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Novavax (NVAX) Q3 2026 earnings results (third quarter 2026)
10-Q filed Nov 5, 2026
Novavax (NVAX) reported revenue of $68.3M for the third quarter 2026 (Q3 2026), -3% from a year earlier and +20% from the quarter before. Operating margin was -45.8%, net loss $31.4M (45.9% of revenue).
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 follows the revenue to costs, profit and cash.
| Q3 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $68.3M | +20% | -3% |
| Operating profit | −$31.3M | — | — |
| Net earnings | −$31.4M | — | — |
| Operating cash flow | −$94.2M | — | -187% |
What changed
Revenue was $68.3M in Q3 2026, down 3% year over year and up 20% from the previous quarter. Licensing, royalties, and other was the largest line at 62% of revenue. Licensing, royalties, and other lost $14.4M year over year (down 25%), 671% of the total change.
Operating costs exceeded revenue by $31.3M, an operating margin of -45.8%. Total costs fell 60% while revenue fell 3%. The quarter ended with a net loss of $31.4M, narrower than the previous quarter's $53.4M loss.
Operating cash flow was −$94.2M. Non-cash charges added back $3.0M of depreciation and amortization and $8.0M of share-based compensation. Working capital and other items used $73.9M. Capital expenditures of $1.0M exceeded it, leaving free cash flow of −$95.3M.
Questions
What was Novavax's revenue in the third quarter 2026?
Novavax (NVAX) reported revenue of $68.3M for the third quarter 2026 (Q3 2026), -3% from a year earlier and +20% from the quarter before.
Was Novavax profitable in the third quarter 2026?
Operating loss was $31.3M (-45.8% of revenue) and net loss $31.4M.
Source: Novavax 10-Q on SEC EDGAR.