Although transcutaneous auricular vagus nerve stimulation (taVNS) is thought to increase central noradrenergic activity, findings supporting such mechanism are scarce and inconsistent. This study aimed to investigate whether taVNS modulates indirect markers of phasic and tonic noradrenergic activity. Sixty‐six healthy participants performed a novelty auditory oddball task twice on separate days: once while receiving taVNS (left cymba concha), once during sham (left earlobe) stimulation. To maximize potential effects, the stimulation was delivered continuously (frequency: 25 Hz; width: 250 μs) at an intensity individually calibrated to the maximal level below pain threshold. The stimulation was administered 10 min before the oddball task and maintained throughout the session. Event‐related pupil dilation (ERPD) to target stimuli and pre‐stimulus baseline pupil size were assessed during the oddball task as markers of phasic and tonic noradrenergic activity, respectively. Prior to and at the end of stimulation, tonic pupil size at rest, cortisol, and salivary alpha‐amylase were assessed as markers of tonic noradrenergic activity. Finally, we explored the effect of taVNS on cardiac vagal activity, respiratory rate, and salivary flow rate. Results showed a greater ERPD to both target and novelty compared to standard stimuli in the oddball task. In contrast to our hypotheses, taVNS did not impact any of the tested markers. Our findings strongly suggest that continuous stimulation of the cymba concha with the tested stimulation parameters is ineffective to increase noradrenergic activity via a vagal pathway. There is inconsistent evidence supporting a noradrenergic mechanism of transcutaneous auricular vagus nerve stimulation (taVNS). This statistically well‐powered study aimed to further test whether taVNS at the cymba concha modulates markers of tonic and phasic noradrenergic activity (pupil‐related indices, cortisol, salivary alpha‐amylase). The zero‐findings of this study question whether continuous taVNS with a set of commonly used stimulation parameters (25 Hz, 250 μs, individually tailored intensity below pain) modulates noradrenergic activity via a vagal pathway.