Novo Nordisk (NVO) financials
Novo Nordisk revenue and earnings by year
Novo Nordisk's revenue was $48.6 billion in the fiscal year to December 31, 2025, up 20.0% from the year before. Net income was $16.1 billion, 33.1% of revenue. Since the fiscal year to December 31, 2016, revenue has grown 13.3% a year on average.
Fiscal years, each labelled by the calendar year it ended in.
Income statement, the last 10 fiscal years
| Fiscal year to | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 | Dec 2019 | Dec 2018 | Dec 2017 | Dec 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 48.6 | 40.5 | 34.4 | 25.5 | 21.3 | 20.8 | 18.2 | 17.2 | 18.0 | 15.8 |
| Revenue growth | 20.0% | 17.7% | 34.9% | 19.5% | 2.5% | 14.3% | 6.2% | -4.8% | 13.8% | — |
| Gross profit | 39.4 | 34.3 | 29.1 | 21.4 | 17.7 | 17.4 | 15.2 | 14.5 | 15.2 | 13.4 |
| Gross margin | 81.0% | 84.7% | 84.6% | 83.9% | 83.2% | 83.5% | 83.5% | 84.2% | 84.2% | 84.6% |
| Operating income | 20.1 | 17.9 | 15.2 | 10.8 | 8.9 | 8.9 | 7.8 | 7.2 | 7.9 | 6.9 |
| Operating margin | 41.3% | 44.2% | 44.2% | 42.3% | 41.7% | 42.6% | 43.0% | 42.2% | 43.8% | 43.3% |
| Net income | 16.1 | 14.1 | 12.4 | 8.0 | 7.2 | 6.9 | 5.8 | 5.9 | 6.1 | 5.4 |
| Net margin | 33.1% | 34.8% | 36.0% | 31.4% | 33.9% | 33.2% | 31.9% | 34.5% | 34.1% | 33.9% |
| Diluted EPS | $3.54 | $3.25 | $2.71 | $1.71 | $1.62 | $1.39 | $1.23 | $1.28 | $1.19 | $1.11 |
| Free cash flow | 9.3 | 10.3 | 12.3 | 9.6 | 7.4 | 7.6 | 5.6 | 5.4 | 5.4 | 5.8 |
Diluted EPS is stated in today's shares (adjusted for every split since). Quarterly statements and the income statement as a flow chart are in the app: open NVO in Markets.
See also: NVO valuation and P/E history · NVO returns
No forecast, no recommendation. This page describes Novo Nordisk from published data; it is not advice to buy, sell or hold any security.
Figures as of the close on Oct 30, 2026 unless a row says otherwise. Prices are split adjusted; returns include dividends reinvested. Data may be delayed. See the disclaimer and how TrendArc works.