Novavax, Inc. (NVAX) Income Statement
NVAX 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsNVAX revenue and net income
Where NVAX's revenue goes
2025Each bar shows an amount and its share of revenue. NVAX kept 39.2% of revenue as net income.
NVAX profit margins
NVAX growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +64.7% | −11.1% | +18.8% | +41.0% |
| Gross profit | +119.5% | +14.8% | +17.2% | — |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
NVAX quarterly EPS vs estimates
Novavax beat the analyst EPS estimate in 6 of the last 8 quarters. Next report: November 5, 2026 (estimate $-0.33).
NVAX income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.12B | $682.2M | $556.4M | $1.60B | $1.15B | $475.6M | $18.7M | $34.3M | $31.2M | $15.4M |
| Cost of revenue | $71.1M | $202.7M | $343.8M | $902.6M | $12.7M | $747.0M | $113.8M | $173.8M | $168.4M | $237.9M |
| Gross profit | $1.05B | $479.4M | $212.6M | $696.3M | $1.15B | $475.6M | −$95.2M | $34.3M | $31.2M | −$222.6M |
| Research & development | $336.8M | $391.2M | $737.5M | $1.24B | $2.53B | $747.0M | $113.8M | $173.8M | $168.4M | $237.9M |
| Sales, general & admin | $157.5M | $337.2M | $475.4M | $488.7M | $298.4M | $145.3M | $34.4M | $34.4M | $34.5M | $46.5M |
| Total operating expenses | $489.1M | $728.4M | $779.1M | $1.34B | $2.83B | $892.3M | $148.3M | $208.2M | $202.9M | $284.5M |
| Operating income | $563.3M | −$248.9M | −$566.5M | −$644.7M | −$1.69B | −$416.7M | −$120.6M | −$173.9M | −$171.7M | −$269.1M |
| Interest income | — | — | — | — | — | — | $12.1M | $10.9M | $1.9M | $10.8M |
| Interest expense | $22.5M | $20.1M | $14.4M | $19.9M | $21.1M | $15.1M | $13.6M | $12.2M | $14.1M | $13.0M |
| Income before taxes | $442.2M | −$176.6M | −$543.0M | −$653.6M | −$1.71B | −$418.3M | −$132.7M | −$184.7M | −$183.8M | −$280.0M |
| Income taxes | $1.9M | $10.9M | $2.0M | $4.3M | $29.2M | $9.2M | −$2.6M | $1.4M | $2.3M | $2.3M |
| Net income | $440.3M | −$187.5M | −$545.1M | −$657.9M | −$1.74B | −$427.5M | −$130.1M | −$184.7M | −$183.8M | −$280.0M |
| EBITDA | $492.3M | −$108.0M | −$487.4M | −$604.7M | −$1.67B | −$411.8M | −$113.4M | −$165.8M | −$161.9M | −$260.6M |
| EPS (diluted) | $3.19 | −$1.34 | −$5.53 | −$8.40 | −$23.29 | −$6.79 | −$6.13 | −$10.20 | −$12.60 | −$20.60 |
| Gross margin | 93.7% | 70.3% | 38.2% | 43.5% | 100.0% | 100.0% | −510.0% | 100.0% | 100.0% | −1,449.8% |
| Operating margin | 50.1% | −36.5% | −101.8% | −40.3% | −147.1% | −87.6% | −646.1% | −507.2% | −550.8% | −1,752.8% |
| Net margin | 39.2% | −27.5% | −98.0% | −41.1% | −152.1% | −89.9% | −697.1% | −538.8% | −589.5% | −1,823.5% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $56.7M | $139.5M | $147.1M | $70.4M | $239.2M | $666.7M | $88.3M | $84.5M | $415.5M | $93.9M | $291.3M | $22.1M |
| Cost of revenue | $14.2M | $30.7M | $25.2M | $21.5M | $14.2M | $14.1M | $36.7M | $60.6M | $46.2M | $48.8M | $148.9M | $98.9M |
| Gross profit | $42.5M | $108.8M | $121.9M | $48.9M | $225.0M | $652.5M | $51.6M | $23.9M | $369.2M | $45.0M | $142.5M | −$76.9M |
| Research & development | $70.7M | $95.5M | $74.0M | $98.3M | $77.6M | $88.9M | $104.4M | $87.2M | $106.9M | $92.7M | $164.7M | $106.2M |
| Sales, general & admin | $26.7M | $28.8M | $34.1M | $31.7M | $43.6M | $48.1M | $78.3M | $70.7M | $101.3M | $86.8M | $155.2M | $107.5M |
| Total operating expenses | $97.4M | $124.2M | $100.9M | $227.0M | $119.3M | $137.0M | $182.7M | $157.9M | $208.2M | $183.8M | $326.0M | $48.8M |
| Operating income | −$54.9M | −$15.4M | $21.0M | −$178.0M | $105.7M | $515.5M | −$131.1M | −$134.0M | $161.0M | −$138.7M | −$183.6M | −$125.6M |
| Interest expense | $5.7M | $4.9M | $5.8M | $5.5M | $5.5M | $5.7M | $7.6M | $4.2M | $4.1M | $4.1M | $4.1M | $2.9M |
| Income before taxes | −$51.7M | −$8.5M | $17.9M | −$203.0M | $107.5M | $519.8M | −$73.6M | −$122.3M | $164.6M | −$145.3M | −$176.7M | −$131.5M |
| Income taxes | $1.7M | $985,000 | $376,000 | −$657,000 | $946,000 | $1.2M | $7.4M | −$1.0M | $2.2M | $2.3M | $1.7M | −$697,000 |
| Net income | −$53.4M | −$9.5M | $17.5M | −$202.4M | $106.5M | $518.6M | −$81.0M | −$121.3M | $162.4M | −$147.6M | −$178.4M | −$130.8M |
| EBITDA | −$42.9M | −$543,000 | $28.9M | −$191.0M | $120.5M | $533.9M | −$53.5M | −$105.4M | $179.9M | −$129.0M | −$161.8M | −$117.3M |
| EPS (diluted) | −$0.32 | −$0.06 | $0.11 | −$0.47 | $0.62 | $2.93 | −$0.52 | −$0.76 | $0.99 | −$1.05 | −$1.44 | −$1.26 |
| Gross margin | 74.9% | 78.0% | 82.9% | 69.5% | 94.1% | 97.9% | 58.5% | 28.3% | 88.9% | 48.0% | 48.9% | −348.4% |
| Operating margin | −96.8% | −11.1% | 14.3% | −252.7% | 44.2% | 77.3% | −148.4% | −158.6% | 38.7% | −147.8% | −63.0% | −569.4% |
| Net margin | −94.2% | −6.8% | 11.9% | −287.3% | 44.5% | 77.8% | −91.8% | −143.5% | 39.1% | −157.2% | −61.2% | −592.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in NVAX's financial statements (latest annual report filed February 26, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
NVAX financial results
In fiscal year 2025 (ended December 31, 2025), Novavax reported revenue of $1.1 billion, up 64.7% from the year before. It had net income of $440.3 million, a net profit margin of 39.2%. Diluted earnings per share came to $3.19. Over five years revenue grew at an average rate of 18.8% a year.
See the NVAX stock overview for the latest quote and news, or the NVAX chart for price history and technical indicators.
NVAX income statement FAQ
What is Novavax's annual revenue?
Novavax reported total revenue of $1.1 billion for fiscal year 2025, which ended on December 31, 2025. That was up 64.7% from $682.2 million the previous year.
Is Novavax profitable?
Yes. Novavax reported net income of $440.3 million in fiscal 2025, a net profit margin of 39.2%; its operating margin was 50.1%.
What is Novavax's gross margin?
Novavax's gross margin was 93.7% in fiscal 2025: for every $100 of revenue, Novavax kept $94 after the direct cost of its products and services.
How much does Novavax spend on research and development?
Novavax spent $336.8 million on research and development in fiscal 2025, 30.0% of revenue.
How fast is Novavax growing?
Revenue grew 18.8% a year on average over the last five fiscal years, from $475.6 million to $1.1 billion.
What are Novavax's earnings per share?
Novavax earned $3.19 per diluted share in fiscal 2025, compared with $-1.34 a year earlier.
When will Novavax report its next earnings?
Novavax is expected to report results for the quarter ending September 30, 2026 on November 5, 2026 before the market opens.
When does Novavax's fiscal year end?
Novavax's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 26, 2026.