Novo Nordisk A S annual free cash flow
2019
2020
2021
2022
2023
2024
2025
Novo Nordisk A S Free Cash Flow (FCF) History (NVO)
Novo Nordisk A S reported kr58.96B in free cash flow for fiscal 2025, a decrease of 20.11% from the previous fiscal year, with a free cash flow margin of 19.08%.
View full Novo Nordisk A S company overviewNovo Nordisk A S free cash flow by year
| Fiscal year | Period ended | Free cash flow | Change | Growth | FCF margin |
|---|---|---|---|---|---|
| 2025 | 2025-12-31 | kr58.96B | −kr14.84B | −20.11% | +19.08% |
| 2024 | 2024-12-31 | kr73.80B | −kr9.30B | −11.19% | +25.41% |
| 2023 | 2023-12-31 | kr83.10B | kr16.36B | +24.51% | +35.78% |
| 2022 | 2022-12-31 | kr66.74B | kr18.08B | +37.14% | +37.72% |
| 2021 | 2021-12-31 | kr48.66B | kr2.54B | +5.50% | +34.56% |
| 2020 | 2020-12-31 | kr46.13B | kr8.28B | +21.87% | +36.34% |
| 2019 | 2019-12-31 | kr37.85B | — | — | +31.02% |
Novo Nordisk A S quarterly free cash flow
Q2.25
Q3.25
Q4.25
Q1.26
Q2.26
| Fiscal quarter | Period ended | Free cash flow | Change | YoY growth | FCF margin |
|---|---|---|---|---|---|
| Q2 2026 | 2026-06-30 | kr42.52B | kr15.41B | +56.84% | +54.18% |
| Q1 2026 | 2026-03-31 | kr12.04B | — | — | — |
| Q4 2025 | 2025-12-31 | −kr10.81B | — | — | −13.66% |
| Q3 2025 | 2025-09-30 | kr31.35B | — | — | +41.81% |
| Q2 2025 | 2025-06-30 | kr27.11B | — | — | +35.28% |
Novo Nordisk A S free cash flow growth trends
Over the last five reported fiscal years, free cash flow grew from kr46.13B to kr58.96B, a compound annual growth rate of 5.03%. Novo Nordisk A S's latest reported quarter, Q2 2026, generated kr42.52B in free cash flow, an increase of 56.84% year over year.
About the metric
What free cash flow means
Free cash flow is the cash a company generates from operations after capital expenditures. Positive FCF can fund dividends, buybacks, debt repayment, or reinvestment; negative FCF means capital spending exceeded operating cash flow for that period.
Calculation and source
How free cash flow is calculated
TickerStat calculates free cash flow as reported operating cash flow minus capital expenditures. FCF margin equals free cash flow divided by revenue. Fiscal periods can differ from calendar years, so the tables include exact period-end dates.
Review Novo Nordisk A S source filings ↗Community posts
Novo licenses early-stage weekly obesity pill for $300 million upfront
Novo Nordisk ($NVO) has agreed to license Hengrui Pharma’s HRS-1596, an experimental oral medicine targeting both GLP-1 and GIP receptors. The agreement includes $300 million upfront within a potential $2.6 billion total, with the balance d ...
Novo Nordisk sets new pipeline and manufacturing ambitions
Novo Nordisk ($NVO) outlined ambitions to launch more than five major new medicines by 2030 and generate over DKK150 billion in risk-adjusted sales from its current pipeline by 2035. It also intends to enter or complete at least five Phase ...
Novo’s weekly growth-hormone treatment gains another European recommendation
Novo Nordisk ($NVO) received a positive European advisory opinion for once-weekly Sogroya in children with idiopathic short stature and persistent growth disturbance. The proposed expansion is supported by the REAL8 study, which found the w ...
Novo Nordisk receives positive European opinion for hemophilia treatment
Novo Nordisk ($NVO) received a positive recommendation from the European Medicines Agency’s human medicines committee for FREHEMGO, its denecimig treatment for hemophilia A. The proposed indication covers adults and children, including pati ...
Novo Nordisk reports positive STEP Young results in children aged 6 to under 12
Novo Nordisk announced first STEP Young Phase 3 results on 7 September 2026. Trial design and outcome The randomised, double-blind study involved 165 children aged 6 to under 12, comparing weekly semaglutide with placebo. Both groups receiv ...
