Novo Nordisk A/S (NVO) annual results, year to 31 December 2025: revenue DKK 309,064 million, from the 20-F
Novo Nordisk A/S files a 20-F with the SEC once a year, in Danish kroner. In the year to 31 December 2025 it reported revenue of DKK 309,064 million ($46.8 billion at the year's average rate), up 6.4% on the year before. Its profit was DKK 102,434 million, up 1.4%, and diluted earnings per share DKK 23.03.
The year to 31 December 2025, against the year before
| Year to | Dec 2024 † | Dec 2025 |
|---|---|---|
| Revenue | 290,403 | 309,064 |
| Cost of sales | 44,522 | 58,788 |
| Gross profit | 245,881 | 250,276 |
| Research and development | 48,062 | 52,039 |
| Operating profit | 128,339 | 127,658 |
| Finance costs | 7,346 | 6,778 |
| Profit before tax | 127,191 | 130,540 |
| Income tax | 26,203 | 28,106 |
| Profit for the year | 100,988 | 102,434 |
| Profit attributable to shareholders | 100,988 | 102,434 |
| Filing | 20-F | 20-F |
DKK million, from the 20-F on the SEC's EDGAR, linked in the last row, on the IFRS tags the company filed. A line the company does not file under the standard tag is left out rather than estimated.
DKK per ordinary share, as filed.
Cash flow
| Year to | Dec 2024 † | Dec 2025 |
|---|---|---|
| Cash from operations | 120,968 | 119,102 |
| Purchase of property, plant and equipment | 47,164 | 60,140 |
| Free cash flow | 73,804 | 58,962 |
| Dividends paid | 44,140 | 51,763 |
| Filing | 20-F | 20-F |
DKK million. Free cash flow is cash from operations less the purchase of property, plant and equipment, arithmetic on the two filed lines.
Balance sheet at year end
| Year to | Dec 2024 † | Dec 2025 |
|---|---|---|
| Total assets | 465,630 | 542,902 |
| Equity attributable to shareholders | 143,486 | 194,047 |
| Cash and cash equivalents | 15,655 | 26,464 |
| Borrowings, as filed | 102,787 | 130,958 |
| Lease liabilities | 6,766 | 8,572 |
| Inventories | 40,849 | 49,623 |
| Goodwill | 20,017 | 19,845 |
| Filing | 20-F | 20-F |
DKK million, at each fiscal year end.
Ratios on the filed lines
| Year to | Dec 2024 † | Dec 2025 |
|---|---|---|
| Gross margin | 84.7% | 81.0% |
| Operating margin | 44.2% | 41.3% |
| Net margin | 34.8% | 33.1% |
| Free cash flow margin | 25.4% | 19.1% |
| Return on year-end equity | 70.4% | 52.8% |
| Effective tax rate | 20.6% | 21.5% |
| Filing | 20-F | 20-F |
Arithmetic on the filed lines of the same year.
The exchange rates used
| Year to | Average over the year DKK per US dollar | At the year end DKK per US dollar |
|---|---|---|
| Dec 2019 | 6.67 | 6.66 |
| Dec 2020 | 6.53 | 6.08 |
| Dec 2021 | 6.29 | 6.57 |
| Dec 2022 | 7.06 | 6.95 |
| Dec 2023 | 6.89 | 6.74 |
| Dec 2024 | 6.89 | 7.20 |
| Dec 2025 | 6.60 | 6.36 |
Converted by us, not by the company: the Federal Reserve's daily noon buying rates in New York (H.10), FRED series DEXDNUS. Profit and loss, cash flow and EPS use the average of the daily rates over each fiscal year; the balance sheet uses the rate on the year end, or the last one before it. Ratios are the same in either currency. The filed figures are the ones in Danish kroner.
Every annual report here
- Year to 31 December 2025, this page
- Year to 31 December 2024
- Year to 31 December 2023
- Year to 31 December 2022
- Year to 31 December 2021
- Year to 31 December 2020
- Year to 31 December 2019
Source
20-F for the year to 31 December 2025, filed 4 February 2026, accession 0000353278-26-000012: the filing on EDGAR. All of Novo Nordisk A/S's filings: EDGAR company page. The figures are in Danish kroner as filed.
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