Novo Nordisk A/S (NVO) cash flow statement

NYSE · Healthcare · Drug Manufacturers - General · 68,794 employees · CEO Maziar Mike Doustdar

Price: $40.00 +2.20%
Market cap: $176B
Enterprise value: DKK 1.27T
Last report: Q2 '26 filed 2026-08-04
Next report: 2026-11-04

In Q2 '26 Novo Nordisk A/S (NVO) generated DKK 55.2B of operating cash flow, invested DKK 12.7B in capital expenditure and kept DKK 42.4B of free cash flow. Over the last four quarters free cash flow was DKK 48.9B.

Cash flow

Cash flow	Q3 '23	Q4 '23	Q1 '24	Q2 '24	Q3 '24	Q4 '24	Q1 '25	Q2 '25	Q3 '25	Q4 '25	Q1 '26	Q2 '26
Operating
Net income	DKK 22.5B	DKK 22B	DKK 25.4B	DKK 20.1B	DKK 27.3B	DKK 28.2B	DKK 29B	DKK 26.5B	DKK 20B	DKK 26.9B	DKK 48.6B	DKK 21B
Depreciation & amortization	DKK 2.53B	DKK 2.99B	DKK 2.91B	DKK 8.85B	DKK 2.15B	DKK 5.2B	DKK 3.83B	DKK 4.83B	DKK 7.76B	DKK 5.56B	DKK 3.54B	DKK 10.3B
Deferred income tax	DKK 5.59B	DKK 5.66B	DKK 6.51B	DKK 5.28B	DKK 7.08B	DKK 7.33B	DKK 8B	DKK 7.3B	DKK 5.51B	DKK 7.29B	DKK 13.6B	DKK 5.89B
Change in working capital	DKK 11.7B	-DKK 9.68B	-DKK 9.61B	DKK 9.86B	-DKK 11.3B	DKK 13.6B	-DKK 16.4B	DKK 4.76B	-DKK 4.96B	DKK 20.4B	-DKK 33.2B	DKK 13.3B
Other non-cash items	-DKK 1.29B	-DKK 11.4B	-DKK 10.9B	DKK 6.47B	DKK 18.6B	-DKK 42.1B	DKK 156M	-DKK 2.61B	DKK 17.8B	-DKK 52.5B	-DKK 8.39B	DKK 4.7B
Operating cash flow	DKK 41B	DKK 9.55B	DKK 14.3B	DKK 50.5B	DKK 43.9B	DKK 12.3B	DKK 24.6B	DKK 40.8B	DKK 46.1B	DKK 7.62B	DKK 24.1B	DKK 55.2B
Investing
Capital expenditure	-DKK 5.83B	-DKK 9.41B	-DKK 8.47B	-DKK 10.5B	-DKK 12.1B	-DKK 16.1B	-DKK 13.4B	-DKK 14.7B	-DKK 13.6B	-DKK 18.4B	-DKK 11.3B	-DKK 12.7B
Acquisitions	DKK 0	DKK 0	DKK 0	DKK 0	DKK 0	-DKK 81.5B	DKK 0	DKK 0	DKK 0	DKK 1B	DKK 44M	DKK 0
Purchases of investments	-DKK 4.83B	-DKK 948M	-DKK 1.16B	-DKK 9.87B	-DKK 8.44B	-DKK 353M	-DKK 115M	-DKK 582M	-DKK 26M	DKK 0	DKK 0	-DKK 94M
Sales / maturities of investments	DKK 2.21B	DKK 2.67B	DKK 14.1B	DKK 3.04B	DKK 35M	DKK 7.19B	DKK 8.03B	DKK 2.61B	DKK 16M	DKK 21M	DKK 21M	DKK 51M
Other investing	-DKK 4.8B	-DKK 7.03B	-DKK 535M	-DKK 3.44B	-DKK 384M	-DKK 458M	-DKK 1.16B	-DKK 1.61B	-DKK 1.79B	-DKK 25.4B	-DKK 466M	-DKK 46M
Investing cash flow	-DKK 13.2B	-DKK 14.7B	DKK 3.96B	-DKK 20.7B	-DKK 20.9B	-DKK 91.2B	-DKK 6.67B	-DKK 14.2B	-DKK 15.4B	-DKK 42.8B	-DKK 11.7B	-DKK 12.8B
Financing
Net debt issued / repaid	-DKK 261M	-DKK 355M	-DKK 317M	DKK 29.5B	-DKK 413M	DKK 44.3B	DKK 15.3B	-DKK 19.6B	-DKK 433M	DKK 29.5B	DKK 14.7B	-DKK 7.34B
Share buybacks	-DKK 6.14B	-DKK 9.76B	-DKK 2.84B	-DKK 7.45B	-DKK 2.41B	-DKK 7.49B	-DKK 1.39B	DKK 0	DKK 0	DKK 0	-DKK 2.4B	-DKK 3.5B
Dividends	-DKK 13.4B	DKK 0	-DKK 28.6B	DKK 0	-DKK 15.6B	DKK 0	-DKK 35.3B	DKK 174M	-DKK 16.7B	DKK 0	-DKK 35.3B	DKK 0
Other financing (incl. tax on vested shares)	DKK 0	DKK 0	DKK 5.33B	-DKK 5.33B	DKK 0	DKK 0	DKK 26.8B	-DKK 26.8B	DKK 0	DKK 0	DKK 5.53B	-DKK 8.29B
Financing cash flow	-DKK 19.8B	-DKK 10.1B	-DKK 26.4B	DKK 16.7B	-DKK 18.4B	DKK 36.8B	DKK 5.45B	-DKK 46.2B	-DKK 17.1B	DKK 29.5B	-DKK 17.4B	-DKK 19.1B
Summary
FX effect on cash	DKK 418M	-DKK 209M	DKK 44M	DKK 42M	-DKK 348M	DKK 717M	-DKK 86M	-DKK 810M	DKK 63M	DKK 106M	-DKK 276M	DKK 52M
Net change in cash	DKK 8.31B	-DKK 15.5B	-DKK 8.07B	DKK 46.5B	DKK 4.2B	-DKK 41.4B	DKK 23.3B	-DKK 20.5B	DKK 13.6B	-DKK 5.62B	-DKK 5.34B	DKK 23.4B
Free cash flow (OCF - capex)	DKK 30.3B	-DKK 6.89B	DKK 5.31B	DKK 37.3B	DKK 31.3B	-DKK 4.26B	DKK 10B	DKK 24.5B	DKK 30.7B	-DKK 36.2B	DKK 12B	DKK 42.4B

Cash flow	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Operating
Net income	DKK 37.9B	DKK 38.1B	DKK 38.6B	DKK 39B	DKK 42.1B	DKK 47.8B	DKK 55.5B	DKK 83.7B	DKK 101B	DKK 102B
Depreciation & amortization	DKK 3.19B	DKK 3.18B	DKK 3.93B	DKK 5.66B	DKK 5.75B	DKK 6.03B	DKK 7.36B	DKK 9.41B	DKK 19.1B	DKK 22B
Stock-based compensation	DKK 368M	DKK 292M	DKK 414M	DKK 363M	DKK 823M	DKK 1.04B	DKK 1.54B	DKK 2.15B	DKK 2.29B	DKK 0
Deferred income tax	DKK 9.87B	DKK 10.6B	DKK 8.99B	DKK 9.6B	DKK 11B	DKK 11.3B	DKK 13.5B	DKK 21B	DKK 26.2B	DKK 28.1B
Change in working capital	-DKK 3.71B	-DKK 3.63B	-DKK 3.37B	-DKK 3.39B	-DKK 4.35B	-DKK 8.66B	-DKK 5.54B	-DKK 12.2B	DKK 2.59B	DKK 3.74B
Other non-cash items	DKK 663M	-DKK 7.35B	-DKK 3.97B	-DKK 4.41B	-DKK 3.4B	-DKK 2.49B	DKK 6.46B	DKK 4.92B	-DKK 30.2B	-DKK 37.2B
Operating cash flow	DKK 48.3B	DKK 41.2B	DKK 44.6B	DKK 46.8B	DKK 52B	DKK 55B	DKK 78.9B	DKK 109B	DKK 121B	DKK 119B
Investing
Capital expenditure	-DKK 8.27B	-DKK 8.65B	-DKK 12.4B	-DKK 11.2B	-DKK 22.1B	-DKK 7.39B	-DKK 12.1B	-DKK 25.8B	-DKK 47.2B	-DKK 60.1B
Acquisitions	DKK 1.2B	DKK 1.02B	DKK 368M	-DKK 100M	-DKK 392M	-DKK 18.3B	-DKK 7.08B	DKK 0	-DKK 82.2B	DKK 1B
Purchases of investments	-DKK 643M	-DKK 40M	-DKK 248M	-DKK 350M	DKK 16.3B	-DKK 7.11B	-DKK 9.74B	-DKK 13.3B	-DKK 19.8B	-DKK 723M
Sales / maturities of investments	DKK 2.09B	DKK 2.08B	DKK 178M	DKK 148M	DKK 12M	DKK 1.17B	DKK 6.65B	DKK 8.29B	DKK 24.4B	DKK 10.7B
Other investing	-DKK 1.17B	-DKK 987M	DKK 32M	DKK 24M	-DKK 16.2B	DKK 4M	-DKK 2.61B	-DKK 13.1B	-DKK 4.15B	-DKK 30B
Investing cash flow	-DKK 6.79B	-DKK 6.57B	-DKK 12.1B	-DKK 11.5B	-DKK 22.4B	-DKK 31.6B	-DKK 24.9B	-DKK 43.9B	-DKK 129B	-DKK 79.2B
Financing
Net debt issued / repaid	DKK 0	DKK 0	DKK 94M	-DKK 741M	DKK 4.73B	DKK 15.5B	-DKK 2.41B	-DKK 1.47B	DKK 73.1B	DKK 24.7B
Share buybacks	-DKK 15.1B	-DKK 16.8B	-DKK 15.6B	-DKK 15.3B	-DKK 16.9B	-DKK 19.4B	-DKK 24.1B	-DKK 29.9B	-DKK 20.2B	-DKK 1.39B
Dividends	-DKK 23.8B	-DKK 18.8B	-DKK 19B	-DKK 19.4B	-DKK 20.1B	-DKK 21.5B	-DKK 25.3B	-DKK 31.8B	-DKK 44.1B	-DKK 51.8B
Financing cash flow	-DKK 38.9B	-DKK 35.7B	-DKK 34.5B	-DKK 35.5B	-DKK 32.2B	-DKK 25.5B	-DKK 51.8B	-DKK 63.2B	DKK 8.74B	-DKK 28.4B
Summary
FX effect on cash	-DKK 26M	-DKK 211M	DKK 44M	-DKK 7M	-DKK 456M	DKK 591M	-DKK 238M	-DKK 119M	DKK 455M	-DKK 727M
Net change in cash	DKK 2.61B	-DKK 1.3B	-DKK 1.53B	-DKK 218M	-DKK 3.19B	-DKK 1.51B	DKK 1.93B	DKK 1.74B	DKK 1.26B	DKK 10.8B
Free cash flow (OCF - capex)	DKK 40B	DKK 32.5B	DKK 32.2B	DKK 35.6B	DKK 29.9B	DKK 47.6B	DKK 64.1B	DKK 70B	DKK 69.7B	DKK 29B

Standardised by Financial Modeling Prep from the company's filings; outflows and costs keep the sign the provider reports. Hover a period for its end date. Amounts in DKK.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Share count and EPS

quarterly, diluted

The other statements

Income statementRevenue, costs, operating income, net income and EPSOpen Balance sheetCash, investments, assets, debt, liabilities and equityOpen

Sources

Statements, segment revenue, metrics and estimates: Financial Modeling Prep.

Data as of 2026-11-01 · Amounts in DKK as reported; price and market cap in USD.