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)

2019-12 4.76B2020-12 4.68B2021-12 4.61B2022-12 4.54B2023-12 4.49B2024-12 4.46B2025-12 4.45B-6.5% over 6 periods

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.

PeriodRangeOrderChangeYoYQoQFiguresAs-reported fiscal years.

Line item	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 YoY+10.8%	42.1B YoY+24.8%	33.7B YoY+34.8%	25.0B YoY+11.7%	22.4B YoY+15.3%
	37.8B YoY+6.0%	35.6B YoY+24.9%	28.5B YoY+35.9%	21.0B YoY+12.7%	18.6B YoY+14.9%
Cost of revenue	8.87B YoY+37.5%	6.45B YoY+24.3%	5.19B YoY+29.1%	4.02B YoY+6.9%	3.76B YoY+17.5%
Research & development	7.85B YoY+12.8%	6.97B YoY+47.9%	4.71B YoY+38.5%	3.40B YoY+20.3%	2.83B YoY+19.5%
Operating income	19.3B YoY+3.6%	18.6B YoY+24.9%	14.9B YoY+40.8%	10.6B YoY+13.4%	9.32B YoY+12.6%
Interest expense	1.02B YoY-3.9%	1.06B YoY+768.0%	123M YoY-85.5%	846M YoY+117.1%	390M YoY-2.9%
Pre-tax income	19.7B YoY+6.9%	18.4B YoY+21.3%	15.2B YoY+55.6%	9.76B YoY+3.9%	9.39B YoY+15.6%
Income tax	4.24B YoY+11.7%	3.80B YoY+24.6%	3.05B YoY+59.2%	1.91B YoY+6.3%	1.80B YoY+7.1%
Net income	15.5B YoY+5.6%	14.6B YoY+20.5%	12.1B YoY+54.8%	7.85B YoY+3.4%	7.59B YoY+17.8%
	$3.48 YoY+6.0%	$3.28 YoY+21.4%	$2.70 YoY+56.5%	$1.73 YoY+4.8%	$1.65 YoY+19.7%
EPS (basic)	$3.48 YoY+5.9%	$3.29 YoY+21.2%	$2.71 YoY+56.4%	$1.73 YoY+4.8%	$1.65 YoY+19.8%
	4.44B YoY-0.2%	4.45B YoY-0.6%	4.48B YoY-1.1%	4.53B YoY-1.4%	4.59B YoY-1.6%
	4.45B YoY-0.3%	4.46B YoY-0.7%	4.49B YoY-1.1%	4.54B YoY-1.3%	4.61B YoY-1.6%
Dividends per share	$1.77 YoY+6.9%	$1.65 YoY+21.1%	$1.36 YoY+55.7%	$0.88 YoY+6.0%	$0.83 YoY+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 YoY+20.4%	22.5B YoY+9.0%	20.7B YoY+32.9%	15.6B YoY+19.0%	13.1B YoY+21.2%
Cash & equivalents	4.17B YoY+90.9%	2.18B YoY+2.3%	2.13B YoY+17.1%	1.82B YoY+11.1%	1.64B YoY-18.3%
Inventory	7.81B YoY+37.2%	5.69B YoY+20.8%	4.71B YoY+34.3%	3.51B YoY+17.0%	3.00B YoY-1.4%
	85.5B YoY+31.7%	64.9B YoY+39.3%	46.6B YoY+34.2%	34.7B YoY+16.7%	29.7B YoY+25.0%
Property, plant & equipment	—	—	13.5B YoY+40.4%	9.59B YoY+13.3%	8.46B YoY+2.6%
Goodwill	3.12B YoY+12.0%	2.79B	—	—	—
Total non-current assets	58.3B YoY+37.7%	42.3B YoY+63.5%	25.9B YoY+35.3%	19.1B YoY+15.0%	16.7B YoY+28.2%
	33.9B YoY+11.9%	30.3B YoY+20.7%	25.1B YoY+44.4%	17.4B YoY+14.4%	15.2B YoY+31.9%
Short-term & current debt	1.53B YoY+193.8%	520M YoY-27.6%	718M	0.00	0.00 YoY-100.0%
	54.9B YoY+22.3%	44.9B YoY+45.8%	30.8B YoY+35.7%	22.7B YoY+20.0%	18.9B YoY+41.3%
Long-term debt	17.5B YoY+168.8%	6.52B YoY+175.6%	2.37B YoY-20.8%	2.99B YoY+102.5%	1.48B YoY+210.4%
	30.5B YoY+52.8%	20.0B YoY+26.7%	15.8B YoY+31.4%	12.0B YoY+11.1%	10.8B YoY+4.1%
Total equity incl. non-controlling	30.5B YoY+52.8%	20.0B YoY+26.7%	15.8B YoY+31.4%	12.0B YoY+11.1%	10.8B YoY+4.1%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	18.0B YoY+2.5%	17.5B YoY+10.9%	15.8B YoY+41.8%	11.1B YoY+27.5%	8.74B YoY+10.0%
Depreciation & amortization	2.21B YoY+78.8%	1.24B YoY+17.1%	1.06B YoY+14.2%	926M	—
Acquisitions	0.00	0.00	0.00	0.00	0.00
Long-term debt issued	15.7B YoY+36.3%	11.5B	0.00 YoY-100.0%	1.59B YoY-55.0%	3.52B YoY+305.4%
Long-term debt repaid	12.0B YoY+1201.9%	918M YoY+331.2%	213M YoY-88.9%	1.93B YoY+81.1%	1.06B YoY+631.9%
Common stock issued	0.00	0.00	0.00	0.00	0.00
Common stock repurchased	210M YoY-92.8%	2.92B YoY-32.7%	4.34B YoY+27.6%	3.40B YoY+10.1%	3.09B YoY+19.9%
Dividends paid	7.81B YoY+22.1%	6.40B YoY+38.7%	4.61B YoY+28.9%	3.58B YoY+4.5%	3.42B YoY+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 YoY-41.1%	384B YoY-18.3%	470B YoY+50.8%	312B YoY+20.8%	258B YoY+57.8%
	3.5% YoY+80.7%	1.9% YoY+45.6%	1.3% YoY+1.8%	1.3% YoY-12.3%	1.5% YoY-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.