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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 free cash flow 1990–2026What is free cash flow (FCF)? Free cash flow is the cash a company's operations bring in minus what it spends on long-term assets (capex): cash left for debt, dividends and buybacks.
Novo-Nordisk A/S's free cash flow in Q3 FY2026, the three months to 30 September 2026, was 28.10B DKK, down 8.5% on the same quarter a year before. Novo-Nordisk A/S's free cash flow over the last twelve months was 46.32B DKK, down 24.0% on the twelve months before. In fiscal year 2025 it was 28.99B DKK, down 58.4% on the year before.
Last updated 11 Nov 2026 · Next report 3 Feb 2027
Free cash flow
Free cash flow · -0.9% a year over 10 yearsFree cash flow margin
Growth
| Fiscal year | Period ending | Free cash flow | Growth | Free cash flow margin | Operating cash flow | Capital expenditure | Free cash flow per share |
|---|---|---|---|---|---|---|---|
| TTM | 30 Sept 2026 | 46.32B | -24.00% | 13.91% | 128.15B | -81.82B | 10.44 |
| FY2025 | 31 Dec 2025 | 28.99B | -58.38% | 9.38% | 119.10B | -90.11B | 6.52 |
| FY2024 | 31 Dec 2024 | 69.66B | -0.50% | 23.99% | 120.97B | -51.31B | 15.61 |
| FY2023 | 31 Dec 2023 | 70.01B | +9.17% | 30.14% | 108.91B | -38.90B | 15.58 |
| FY2022 | 31 Dec 2022 | 64.13B | +34.69% | 36.24% | 78.89B | -14.75B | 14.11 |
| FY2021 | 31 Dec 2021 | 47.62B | +59.41% | 33.82% | 55.00B | -7.39B | 10.34 |
| FY2020 | 31 Dec 2020 | 29.87B | -15.98% | 23.53% | 51.95B | -22.08B | 6.38 |
| FY2019 | 31 Dec 2019 | 35.55B | +10.39% | 29.14% | 46.78B | -11.23B | 7.47 |
| FY2018 | 31 Dec 2018 | 32.21B | -0.97% | 28.80% | 44.62B | -12.41B | 6.64 |
| FY2017 | 31 Dec 2017 | 32.52B | -18.80% | 29.11% | 41.17B | -8.65B | 6.56 |
| FY2016 | 31 Dec 2016 | 40.05B | +25.61% | 35.83% | 48.31B | -8.27B | 7.90 |
| FY2015 | 31 Dec 2015 | 31.88B | +16.54% | 29.54% | 38.29B | -6.41B | 6.18 |
| FY2014 | 31 Dec 2014 | 27.36B | +22.69% | 30.81% | 31.69B | -4.34B | 5.20 |
| FY2013 | 31 Dec 2013 | 22.30B | +19.93% | 26.68% | 25.94B | -3.64B | 4.14 |
| FY2012 | 31 Dec 2012 | 18.59B | +3.05% | 23.83% | 22.21B | -3.62B | 3.37 |
| FY2011 | 31 Dec 2011 | 18.04B | +14.32% | 27.19% | 21.37B | -3.33B | 3.16 |
| FY2010 | 31 Dec 2010 | 15.78B | +28.17% | 25.97% | 19.68B | -3.90B | 2.70 |
| FY2009 | 31 Dec 2009 | 12.31B | +13.45% | 24.11% | 15.38B | -3.07B | 2.04 |
| FY2008 | 31 Dec 2008 | 10.85B | +43.40% | 23.77% | 12.90B | -2.04B | 1.74 |
| FY2007 | 31 Dec 2007 | 7.57B | +71.07% | 18.07% | 10.00B | -2.43B | 1.19 |
| FY2006 | 31 Dec 2006 | 4.42B | -7.89% | 11.42% | 7.74B | -3.32B | 0.68 |
| FY2005 | 31 Dec 2005 | 4.80B | +7.14% | 14.25% | 8.70B | -3.90B | 0.73 |
| FY2004 | 31 Dec 2004 | 4.48B | +22.30% | 15.34% | 7.64B | -3.16B | 0.66 |
| FY2003 | 31 Dec 2003 | 3.67B | +295.38% | 13.77% | 6.18B | -2.51B | 0.53 |
| FY2002 | 31 Dec 2002 | 927.18M | +146.64% | 3.69% | 4.88B | -3.95B | 0.13 |
| FY2001 | 31 Dec 2001 | 375.93M | -87.02% | 1.59% | 4.31B | -3.93B | 0.05 |
| FY2000 | 31 Dec 2000 | 2.90B | +70.29% | 13.91% | 5.26B | -2.37B | 0.42 |
| FY1999 | 31 Dec 1999 | 1.70B | +27.19% | 10.34% | 3.63B | -1.93B | 0.24 |
| FY1998 | 31 Dec 1998 | 1.34B | +216.96% | 9.79% | 3.48B | -2.14B | 0.18 |
| FY1997 | 31 Dec 1997 | 421.78M | — | 2.48% | 3.03B | -2.61B | 0.06 |
| FY1996 | 31 Dec 1996 | -126.28M | -112.23% | -0.85% | 1.92B | -2.05B | -0.02 |
| FY1995 | 31 Dec 1995 | 1.03B | +11.56% | 7.53% | 2.53B | -1.50B | 0.14 |
| FY1994 | 31 Dec 1994 | 925.51M | — | 6.85% | 2.66B | -1.74B | 0.12 |
| FY1993 | 31 Dec 1993 | -487.20M | — | -3.71% | 1.91B | -2.40B | -0.06 |
| FY1992 | 31 Dec 1992 | -624.11M | — | -5.85% | 1.33B | -1.95B | -0.08 |
| FY1991 | 31 Dec 1991 | -163.80M | -149.24% | -1.67% | 1.19B | -1.35B | -0.03 |
| FY1990 | 31 Dec 1990 | 332.70M | — | 3.99% | 1.50B | -1.17B | 0.05 |
| Quarter | Period ending | Free cash flow | Growth on a year before | Free cash flow margin | Operating cash flow | Capital expenditure | Free cash flow per share |
|---|---|---|---|---|---|---|---|
| Q3 FY2026 | 30 Sept 2026 | 28.10B | -8.45% | 35.71% | 41.24B | -13.15B | 6.35 |
| Q2 FY2026 | 30 Jun 2026 | 42.40B | +72.98% | 54.02% | 55.20B | -12.80B | 9.56 |
| Q1 FY2026 | 31 Mar 2026 | 12.05B | +20.39% | 12.44% | 24.08B | -12.04B | 2.71 |
| Q4 FY2025 | 31 Dec 2025 | -36.22B | — | -45.76% | 7.62B | -43.84B | -8.14 |
| Q3 FY2025 | 30 Sept 2025 | 30.69B | -2.09% | 40.94% | 46.11B | -15.42B | 6.90 |
| Q2 FY2025 | 30 Jun 2025 | 24.51B | -34.23% | 31.89% | 40.79B | -16.28B | 5.51 |
| Q1 FY2025 | 31 Mar 2025 | 10.01B | +88.60% | 12.81% | 24.59B | -14.59B | 2.25 |
| Q4 FY2024 | 31 Dec 2024 | -4.26B | — | -4.97% | 12.30B | -16.56B | -0.95 |
| Q3 FY2024 | 30 Sept 2024 | 31.35B | +3.31% | 43.96% | 43.85B | -12.50B | 7.03 |
| Q2 FY2024 | 30 Jun 2024 | 37.27B | +72.99% | 54.75% | 50.50B | -13.24B | 8.35 |
| Q1 FY2024 | 31 Mar 2024 | 5.31B | -78.79% | 8.12% | 14.31B | -9.01B | 1.19 |
| Q4 FY2023 | 31 Dec 2023 | -6.89B | -421.73% | -10.45% | 9.55B | -16.44B | -1.54 |
| Q3 FY2023 | 30 Sept 2023 | 30.34B | +51.60% | 51.66% | 40.97B | -10.62B | 6.76 |
| Q2 FY2023 | 30 Jun 2023 | 21.54B | +0.73% | 39.67% | 28.58B | -7.04B | 4.78 |
| Q1 FY2023 | 31 Mar 2023 | 25.01B | +14.71% | 46.87% | 29.81B | -4.80B | 5.54 |
| Q4 FY2022 | 31 Dec 2022 | 2.14B | — | 4.45% | 7.10B | -4.96B | 0.47 |
| Q3 FY2022 | 30 Sept 2022 | 20.01B | +0.98% | 43.92% | 24.24B | -4.23B | 4.41 |
| Q2 FY2022 | 30 Jun 2022 | 21.39B | -8.49% | 51.83% | 23.96B | -2.58B | 4.70 |
| Q1 FY2022 | 31 Mar 2022 | 21.81B | +123.51% | 51.88% | 23.59B | -1.78B | 4.78 |
| Q4 FY2021 | 31 Dec 2021 | -5.07B | — | -13.22% | -3.02B | -2.05B | -1.10 |
| Q3 FY2021 | 30 Sept 2021 | 19.82B | +73.55% | 55.64% | 21.51B | -1.69B | 4.31 |
| Q2 FY2021 | 30 Jun 2021 | 23.37B | +2.08% | 70.73% | 25.26B | -1.88B | 5.07 |
| Q1 FY2021 | 31 Mar 2021 | 9.76B | +17.70% | 28.86% | 11.26B | -1.50B | 2.11 |
| Q4 FY2020 | 31 Dec 2020 | -1.35B | -141.31% | -4.19% | 172.00M | -1.52B | -0.29 |
| Q3 FY2020 | 30 Sept 2020 | 11.42B | -19.81% | 36.93% | 17.51B | -6.09B | 2.45 |
| Q2 FY2020 | 30 Jun 2020 | 22.89B | +86.74% | 76.30% | 24.26B | -1.37B | 4.88 |
| Q1 FY2020 | 31 Mar 2020 | 8.29B | +20.95% | 24.47% | 10.01B | -1.72B | 1.76 |
| Q4 FY2019 | 31 Dec 2019 | 3.26B | -5.04% | 10.05% | 5.17B | -1.91B | 0.69 |
| Q3 FY2019 | 30 Sept 2019 | 14.24B | +63.56% | 47.04% | 16.69B | -2.45B | 3.00 |
| Q2 FY2019 | 30 Jun 2019 | 12.26B | -7.20% | 40.82% | 15.04B | -2.78B | 2.57 |
| Q1 FY2019 | 31 Mar 2019 | 6.85B | -0.06% | 23.40% | 9.89B | -3.04B | 1.43 |
| Q4 FY2018 | 31 Dec 2018 | 3.43B | +22.49% | 11.54% | 7.41B | -3.98B | 0.71 |
| Q3 FY2018 | 30 Sept 2018 | 8.71B | -20.25% | 31.36% | 11.62B | -2.91B | 1.80 |
| Q2 FY2018 | 30 Jun 2018 | 13.21B | +56.99% | 48.20% | 15.77B | -2.56B | 2.72 |
| Q1 FY2018 | 31 Mar 2018 | 6.86B | -33.98% | 25.46% | 9.82B | -2.96B | 1.40 |
| Q4 FY2017 | 31 Dec 2017 | 2.80B | -66.61% | 10.01% | 6.03B | -3.23B | 0.57 |
| Q3 FY2017 | 30 Sept 2017 | 10.92B | -13.24% | 41.02% | 12.92B | -2.00B | 2.21 |
| Q2 FY2017 | 30 Jun 2017 | 8.42B | -33.95% | 29.38% | 10.12B | -1.70B | 1.71 |
| Q1 FY2017 | 31 Mar 2017 | 10.39B | +63.97% | 36.50% | 12.10B | -1.71B | 2.08 |
| Q4 FY2016 | 31 Dec 2016 | 8.39B | +20.83% | 28.36% | 11.15B | -2.77B | 1.67 |
| Q3 FY2016 | 30 Sept 2016 | 12.58B | +16.49% | 45.70% | 15.19B | -2.61B | 2.49 |
| Q2 FY2016 | 30 Jun 2016 | 12.74B | +17.68% | 46.40% | 14.50B | -1.76B | 2.51 |
| Q1 FY2016 | 31 Mar 2016 | 6.33B | +91.42% | 23.28% | 7.48B | -1.14B | 1.24 |
| Q4 FY2015 | 31 Dec 2015 | 6.94B | +20.98% | 24.04% | 10.12B | -3.18B | 1.35 |
| Q3 FY2015 | 30 Sept 2015 | 10.80B | -2.81% | 40.32% | 12.09B | -1.29B | 2.10 |
| Q2 FY2015 | 30 Jun 2015 | 10.83B | +49.63% | 40.01% | 11.97B | -1.15B | 2.09 |
| Q1 FY2015 | 31 Mar 2015 | 3.31B | +1.25% | 13.13% | 4.11B | -797.00M | 0.64 |
| Q4 FY2014 | 31 Dec 2014 | 5.74B | +27.03% | 23.34% | 7.30B | -1.56B | 1.09 |
| Q3 FY2014 | 30 Sept 2014 | 11.12B | +113.14% | 49.96% | 12.20B | -1.08B | 2.12 |
| Q2 FY2014 | 30 Jun 2014 | 7.24B | +13.20% | 33.46% | 8.13B | -889.00M | 1.37 |
| Q1 FY2014 | 31 Mar 2014 | 3.27B | -47.07% | 16.06% | 4.07B | -801.00M | 0.62 |
| Q4 FY2013 | 31 Dec 2013 | 4.52B | +1,114.25% | 20.82% | 5.37B | -855.00M | 0.84 |
| Q3 FY2013 | 30 Sept 2013 | 5.22B | -24.68% | 25.43% | 6.22B | -1.00B | 0.97 |
| Q2 FY2013 | 30 Jun 2013 | 6.39B | +29.34% | 29.90% | 7.28B | -891.00M | 1.18 |
| Q1 FY2013 | 31 Mar 2013 | 6.17B | -2.83% | 30.90% | 7.07B | -896.00M | 1.13 |
| Q4 FY2012 | 31 Dec 2012 | 372.00M | -86.17% | 1.77% | 1.51B | -1.14B | 0.07 |
| Q3 FY2012 | 30 Sept 2012 | 6.92B | -1.90% | 34.89% | 7.96B | -1.04B | 1.26 |
| Q2 FY2012 | 30 Jun 2012 | 4.94B | +30.22% | 25.39% | 5.82B | -881.00M | 0.89 |
| Q1 FY2012 | 31 Mar 2012 | 6.35B | +41.20% | 35.80% | 6.92B | -561.00M | 1.10 |
| Q4 FY2011 | 31 Dec 2011 | 2.69B | -23.46% | 14.84% | 3.98B | -1.29B | 0.47 |
| Q3 FY2011 | 30 Sept 2011 | 7.06B | +30.27% | 42.69% | 7.75B | -696.00M | 1.24 |
| Q2 FY2011 | 30 Jun 2011 | 3.80B | +10.19% | 23.72% | 4.53B | -736.00M | 0.66 |
| Q1 FY2011 | 31 Mar 2011 | 4.50B | +32.08% | 28.68% | 5.11B | -608.00M | 0.78 |
| Q4 FY2010 | 31 Dec 2010 | 3.51B | +46.31% | 21.79% | 4.91B | -1.39B | 0.60 |
| Q3 FY2010 | 30 Sept 2010 | 5.42B | +27.72% | 34.77% | 6.32B | -900.00M | 0.93 |
| Q2 FY2010 | 30 Jun 2010 | 3.44B | +67.02% | 22.37% | 4.23B | -781.00M | 0.58 |
| Q1 FY2010 | 31 Mar 2010 | 3.41B | -5.57% | 24.92% | 4.23B | -824.00M | 0.57 |
| Q4 FY2009 | 31 Dec 2009 | 2.40B | -1.35% | 18.38% | 3.58B | -1.18B | 0.40 |
| Q3 FY2009 | 30 Sept 2009 | 4.24B | +32.49% | 33.89% | 5.04B | -797.00M | 0.71 |
| Q2 FY2009 | 30 Jun 2009 | 2.06B | -14.89% | 15.86% | 2.61B | -546.00M | 0.34 |
| Q1 FY2009 | 31 Mar 2009 | 3.61B | +29.08% | 28.87% | 4.15B | -540.00M | 0.61 |
| Q4 FY2008 | 31 Dec 2008 | 2.43B | +38.24% | 19.13% | 3.24B | -809.58M | 0.39 |
| Q3 FY2008 | 30 Sept 2008 | 3.20B | +11.32% | 28.47% | 3.66B | -461.31M | 0.52 |
| Q2 FY2008 | 30 Jun 2008 | 2.42B | +190.68% | 21.80% | 2.92B | -498.66M | 0.39 |
| Q1 FY2008 | 31 Mar 2008 | 2.80B | +33.20% | 26.33% | 3.07B | -273.84M | 0.45 |
| Q4 FY2007 | 31 Dec 2007 | 1.76B | — | 15.98% | 2.51B | -752.53M | 0.28 |
| Q3 FY2007 | 30 Sept 2007 | 2.88B | +7.19% | 27.40% | 3.49B | -614.95M | 0.45 |
| Q2 FY2007 | 30 Jun 2007 | 833.50M | -13.85% | 7.89% | 1.44B | -609.60M | 0.13 |
| Q1 FY2007 | 31 Mar 2007 | 2.10B | +40.28% | 21.38% | 2.55B | -452.06M | 0.33 |
| Q4 FY2006 | 31 Dec 2006 | -722.34M | -172.15% | -6.89% | 359.40M | -1.08B | -0.11 |
| Q3 FY2006 | 30 Sept 2006 | 2.68B | +47.87% | 27.99% | 3.52B | -839.98M | 0.42 |
| Q2 FY2006 | 30 Jun 2006 | 967.52M | -29.23% | 9.94% | 1.77B | -798.04M | 0.15 |
| Q1 FY2006 | 31 Mar 2006 | 1.50B | +141.01% | 16.71% | 2.09B | -597.15M | 0.23 |
| Q4 FY2005 | 31 Dec 2005 | 1.00B | +18.47% | 10.65% | 2.35B | -1.35B | 0.15 |
| Q3 FY2005 | 30 Sept 2005 | 1.81B | +12.33% | 20.64% | 2.91B | -1.09B | 0.28 |
| Q2 FY2005 | 30 Jun 2005 | 1.37B | +27.96% | 16.53% | 2.10B | -728.29M | 0.21 |
| Q1 FY2005 | 31 Mar 2005 | 620.71M | -34.98% | 8.54% | 1.34B | -724.16M | 0.09 |
| Q4 FY2004 | 31 Dec 2004 | 845.03M | — | 10.56% | 2.10B | -1.26B | 0.13 |
| Q3 FY2004 | 30 Sept 2004 | 1.62B | — | 21.84% | 2.48B | -867.14M | 0.24 |
| Q2 FY2004 | 30 Jun 2004 | 1.07B | — | 14.91% | 1.72B | -649.21M | 0.16 |
| Q1 FY2004 | 31 Mar 2004 | 954.63M | — | 14.63% | 1.34B | -386.69M | 0.14 |
Figures in DKK. Free cash flow is operating cash flow less capital expenditure; owner earnings take off only the spending that keeps the business as it is, not the spending to grow it (an estimate by Financial Modeling Prep). Quarterly growth is on the same quarter a year before; TTM is the last four quarters.
See also:Revenue,Net income,EPS,Shares outstanding,Operating income,Cash on hand,Total debt,Stock buybacks,Cash flow
Common questions about Novo-Nordisk A's free cash flow
Source: Financial Modeling PrepVerified against SEC filings