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Novavax (NVAX) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 6, 2025
Novavax (NVAX) reported revenue of $70.4M for the third quarter 2025 (Q3 2025), -17% from a year earlier and -71% from the quarter before. Operating margin was -252.7%, net loss $202M (287.3% of revenue).
Novavax, Q3 2025: revenue $70.4M (-17% year over year), operating margin -252.7%, net loss $202M, operating cash flow $108M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $70.4M | -71% | -17% |
| Operating profit | −$178M | -276% | — |
| Net earnings | −$202M | -290% | — |
| Operating cash flow | $108M | — | — |
| Free cash flow | $106M | — | — |
What changed
Revenue was $70.4M in Q3 2025, down 17% year over year and down 71% from the previous quarter. Licensing, royalties, and other was the largest line at 81% of revenue. Product sales lost $28.1M year over year (down 68%), 200% of the total change.
Operating costs exceeded revenue by $178.0M, an operating margin of -252.7%. Total costs grew 14% against a revenue fall of 17%. The fastest-growing cost line was Research & development (+13%). The quarter ended with a net loss of $202.4M, after a profit of $106.5M the previous quarter.
Operating cash flow was $107.8M. Non-cash charges added back $6.6M of depreciation and amortization and $8.5M of share-based compensation. Working capital and other items added $295.0M. Capital expenditures of $2.0M left free cash flow of $105.8M.
Questions
What was Novavax's revenue in the third quarter 2025?
Novavax (NVAX) reported revenue of $70.4M for the third quarter 2025 (Q3 2025), -17% from a year earlier and -71% from the quarter before.
Was Novavax profitable in the third quarter 2025?
Operating loss was $178M (-252.7% of revenue) and net loss $202M.
Source: Novavax 10-Q on SEC EDGAR.