Carlsberg A/S CARL B.CO · DKK

Consumer Staples · Nasdaq Copenhagen · 🇩🇰 Denmark

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1,017.50

-0.83%

Close of 9 Nov 2026, in DKK

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At a glance

Figures in DKK, from our data supplier.

FY2025

Revenue

DKK 89.09bn

FY2016FY2025

Net income

DKK 5.96bn

FY2016FY2025

Free cash flow

DKK 7.45bn

FY2016FY2025

Shareholders' equity

DKK 27.80bn

FY2016FY2025

Income statement

Fiscal years

	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
Revenue	DKK 89.09bn	DKK 75.01bn	DKK 73.58bn	DKK 70.27bn	DKK 66.63bn	DKK 58.54bn	DKK 65.90bn	DKK 62.50bn	DKK 61.81bn	DKK 62.61bn
Gross profit	DKK 37.71bn	DKK 34.38bn	DKK 32.83bn	DKK 32.07bn	DKK 31.33bn	DKK 28.36bn	DKK 32.64bn	DKK 31.22bn	DKK 31.48bn	DKK 31.42bn
Research and development	DKK 152.0m	DKK 142.0m	DKK 132.0m	DKK 107.0m	DKK 95.0m	DKK 123.0m	DKK 133.0m	DKK 127.0m	DKK 120.0m	DKK 104.0m
Operating income	DKK 11.03bn	DKK 11.43bn	DKK 10.95bn	DKK 9.76bn	DKK 10.86bn	DKK 9.70bn	DKK 10.46bn	DKK 9.33bn	DKK 8.88bn	DKK 8.24bn
Net income	DKK 5.96bn	DKK 9.12bn	−DKK 40.79bn	DKK 8.18bn	DKK 6.85bn	DKK 6.03bn	DKK 6.57bn	DKK 5.31bn	DKK 2.06bn	DKK 4.49bn
Diluted earnings per share	44.77	69.02	-299.53	57.88	47.62	41.38	43.67	34.54	13.55	29.40

Balance sheet

At each fiscal year end

	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
Total assets	DKK 153.96bn	DKK 113.33bn	DKK 111.83bn	DKK 115.34bn	DKK 126.38bn	DKK 118.82bn	DKK 123.12bn	DKK 117.70bn	DKK 114.25bn	DKK 126.91bn
Cash and short-term investments	DKK 9.59bn	DKK 11.60bn	DKK 15.62bn	DKK 8.16bn	DKK 8.34bn	DKK 8.09bn	DKK 5.22bn	DKK 5.59bn	DKK 3.46bn	DKK 3.50bn
Total liabilities	DKK 123.28bn	DKK 82.72bn	DKK 86.08bn	DKK 80.62bn	DKK 77.63bn	DKK 75.45bn	DKK 77.08bn	DKK 69.81bn	DKK 64.73bn	DKK 73.26bn
Debt	DKK 70.62bn	DKK 38.14bn	DKK 39.10bn	DKK 28.65bn	DKK 28.92bn	DKK 30.25bn	DKK 24.99bn	DKK 23.98bn	DKK 24.19bn	DKK 30.20bn
Shareholders' equity	DKK 27.80bn	DKK 27.77bn	DKK 23.23bn	DKK 31.90bn	DKK 43.94bn	DKK 39.31bn	DKK 43.45bn	DKK 45.30bn	DKK 46.93bn	DKK 50.81bn
Shares outstanding	133m	132m	136m	141m	144m	146m	150m	154m	152m	153m

Cash flow

Fiscal years

	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
Cash from operations	DKK 13.04bn	DKK 13.57bn	DKK 11.61bn	DKK 12.95bn	DKK 13.26bn	DKK 10.93bn	DKK 12.24bn	DKK 12.05bn	DKK 11.83bn	DKK 9.33bn
Capital spending	−DKK 5.59bn	−DKK 5.03bn	−DKK 4.24bn	−DKK 4.02bn	−DKK 4.22bn	−DKK 4.40bn	−DKK 4.59bn	−DKK 4.03bn	−DKK 4.05bn	−DKK 3.84bn
Free cash flow	DKK 7.45bn	DKK 8.54bn	DKK 7.36bn	DKK 8.93bn	DKK 9.04bn	DKK 6.53bn	DKK 7.65bn	DKK 8.02bn	DKK 7.78bn	DKK 5.49bn
Dividends paid	−DKK 3.57bn	−DKK 3.60bn	−DKK 3.69bn	−DKK 3.39bn	−DKK 3.19bn	−DKK 3.09bn	−DKK 2.74bn	−DKK 2.44bn	−DKK 1.52bn	−DKK 1.37bn

Latest quarters

By quarter end

	Jun 2026	Dec 2025	Jun 2025	Dec 2024	Jun 2024	Mar 2024	Dec 2023	Jun 2023
Revenue	DKK 47.05bn	DKK 43.24bn	DKK 45.85bn	DKK 36.21bn	DKK 38.77bn	DKK 19.38bn	DKK 35.80bn	DKK 37.79bn
Gross profit	DKK 21.42bn	DKK 16.60bn	DKK 21.11bn	DKK 16.48bn	DKK 17.95bn	DKK 8.97bn	DKK 15.95bn	DKK 16.88bn
Operating income	DKK 6.63bn	DKK 4.69bn	DKK 7.23bn	DKK 4.76bn	DKK 6.34bn	DKK 3.17bn	DKK 4.35bn	DKK 5.95bn
Net income	DKK 3.80bn	DKK 2.59bn	DKK 3.56bn	DKK 3.12bn	DKK 3.74bn	DKK 1.87bn	−DKK 44.28bn	DKK 3.50bn
Diluted earnings per share	28.74	19.50	26.78	23.61	28.29	14.15	-325.20	25.67
Cash from operations	DKK 7.56bn	DKK 7.41bn	DKK 11.27bn	DKK 5.94bn	DKK 5.88bn	DKK 2.94bn	DKK 5.23bn	DKK 6.11bn
Capital spending	−DKK 3.56bn	−DKK 2.88bn	−DKK 2.52bn	−DKK 2.75bn	−DKK 2.28bn	−DKK 1.14bn	−DKK 2.45bn	−DKK 1.79bn
Free cash flow	DKK 4.00bn	DKK 4.53bn	DKK 8.76bn	DKK 3.19bn	DKK 3.60bn	DKK 1.80bn	DKK 2.78bn	DKK 4.32bn
Total assets	DKK 163.71bn	DKK 153.96bn	DKK 154.62bn	DKK 113.33bn	DKK 112.27bn	DKK 112.27bn	DKK 111.83bn	DKK 121.01bn
Cash and short-term investments	DKK 9.65bn	DKK 9.59bn	DKK 10.10bn	DKK 11.60bn	DKK 10.71bn	DKK 10.71bn	DKK 13.38bn	DKK 11.24bn
Debt	DKK 57.80bn	DKK 68.32bn	DKK 74.08bn	DKK 38.14bn	DKK 35.73bn	DKK 6.28bn	DKK 37.77bn	DKK 33.55bn
Shareholders' equity	DKK 28.48bn	DKK 27.80bn	DKK 25.02bn	DKK 27.77bn	DKK 21.66bn	DKK 21.66bn	DKK 23.23bn	DKK 28.29bn

Growth per year

Compound annual rate

	3 years	5 years	10 years
Revenue	8.2%	8.8%	3.1%
Operating income	4.2%	2.6%	2.7%
Net income	-10.1%	-0.3%	—

Average margins

Over each period

	1 year	3 years	5 years	10 years
Gross margin	43.9%	44.5%	45.4%	47.3%
Operating margin	13.7%	14.0%	14.7%	14.5%
Net margin	9.2%	-5.7%	-1.1%	1.5%

Valuation history

At each fiscal year end

	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
Price to earnings	18.6	10.0	-2.8	15.9	23.7	23.6	22.8	20.1	55.0	20.7
Price to sales	1.3	1.2	1.6	1.9	2.4	2.4	2.3	1.7	1.8	1.5

Dividends and splits

Per share, in the currency the company pays

Paid for 25 years. Last went ex-dividend on 17 Mar 2026.

	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Paid in the year	29.00	27.00	27.00	27.00	24.00	22.00	21.00	18.00

5-for-1 split · 5 Feb 1992
6-for-5 split · 31 Jan 1990

Sources and methodology

Data on this tab: Our data supplier
Chart on the Overview: TradingView

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Carlsberg A/S CARL B.CO · DKK

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At a glance

Income statement

Balance sheet

Cash flow

Latest quarters

Growth per year

Average margins

Valuation history

Dividends and splits

Sources and methodology