NVO financial statements
The full income statement, balance sheet, and cash-flow statement for Novo Nordisk A/S (NVO), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.
Shares outstanding (point-in-time)
SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.
| Line item | Trend | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Income Statement | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Revenue | 46.6B+10.8% | 42.1B+24.8% | 33.7B+34.8% | 25.0B+11.7% | 22.4B+15.3% | |
| 37.8B+6.0% | 35.6B+24.9% | 28.5B+35.9% | 21.0B+12.7% | 18.6B+14.9% | ||
| Cost of revenue | 8.87B+37.5% | 6.45B+24.3% | 5.19B+29.1% | 4.02B+6.9% | 3.76B+17.5% | |
| Research & development | 7.85B+12.8% | 6.97B+47.9% | 4.71B+38.5% | 3.40B+20.3% | 2.83B+19.5% | |
| Operating income | 19.3B+3.6% | 18.6B+24.9% | 14.9B+40.8% | 10.6B+13.4% | 9.32B+12.6% | |
| Interest expense | 1.02B-3.9% | 1.06B+768.0% | 123M-85.5% | 846M+117.1% | 390M-2.9% | |
| Pre-tax income | 19.7B+6.9% | 18.4B+21.3% | 15.2B+55.6% | 9.76B+3.9% | 9.39B+15.6% | |
| Income tax | 4.24B+11.7% | 3.80B+24.6% | 3.05B+59.2% | 1.91B+6.3% | 1.80B+7.1% | |
| Net income | 15.5B+5.6% | 14.6B+20.5% | 12.1B+54.8% | 7.85B+3.4% | 7.59B+17.8% | |
| $3.48+6.0% | $3.28+21.4% | $2.70+56.5% | $1.73+4.8% | $1.65+19.7% | ||
| EPS (basic) | $3.48+5.9% | $3.29+21.2% | $2.71+56.4% | $1.73+4.8% | $1.65+19.8% | |
| Weighted-avg shares (basic) | 4.44B-0.2% | 4.45B-0.6% | 4.48B-1.1% | 4.53B-1.4% | 4.59B-1.6% | |
| Weighted-avg shares (diluted) | 4.45B-0.3% | 4.46B-0.7% | 4.49B-1.1% | 4.54B-1.3% | 4.61B-1.6% | |
| Dividends per share | $1.77+6.9% | $1.65+21.1% | $1.36+55.7% | $0.88+6.0% | $0.83+18.8% | |
| Balance Sheet | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| 27.1B+20.4% | 22.5B+9.0% | 20.7B+32.9% | 15.6B+19.0% | 13.1B+21.2% | ||
| Cash & equivalents | 4.17B+90.9% | 2.18B+2.3% | 2.13B+17.1% | 1.82B+11.1% | 1.64B-18.3% | |
| Inventory | 7.81B+37.2% | 5.69B+20.8% | 4.71B+34.3% | 3.51B+17.0% | 3.00B-1.4% | |
| 85.5B+31.7% | 64.9B+39.3% | 46.6B+34.2% | 34.7B+16.7% | 29.7B+25.0% | ||
| Property, plant & equipment | — | — | 13.5B+40.4% | 9.59B+13.3% | 8.46B+2.6% | |
| Goodwill | 3.12B+12.0% | 2.79B | — | — | — | |
| Total non-current assets | 58.3B+37.7% | 42.3B+63.5% | 25.9B+35.3% | 19.1B+15.0% | 16.7B+28.2% | |
| 33.9B+11.9% | 30.3B+20.7% | 25.1B+44.4% | 17.4B+14.4% | 15.2B+31.9% | ||
| Short-term & current debt | 1.53B+193.8% | 520M-27.6% | 718M | 0.00 | 0.00-100.0% | |
| 54.9B+22.3% | 44.9B+45.8% | 30.8B+35.7% | 22.7B+20.0% | 18.9B+41.3% | ||
| Long-term debt | 17.5B+168.8% | 6.52B+175.6% | 2.37B-20.8% | 2.99B+102.5% | 1.48B+210.4% | |
| 30.5B+52.8% | 20.0B+26.7% | 15.8B+31.4% | 12.0B+11.1% | 10.8B+4.1% | ||
| Total equity incl. non-controlling | 30.5B+52.8% | 20.0B+26.7% | 15.8B+31.4% | 12.0B+11.1% | 10.8B+4.1% | |
| Common shares outstanding | 4.44B+0.1% | 4.44B-0.4% | 4.46B-0.9% | 4.50B-2.6% | 4.62B-1.7% | |
| Cash Flow | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| 18.0B+2.5% | 17.5B+10.9% | 15.8B+41.8% | 11.1B+27.5% | 8.74B+10.0% | ||
| Depreciation & amortization | 2.21B+78.8% | 1.24B+17.1% | 1.06B+14.2% | 926M | — | |
| Acquisitions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Long-term debt issued | 15.7B+36.3% | 11.5B | 0.00-100.0% | 1.59B-55.0% | 3.52B+305.4% | |
| Long-term debt repaid | 12.0B+1201.9% | 918M+331.2% | 213M-88.9% | 1.93B+81.1% | 1.06B+631.9% | |
| Common stock issued | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Common stock repurchased | 210M-92.8% | 2.92B-32.7% | 4.34B+27.6% | 3.40B+10.1% | 3.09B+19.9% | |
| Dividends paid | 7.81B+22.1% | 6.40B+38.7% | 4.61B+28.9% | 3.58B+4.5% | 3.42B+11.2% | |
| Valuation Ratios | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Market cap | 226B-40.8% | 382B-17.9% | 466B+48.9% | 313B+20.8% | 259B+57.6% | |
| P/E | 14.6×-44.0% | 26.1×-56.0% | 59.3×+44.1% | 41.2×+20.8% | 34.1×+33.8% | |
| P/S | 4.8×-46.6% | 9.1×-51.2% | 18.6×+33.3% | 14.0×+20.8% | 11.6×+36.7% | |
| P/B | 7.4×-61.3% | 19.1×-50.7% | 38.8×+34.1% | 28.9×+20.8% | 23.9×+51.5% | |
| Earnings yield | 6.8%+78.5% | 3.8%+127.3% | 1.7%-30.6% | 2.4%-17.2% | 2.9%-25.3% | |
| Dividend yield | 3.5%+80.7% | 1.9%+45.6% | 1.3%+1.8% | 1.3%-12.3% | 1.5%-25.9% | |
| Source filing | 20-F | 20-F | 20-F | 20-F | 20-F |
About this data
Source: NVO’s SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn’t file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all NVO filings on SEC EDGAR → Not investment advice.