Novo Nordisk A/S (NVO)

Novo Nordisk Cash Flow Statement

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

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar 31, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Net Income	121,957	102,434	100,988	83,683	55,525	47,757
Depreciation & Amortization	21,688	21,982	19,107	9,413	7,362	6,025
Other Adjustments	50,818	22,963	27,920	21,996	36,050	24,719
Changes in Income Taxes Payable	-35,280	-32,014	-29,636	-25,897	-14,515	-14,438
Changes in Other Operating Activities	-33,436	3,737	2,589	19,713	-5,535	-9,063
Operating Cash Flow	118,456	119,102	120,968	108,908	78,887	55,000
Operating Cash Flow Growth	-9.84%	-1.54%	11.07%	38.06%	43.43%	5.87%
Capital Expenditures	-30,070	-60,140	-47,164	-25,806	-12,146	-6,335
Purchases of Intangible Assets	-14,987	-29,973	-4,145	-13,090	-2,607	-1,050
Purchases of Investments	-361.5	-723	-19,814	-13,289	-9,735	-7,113
Proceeds from Sale of Investments	2,616	10,674	24,391	8,293	6,645	1,176
Payments for Business Acquisitions	-	-	-82,163	-	-7,075	-18,283
Proceeds from Business Divestments	44	1,004	-	-	-	-
Investing Cash Flow	-84,197	-79,158	-128,895	-43,892	-24,918	-31,605
Long-Term Debt Issued	76,879	103,931	79,391	-	11,215	22,160
Long-Term Debt Repaid	-68,388	-79,188	-6,335	-1,467	-13,623	-6,689
Net Long-Term Debt Issued (Repaid)	8,491	24,743	73,056	-1,467	-2,408	15,471
Repurchase of Common Stock	-2,400	-1,388	-20,181	-29,924	-24,086	-19,447
Net Common Stock Issued (Repurchased)	-2,400	-1,388	-20,181	-29,924	-24,086	-19,447
Common Dividends Paid	-51,801	-51,763	-44,140	-31,767	-25,303	-21,517
Other Financing Activities	6,114	-	-	-	-	-
Financing Cash Flow	-51,292	-28,408	8,735	-63,158	-51,797	-25,493
Effect of Exchange Rate Changes on Cash and Cash Equivalents	-917	-727	455	-119	-238	591
Net Cash Flow	-16,894	11,536	808	1,858	2,172	-2,098
Free Cash Flow	88,386	58,962	73,804	83,102	66,741	48,665
Free Cash Flow Growth	49.90%	-20.11%	-11.19%	24.51%	37.14%	5.50%
FCF Margin	26.96%	19.08%	25.41%	35.78%	37.72%	34.56%
Free Cash Flow Per Share	19.87	13.26	16.54	18.49	14.69	10.57
Levered Free Cash Flow	53,350	60,742	118,940	59,639	28,283	39,417
Unlevered Free Cash Flow	39,223	33,738	46,796	59,427	35,312	23,594

Updated May 6, 2026. Data Source: Fiscal.ai. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q