Filing Flows › Novo Nordisk A S (NVO) › FY2025
Novo Nordisk A S (NVO) FY2025 earnings results (fiscal 2025)
20-F filed Feb 4, 2026
Novo Nordisk A S (NVO) reported revenue of $309.1B for the fiscal 2025 (FY2025), +6% from a year earlier. Operating margin was 41.3%, net earnings $102.4B (33.1% of revenue).
Novo Nordisk A S, FY2025: revenue $309.1B (+6% year over year), operating margin 41.3%, net earnings $102.4B, operating cash flow $119.1B. The chart follows the revenue to costs, profit and cash.
| FY2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $309.1B | — | +6% |
| Gross profit | $250.3B | — | +2% |
| Operating profit | $127.7B | — | -0.5% |
| Net earnings | $102.4B | — | +1% |
| Operating cash flow | $119.1B | — | -2% |
| Free cash flow | $59.0B | — | -20% |
What changed
Revenue was DKK 309.1B in FY2025, up 6% year over year.
Gross margin was 81.0%, down 3.7 points from FY2024. Operating profit was DKK 127.7B, a 41.3% margin (down 2.9 points year over year). Operating profit fell DKK 0.68B even though revenue rose DKK 18.7B versus FY2024, so costs grew faster than sales. Operating expenses grew 4% against revenue growth of 6%. The fastest-growing cost line was General & admin (+13%). Net earnings were DKK 102.4B, up 1% year over year. The effective tax rate was 21.5%.
Operating cash flow was DKK 119.1B (down 2% year over year), 116% of net earnings. Non-cash charges added back DKK 14.7B of depreciation and amortization and DKK 1.4B of share-based compensation. Capital expenditures of DKK 60.1B left free cash flow of DKK 59.0B.
Questions
What was Novo Nordisk A S' revenue in the fiscal 2025?
Novo Nordisk A S (NVO) reported revenue of $309.1B for the fiscal 2025 (FY2025), +6% from a year earlier.
Was Novo Nordisk A S profitable in the fiscal 2025?
Operating profit was $127.7B (41.3% of revenue) and net earnings $102.4B.
Source: Novo Nordisk A S 20-F on SEC EDGAR.