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Novavax cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$95.3M in Q3 2026 · −$243M over twelve months

Operating cash flow−$94.2M
Capital spending−$1.0M
Free cash flow−$95.3M
Cash conversion cycle8 days

Analysis

In Q3 2026, Novavax generated −$94.2M of operating cash flow and spent $1.0M on capital projects, leaving free cash flow of −$95.3M. That is $201M less than in Q3 2025 ($106M).

Over the twelve months to Sep 30, 2026, operating cash flow was −$239M; the largest uses were operating cash flow ($239M), net borrowing (+) / repaid (−) ($10.0M), capital spending ($4.3M); besides operations, cash came from other investing ($99.7M), asset & business sales ($59.4M); the cash balance fell by $56.3M.

Operating cash flow was −$94.2M against net income of −$31.4M. The largest differences: payables −$26.4M, prepaid and other assets −$25.2M, deferred revenue −$11.1M.

Its cash conversion cycle was 8 days (receivables 46 + inventory 56 − payables 94).

Free cash flow

Novavax: free cash flow by quarterNovavax: free cash flow by quarter−$175MQ4 2024−$187MQ1 2025−$128MQ2 2025$106MQ3 2025−$40.9MQ4 2025−$33.7MQ1 2026−$73.4MQ2 2026−$95.3MQ3 2026
Operating cash flow less capital spending.
Novavax: operating cash flow against capital spendingNovavax: operating cash flow against capital spendingOperating cash flowCapital spending−$173M$1.9MQ4 2024−$186M$1.6MQ1 2025−$127M$527KQ2 2025$108M$2.0MQ3 2025−$39.5M$1.4MQ4 2025−$32.4M$1.3MQ1 2026−$72.8M$588KQ2 2026−$94.2M$1.0MQ3 2026
Latest (Q3 2026): Operating cash flow −$94.2M, Capital spending $1.0M.

Capital allocation, year by year

Novavax: where the cash came from (up) and went (down), by fiscal yearNovavax: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingFY2021: Operating cash flow $323MFY2021: Net borrowing −$128MFY2021: Shares issued $590MFY2021: Capital spending −$57.5M$913MFY2021FY2022: Operating cash flow −$416MFY2022: Net borrowing $81.7MFY2022: Shares issued $249MFY2022: Capital spending −$89.1M$331MFY2022FY2023: Operating cash flow −$714MFY2023: Net borrowing −$352MFY2023: Shares issued $360MFY2023: Capital spending −$53.8M$360MFY2023FY2024: Operating cash flow −$87.3MFY2024: Net borrowing −$4.0MFY2024: Shares issued $263MFY2024: Asset sales $193MFY2024: Capital spending −$13.1M$456MFY2024FY2025: Operating cash flow −$245MFY2025: Net borrowing $32.5MFY2025: Asset sales $19.7MFY2025: Capital spending −$5.6M$52.2MFY2025
Over these 5 years operating cash flow totalled −$1.1B; the largest uses were operating cash flow ($1.5B) and net borrowing ($484M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$622M
Debt$292M
Net cash$330M
Cash runway2.6 years

Novavax is burning cash: its operations consume cash, a free cash flow of −$243M a year at the current rate against $622M of cash and investments: a runway of about 2.6 years before any new financing.

Where the cash came from and went

Novavax: sources (+) and uses (−) of cash, Q3 2026Novavax: sources (+) and uses (−) of cash, Q3 2026Other investing$129MOperating cash flow−$94.2MCash drawn (+) / kept (−)−$31.0MNet borrowing (+) / repaid (−)−$2.7MCapital spending−$1.0MOther financing$656KExchange rates−$522K
Novavax: sources (+) and uses (−) of cash, TTM to Q3 2026Novavax: sources (+) and uses (−) of cash, 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 profit to cash

Novavax: net income to operating cash flow, Q3 2026Novavax: net income to operating cash flow, Q3 2026Net income−$31.4MDepreciation & amortization$3.0MStock-based pay$8.0MImpairments$200KOther non-cash−$2.4MInventory−$10.3MPayables−$26.4MDeferred revenue−$11.1MPrepaid and other assets−$25.2MOperating cash flow−$94.2M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 20264656948
Q2 20263469125-22
Q1 202642346016
Q4 202544528313
Q3 20251705114180
Q2 20255261252-139
Q1 20251061241-171
Q4 2024106221243

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026−$94.2M−$1.0M−$2.7M−$31.0M−$95.3M
Q2 2026−$72.8M−$588K−$526K$36.9M−$73.4M
Q1 2026−$32.4M−$1.3M$45.8M$23.1M−$33.7M
Q4 2025−$39.5M−$1.4M−$6.3M$27.3M−$40.9M
Q3 2025$108M−$2.0M−$984K−$14.4M$106M
Q2 2025−$127M−$527K−$612K$9.5M−$128M
Q1 2025−$186M−$1.6M−$2.2M$267M−$187M
Q4 2024−$173M−$1.9M−$2.8M$43.3M−$175M

Novavax: income statement and cash flow

Novavax, Q3 2026: revenue $68.3M (-3% year over year), operating margin -45.8%. The chart follows the revenue to costs, profit and cash.

Novavax: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.