Filing Flows › Novo Nordisk A S (NVO) › Q4 2025
Novo Nordisk A S (NVO) Q4 2025 earnings results (fourth quarter 2025)
6-K filed Feb 3, 2026
Novo Nordisk A S (NVO) reported revenue of $79.1B for the fourth quarter 2025 (Q4 2025), -8% from a year earlier and +6% from the quarter before. Operating margin was 40.1%, net earnings $26.9B (34.0% of revenue).
Novo Nordisk A S, Q4 2025: revenue $79.1B (-8% year over year), operating margin 40.1%, net earnings $26.9B, operating cash flow $7.6B. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $79.1B | +6% | -8% |
| Gross profit | $64.0B | +12% | -12% |
| Operating profit | $31.7B | +34% | -14% |
| Net earnings | $26.9B | +34% | -5% |
| Operating cash flow | $7.6B | -83% | — |
What changed
Revenue was DKK 79.1B in Q4 2025, down 8% year over year and up 6% from the previous quarter. Obesity care was the largest line at 28% of revenue.
Gross margin was 80.9%, down 3.9 points from a year earlier. Operating profit was DKK 31.7B, a 40.1% margin (down 2.8 points year over year). Operating expenses fell 10% while revenue fell 8%. Net earnings were DKK 26.9B, down 5% year over year. The effective tax rate was 21.3%.
Operating cash flow was DKK 7.6B, 28% of net earnings. Working capital and other items used DKK 19.3B. Capital expenditures of DKK 18.4B exceeded it, leaving free cash flow of −DKK 10.8B.
Questions
What was Novo Nordisk A S' revenue in the fourth quarter 2025?
Novo Nordisk A S (NVO) reported revenue of $79.1B for the fourth quarter 2025 (Q4 2025), -8% from a year earlier and +6% from the quarter before.
Was Novo Nordisk A S profitable in the fourth quarter 2025?
Operating profit was $31.7B (40.1% of revenue) and net earnings $26.9B.
Source: Novo Nordisk A S 6-K on SEC EDGAR.