Novo Nordisk Cash Flow Statement

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

Millions DKK. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	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	102,434	100,988	83,683	55,525	47,757
Depreciation & Amortization	21,982	19,107	9,413	7,362	6,025
Other Adjustments	24,984	41,232	54,508	36,046	24,739
Changes in Other Operating Activities	-30,298	-40,359	-38,696	-20,046	-23,521
Operating Cash Flow	119,102	120,968	108,908	78,887	55,000
Operating Cash Flow Growth	-1.54%	11.07%	38.06%	43.43%	5.87%
Capital Expenditures	-60,140	-47,164	-25,806	-12,146	-6,335
Purchases of Intangible Assets	-29,973	-4,145	-13,090	-2,607	-1,050
Purchases of Investments	-723	-19,814	-13,289	-9,735	-7,113
Proceeds from Sale of Investments	10,674	24,391	8,293	6,645	1,176
Payments for Business Acquisitions	1,004	-82,163	-	-7,075	-18,283
Investing Cash Flow	-79,158	-128,895	-43,892	-24,918	-31,605
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 Long-Term Debt Issued (Repaid)	24,743	73,056	-1,467	-2,408	15,471
Repurchase of Common Stock	-1,388	-20,181	-29,924	-24,086	-19,447
Net Common Stock Issued (Repurchased)	-1,388	-20,181	-29,924	-24,086	-19,447
Common Dividends Paid	-51,763	-44,140	-31,767	-25,303	-21,517
Financing Cash Flow	-28,408	8,735	-63,158	-51,797	-25,493
Effect of Exchange Rate Changes on Cash and Cash Equivalents	-727	455	-119	-238	591
Net Cash Flow	11,536	808	1,858	2,172	-2,098
Free Cash Flow	58,962	73,804	83,102	66,741	48,665
Free Cash Flow Growth	-20.11%	-11.19%	24.51%	37.14%	5.50%
FCF Margin	19.08%	25.41%	35.78%	37.72%	34.56%
Free Cash Flow Per Share	13.26	16.54	18.49	14.69	10.57
Levered Free Cash Flow	58,721	105,628	27,127	28,287	39,397
Unlevered Free Cash Flow	31,717	33,483	26,915	35,316	23,574

Updated Dec 31, 2025. Data Source: Fiscal.ai. Standard template. Financial Sources.