Novo Nordisk A/S (NVO) Cash Flow: Operating & Free Cash Flow

Novo Nordisk A/S (NVO) Cash Flow Statement

In fiscal 2025 (fiscal year ended Dec 31, 2025), Novo Nordisk A/S generated DKK 119.10B of operating cash flow and spent DKK 90.11B on capital expenditures. That left free cash flow of DKK 28.99B, down 58.4% from DKK 69.66B a year earlier, or 9.4% of revenue. It returned DKK 51.11B to shareholders through DKK 49.78B in dividends and DKK 1.33B in share buybacks.

Novo Nordisk A/S Cash Flow Statement Analysis

Values in billions DKK

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for Novo Nordisk A/S (NVO) - Annual data in billions DKK
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Operating Activities
Net Income	102.43	100.99	83.68	55.53	47.76	42.14	38.95	38.63	38.13
Depreciation & Amortization	14.67	8.55	9.41	7.36	6.03	5.75	5.66	3.93	3.18
Deferred Income Tax	0.00	26.20	20.99	13.54	11.32	10.99	9.60	8.99	10.55
Stock Based Compensation	0.00	2.29	2.15	1.54	1.04	0.82	0.36	0.41	0.29
Change in Working Capital	3.74	2.59	19.71	-5.54	-9.06	-4.35	-3.39	-3.37	-3.63
Change in Accounts Receivable	0.00	-14.31	-14.21	-10.82	-12.91	-2.82	-2.13	-2.62	0.07
Change in Inventory	0.00	-9.04	-7.42	-4.77	-1.09	-0.90	-1.31	-0.96	-1.03
Change in Accounts Payable	0.00	-0.28	7.59	6.72	3.15	-0.64	-0.40	1.15	-0.40
Change in Other Working Capital	3.74	0.45	0.42	3.34	-9.06	0.01	0.44	-0.93	-2.27
Other Operating Activities	-1.74	0.45	0.42	6.46	24.72	-3.40	-4.41	-3.97	-7.35
Net Cash from Operating Activities	119.10	120.97	108.91	78.89	55.00	51.95	46.78	44.62	41.17
Investing Activities
Capital Expenditures	-90.11	-51.31	-38.90	-14.75	-6.34	-22.08	-11.23	-12.41	-8.65
Acquisitions	1.00	-82.16	0.00	-7.08	-18.28	-0.39	-0.10	0.37	1.02
Purchases of Investments	-0.72	-19.81	-13.29	-9.74	-7.11	16.26	-0.35	-0.25	-0.04
Sales/Maturities of Investments	10.67	24.39	8.29	6.65	1.18	0.01	0.15	0.18	2.08
Other Investing Activities	-29.97	-4.15	-13.09	-2.61	0.00	-16.23	0.02	0.03	-0.99
Net Cash from Investing Activities	-79.16	-128.90	-43.89	-24.92	-31.61	-22.44	-11.51	-12.08	-6.57
Financing Activities
Debt Repayment	24.74	-6.34	-1.47	-2.41	-6.69	4.73	-0.74	0.09	0.00
Common Stock Repurchased	-1.33	-20.18	-29.92	-24.09	-19.45	-16.86	-15.33	-15.57	-16.85
Dividends Paid	-49.78	-44.14	-31.77	-25.30	-21.52	-20.12	-19.41	-19.05	-18.84
Other Financing Activities	-2.04	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Cash from Financing Activities	-28.41	8.74	-63.16	-51.80	-25.49	-32.24	-35.48	-34.52	-35.69
Summary
Effect of Forex Changes on Cash	-0.73	0.46	-0.12	-0.24	0.59	-0.46	-0.01	0.04	-0.21
Net Change in Cash	10.81	0.81	1.86	1.93	-1.51	-3.19	-0.22	-1.53	-1.30
Cash at Beginning of Period	15.66	14.39	12.65	10.72	12.23	15.41	15.63	17.16	18.46
Cash at End of Period	26.46	15.66	14.39	12.65	10.72	12.23	15.41	15.63	17.16
Free Cash Flow	28.99	69.66	70.01	64.13	48.67	29.87	35.55	32.21	32.52
Supplemental Disclosures
Interest Paid	3.42	0.61	0.49	0.27	0.26	-	-	-	-
Income Taxes Paid	32.01	29.64	25.90	14.52	14.44	-	-	-	-

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Novo Nordisk A/S Cash Flow

What is Novo Nordisk A/S's free cash flow?

Novo Nordisk A/S generated free cash flow of DKK 28.99B in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of DKK 119.10B minus DKK 90.11B of capital expenditures. That was down 58.4% from DKK 69.66B a year earlier. Free cash flow equaled 9.4% of revenue.

How much does Novo Nordisk A/S spend on capital expenditures?

Novo Nordisk A/S spent DKK 90.11B on capital expenditures in fiscal 2025, compared with DKK 51.31B a year earlier. That equals 75.7% of operating cash flow.

Does Novo Nordisk A/S pay dividends or buy back shares?

Yes. In fiscal 2025 Novo Nordisk A/S returned DKK 49.78B in dividends and DKK 1.33B in share buybacks to shareholders, according to its cash flow statement.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition