NVO Cash Flow Statement: Free Cash Flow & Capex

Where NVO’s cash came from and went, 2025

December 31, 2025 · Danish kroner

Cash from operations: DKK 119.10B
Capital expenditures: DKK 90.11B
Free cash flow: DKK 28.99B
Returned to shareholders: DKK 53.15B
Change in cash: DKK 10.81B

Cash from operations

DKK 119.10B

Capital expenditures

−DKK 90.11B

Investments (net)

+DKK 9.95B

Acquisitions & other

+DKK 1.00B

Dividends

−DKK 51.76B

Share buybacks (net)

−DKK 1.39B

Net borrowing (repayment)

+DKK 24.74B

Currency & other

−DKK 727.0M

Change in cash

DKK 10.81B

Drawn to scale: where the cash came from and how it was used. Hover for values.

NVO operating cash flow, capex and free cash flow

Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)

NVO cash flow trends, 2016–2025

Novo Nordisk A/S cash flow trends
Metric	Then	Latest	Change
Operating cash flow	DKK 48.31B2016	DKK 119.10B2025	+10.5%/yr
Capital expenditures	DKK 8.27B2016	DKK 90.11B2025	+30.4%/yr
Free cash flow	DKK 40.05B2016	DKK 28.99B2025	−3.5%/yr
Free cash flow margin	35.8%2016	9.4%2025	−26.4 pts
Operating cash flow / net income	1.272016	1.162025	−0.11
Stock-based compensation	DKK 368.0M2016	DKK 2.29B2024	+25.7%/yr
Dividends paid	DKK 23.83B2016	DKK 51.76B2025	+9.0%/yr
Share buybacks (net)	DKK 15.06B2016	DKK 1.39B2025	−23.3%/yr
Capex / revenue	7.4%2016	29.2%2025	+21.8 pts

Change is the average annual growth (CAGR) or the difference between the first and latest year.

NVO cash flow statement in Danish kroner

Novo Nordisk A/S annual cash flow statement
	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Operating activities
Net income	DKK 102.43B	DKK 100.99B	DKK 83.68B	DKK 55.52B	DKK 47.76B	DKK 42.14B	DKK 38.95B	DKK 38.63B	DKK 38.13B	DKK 37.92B
Depreciation & amortization	DKK 21.98B	DKK 19.11B	DKK 9.41B	DKK 7.36B	DKK 6.03B	DKK 5.75B	DKK 5.66B	DKK 3.92B	DKK 3.18B	DKK 3.19B
Stock-based compensation	—	DKK 2.29B	DKK 2.15B	DKK 1.54B	DKK 1.04B	DKK 823.0M	DKK 363.0M	DKK 414.0M	DKK 292.0M	DKK 368.0M
Change in working capital	DKK 3.74B	DKK 2.59B	−DKK 12.24B	−DKK 5.34B	−DKK 8.66B	−DKK 4.35B	−DKK 3.39B	−DKK 3.37B	−DKK 3.63B	−DKK 3.71B
Other non-cash items	−DKK 9.05B	−DKK 4.00B	DKK 25.91B	DKK 19.80B	DKK 8.83B	DKK 7.59B	DKK 5.20B	DKK 5.02B	DKK 3.20B	DKK 10.54B
Cash from operating activities	DKK 119.10B	DKK 120.97B	DKK 108.91B	DKK 78.89B	DKK 55.00B	DKK 51.95B	DKK 46.78B	DKK 44.62B	DKK 41.17B	DKK 48.31B
Investing activities
Capital expenditures	−DKK 90.11B	−DKK 51.31B	−DKK 38.90B	−DKK 14.75B	−DKK 7.38B	−DKK 22.08B	−DKK 11.23B	−DKK 12.41B	−DKK 8.65B	−DKK 8.27B
Investments (net)	DKK 9.95B	−DKK 128.90B	−DKK 43.89B	−DKK 24.92B	−DKK 5.94B	−DKK 22.44B	−DKK 11.51B	−DKK 12.08B	−DKK 6.57B	−DKK 6.79B
Acquisitions & other investing	DKK 1.00B	DKK 51.31B	DKK 38.90B	DKK 14.75B	−DKK 18.28B	DKK 22.08B	DKK 11.23B	DKK 12.41B	DKK 8.65B	DKK 8.27B
Cash from investing activities	−DKK 79.16B	−DKK 128.90B	−DKK 43.89B	−DKK 24.92B	−DKK 31.61B	−DKK 22.44B	−DKK 11.51B	−DKK 12.08B	−DKK 6.57B	−DKK 6.79B
Financing activities
Dividends paid	−DKK 51.76B	−DKK 44.14B	−DKK 31.77B	−DKK 25.30B	−DKK 21.52B	−DKK 20.12B	−DKK 19.41B	−DKK 19.05B	−DKK 18.84B	−DKK 23.83B
Share repurchases & issuance (net)	−DKK 1.39B	−DKK 20.18B	−DKK 29.92B	−DKK 24.09B	−DKK 19.45B	−DKK 16.86B	−DKK 15.33B	−DKK 15.57B	−DKK 16.84B	−DKK 15.06B
Net borrowing (repayment)	DKK 24.74B	DKK 73.06B	−DKK 1.47B	−DKK 2.41B	DKK 15.47B	DKK 4.73B	−DKK 741.0M	DKK 94.0M	DKK 94.0M	DKK 94.0M
Shares issued	DKK 0	DKK 0	DKK 0	DKK 0	DKK 0	DKK 0	DKK 0	DKK 0	DKK 0	DKK 0
Other financing	DKK 0	DKK 0	DKK 0	DKK 0	DKK 0	DKK 0	DKK 0	DKK 0	−DKK 94.0M	−DKK 94.0M
Cash from financing activities	−DKK 28.41B	DKK 8.73B	−DKK 63.16B	−DKK 51.80B	−DKK 25.49B	−DKK 32.24B	−DKK 35.48B	−DKK 34.52B	−DKK 35.69B	−DKK 38.89B
Summary
Net change in cash	DKK 10.81B	DKK 1.26B	DKK 1.74B	DKK 1.93B	−DKK 1.51B	−DKK 3.19B	−DKK 218.0M	−DKK 1.53B	−DKK 1.30B	DKK 2.61B
Cash at end of period	DKK 26.46B	DKK 15.65B	DKK 14.39B	DKK 12.65B	DKK 10.72B	DKK 12.23B	DKK 15.41B	DKK 15.63B	DKK 17.16B	DKK 18.46B
Free cash flow	DKK 28.99B	DKK 69.66B	DKK 70.01B	DKK 64.13B	DKK 47.62B	DKK 29.87B	DKK 35.55B	DKK 32.21B	DKK 32.52B	DKK 40.05B
Free cash flow margin	9.4%	24.0%	30.1%	36.2%	33.8%	23.5%	29.1%	28.8%	29.1%	35.8%
Capex / revenue	29.2%	17.7%	16.7%	8.3%	5.2%	17.4%	9.2%	11.1%	7.7%	7.4%
Operating cash flow / net income	1.16	1.20	1.30	1.42	1.15	1.23	1.20	1.16	1.08	1.27

Novo Nordisk A/S quarterly cash flow statement
	Jun '26	Mar '26	Dec '25	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24	Mar '24	Dec '23	Sep '23
Operating activities
Net income	DKK 20.99B	DKK 48.56B	DKK 26.89B	DKK 20.01B	DKK 26.50B	DKK 29.03B	DKK 28.23B	DKK 27.30B	DKK 20.05B	DKK 25.41B	DKK 21.96B	DKK 22.48B
Depreciation & amortization	DKK 10.30B	DKK 3.54B	DKK 5.56B	DKK 7.76B	DKK 4.83B	DKK 3.83B	DKK 5.20B	DKK 2.15B	DKK 8.85B	DKK 2.91B	DKK 2.99B	DKK 2.52B
Stock-based compensation	—	—	—	—	—	—	—	—	—	—	DKK 2.15B	−DKK 3.28B
Change in working capital	DKK 13.32B	−DKK 33.23B	DKK 20.37B	−DKK 4.96B	DKK 4.75B	−DKK 16.43B	DKK 13.60B	−DKK 11.26B	DKK 9.86B	−DKK 9.61B	−DKK 9.68B	DKK 11.67B
Other non-cash items	DKK 10.59B	DKK 5.22B	−DKK 45.20B	DKK 23.30B	DKK 4.69B	DKK 8.15B	−DKK 34.73B	DKK 25.66B	DKK 11.75B	−DKK 4.40B	−DKK 7.87B	DKK 7.57B
Cash from operating activities	DKK 55.20B	DKK 24.08B	DKK 7.62B	DKK 46.11B	DKK 40.78B	DKK 24.59B	DKK 12.30B	DKK 43.85B	DKK 50.50B	DKK 14.31B	DKK 9.55B	DKK 40.97B
Investing activities
Capital expenditures	−DKK 12.80B	−DKK 12.04B	−DKK 43.84B	−DKK 15.41B	−DKK 16.27B	−DKK 14.59B	−DKK 16.56B	−DKK 12.50B	−DKK 13.24B	−DKK 9.01B	−DKK 16.44B	−DKK 10.62B
Investments (net)	−DKK 43.0M	DKK 21.0M	DKK 21.0M	−DKK 15.43B	−DKK 14.25B	−DKK 6.67B	−DKK 91.22B	−DKK 20.90B	−DKK 20.73B	DKK 3.96B	−DKK 14.72B	−DKK 13.24B
Acquisitions & other investing	DKK 80.0M	DKK 306.0M	DKK 1.00B	DKK 15.41B	DKK 16.27B	DKK 14.59B	DKK 16.56B	DKK 12.50B	DKK 13.24B	DKK 9.01B	DKK 16.44B	−DKK 5.31B
Cash from investing activities	−DKK 12.76B	−DKK 11.71B	−DKK 42.81B	−DKK 15.43B	−DKK 14.25B	−DKK 6.67B	−DKK 91.22B	−DKK 20.90B	−DKK 20.73B	DKK 3.96B	−DKK 14.72B	−DKK 29.18B
Financing activities
Dividends paid	DKK 0	−DKK 35.31B	−DKK 256.8M	−DKK 16.66B	−DKK 174.0M	−DKK 35.27B	−DKK 44.14B	−DKK 15.58B	DKK 0	−DKK 28.56B	−DKK 219,694	−DKK 13.43B
Share repurchases & issuance (net)	−DKK 3.50B	−DKK 2.40B	−DKK 6.9M	−DKK 46.7M	−DKK 40.9M	−DKK 1.39B	−DKK 7.49B	−DKK 2.40B	−DKK 7.45B	−DKK 2.84B	−DKK 9.76B	−DKK 6.14B
Net borrowing (repayment)	−DKK 7.34B	DKK 14.74B	DKK 29.47B	−DKK 433.0M	−DKK 19.62B	DKK 15.33B	DKK 44.33B	−DKK 413.0M	—	—	—	−DKK 261.0M
Shares issued	DKK 0	DKK 0	DKK 0	DKK 0	DKK 0	DKK 0	DKK 0	DKK 0	DKK 0	DKK 0	DKK 0	DKK 0
Other financing	−DKK 8.29B	DKK 5.53B	DKK 263.7M	DKK 46.7M	−DKK 26.39B	DKK 26.78B	DKK 44.14B	DKK 0	DKK 24.13B	DKK 5.01B	−DKK 354.8M	DKK 0
Cash from financing activities	−DKK 19.13B	−DKK 17.43B	DKK 29.47B	−DKK 17.10B	−DKK 46.23B	DKK 5.45B	DKK 36.84B	−DKK 18.40B	DKK 16.68B	−DKK 26.38B	−DKK 10.12B	−DKK 19.83B
Summary
Net change in cash	DKK 23.36B	−DKK 5.34B	−DKK 5.62B	DKK 13.65B	−DKK 20.50B	DKK 23.28B	−DKK 41.36B	DKK 4.20B	DKK 46.50B	−DKK 8.07B	−DKK 15.49B	DKK 8.31B
Cash at end of period	DKK 44.48B	DKK 21.13B	DKK 26.46B	DKK 32.08B	DKK 18.43B	DKK 38.94B	DKK 15.65B	DKK 57.02B	DKK 52.82B	DKK 6.32B	DKK 14.39B	DKK 29.88B
Free cash flow	DKK 42.40B	DKK 12.04B	−DKK 36.22B	DKK 30.69B	DKK 24.51B	DKK 10.01B	−DKK 4.26B	DKK 31.35B	DKK 37.27B	DKK 5.30B	−DKK 6.88B	DKK 30.34B
Free cash flow margin	54.0%	12.4%	−45.8%	40.9%	31.9%	12.8%	−5.0%	44.0%	54.8%	8.1%	−10.5%	51.7%
Capex / revenue	16.3%	12.4%	55.4%	20.6%	21.2%	18.7%	19.3%	17.5%	19.5%	13.8%	25.0%	18.1%
Operating cash flow / net income	2.63	0.50	0.28	2.30	1.54	0.85	0.44	1.61	2.52	0.56	0.43	1.82

Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in Danish kroner as reported; data from EODHD.

NVO cash generation

In fiscal 2025 (ended December 31, 2025), Novo Nordisk A/S generated DKK 119.1 billion of cash from operations (down 1.5%) and spent DKK 90.1 billion on capital expenditures, leaving free cash flow of DKK 29.0 billion, 9.4% of revenue. It returned DKK 53.2 billion to shareholders through dividends (DKK 51.8 billion) and net share buybacks (DKK 1.4 billion). Cash and equivalents rose by DKK 10.8 billion over the year.

Related: NVO income statement, NVO balance sheet, NVO dividend history. See the NVO stock overview for the latest quote and news.

NVO cash flow FAQ

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

Novo Nordisk A/S's free cash flow was DKK 29.0 billion in fiscal 2025: DKK 119.1 billion of operating cash flow minus DKK 90.1 billion of capital expenditures It was DKK 69.7 billion a year earlier..

How much cash does Novo Nordisk A/S generate from operations?

Novo Nordisk A/S generated DKK 119.1 billion of cash from operating activities in fiscal 2025, 1.16 times its net income of DKK 102.4 billion.

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

Novo Nordisk A/S spent DKK 90.1 billion on capital expenditures in fiscal 2025, 29.2% of revenue, compared with DKK 51.3 billion the year before.

How much stock does Novo Nordisk A/S buy back?

Novo Nordisk A/S spent DKK 1.4 billion on net share repurchases in fiscal 2025.

How much does Novo Nordisk A/S pay in dividends?

Novo Nordisk A/S paid DKK 51.8 billion in dividends in fiscal 2025, 178.6% of free cash flow.

Novo Nordisk A/S (NVO) Cash Flow Statement

Where NVO’s cash came from and went, 2025

NVO operating cash flow, capex and free cash flow

NVO cash flow trends, 2016–2025

NVO cash flow by activity

NVO net income vs operating cash flow

NVO cash flow statement in Danish kroner

NVO cash generation

NVO cash flow FAQ

Drug Manufacturers - General: cash flow