Skip to main content
logo
Novo Nordisk A/S (NVO)
NYSE: NVO · Real-Time Price · USD
45.33
-0.28 (-0.61%)
At close: Aug 31, 2026, 4:00 PM EDT
45.60
+0.27 (0.60%)
Pre-market: Sep 1, 2026, 4:06 AM EDT

Novo Nordisk Cash Flow Statement

Millions DKK. Fiscal year is Jan - Dec.

Operating Activities

Fiscal Quarter
Q2 2026Q1 2026Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024Q4 2023Q3 2023Q2 2023Q1 2023Q4 2022Q3 2022Q2 2022Q1 2022Q4 2021Q3 2021
Period Ending
Jun '26 Mar '26 Dec '25 Sep '25 Jun '25 Mar '25 Dec '24 Sep '24 Jun '24 Mar '24 Dec '23 Sep '23 Jun '23 Mar '23 Dec '22 Sep '22 Jun '22 Mar '22 Dec '21 Sep '21
Net Income
20,98948,55726,89120,00626,50329,03428,23027,30120,05025,40721,96322,47819,42819,81413,59214,40513,31814,21010,89212,119
Depreciation & Amortization
3,6053,5133,0853,2373,7443,7592,0762,0202,0372,1576552,5252,1771,7191,0312,0411,6361,6501,1681,349
Other Amortization
--318---255---213---195---200-
Asset Writedown & Restructuring Costs
6,699232,1594,5201,089712,8671306,8087572,124---809---714-
Loss (Gain) From Sale of Investments
--4,161----5,079----556--------340-
Loss (Gain) on Equity Investments
--17---17----81-------24-
Stock-Based Compensation
--1,435---2,289---2,149-------1,040-
Other Operating Activities
10,5875,222-50,81723,3042,4977,280-31,95725,66211,751-4,399-6,0984,29410,98718,497-8,21818,8034,9185,833-6,0277,746
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---10,019---6,717---3,153-
Change in Other Net Operating Assets
13,319-33,23125,433-4,9607,941-15,41424,809-11,2639,857-9,60879611,669-4,015-10,2167,659-11,0104,0891,893153293
Operating Cash Flow
55,19924,0847,61946,10741,77424,73012,30143,85050,50314,3149,55140,96628,57729,8147,10124,23923,96123,586-3,01721,507
Operating Cash Flow Growth (YoY)
32.14%-2.61%-38.06%5.15%-17.28%72.77%28.79%7.04%76.73%-51.99%34.50%69.01%19.27%26.41%-12.70%-5.12%109.56%-22.86%

Investing Activities

Fiscal Quarter
Q2 2026Q1 2026Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024Q4 2023Q3 2023Q2 2023Q1 2023Q4 2022Q3 2022Q2 2022Q1 2022Q4 2021Q3 2021
Period Ending
Jun '26 Mar '26 Dec '25 Sep '25 Jun '25 Mar '25 Dec '24 Sep '24 Jun '24 Mar '24 Dec '23 Sep '23 Jun '23 Mar '23 Dec '22 Sep '22 Jun '22 Mar '22 Dec '21 Sep '21
Capital Expenditures
-12,675-11,311-18,429-13,628-14,661-13,422-16,101-12,119-10,470-8,474-9,407-5,828-5,878-4,693-4,961-3,230-2,435-1,520-2,049-1,175
Sale of Property, Plant & Equipment
-------11------------
Cash Acquisitions
--1,004----81,495--668------7,075----18,283-
Sale (Purchase) of Intangibles
-126-728-25,408-1,787-1,614-1,164-457-385-2,768-535-7,029-4,796-1,157-108-1,212-995-140-260-265-513
Investment in Securities
-436521-102,0277,9136,838-8,401-6,82512,9651,719-2,619-2,250-1,846-602-736-1,625-127-6-2,947
Other Investing Activities
80262--130694--------------
Investing Cash Flow
-12,764-11,712-42,812-15,425-14,118-5,979-91,216-20,904-20,7313,956-14,717-13,243-9,285-6,647-13,850-4,961-4,200-1,907-20,603-4,635

Financing Activities

Fiscal Quarter
Q2 2026Q1 2026Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024Q4 2023Q3 2023Q2 2023Q1 2023Q4 2022Q3 2022Q2 2022Q1 2022Q4 2021Q3 2021
Period Ending
Jun '26 Mar '26 Dec '25 Sep '25 Jun '25 Mar '25 Dec '24 Sep '24 Jun '24 Mar '24 Dec '23 Sep '23 Jun '23 Mar '23 Dec '22 Sep '22 Jun '22 Mar '22 Dec '21 Sep '21
Long-Term Debt Issued
-15,977---27,363-----------11,150--
Total Debt Issued
18,77215,97730,62071345,23527,36344,75911934,513-----95-30-11,15012,42182
Long-Term Debt Repaid
--1,232----12,032----317----478----12,855--
Total Debt Repaid
-26,112-1,232-1,153-1,146-64,857-12,032-433-532-5,053-317-355-261-373-478-224-300-244-12,855-360-257
Net Debt Issued (Repaid)
-7,34014,74529,467-433-19,62215,33144,326-41329,460-317-355-261-373-478-129-330-244-1,70512,061-175
Repurchase of Common Stock
-3,499-2,400----1,388-7,491-2,405-7,449-2,836-9,761-6,141-8,823-5,199-7,539-4,620-7,450-4,477-7,512-3,535
Common Dividends Paid
--35,312--16,663--35,274--15,583--28,557--13,430--18,337--9,613--15,690--8,021
Other Financing Activities
-8,2935,534---27,72725,949---5,3285,328---3,3933,393---2,7372,737--
Financing Cash Flow
-19,132-17,43329,467-17,096-47,3494,61836,835-18,40116,683-26,382-10,116-19,832-12,589-20,621-7,668-14,563-10,431-19,1354,549-11,731

Net Cash Flow

Fiscal Quarter
Q2 2026Q1 2026Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024Q4 2023Q3 2023Q2 2023Q1 2023Q4 2022Q3 2022Q2 2022Q1 2022Q4 2021Q3 2021
Period Ending
Jun '26 Mar '26 Dec '25 Sep '25 Jun '25 Mar '25 Dec '24 Sep '24 Jun '24 Mar '24 Dec '23 Sep '23 Jun '23 Mar '23 Dec '22 Sep '22 Jun '22 Mar '22 Dec '21 Sep '21
Foreign Exchange Rate Adjustments
52-27610663-810-86717-3484244-209418-65-263-844443218-55300122
Net Cash Flow
23,355-5,337-5,62013,649-20,50323,283-41,3634,19746,497-8,068-15,4918,3096,6382,283-15,2615,1589,5482,489-18,7715,263

Free Cash Flow

Fiscal Quarter
Q2 2026Q1 2026Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024Q4 2023Q3 2023Q2 2023Q1 2023Q4 2022Q3 2022Q2 2022Q1 2022Q4 2021Q3 2021
Period Ending
Jun '26 Mar '26 Dec '25 Sep '25 Jun '25 Mar '25 Dec '24 Sep '24 Jun '24 Mar '24 Dec '23 Sep '23 Jun '23 Mar '23 Dec '22 Sep '22 Jun '22 Mar '22 Dec '21 Sep '21
Free Cash Flow
42,52412,773-10,81032,47927,11311,308-3,80031,73140,0335,84014435,13822,69925,1212,14021,00921,52622,066-5,06620,332
Free Cash Flow Growth (YoY)
56.84%12.96%-2.36%-32.27%93.63%--9.70%76.37%-76.75%-93.27%67.25%5.45%13.84%-3.33%-8.58%123.95%-26.25%
Free Cash Flow Margin
54.18%13.19%-13.66%43.32%35.28%14.48%-4.44%44.50%58.82%8.94%0.22%59.83%41.80%47.07%4.45%46.11%52.16%52.50%-13.22%57.08%
Free Cash Flow Per Share
9.592.87-2.437.306.102.54-0.857.118.961.310.037.835.045.570.474.634.734.83-1.114.42
Levered Free Cash Flow
25,51412,839-34,94829,842-23,79525,2553,83625,60326,8816,366-13,95629,51614,72021,661-4,05120,38919,19721,930-4,56318,780
Unlevered Free Cash Flow
26,45112,839-31,84429,842-20,69625,2554,08625,60327,8577,615-12,93730,87114,72022,231-3,81520,38919,19721,930-4,38218,780

Additional Metrics

Fiscal Quarter
Q2 2026Q1 2026Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024Q4 2023Q3 2023Q2 2023Q1 2023Q4 2022Q3 2022Q2 2022Q1 2022Q4 2021Q3 2021
Period Ending
Jun '26 Mar '26 Dec '25 Sep '25 Jun '25 Mar '25 Dec '24 Sep '24 Jun '24 Mar '24 Dec '23 Sep '23 Jun '23 Mar '23 Dec '22 Sep '22 Jun '22 Mar '22 Dec '21 Sep '21
Cash Interest Paid
1,8189411,1702971,1198332531427714014089971658666685212056
Cash Income Tax Paid
1,3655,93722,9916235,7292,67112,9536153,94412,12411,0713,4794,6686,6794,5871,6992,9695,2605,858772
Change in Working Capital
13,319-33,23120,370-4,9607,941-15,41413,603-11,2639,857-9,608-10,81811,669-4,015-10,216-308-11,0104,0891,893-10,688293
SEC Filings: 10-K · 10-Q