Filing Flows › NovoCure (NVCR) › Q4 2025
NovoCure (NVCR) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 26, 2026
NovoCure (NVCR) reported revenue of $174M for the fourth quarter 2025 (Q4 2025), +8% from a year earlier and +4% from the quarter before. Operating margin was -23.2%, net loss $24.5M (14.1% of revenue).
NovoCure, Q4 2025: revenue $174M (+8% year over year), operating margin -23.2%, net loss $24.5M, operating cash flow −$18.0M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $174M | +4% | +8% |
| Operating profit | −$40.4M | — | — |
| Net earnings | −$24.5M | — | — |
| Operating cash flow | −$18.0M | -188% | — |
What changed
Revenue was $174.3M in Q4 2025, up 8% year over year and up 4% from the previous quarter.
Gross margin was 75.8%, down 3.4 points from a year earlier. Operating costs exceeded revenue by $40.4M, an operating margin of -23.2%. Operating expenses fell 10% while revenue rose 8%. The fastest-growing cost line was Research & development (+19%). The quarter ended with a net loss of $24.5M, narrower than the previous quarter's $37.3M loss.
Operating cash flow was −$18.0M. Non-cash charges added back $4.2M of depreciation and amortization and $19.8M of share-based compensation. Working capital and other items used $17.5M. Capital expenditures of $4.9M exceeded it, leaving free cash flow of −$22.9M.
Questions
What was NovoCure's revenue in the fourth quarter 2025?
NovoCure (NVCR) reported revenue of $174M for the fourth quarter 2025 (Q4 2025), +8% from a year earlier and +4% from the quarter before.
Was NovoCure profitable in the fourth quarter 2025?
Operating loss was $40.4M (-23.2% of revenue) and net loss $24.5M.
Source: NovoCure 10-K on SEC EDGAR.