Filing Flows › Novo Nordisk A S (NVO) › How it makes money
How Novo Nordisk A S (NVO) makes money
Novo Nordisk A S (NVO) made $309.1B of revenue in the fiscal 2025 (FY2025), +6% from a year earlier. Of every dollar of revenue, 81¢ was left as gross profit, 41¢ was left as operating profit, 33¢ was left as net earnings.
Drawing the Sankey…
Where each dollar of revenue goes
| Line | FY2025 | % of revenue |
|---|---|---|
| Revenue | $309.1B | 100.0% |
| Cost of revenue | $58.8B | 19.0% |
| Gross profit | $250.3B | 81.0% |
| Operating expenses | $122.6B | 39.7% |
| Operating profit | $127.7B | 41.3% |
| Income tax | $28.1B | 9.1% |
| Net earnings | $102.4B | 33.1% |
| Operating cash flow | $119.1B | 38.5% |
| Free cash flow | $59.0B | 19.1% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| FY2025 | $309.1B | +6% |
| FY2024 | $290.4B | +25% |
From Novo Nordisk A S' 20-F filed Feb 4, 2026 (on EDGAR).
Questions
How does Novo Nordisk A S make money?
Novo Nordisk A S (NVO) made $309.1B of revenue in the fiscal 2025 (FY2025), +6% from a year earlier. Of every dollar of revenue, 81¢ was left as gross profit, 41¢ was left as operating profit, 33¢ was left as net earnings.
What is Novo Nordisk A S' profit margin?
Net earnings were $102.4B, 33.1% of revenue, in the fiscal 2025; the operating margin was 41.3%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.