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	14,348	8,290	7,289	6,553	5,452
Other Amortization	318	255	-	-	-
Asset Writedown & Restructuring Costs	7,316	10,562	2,124	809	573
Loss (Gain) From Sale of Investments	4,161	-5,079	-556	2,572	-
Loss (Gain) on Equity Investments	17	17	-81	189	-
Stock-Based Compensation	1,435	2,289	2,149	1,539	-
Other Operating Activities	-14,664	1,057	-5,413	17,235	10,281
Change in Accounts Receivable	1,093	-7,179	-14,210	-9,917	-12,909
Change in Inventory	-8,774	-9,038	-7,423	-4,767	-1,085
Change in Accounts Payable	2,618	5,011	7,529	6,717	3,153
Change in Other Net Operating Assets	8,800	13,795	33,817	2,432	1,778
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
Cash Acquisitions	1,004	-82,163	-	-7,075	-18,283
Sale (Purchase) of Intangibles	-29,973	-4,145	-13,090	-2,607	-1,050
Investment in Securities	9,951	4,577	-4,996	-3,090	-5,941
Other Investing Activities	-	-	-	-	4
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 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
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
Foreign Exchange Rate Adjustments	-727	455	-119	-238	591
Net Cash Flow	10,809	1,263	1,739	1,934	-1,507
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%
Free Cash Flow Margin	19.08%	25.41%	35.78%	37.72%	34.56%
Free Cash Flow Per Share	13.26	16.54	18.49	14.69	10.56
Cash Interest Paid	3,419	612	491	272	261
Cash Income Tax Paid	32,014	29,636	25,897	14,515	14,438
Levered Free Cash Flow	2,703	60,573	54,547	57,496	43,897
Unlevered Free Cash Flow	5,333	61,598	54,885	57,732	44,078
Change in Working Capital	3,737	2,589	19,713	-5,535	-9,063

Source: S&P Global Market Intelligence. Standard template. Financial Sources.