Filing Flows › Vaxart (VXRT) › Q2 2026 › vs Q2 2025
Vaxart (VXRT) Q2 2026 vs Q2 2025 (year over year)
Vaxart's revenue fell $12.5M (-32%) from $39.7M in Q2 2025 to $27.2M in Q2 2026. The biggest changes: Government Contract −$15.4M (-39%); Collaboration Revenue +$2.9M (—); Non Cash Royalty Revenue +$11K (—).
Vaxart, Q2 2026: revenue $27.2M (-32% year over year), operating margin -48.5%, net loss $13.5M, operating cash flow $2.8M. The chart draws each line against Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Free cash flow margin | 10.1% | -39.9% | +50.0 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Government Contract | $24.3M | $39.7M | −$15.4M | -39% |
| Collaboration Revenue | $2.9M | $0 | $2.9M | — |
| Non Cash Royalty Revenue | $11K | $0 | $11K | — |
| Revenue | $27.2M | $39.7M | −$12.5M | -32% |
| Net loss | $13.5M | $15.0M | −$1.5M | -10% |
| Costs & expenses | $40.7M | $54.7M | −$14.0M | -26% |
| Operating costs | $40.4M | $54.3M | −$14.0M | -26% |
| Interest & other, net | $293K | $363K | −$70K | -19% |
| Income tax | $29K | $20K | $9K | +45% |
| Research & development | $33.8M | $49.7M | −$16.0M | -32% |
| General & admin | $6.6M | $4.6M | $2.0M | +44% |
| Operating cash sources | $16.3M | −$959K | $17.2M | — |
| Depreciation & amortization | $741K | $2.2M | −$1.5M | -66% |
| Share-based compensation | $1.3M | $2.1M | −$831K | -39% |
| Working capital & other | $14.2M | −$5.3M | $19.5M | — |
| Net loss absorbed | $13.5M | $15.0M | −$1.5M | -10% |
| Operating cash flow | $2.8M | −$15.9M | $18.7M | — |
| Free cash flow (OCF − capex) | $2.7M | −$15.8M | $18.6M | — |
| Capital expenditures | $35K | −$103K | $138K | — |
Questions
How much did Vaxart's revenue grow year over year in Q2 2026?
Vaxart's revenue fell $12.5M (-32%) from $39.7M in Q2 2025 to $27.2M in Q2 2026.
What drove Vaxart's revenue change in Q2 2026?
Government Contract −$15.4M (-39%); Collaboration Revenue +$2.9M (—); Non Cash Royalty Revenue +$11K (—).