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Novavax (NVAX) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Nov 5, 2026 · Novavax (NVAX) Q3 2026 earnings results →

Q3 2026 Revenue down 3% year over year to $68.3M · 46¢ of every $1 of revenue lost · operating margin -45.8%

Novavax made $68.3M in Q3 2026 (-3% Y/Y): Licensing, royalties, and other $42.6M, Product sales $25.7M. Operating margin -45.8%, net loss $31.4M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.

Revenue$68.3M
Year over year-3%
Operating margin-45.8%
Net earnings−$31.4M
Operating cash flow−$94.2M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $68.3M in Q3 2026, down 3% year over year and up 20% from the previous quarter. Licensing, royalties, and other was the largest line at 62% of revenue. Licensing, royalties, and other lost $14.4M year over year (down 25%), 671% of the total change.

Operating costs exceeded revenue by $31.3M, an operating margin of -45.8%. Total costs fell 60% while revenue fell 3%. The quarter ended with a net loss of $31.4M, narrower than the previous quarter's $53.4M loss.

Operating cash flow was −$94.2M. Non-cash charges added back $3.0M of depreciation and amortization and $8.0M of share-based compensation. Working capital and other items used $73.9M. Capital expenditures of $1.0M exceeded it, leaving free cash flow of −$95.3M.

Quarterly history

Novavax revenue by quarterNovavax revenue by quarter$667MQ1 2025$239MQ2 2025$70.4MQ3 2025$147MQ4 2025$140MQ1 2026$56.7MQ2 2026$68.3MQ3 2026
Novavax net earnings by quarterNovavax net earnings by quarter$519MQ1 2025$107MQ2 2025−$202MQ3 2025$17.5MQ4 2025−$9.5MQ1 2026−$53.4MQ2 2026−$31.4MQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QNov 5, 2026$68.3M-3%-45.8%−$31.4M−$94.2M
Q2 202610-QAug 6, 2026$56.7M-76%-96.8%−$53.4M−$72.8M
Q1 202610-QMay 6, 2026$140M-79%-11.1%−$9.5M−$32.4M
Q4 202510-KFeb 26, 2026$147M+67%9.7%$17.5M−$39.5M
Q3 202510-QNov 6, 2025$70.4M-17%-252.7%−$202M$108M
Q2 202510-QAug 6, 2025$239M-42%42.2%$107M−$127M
Q1 202510-QMay 8, 2025$667M+610%77.3%$519M−$186M

Charts

Novavax: revenue growth, year over year and quarter over quarterNovavax: revenue growth, year over year and quarter over quarterY/YQ/Q+400%Q1 2025-42%-64%Q2 2025-17%-71%Q3 2025+67%+109%Q4 2025-79%-5%Q1 2026-76%-59%Q2 2026-3%+20%Q3 2026
Latest (Q3 2026): Y/Y -3%, Q/Q +20%.
Novavax: where the cash came from (+) and went (−), TTM to Q3 2026Novavax: where the cash came from (+) and went (−), TTM to Q3 2026Operating cash flow−$239MOther investing$99.7MAsset & business sales$59.4MCash drawn (+) / kept (−)$56.3MOther financing$40.3MNet borrowing (+) / repaid (−)−$10.0MCapital spending−$4.3MExchange rates−$2.4M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Novavax: profit against cash, quarter by quarterNovavax: profit against cash, quarter by quarterNet incomeOperating cash flow−$81.0M−$173MQ4 2024$519M−$186MQ1 2025$107M−$127MQ2 2025−$202M$108MQ3 2025$17.5M−$39.5MQ4 2025−$9.5M−$32.4MQ1 2026−$53.4M−$72.8MQ2 2026−$31.4M−$94.2MQ3 2026
Latest (Q3 2026): Net income −$31.4M, Operating cash flow −$94.2M.
Novavax: diluted shares by fiscal yearNovavax: diluted shares by fiscal year58MFY202074MFY202178MFY2022101MFY2023152MFY2024173MFY2025
+200.8% since FY2020: more shares outstanding (issuance, stock pay).
Novavax in its industry: growth against margin (76 companies, SIC 2836)Novavax in its industry: growth against margin (76 companies, SIC 2836)revenue growth, year over year →↑ operating marginmedian +9%median -100%AMGNGILDBIIBMRNANBIXEXELHALOMGTXTECHVIRRGENTARSBCRXALECADMAKRYSIOVATWSTIPSCIMCRVISKVCELADPTKYMRGLUEIBRXAUTLAGENDNAPLXRXRXFENCCSBRCHRSIVVDCRSPEDITDTILVXRTSTRORGNXCCCCBSEMSCLXACOGTSHASRZNVYGRFDMTLENZALGSXFORELUTFATEOCGNSCTXCRBUCGONDBVTINBXMGXLCTXTCRXDYAIPRMEATRAVitro Biopharma, Inc.HUMARLAYPLURBEAMPROKCRDFAIMVIVSNVAX (-3%, -46%)
Biological Products, (No Diagnostic Substances); dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

The same charts as the app — open one to draw it.

💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Novavax

Novavax, Inc., together with our wholly owned subsidiaries, tackles some of the world’s most pressing health challenges with its scientific expertise in vaccines and its proven technology platform, including its Matrix-M ™ adjuvant and protein-based nanoparticles. Our corporate growth strategy focuses on maximizing the impact of our cutting-edge technology by forging partnerships for our Matrix-M adjuvant and research and development (R&D) assets while maintaining a lean and focused operating model.

In its own words, from its 10-K, filed Feb 26, 2026.

Novavax against its Biological Products, (No Diagnostic Substances) peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -3% against the peers' median +11%. Operating margin: -45.8% against the peers' median 35.8%.

CompanyQuarterRevenueY/YOp. margin
NVAX NovavaxQ3 2026$68.3M-3%-45.8%
AMGN AmgenQ3 2026$10.4B+8%35.8%
GILD Gilead SciencesQ3 2026$8.3B+7%41.7%
BIIB BiogenQ3 2026$2.8B+11%-0.3%
MRNA ModernaQ3 2026$1.3B+29%9.9%
NBIX Neurocrine BiosciencesQ3 2026$1.1B+41%29.5%
EXEL ExelixisQ3 2026$659M+10%40.8%
HALO Halozyme TherapeuticsQ3 2026$493M+39%59.8%
MGTX MeiraGTx HoldingsQ2 2026$321M87×76.0%

Source: Novavax 10-Q on SEC EDGAR · CIK 1000694 · Biological Products, (No Diagnostic Substances)

Guidance and outlook

Novavax: what its forward-looking statements are about (10-Q filed 2026-11-05)Novavax: what its forward-looking statements are about (10-Q filed 2026-11-05)Other10Costs3Demand3Legal & regulation2The economy1Products1
20 statements; tone -0.10 (−1 all cautious, +1 all confident); 4 hedged.
Novavax: outlook statements against the filing beforeNovavax: outlook statements against the filing beforeConfident1Cautious3

13F: who owns NVAX and who is buying

Largest holders of NVAX (13F)Largest holders of NVAX (13F)Shah Capital Management$132MBlackRock$131MState Street$111MVanguard Group$104MVanguard Portfolio Management LLC$71.7MVanguard Capital Management LLC$68.4MSanofi$64.8MD. E. Shaw$53.2MGeode Capital Management, LLC$39.6MTwo Sigma Investments, LP$38.5M
Funds' net buying of NVAX by quarter (13F)Funds' net buying of NVAX by quarter (13F)$32.3M2024-09$18.8M2024-12−$27.5M2025-03$14.9M2025-06$3.1M2025-09$98.5M2025-12$6.8M2026-03$7.2M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on NVAX

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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