Filing Flows › Novo Nordisk A S (NVO) › Q3 2026 › vs Q3 2025
Novo Nordisk A S (NVO) Q3 2026 vs Q3 2025 (year over year)
Novo Nordisk A S's revenue rose $4.2B (+6%) from $75.0B in Q3 2025 to $79.2B in Q3 2026. Gross margin 77.0% against 76.1% (+0.9 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 Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Gross margin | 77.0% | 76.1% | +0.9 pts |
| Operating margin | 29.1% | 31.6% | -2.5 pts |
| Net margin | 21.1% | 26.7% | -5.5 pts |
| Free cash flow margin | 36.0% | 43.3% | -7.4 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Revenue | $79.2B | $75.0B | $4.2B | +6% |
| Gross profit | $61.0B | $57.1B | $3.9B | +7% |
| Cost of revenue | $18.2B | $17.9B | $333M | +2% |
| Operating profit | $23.0B | $23.7B | −$671M | -3% |
| Operating expenses | $37.9B | $33.4B | $4.6B | +14% |
| Pre-tax earnings | $21.4B | $25.5B | −$4.1B | -16% |
| Other expense, net | $1.6B | −$1.8B | $3.4B | — |
| Research & development | $19.9B | $15.4B | $4.5B | +29% |
| Sales & marketing | $15.0B | $16.0B | −$964M | -6% |
| General & admin | $1.2B | $1.9B | −$660M | -35% |
| Other operating costs | $1.8B | $117M | $1.7B | 15× |
| Net earnings | $16.7B | $20.0B | −$3.3B | -16% |
| Income tax | $4.7B | $5.5B | −$817M | -15% |
| Working capital & other | $25.0B | $26.1B | −$1.1B | -4% |
| Operating cash flow | $41.7B | $46.1B | −$4.4B | -10% |
| Free cash flow (OCF − capex) | $28.5B | $32.5B | −$4.0B | -12% |
| Capital expenditures | $13.2B | $13.6B | −$401M | -3% |
Questions
How much did Novo Nordisk A S's revenue grow year over year in Q3 2026?
Novo Nordisk A S's revenue rose $4.2B (+6%) from $75.0B in Q3 2025 to $79.2B in Q3 2026. Gross margin 77.0% against 76.1% (+0.9 pts).