Novo Nordisk A S cash flow statement

In fiscal 2025, Novo Nordisk A S's operations generated $18.04bn of cash; it spent $9.11bn on capital projects, leaving free cash flow of $8.93bn. It returned $7.84bn in dividends and $210m through buybacks.

Cash flow statement

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Novo Nordisk A S: cash flow statement, annual
Fiscal year	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Cash from operations	7.0	8.0	8.7	11.2	15.8	17.5	18.0
Depreciation and amortisation	—	—	—	0.9	1.1	1.2	2.2
Stock-based pay	0.1	0.1	0.2	0.2	0.3	0.3	0.2
Capital spending	1.3	0.9	1.0	1.7	3.7	6.8	9.1
Free cash flow	5.7	7.1	7.7	9.4	12.1	10.7	8.9
Free cash flow after stock pay	5.6	6.9	7.6	9.2	11.8	10.4	8.7
Dividends paid	2.9	3.1	3.4	3.6	4.6	6.4	7.8
Share buybacks	2.3	2.6	3.1	3.4	4.3	2.9	0.2

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from Novo Nordisk A S's SEC filings (10-K and 10-Q), retrieved November 1, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Novo Nordisk A S.