Filing Flows › Novavax (NVAX) › Q3 2026 › vs Q3 2025
Novavax (NVAX) Q3 2026 vs Q3 2025 (year over year)
Novavax's revenue fell $2.1M (-3%) from $70.4M in Q3 2025 to $68.3M in Q3 2026. The biggest changes: Licensing, royalties, and other −$14.4M (-25%); Product sales +$12.3M (+91%).
Novavax, Q3 2026: revenue $68.3M (-3% year over year), operating margin -45.8%, net loss $31.4M, operating cash flow −$94.2M. The chart draws each line against Q3 2025, the increases inside each band.
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Licensing, royalties, and other | $42.6M | $57.0M | −$14.4M | -25% |
| Product sales | $25.7M | $13.4M | $12.3M | +91% |
| Revenue | $68.3M | $70.4M | −$2.1M | -3% |
| Other income, net | $1.6M | −$25.0M | $26.6M | — |
| Net loss | $31.4M | $202M | −$171M | -84% |
| Costs & expenses | $101M | $273M | −$172M | -63% |
| Operating costs | $99.6M | $248M | −$149M | -60% |
| Income tax | $1.7M | −$657K | $2.4M | — |
| Cost of revenue | $23.5M | $21.5M | $2.0M | +9% |
| Research & development | $52.4M | $98.3M | −$45.8M | -47% |
| SG&A | $23.6M | $31.7M | −$8.0M | -25% |
| Operating cash sources | $105M | −$92.7M | $198M | — |
| Depreciation & amortization | $3.0M | $6.6M | −$3.5M | -54% |
| Share-based compensation | $8.0M | $8.5M | −$594K | -7% |
| Cash used in operations | $94.2M | −$108M | $202M | — |
| Net loss absorbed | $31.4M | $202M | −$171M | -84% |
| Working capital & other | $73.9M | −$295M | $369M | — |
Questions
How much did Novavax's revenue grow year over year in Q3 2026?
Novavax's revenue fell $2.1M (-3%) from $70.4M in Q3 2025 to $68.3M in Q3 2026.
What drove Novavax's revenue change in Q3 2026?
Licensing, royalties, and other −$14.4M (-25%); Product sales +$12.3M (+91%).