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Q4 FY2026 · Earnings report
EPS estimate 0.68Revenue estimate 11.78B
Q4 FY2026 · Earnings report
EPS estimate 0.68Revenue estimate 11.78B
Novo-Nordisk A total debt 1985–2026What is the debt to equity ratio? Debt to equity is a company's total debt divided by its shareholders' equity: how much it has borrowed for each dollar its owners have in the business.
Novo-Nordisk A/S's total debt was 134.48B DKK on 30 September 2026, up 32.9% on a year before. At the end of fiscal year 2025 it was 130.96B DKK.
Last updated 11 Nov 2026 · Next report 3 Feb 2027
Total debt
Growth
| Fiscal year | Period ending | Total debt | Growth | Cash and short-term investments | Net cash | Debt to equity |
|---|---|---|---|---|---|---|
| Latest quarter | 30 Sept 2026 | 134.48B | +32.87% | 49.18B | -85.30B | 0.62 |
| FY2025 | 31 Dec 2025 | 130.96B | +27.41% | 26.96B | -104.00B | 0.67 |
| FY2024 | 31 Dec 2024 | 102.79B | +280.61% | 26.31B | -76.48B | 0.72 |
| FY2023 | 31 Dec 2023 | 27.01B | +4.74% | 30.23B | 3.22B | 0.25 |
| FY2022 | 31 Dec 2022 | 25.78B | -3.23% | 23.57B | -2.21B | 0.31 |
| FY2021 | 31 Dec 2021 | 26.65B | +157.29% | 17.49B | -9.16B | 0.38 |
| FY2020 | 31 Dec 2020 | 10.36B | +131.01% | 12.76B | 2.40B | 0.16 |
| FY2019 | 31 Dec 2019 | 4.48B | +770.49% | 15.48B | 10.99B | 0.08 |
| FY2018 | 31 Dec 2018 | 515.00M | -69.60% | 15.64B | 15.12B | 0.01 |
| FY2017 | 31 Dec 2017 | 1.69B | +639.74% | 18.85B | 17.16B | 0.03 |
| FY2016 | 31 Dec 2016 | 229.00M | -78.66% | 20.70B | 20.47B | 0.01 |
| FY2015 | 31 Dec 2015 | 1.07B | +49.03% | 20.47B | 19.39B | 0.02 |
| FY2014 | 31 Dec 2014 | 720.00M | +234.88% | 15.91B | 15.19B | 0.02 |
| FY2013 | 31 Dec 2013 | 215.00M | -57.00% | 14.47B | 14.25B | 0.01 |
| FY2012 | 31 Dec 2012 | 500.00M | -41.38% | 16.11B | 15.61B | 0.01 |
| FY2011 | 31 Dec 2011 | 853.00M | -61.65% | 17.50B | 16.65B | 0.02 |
| FY2010 | 31 Dec 2010 | 2.22B | +60.23% | 16.05B | 13.83B | 0.06 |
| FY2009 | 31 Dec 2009 | 1.39B | -40.21% | 12.83B | 11.44B | 0.04 |
| FY2008 | 31 Dec 2008 | 2.32B | +70.02% | 10.18B | 7.86B | 0.07 |
| FY2007 | 31 Dec 2007 | 1.37B | -9.83% | 7.38B | 6.02B | 0.04 |
| FY2006 | 31 Dec 2006 | 1.51B | -43.74% | 5.10B | 3.59B | 0.05 |
| FY2005 | 31 Dec 2005 | 2.69B | +57.72% | 5.02B | 2.33B | 0.10 |
| FY2004 | 31 Dec 2004 | 1.71B | -1.48% | 3.99B | 2.28B | 0.06 |
| FY2003 | 31 Dec 2003 | 1.73B | +24.88% | 3.10B | 1.37B | 0.07 |
| FY2002 | 31 Dec 2002 | 1.39B | -17.79% | 1.74B | 353.88M | 0.06 |
| FY2001 | 31 Dec 2001 | 1.69B | -4.37% | 3.05B | 1.36B | 0.08 |
| FY2000 | 31 Dec 2000 | 1.76B | -63.83% | 1.28B | -489.29M | 0.11 |
| FY1999 | 31 Dec 1999 | 4.88B | +76.93% | 1.97B | -2.91B | 0.26 |
| FY1998 | 31 Dec 1998 | 2.76B | -11.13% | 798.68M | -1.96B | 0.15 |
| FY1997 | 31 Dec 1997 | 3.10B | +191.67% | 1.12B | -1.98B | 0.17 |
| FY1996 | 31 Dec 1996 | 1.06B | -48.02% | 1.57B | 508.12M | 0.07 |
| FY1995 | 31 Dec 1995 | 2.05B | -55.14% | 3.00B | 953.22M | 0.14 |
| FY1994 | 31 Dec 1994 | 4.56B | +6.01% | 6.68B | 2.12B | 0.35 |
| FY1993 | 31 Dec 1993 | 4.30B | +20.11% | 5.71B | 1.40B | 0.36 |
| FY1992 | 31 Dec 1992 | 3.58B | +16.69% | 5.82B | 2.24B | 0.34 |
| FY1991 | 31 Dec 1991 | 3.07B | +7.36% | 6.04B | 2.97B | 0.32 |
| FY1990 | 31 Dec 1990 | 2.86B | -15.22% | 4.34B | 1.48B | 0.41 |
| FY1989 | 31 Dec 1989 | 3.37B | +60.55% | 2.95B | -426.18M | 0.54 |
| FY1988 | 31 Dec 1988 | 2.10B | +9.15% | 2.52B | 419.31M | 0.38 |
| FY1987 | 31 Dec 1987 | 1.93B | +95.97% | 2.05B | 122.54M | 0.37 |
| FY1986 | 31 Dec 1986 | 982.43M | +22.73% | 1.99B | 1.01B | 0.24 |
| FY1985 | 31 Dec 1985 | 800.49M | — | 2.11B | 1.31B | 0.16 |
| Quarter | Period ending | Total debt | Growth on a year before | Cash and short-term investments | Net cash | Debt to equity |
|---|---|---|---|---|---|---|
| Q3 FY2026 | 30 Sept 2026 | 134.48B | +32.87% | 49.18B | -85.30B | 0.62 |
| Q2 FY2026 | 30 Jun 2026 | 140.13B | +41.16% | 44.98B | -95.15B | 0.63 |
| Q1 FY2026 | 31 Mar 2026 | 146.38B | +23.30% | 21.63B | -124.76B | 0.72 |
| Q4 FY2025 | 31 Dec 2025 | 130.96B | +27.41% | 26.96B | -104.00B | 0.67 |
| Q3 FY2025 | 30 Sept 2025 | 101.21B | +77.66% | 32.58B | -68.63B | 0.60 |
| Q2 FY2025 | 30 Jun 2025 | 99.27B | +1,110.53% | 18.93B | -80.33B | 0.59 |
| Q1 FY2025 | 31 Mar 2025 | 118.72B | +340.89% | 41.55B | -77.17B | 0.86 |
| Q4 FY2024 | 31 Dec 2024 | 102.79B | +280.61% | 26.31B | -76.48B | 0.72 |
| Q3 FY2024 | 30 Sept 2024 | 56.97B | +1,412.10% | 74.88B | 17.91B | 0.47 |
| Q2 FY2024 | 30 Jun 2024 | 8.20B | +117.73% | 9.00B | 803.94M | 0.51 |
| Q1 FY2024 | 31 Mar 2024 | 26.93B | +623.54% | 9.30B | -17.63B | 0.27 |
| Q4 FY2023 | 31 Dec 2023 | 27.01B | +4.74% | 30.23B | 3.22B | 0.25 |
| Q3 FY2023 | 30 Sept 2023 | 3.77B | +10.12% | 6.76B | 2.99B | 0.29 |
| Q2 FY2023 | 30 Jun 2023 | 3.77B | +5.33% | 5.33B | 1.57B | 0.28 |
| Q1 FY2023 | 31 Mar 2023 | 3.72B | -2.35% | 4.05B | 328.59M | 0.32 |
| Q4 FY2022 | 31 Dec 2022 | 25.78B | -3.23% | 23.57B | -2.21B | 0.31 |
| Q3 FY2022 | 30 Sept 2022 | 3.42B | +59.68% | 4.94B | 1.52B | 0.34 |
| Q2 FY2022 | 30 Jun 2022 | 3.58B | +62.89% | 4.36B | 787.67M | 0.34 |
| Q1 FY2022 | 31 Mar 2022 | 3.81B | +149.80% | 3.01B | -797.86M | 0.38 |
| Q4 FY2021 | 31 Dec 2021 | 26.65B | +1,465.23% | 17.49B | -9.16B | 0.38 |
| Q3 FY2021 | 30 Sept 2021 | 2.14B | +231.42% | 5.52B | 3.37B | 0.21 |
| Q2 FY2021 | 30 Jun 2021 | 2.20B | +251.58% | 4.34B | 2.15B | 0.21 |
| Q1 FY2021 | 31 Mar 2021 | 1.53B | +152.47% | 1.21B | -314.32M | 0.17 |
| Q4 FY2020 | 31 Dec 2020 | 1.70B | +152.78% | 2.10B | 394.67M | 0.16 |
| Q3 FY2020 | 30 Sept 2020 | 646.53M | -85.11% | 4.01B | 3.37B | 0.07 |
| Q2 FY2020 | 30 Jun 2020 | 624.33M | -85.25% | 3.75B | 3.12B | 0.07 |
| Q1 FY2020 | 31 Mar 2020 | 604.34M | -86.00% | 1.44B | 831.52M | 0.08 |
| Q4 FY2019 | 31 Dec 2019 | 673.43M | +30.76% | 2.32B | 1.65B | 0.08 |
| Q3 FY2019 | 30 Sept 2019 | 4.34B | +1,188.72% | 18.76B | 14.41B | 0.08 |
| Q2 FY2019 | 30 Jun 2019 | 4.23B | +1,613.36% | 14.46B | 10.23B | 0.08 |
| Q1 FY2019 | 31 Mar 2019 | 4.32B | +1,793.86% | 9.06B | 4.74B | 0.09 |
| Q4 FY2018 | 31 Dec 2018 | 515.00M | -69.60% | 15.64B | 15.12B | 0.01 |
| Q3 FY2018 | 30 Sept 2018 | 337.00M | +29.62% | 16.40B | 16.06B | 0.01 |
| Q2 FY2018 | 30 Jun 2018 | 247.00M | -85.32% | 18.39B | 18.15B | 0.01 |
| Q1 FY2018 | 31 Mar 2018 | 228.00M | -62.81% | 10.51B | 10.29B | 0.01 |
| Q4 FY2017 | 31 Dec 2017 | 1.69B | +639.74% | 18.85B | 17.16B | 0.03 |
| Q3 FY2017 | 30 Sept 2017 | 260.00M | -42.98% | 19.14B | 18.88B | 0.01 |
| Q2 FY2017 | 30 Jun 2017 | 1.68B | +314.53% | 21.33B | 19.65B | 0.03 |
| Q1 FY2017 | 31 Mar 2017 | 613.00M | +50.99% | 17.77B | 17.15B | 0.02 |
| Q4 FY2016 | 31 Dec 2016 | 229.00M | -78.66% | 20.70B | 20.47B | 0.01 |
| Q3 FY2016 | 30 Sept 2016 | 456.00M | -27.62% | 16.58B | 16.12B | 0.01 |
| Q2 FY2016 | 30 Jun 2016 | 406.00M | -44.84% | 15.22B | 14.81B | 0.01 |
| Q1 FY2016 | 31 Mar 2016 | 406.00M | -31.65% | 8.85B | 8.44B | 0.01 |
| Q4 FY2015 | 31 Dec 2015 | 1.07B | +49.03% | 20.47B | 19.39B | 0.02 |
| Q3 FY2015 | 30 Sept 2015 | 630.00M | +121.83% | 17.51B | 16.88B | 0.01 |
| Q2 FY2015 | 30 Jun 2015 | 736.00M | +81.28% | 11.84B | 11.10B | 0.02 |
| Q1 FY2015 | 31 Mar 2015 | 594.00M | -26.12% | 7.19B | 6.59B | 0.02 |
| Q4 FY2014 | 31 Dec 2014 | 720.00M | +234.88% | 15.91B | 15.19B | 0.02 |
| Q3 FY2014 | 30 Sept 2014 | 284.00M | -57.61% | 13.62B | 13.34B | 0.01 |
| Q2 FY2014 | 30 Jun 2014 | 406.00M | -43.30% | 6.52B | 6.12B | 0.01 |
| Q1 FY2014 | 31 Mar 2014 | 804.00M | +168.00% | 5.17B | 4.36B | 0.02 |
| Q4 FY2013 | 31 Dec 2013 | 215.00M | -57.00% | 14.47B | 14.25B | 0.01 |
| Q3 FY2013 | 30 Sept 2013 | 670.00M | -38.59% | 13.48B | 12.81B | 0.02 |
| Q2 FY2013 | 30 Jun 2013 | 716.00M | -19.55% | 11.12B | 10.41B | 0.02 |
| Q1 FY2013 | 31 Mar 2013 | 300.00M | -66.44% | 11.22B | 10.92B | 0.01 |
| Q4 FY2012 | 31 Dec 2012 | 500.00M | -41.38% | 16.11B | 15.61B | 0.01 |
| Q3 FY2012 | 30 Sept 2012 | 1.09B | -50.27% | 17.55B | 16.45B | 0.03 |
| Q2 FY2012 | 30 Jun 2012 | 890.00M | -35.93% | 12.39B | 11.50B | 0.03 |
| Q1 FY2012 | 31 Mar 2012 | 894.00M | -40.87% | 13.30B | 12.41B | 0.03 |
| Q4 FY2011 | 31 Dec 2011 | 853.00M | -61.65% | 17.50B | 16.65B | 0.02 |
| Q3 FY2011 | 30 Sept 2011 | 2.19B | +9.92% | 17.91B | 15.71B | 0.06 |
| Q2 FY2011 | 30 Jun 2011 | 1.39B | -67.59% | 16.49B | 15.10B | 0.04 |
| Q1 FY2011 | 31 Mar 2011 | 1.51B | -24.55% | 14.60B | 13.09B | 0.04 |
| Q4 FY2010 | 31 Dec 2010 | 2.22B | +60.23% | 16.05B | 13.83B | 0.06 |
| Q3 FY2010 | 30 Sept 2010 | 2.00B | +67.45% | 12.99B | 10.99B | 0.06 |
| Q2 FY2010 | 30 Jun 2010 | 4.29B | +199.30% | 11.98B | 7.70B | 0.13 |
| Q1 FY2010 | 31 Mar 2010 | 2.00B | -18.57% | 10.18B | 8.17B | 0.06 |
| Q4 FY2009 | 31 Dec 2009 | 1.39B | -40.21% | 12.83B | 11.44B | 0.04 |
| Q3 FY2009 | 30 Sept 2009 | 1.19B | -33.01% | 11.86B | 10.67B | 0.03 |
| Q2 FY2009 | 30 Jun 2009 | 1.43B | +2.77% | 9.95B | 8.52B | 0.04 |
| Q1 FY2009 | 31 Mar 2009 | 2.46B | +58.91% | 9.31B | 6.85B | 0.08 |
| Q4 FY2008 | 31 Dec 2008 | 2.32B | +70.02% | 10.18B | 7.86B | 0.07 |
| Q3 FY2008 | 30 Sept 2008 | 1.78B | +38.47% | 8.79B | 7.01B | 0.06 |
| Q2 FY2008 | 30 Jun 2008 | 1.39B | +10.61% | 8.77B | 7.38B | 0.04 |
| Q1 FY2008 | 31 Mar 2008 | 1.55B | +13.26% | 7.38B | 5.84B | 0.05 |
| Q4 FY2007 | 31 Dec 2007 | 1.37B | -9.83% | 7.38B | 6.02B | 0.04 |
| Q3 FY2007 | 30 Sept 2007 | 1.28B | -13.32% | 6.04B | 4.75B | 0.04 |
| Q2 FY2007 | 30 Jun 2007 | 1.26B | -16.36% | 5.56B | 4.30B | 0.04 |
| Q1 FY2007 | 31 Mar 2007 | 1.37B | -42.90% | 4.83B | 3.46B | 0.05 |
| Q4 FY2006 | 31 Dec 2006 | 1.51B | -43.74% | 5.10B | 3.59B | 0.05 |
| Q3 FY2006 | 30 Sept 2006 | 1.48B | -30.33% | 5.02B | 3.54B | 0.05 |
| Q2 FY2006 | 30 Jun 2006 | 1.51B | -19.24% | 4.84B | 3.33B | 0.05 |
| Q1 FY2006 | 31 Mar 2006 | 2.39B | +43.19% | 4.39B | 1.99B | 0.09 |
| Q4 FY2005 | 31 Dec 2005 | 2.69B | +57.72% | 5.02B | 2.33B | 0.10 |
| Q3 FY2005 | 30 Sept 2005 | 2.13B | +79.56% | 4.02B | 1.89B | 0.08 |
| Q2 FY2005 | 30 Jun 2005 | 1.86B | +53.78% | 2.97B | 1.11B | 0.07 |
| Q1 FY2005 | 31 Mar 2005 | 1.67B | +7.29% | 2.85B | 1.18B | 0.06 |
| Q4 FY2004 | 31 Dec 2004 | 1.71B | -1.48% | 3.99B | 2.28B | 0.06 |
| Q3 FY2004 | 30 Sept 2004 | 1.18B | — | 3.47B | 2.29B | 0.05 |
| Q2 FY2004 | 30 Jun 2004 | 1.21B | — | 2.54B | 1.33B | 0.05 |
| Q1 FY2004 | 31 Mar 2004 | 1.56B | — | 2.32B | 761.29M | 0.07 |
| Q4 FY2003 | 31 Dec 2003 | 1.73B | +24.88% | 3.10B | 1.37B | 0.07 |
| Q4 FY2002 | 31 Dec 2002 | 1.39B | -17.79% | 1.74B | 353.88M | 0.06 |
| Q4 FY2001 | 31 Dec 2001 | 1.69B | -4.37% | 3.05B | 1.36B | 0.08 |
| Q4 FY2000 | 31 Dec 2000 | 1.76B | -63.83% | 1.28B | -489.29M | 0.11 |
| Q4 FY1999 | 31 Dec 1999 | 4.88B | +76.93% | 1.97B | -2.91B | 0.26 |
| Q4 FY1998 | 31 Dec 1998 | 2.76B | -11.13% | 798.68M | -1.96B | 0.15 |
| Q4 FY1997 | 31 Dec 1997 | 3.10B | +191.67% | 1.12B | -1.98B | 0.17 |
| Q4 FY1996 | 31 Dec 1996 | 1.06B | -48.02% | 1.57B | 508.12M | 0.07 |
| Q4 FY1995 | 31 Dec 1995 | 2.05B | -55.14% | 3.00B | 953.22M | 0.14 |
| Q4 FY1994 | 31 Dec 1994 | 4.56B | +6.01% | 6.68B | 2.12B | 0.35 |
| Q4 FY1993 | 31 Dec 1993 | 4.30B | +20.11% | 5.71B | 1.40B | 0.36 |
| Q4 FY1992 | 31 Dec 1992 | 3.58B | +16.69% | 5.82B | 2.24B | 0.34 |
| Q4 FY1991 | 31 Dec 1991 | 3.07B | +7.36% | 6.04B | 2.97B | 0.32 |
| Q4 FY1990 | 31 Dec 1990 | 2.86B | -15.22% | 4.34B | 1.48B | 0.41 |
| Q4 FY1989 | 31 Dec 1989 | 3.37B | +60.55% | 2.95B | -426.18M | 0.54 |
| Q4 FY1988 | 31 Dec 1988 | 2.10B | +9.15% | 2.52B | 419.31M | 0.38 |
| Q4 FY1987 | 31 Dec 1987 | 1.93B | +95.97% | 2.05B | 122.54M | 0.37 |
| Q4 FY1986 | 31 Dec 1986 | 982.43M | +22.73% | 1.99B | 1.01B | 0.24 |
| Q4 FY1985 | 31 Dec 1985 | 800.49M | — | 2.11B | 1.31B | 0.16 |
Figures in DKK at the end of each period. Net cash is cash and short-term investments less total debt; book value per share is on the diluted share count. The latest column is the most recent quarter.
Total debt counts commercial paper, term debt and lease liabilities.
See also:Revenue,Net income,EPS,Shares outstanding,Operating income,Cash on hand,Free cash flow,Stock buybacks,Balance sheet
Common questions about Novo-Nordisk A's debt
Source: Financial Modeling PrepVerified against SEC filings