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Vaxart (VXRT) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 5, 2026 · Vaxart (VXRT) Q3 2026 earnings results →
Q3 2026 Revenue down 85% year over year to $10.6M · 167¢ of every $1 of revenue lost · operating margin -162.7%
Vaxart made $10.6M in Q3 2026 (-85% Y/Y): Government Contract $7.5M, Collaboration Revenue $2.9M, Non Cash Royalty Revenue $154K. Operating margin -162.7%, net loss $17.7M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.
Drawing the Sankey…
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What changed this quarter
Revenue was $10.6M in Q3 2026, down 85% year over year and down 61% from the previous quarter. Government Contract was the largest line at 71% of revenue. Government Contract lost $64.9M year over year (down 90%), 105% of the total change.
Operating costs exceeded revenue by $17.3M, an operating margin of -162.7%. Total costs fell 65% while revenue fell 85%. The fastest-growing cost line was General & admin (+19%). The quarter ended with a net loss of $17.7M, wider than the previous quarter's $13.5M loss.
Operating cash flow was $1.4M (down 45% year over year). Non-cash charges added back $1.3M of depreciation and amortization and $1.2M of share-based compensation. Working capital and other items added $16.7M. Capital expenditures of $371K left free cash flow of $1.1M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 5, 2026 | $10.6M | -85% | -162.7% | −$17.7M | $1.4M |
| Q2 2026 | 10-Q | Aug 6, 2026 | $27.2M | -32% | -48.5% | −$13.5M | $2.8M |
| Q1 2026 | 10-Q | May 7, 2026 | $39.2M | +88% | 13.2% | $5.2M | −$2.1M |
| Q4 2025 | 10-K | Mar 13, 2026 | $104M | +586% | 53.2% | $55.0M | $30.7M |
| Q3 2025 | 10-Q | Nov 13, 2025 | $72.4M | 15× | -10.8% | −$8.1M | $2.6M |
| Q2 2025 | 10-Q | Aug 13, 2025 | $39.7M | +521% | -36.8% | −$15.0M | −$15.9M |
| Q1 2025 | 10-Q | May 13, 2025 | $20.9M | +857% | -71.5% | −$15.6M | −$9.6M |
Charts
Interactive views
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About Vaxart
Vaxart Biosciences, Inc. was originally incorporated in California under the name West Coast Biologicals, Inc. in March 2004 and changed its name to Vaxart, Inc. (“Private Vaxart”) in July 2007, when it reincorporated in the state of Delaware. On February 13, 2018, Private Vaxart completed a reverse merger (the “Merger”) with Aviragen Therapeutics, Inc. (“Aviragen”), pursuant to which Private Vaxart survived as a wholly owned subsidiary of Aviragen. Under the terms of the Merger, Aviragen changed its name to Vaxart, Inc. and Private Vaxart changed its name to Vaxart Biosciences, Inc. Unless otherwise indicated, all references to “Vaxart,” “we,” “us,” “our” or the “Company” in this Annual Report mean Vaxart, Inc., the combined company.
In its own words, from its 10-K, filed Mar 13, 2026.
Vaxart against its Biological Products, (No Diagnostic Substances) peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -85% against the peers' median +11%. Operating margin: -162.7% against the peers' median 35.8%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| VXRT Vaxart | Q3 2026 | $10.6M | -85% | -162.7% |
| AMGN Amgen | Q3 2026 | $10.4B | +8% | 35.8% |
| GILD Gilead Sciences | Q3 2026 | $8.3B | +7% | 41.7% |
| BIIB Biogen | Q3 2026 | $2.8B | +11% | -0.3% |
| MRNA Moderna | Q3 2026 | $1.3B | +29% | 9.9% |
| NBIX Neurocrine Biosciences | Q3 2026 | $1.1B | +41% | 29.5% |
| EXEL Exelixis | Q3 2026 | $659M | +10% | 40.8% |
| HALO Halozyme Therapeutics | Q3 2026 | $493M | +39% | 59.8% |
| MGTX MeiraGTx Holdings | Q2 2026 | $321M | 87× | 76.0% |
Source: Vaxart 10-Q on SEC EDGAR · CIK 72444 · Biological Products, (No Diagnostic Substances)
Guidance and outlook
13F: who owns VXRT and who is buying
More on VXRT
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results