Filing Flows › Vaxart (VXRT) › Q4 2025
Vaxart (VXRT) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 13, 2026
Vaxart (VXRT) reported revenue of $104M for the fourth quarter 2025 (Q4 2025), +586% from a year earlier and +44% from the quarter before. Operating margin was 53.2%, net earnings $55.0M (52.8% of revenue).
Vaxart, Q4 2025: revenue $104M (+586% year over year), operating margin 53.2%, net earnings $55.0M, operating cash flow $30.7M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $104M | +44% | +586% |
| Operating profit | $55.4M | — | — |
| Net earnings | $55.0M | — | — |
| Operating cash flow | $30.7M | 12× | — |
| Free cash flow | $30.7M | 12× | — |
What changed
Revenue was $104.2M in Q4 2025, up 586% year over year and up 44% from the previous quarter.
Operating profit was $55.4M, a 53.2% margin (up 128.8 points year over year). Total costs grew 83% against revenue growth of 586%. The fastest-growing cost line was Research & development (+99%). Net earnings were $55.0M. The effective tax rate was 0.6%.
Operating cash flow was $30.7M, 56% of net earnings. Non-cash charges added back $2.1M of depreciation and amortization and $1.7M of share-based compensation. Working capital and other items used $28.2M. Capital expenditures of $1K left free cash flow of $30.7M.
Questions
What was Vaxart's revenue in the fourth quarter 2025?
Vaxart (VXRT) reported revenue of $104M for the fourth quarter 2025 (Q4 2025), +586% from a year earlier and +44% from the quarter before.
Was Vaxart profitable in the fourth quarter 2025?
Operating profit was $55.4M (53.2% of revenue) and net earnings $55.0M.
Source: Vaxart 10-K on SEC EDGAR.