Filing Flows › Novavax (NVAX) › Q4 2025
Novavax (NVAX) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 26, 2026
Novavax (NVAX) reported revenue of $147M for the fourth quarter 2025 (Q4 2025), +67% from a year earlier and +109% from the quarter before. Operating margin was 9.7%, net earnings $17.5M (11.9% of revenue).
Novavax, Q4 2025: revenue $147M (+67% year over year), operating margin 9.7%, net earnings $17.5M, operating cash flow −$39.5M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $147M | +109% | +67% |
| Operating profit | $14.2M | — | — |
| Net earnings | $17.5M | — | — |
| Operating cash flow | −$39.5M | -137% | — |
What changed
Revenue was $147.1M in Q4 2025, up 67% year over year and up 109% from the previous quarter. Licensing, royalties, and other was the largest line at 73% of revenue.
Operating profit was $14.2M, a 9.7% margin (up 158.1 points year over year). Total costs fell 39% while revenue rose 67%. Net earnings were $17.5M. The effective tax rate was 2.1%. Non-operating items added $3.7M, 21% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$39.5M. Non-cash charges added back $5.1M of depreciation and amortization and $8.0M of share-based compensation. Working capital and other items used $70.1M. Capital expenditures of $2.1M exceeded it, leaving free cash flow of −$41.6M.
Questions
What was Novavax's revenue in the fourth quarter 2025?
Novavax (NVAX) reported revenue of $147M for the fourth quarter 2025 (Q4 2025), +67% from a year earlier and +109% from the quarter before.
Was Novavax profitable in the fourth quarter 2025?
Operating profit was $14.2M (9.7% of revenue) and net earnings $17.5M.
Source: Novavax 10-K on SEC EDGAR.