Novavax Inc (NVAX) financials
Novavax revenue and earnings by year
Novavax's revenue was $1.12 billion in the fiscal year to December 31, 2025, up 64.7% from the year before. Net income was $440 million, 39.2% of revenue. Since the fiscal year to December 31, 2016, revenue has grown 61.1% a year on average.
Fiscal years, each labelled by the calendar year it ended in.
Income statement, the last 10 fiscal years
| Fiscal year to | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 | Dec 2019 | Dec 2018 | Dec 2017 | Dec 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 1.12 | 0.68 | 0.98 | 1.98 | 1.15 | 0.48 | 0.02 | 0.03 | 0.03 | 0.02 |
| Revenue growth | 64.7% | -30.7% | -50.4% | 72.9% | 141.0% | 2448.5% | -45.6% | 10.0% | 103.1% | — |
| Gross profit | 1.05 | 0.48 | 0.64 | 1.08 | — | — | — | — | — | — |
| Gross margin | 93.5% | 70.3% | 65.1% | 54.5% | — | — | — | — | — | — |
| Operating income | 0.45 | -0.25 | -0.57 | -0.64 | -1.69 | -0.42 | -0.12 | -0.17 | -0.17 | -0.27 |
| Operating margin | 40.3% | -36.5% | -57.6% | -32.5% | -147.1% | -87.6% | -646.1% | -507.2% | -550.8% | -1752.8% |
| Net income | 0.44 | -0.19 | -0.55 | -0.66 | -1.74 | -0.42 | -0.13 | -0.18 | -0.18 | -0.28 |
| Net margin | 39.2% | -27.5% | -55.4% | -33.2% | -152.1% | -87.9% | -711.0% | -538.8% | -589.5% | -1823.5% |
| Diluted EPS | $2.58 | -$1.23 | -$5.41 | -$8.42 | -$23.44 | -$6.97 | -$5.62 | -$10.07 | -$12.56 | -$20.60 |
| Free cash flow | -0.25 | -0.10 | -0.77 | -0.51 | 0.27 | -0.10 | -0.15 | -0.19 | -0.15 | -0.28 |
Diluted EPS is stated in today's shares (adjusted for every split since). Quarterly statements and the income statement as a flow chart are in the app: open NVAX in Markets.
How Novavax makes money
Revenue by segment in the quarter to June 30, 2026, as the company reports it.
| Segment | Revenue | Share |
|---|---|---|
| Licensing Royalties & Other | $37.8M | 66.7% |
| Supply Sales | $18.9M | 33.3% |
See also: NVAX returns
No forecast, no recommendation. This page describes Novavax Inc from published data; it is not advice to buy, sell or hold any security.
Figures as of the close on Oct 30, 2026 unless a row says otherwise. Prices are split adjusted; returns include dividends reinvested. Data may be delayed. See the disclaimer and how TrendArc works.