Filing Flows › Novo Nordisk A S (NVO) › Q3 2026 › vs Q2 2026
Novo Nordisk A S (NVO) Q3 2026 vs Q2 2026 (quarter over quarter)
Novo Nordisk A S's revenue rose $707M (+0.9%) from $78.5B in Q2 2026 to $79.2B in Q3 2026. Gross margin 77.0% against 78.2% (-1.2 pts).
Novo Nordisk A S, Q3 2026: revenue $79.2B (+6% year over year), operating margin 29.1%, net earnings $16.7B, operating cash flow $41.7B. The chart draws each line against Q2 2026, the increases inside each band.
Margins
| Q3 2026 | Q2 2026 | Change | |
|---|---|---|---|
| Gross margin | 77.0% | 78.2% | -1.2 pts |
| Operating margin | 29.1% | 34.5% | -5.4 pts |
| Net margin | 21.1% | 26.7% | -5.6 pts |
| Free cash flow margin | 36.0% | 54.2% | -18.2 pts |
Every line
| Line | Q3 2026 | Q2 2026 | Change | % |
|---|---|---|---|---|
| Revenue | $79.2B | $78.5B | $707M | +0.9% |
| Gross profit | $61.0B | $61.4B | −$430M | -0.7% |
| Cost of revenue | $18.2B | $17.1B | $1.1B | +7% |
| Operating profit | $23.0B | $27.1B | −$4.0B | -15% |
| Operating expenses | $37.9B | $34.3B | $3.6B | +11% |
| Pre-tax earnings | $21.4B | $26.9B | −$5.4B | -20% |
| Other expense, net | $1.6B | $186M | $1.4B | +748% |
| Research & development | $19.9B | $17.8B | $2.1B | +12% |
| Sales & marketing | $15.0B | $15.0B | $35.0M | +0.2% |
| General & admin | $1.2B | $1.3B | −$85.0M | -6% |
| Other operating costs | $1.8B | $234M | $1.6B | +664% |
| Net earnings | $16.7B | $21.0B | −$4.2B | -20% |
| Income tax | $4.7B | $5.9B | −$1.2B | -20% |
| Working capital & other | $25.0B | $34.2B | −$9.2B | -27% |
| Operating cash flow | $41.7B | $55.2B | −$13.5B | -24% |
| Free cash flow (OCF − capex) | $28.5B | $42.5B | −$14.0B | -33% |
| Capital expenditures | $13.2B | $12.7B | $552M | +4% |
Questions
How much did Novo Nordisk A S's revenue grow quarter over quarter in Q3 2026?
Novo Nordisk A S's revenue rose $707M (+0.9%) from $78.5B in Q2 2026 to $79.2B in Q3 2026. Gross margin 77.0% against 78.2% (-1.2 pts).