Filing Flows › Novavax (NVAX) › Q2 2026 › vs Q2 2025
Novavax (NVAX) Q2 2026 vs Q2 2025 (year over year)
Novavax's revenue fell $183M (-76%) from $239M in Q2 2025 to $56.7M in Q2 2026. The biggest changes: Licensing, royalties, and other −$191M (-83%); Product sales +$8.1M (+76%).
Novavax, Q2 2026: revenue $56.7M (-76% year over year), operating margin -96.8%, net loss $53.4M, operating cash flow −$72.8M. The chart draws each line against Q2 2025, the increases inside each band.
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Licensing, royalties, and other | $37.8M | $229M | −$191M | -83% |
| Product sales | $18.9M | $10.7M | $8.1M | +76% |
| Revenue | $56.7M | $239M | −$183M | -76% |
| Other income, net | $3.2M | $6.4M | −$3.2M | -49% |
| Net loss | $53.4M | −$107M | $160M | — |
| Costs & expenses | $113M | $246M | −$132M | -54% |
| Operating costs | $112M | $138M | −$26.6M | -19% |
| Income tax | $1.7M | $946K | $765K | +81% |
| Cost of revenue | $14.2M | $15.3M | −$1.1M | -7% |
| Research & development | $70.7M | $79.2M | −$8.5M | -11% |
| SG&A | $26.7M | $43.6M | −$16.9M | -39% |
| Operating cash sources | $84.0M | $144M | −$60.3M | -42% |
| Depreciation & amortization | $3.1M | $7.6M | −$4.5M | -60% |
| Share-based compensation | $8.1M | $9.2M | −$1.1M | -12% |
| Cash used in operations | $72.8M | $127M | −$54.7M | -43% |
| Net loss absorbed | $53.4M | −$107M | $160M | — |
| Working capital & other | $30.6M | $251M | −$220M | -88% |
Questions
How much did Novavax's revenue grow year over year in Q2 2026?
Novavax's revenue fell $183M (-76%) from $239M in Q2 2025 to $56.7M in Q2 2026.
What drove Novavax's revenue change in Q2 2026?
Licensing, royalties, and other −$191M (-83%); Product sales +$8.1M (+76%).