,914	2,013	1,948	2,181	1,455
Total Current Liabilities	16,995	16,847	15,480	14,020	13,513	12,700
Long-Term Debt	3,203	1,721	2,205	2,649	1,828	331
Long-Term Leases	-	871	866	575	351	401
Long-Term Deferred Tax Liabilities	272	225	179	164	158	362
Other Long-Term Liabilities	2,280	2,187	2,372	2,064	1,180	1,157
Total Liabilities	22,750	21,851	21,102	19,472	17,030	14,951

Shareholders' Equity

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
Common Stock	27	27	27	27	27	27
Retained Earnings	4,101	4,055	3,580	3,102	3,002	4,635
Comprehensive Income & Other	-171	-215	-78	-102	15	22
Total Common Equity	3,957	3,867	3,529	3,027	3,044	4,684
Minority Interest	8	14	13	15	16	13
Shareholders' Equity	3,965	3,881	3,542	3,042	3,060	4,697
Total Liabilities & Equity	26,715	25,732	24,644	22,514	20,090	19,648

Additional Metrics

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
Total Debt	3,535	3,374	3,271	3,387	2,427	1,436
Net Cash (Debt)	92	1,174	706	-66	-49	1,100
Net Cash Growth	-	66.29%	-	-	-	-39.56%
Net Cash Per Share	0.09	1.17	0.70	-0.07	-0.05	1.09
Filing Date Shares Outstanding	982.97	990.42	1,006	1,006	1,006	1,005
Total Common Shares Outstanding	982.97	990.42	1,006	1,006	1,006	1,005
Working Capital	444	-11	609	901	115	164
Book Value Per Share	4.03	3.90	3.51	3.01	3.03	4.66
Tangible Book Value	438	431	144	-176	-21	1,622
Tangible Book Value Per Share	0.45	0.44	0.14	-0.17	-0.02	1.61
Land	-	1,154	1,094	1,059	1,135	1,135
Machinery	-	3,895	3,395	3,057	2,882	2,882
Construction In Progress	-	323	445	247	136	136
Order Backlog	-	71,900	68,400	60,100	49,500	45,900

Data Source: S&P Global Market Intelligence Last updated: Jun 30, 2026

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

Update frequency:

Quarterly

Last checked:

Aug 18, 2026

Data Sources Report a data error