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Novavax (NVAX) Q2 2026 earnings results (second quarter 2026)
10-Q filed Aug 6, 2026
Novavax (NVAX) reported revenue of $56.7M for the second quarter 2026 (Q2 2026), -76% from a year earlier and -59% from the quarter before. Operating margin was -96.8%, net loss $53.4M (94.2% of revenue).
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 follows the revenue to costs, profit and cash.
| Q2 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $56.7M | -59% | -76% |
| Operating profit | −$54.9M | — | -154% |
| Net earnings | −$53.4M | — | -150% |
| Operating cash flow | −$72.8M | — | — |
What changed
Revenue was $56.7M in Q2 2026, down 76% year over year and down 59% from the previous quarter. Licensing, royalties, and other was the largest line at 67% of revenue. Licensing, royalties, and other lost $190.7M year over year (down 83%), 104% of the total change.
Operating costs exceeded revenue by $54.9M, an operating margin of -96.8%. Total costs fell 19% while revenue fell 76%. The quarter ended with a net loss of $53.4M, wider than the previous quarter's $9.5M loss.
Operating cash flow was −$72.8M. Non-cash charges added back $3.1M of depreciation and amortization and $8.1M of share-based compensation. Working capital and other items used $30.6M. Capital expenditures of $588K exceeded it, leaving free cash flow of −$73.4M.
Questions
What was Novavax's revenue in the second quarter 2026?
Novavax (NVAX) reported revenue of $56.7M for the second quarter 2026 (Q2 2026), -76% from a year earlier and -59% from the quarter before.
Was Novavax profitable in the second quarter 2026?
Operating loss was $54.9M (-96.8% of revenue) and net loss $53.4M.
Source: Novavax 10-Q on SEC EDGAR.