Novo Nordisk A/S (NVO) quarterly cash flow statement — complete operating, investing & financing history
Novo Nordisk A/S (NVO) cash flow statement — 30-year operating, investing & financing cash flows
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 |
|---|
| Cash from Operations | 55.2B | 24.08B | 7.62B | 46.11B | 40.78B | 24.59B | 12.3B | 43.85B | 50.5B | 14.31B | 9.55B | 40.97B | 28.58B | 29.81B | 7.1B | 24.24B | 23.96B | 23.59B | -3.02B | 21.51B |
| Operating CF Margin % | 70.33% | 24.87% | 9.63% | 61.5% | 53.07% | 31.49% | 14.36% | 61.49% | 74.2% | 21.9% | 14.5% | 69.75% | 52.63% | 55.87% | 14.77% | 53.2% | 58.07% | 56.12% | -7.87% | 60.38% |
| Operating CF Growth % | 35.34% | -2.06% | -38.06% | 5.15% | -19.24% | 71.8% | 28.79% | 7.04% | 76.73% | -51.99% | 34.5% | 69.01% | 19.26% | 26.41% | 335.37% | 12.7% | -5.12% | 109.56% | -1854.07% | 22.86% |
| Net Income | 20.99B | 48.56B | 26.89B | 20.01B | 26.5B | 29.03B | 28.23B | 27.3B | 20.05B | 25.41B | 21.96B | 22.48B | 19.43B | 19.81B | 13.59B | 14.4B | 13.32B | 14.21B | 10.89B | 12.12B |
| Depreciation & Amortization | 10.3B | 3.54B | 5.56B | 7.76B | 4.83B | 3.83B | 5.2B | 2.15B | 8.85B | 2.91B | 2.99B | 2.52B | 2.18B | 1.72B | 1.23B | 2.04B | 1.64B | 1.65B | 1.37B | 1.35B |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.54B | 0 | 0 | 0 | 1.04B | 0 |
| Deferred Taxes | 5.89B | 13.62B | 7.29B | 5.51B | 7.3B | 8B | 7.33B | 7.08B | 5.28B | 6.51B | 5.66B | 5.58B | 4.83B | 4.92B | 0 | 3.63B | 3.48B | 3.71B | 0 | 2.99B |
| Other Non-Cash Items | 4.7B | -8.39B | -52.5B | 17.79B | -2.61B | 156M | -42.06B | 18.58B | 6.47B | -10.91B | -11.38B | -1.29B | 6.16B | 13.57B | -2.23B | 15.18B | 1.44B | 2.12B | -2.48B | 4.75B |
| Working Capital Changes | 13.32B | -33.23B | 20.37B | -4.96B | 4.75B | -16.43B | 13.6B | -11.26B | 9.86B | -9.61B | -9.68B | 11.67B | -4.01B | -10.22B | -7.03B | -11.01B | 4.09B | 1.89B | -13.84B | 293M |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -9.92B | 0 | 0 | 0 | -12.91B | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -4.77B | 0 | 0 | 0 | -1.08B | 0 |
| Change in Payables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -12.76B | -11.71B | -42.81B | -15.43B | -14.25B | -6.67B | -91.22B | -20.9B | -20.73B | 3.96B | -14.72B | -13.24B | -9.29B | -6.65B | -13.85B | -4.96B | -4.2B | -1.91B | -20.6B | -4.63B |
| Capital Expenditures | -12.68B | -11.31B | -18.43B | -13.63B | -14.66B | -13.42B | -16.1B | -12.12B | -10.47B | -8.47B | -9.41B | -5.83B | -5.88B | -4.8B | -4.96B | -4.22B | -2.58B | -1.78B | -2.05B | -1.18B |
| CapEx % of Revenue | 16.15% | 11.68% | 23.29% | 18.18% | 19.08% | 17.19% | 18.79% | 16.99% | 15.38% | 12.97% | 14.28% | 9.92% | 10.82% | 9% | 10.32% | 9.27% | 6.24% | 4.23% | 5.35% | 3.3% |
| Acquisitions | 0 | 44M | 1B | 0 | 0 | 0 | -81.5B | 0 | 0 | 0 | 0 | 0 | 0 | 1.95B | 0 | 995M | 140M | 260M | -18.28B | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -46M | -466M | -25.41B | -1.79B | -1.61B | -1.16B | -458M | -384M | -3.44B | -535M | -7.03B | -4.8B | -1.16B | -1.95B | -8.29B | -995M | -140M | -260M | -265M | -513M |
| Cash from Financing | -19.13B | -17.43B | 29.47B | -17.1B | -46.23B | 5.45B | 36.84B | -18.4B | 16.68B | -26.38B | -10.12B | -19.83B | -12.59B | -20.62B | -7.67B | -14.56B | -10.43B | -19.14B | 4.55B | -11.73B |
| Debt Issued (Net) | -7.34B | 14.74B | 29.47B | -433M | -19.62B | 15.33B | 44.33B | -413M | 29.46B | -317M | -355M | -261M | -373M | -478M | -129M | -330M | -244M | -1.71B | 12.06B | -175M |
| Equity Issued (Net) | -3.5B | -2.4B | 0 | 0 | 0 | -1.39B | -7.49B | -2.4B | -7.45B | -2.84B | -9.76B | -6.14B | -8.82B | -5.2B | -7.54B | -4.62B | -7.45B | -4.48B | -7.51B | -3.54B |
| Dividends Paid | 0 | -35.31B | 0 | -16.66B | 174M | -35.27B | 0 | -15.58B | 0 | -28.56B | 0 | -13.43B | 0 | -18.34B | 0 | -9.61B | 0 | -15.69B | 0 | -8.02B |
| Share Repurchases | -3.5B | -2.4B | 0 | 0 | 0 | -1.39B | -7.49B | -2.4B | -7.45B | -2.84B | -9.76B | -6.14B | -8.82B | -5.2B | -7.54B | -4.62B | -7.45B | -4.48B | -7.51B | -3.54B |
| Other Financing | -8.29B | 5.53B | 0 | 0 | -26.78B | 26.78B | 0 | 0 | -5.33B | 5.33B | 0 | 0 | -3.39B | 3.39B | 0 | 0 | -2.74B | 2.74B | 0 | 0 |
| Net Change in Cash | 23.36B | -5.34B | -5.62B | 13.65B | -20.5B | 23.28B | -41.36B | 4.2B | 46.5B | -8.07B | -15.49B | 8.31B | 6.64B | 2.28B | -15.26B | 5.16B | 9.55B | 2.49B | -18.77B | 5.26B |
| Free Cash Flow | 42.4B | 12.04B | -36.22B | 30.69B | 24.51B | 10.01B | -4.26B | 31.35B | 37.27B | 5.3B | -6.88B | 30.34B | 21.54B | 25.01B | 2.14B | 20.01B | 21.39B | 21.81B | -5.07B | 19.82B |
| FCF Margin % | 54.02% | 12.44% | -45.76% | 40.94% | 31.89% | 12.81% | -4.97% | 43.96% | 54.75% | 8.12% | -10.45% | 51.66% | 39.67% | 46.87% | 4.45% | 43.92% | 51.83% | 51.88% | -13.22% | 55.64% |
| FCF Growth % | 72.98% | 20.39% | -750.79% | -2.09% | -34.23% | 88.6% | 38.17% | 3.31% | 72.99% | -78.79% | -421.73% | 51.6% | 0.73% | 14.71% | 142.24% | 0.98% | -8.49% | 123.51% | -276.37% | 73.55% |
| FCF per Share | 9.56 | 2.71 | -8.14 | 6.90 | 5.51 | 2.25 | -0.95 | 7.03 | 8.35 | 1.19 | -1.54 | 6.76 | 4.78 | 5.54 | 0.47 | 4.41 | 4.70 | 4.78 | -1.10 | 4.31 |
| FCF Conversion (FCF/Net Income) | 2.63x | 0.50x | 0.28x | 2.30x | 1.54x | 0.85x | 0.44x | 1.61x | 2.52x | 0.56x | 0.43x | 1.82x | 1.47x | 1.50x | 0.52x | 1.68x | 1.80x | 1.66x | -0.28x | 1.77x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 86M | 0 | 0 | 0 | 120M | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |