NovoCure Limited (NVCR) Income Statement
NVCR 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsNVCR revenue and net income
Where NVCR's revenue goes
2025Each bar shows an amount and its share of revenue. NVCR kept −20.8% of revenue as net income.
NVCR profit margins
NVCR growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +8.3% | +6.8% | +5.8% | +34.8% |
| Gross profit | +4.4% | +4.9% | +4.7% | +44.3% |
| 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.
NVCR quarterly EPS vs estimates
NovoCure beat the analyst EPS estimate in 6 of the last 8 quarters. Next report: October 29, 2026 (estimate $-0.21).
NVCR income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $655.4M | $605.2M | $509.3M | $537.8M | $535.0M | $494.4M | $351.3M | $248.1M | $177.0M | $82.9M |
| Cost of revenue | $166.9M | $137.2M | $128.3M | $114.9M | $114.9M | $106.5M | $88.6M | $80.0M | $55.6M | $46.3M |
| Gross profit | $488.5M | $468.0M | $381.1M | $423.0M | $420.2M | $387.9M | $262.7M | $168.0M | $121.4M | $36.6M |
| Research & development | $224.5M | $209.6M | $223.1M | $206.1M | $201.3M | $132.0M | $79.0M | $50.6M | $38.1M | $41.5M |
| Sales, general & admin | $417.7M | $428.9M | $390.9M | $306.4M | $263.2M | $225.5M | $184.6M | $151.1M | $122.6M | $110.5M |
| Total operating expenses | $642.3M | $638.5M | $614.7M | $512.5M | $464.5M | $357.5M | $263.6M | $201.7M | $160.7M | $151.9M |
| Operating income | −$153.8M | −$170.5M | −$232.9M | −$89.5M | −$44.3M | $30.4M | −$914,000 | −$33.7M | −$39.3M | −$115.3M |
| Interest income | $12.9M | $22.7M | $19.6M | $11.0M | $791,000 | $1.8M | $4.4M | $2.7M | $1.1M | $659,000 |
| Interest expense | $17.0M | $11.7M | $4.9M | $3.3M | $3.4M | $18.1M | $13.7M | $13.5M | $10.3M | $5.9M |
| Income before taxes | −$136.2M | −$131.2M | −$191.7M | −$81.8M | −$52.1M | $18.1M | −$8.8M | −$45.9M | −$48.5M | −$121.5M |
| Income taxes | −$23,000 | $37.5M | $15.3M | $10.7M | $6.3M | −$1.7M | −$1.6M | $17.6M | $13.2M | $10.4M |
| Net income | −$136.2M | −$168.6M | −$207.0M | −$92.5M | −$58.4M | $19.8M | −$7.2M | −$63.6M | −$61.7M | −$131.8M |
| EBITDA | −$121.6M | −$109.6M | −$177.5M | −$78.9M | −$34.1M | $44.8M | $7.5M | −$24.7M | −$31.7M | −$109.7M |
| EPS (diluted) | −$1.22 | −$1.56 | −$1.95 | −$0.88 | −$0.56 | $0.19 | −$0.08 | −$0.70 | −$0.70 | −$1.47 |
| Gross margin | 74.5% | 77.3% | 74.8% | 78.6% | 78.5% | 78.5% | 74.8% | 67.7% | 68.6% | 44.2% |
| Operating margin | −23.5% | −28.2% | −45.7% | −16.6% | −8.3% | 6.1% | −0.3% | −13.6% | −22.2% | −139.1% |
| Net margin | −20.8% | −27.9% | −40.6% | −17.2% | −10.9% | 4.0% | −2.1% | −25.6% | −34.8% | −159.1% |
| 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 | $183.6M | $174.1M | $174.3M | $167.2M | $158.8M | $155.0M | $161.3M | $155.1M | $150.4M | $138.5M | $133.8M | $127.3M |
| Cost of revenue | $41.1M | $38.9M | $42.2M | $44.7M | $41.5M | $38.5M | $33.5M | $35.4M | $34.7M | $33.7M | $32.6M | $32.1M |
| Gross profit | $142.5M | $135.1M | $132.2M | $122.5M | $117.3M | $116.5M | $127.8M | $119.7M | $115.7M | $104.8M | $101.2M | $95.2M |
| Research & development | $51.4M | $58.3M | $60.9M | $54.0M | $55.8M | $53.8M | $51.2M | $51.9M | $55.0M | $51.6M | $54.3M | $53.6M |
| Sales, general & admin | $101.6M | $144.2M | $111.7M | $104.5M | $101.0M | $100.6M | $139.9M | $99.9M | $94.4M | $94.7M | $98.6M | $99.9M |
| Total operating expenses | $153.0M | $202.5M | $172.6M | $158.5M | $156.9M | $154.3M | $191.1M | $151.8M | $149.3M | $146.3M | $152.9M | $153.5M |
| Operating income | −$10.6M | −$67.4M | −$40.4M | −$36.0M | −$39.5M | −$37.9M | −$63.3M | −$32.1M | −$33.6M | −$41.5M | −$51.7M | −$58.2M |
| Interest expense | — | $1.8M | $561,000 | — | — | — | — | — | — | — | $9.2M | — |
| Income before taxes | −$12.5M | −$69.3M | −$41.0M | −$30.0M | −$35.0M | −$30.3M | −$55.2M | −$21.6M | −$22.7M | −$31.6M | −$38.5M | −$48.2M |
| Income taxes | $3.2M | $1.9M | −$16.5M | $7.2M | $5.2M | $4.0M | $10.7M | $9.0M | $10.6M | $7.1M | $8.5M | $1.3M |
| Net income | −$15.7M | −$71.1M | −$24.5M | −$37.3M | −$40.1M | −$34.3M | −$65.9M | −$30.6M | −$33.4M | −$38.8M | −$47.1M | −$49.5M |
| EBITDA | −$6.3M | −$63.3M | −$36.7M | −$26.4M | −$31.5M | −$27.0M | −$10.5M | −$19.1M | −$19.9M | −$28.8M | −$35.8M | −$45.4M |
| EPS (diluted) | −$0.13 | −$0.62 | −$0.22 | −$0.33 | −$0.36 | −$0.31 | −$0.61 | −$0.28 | −$0.31 | −$0.36 | −$0.45 | −$0.46 |
| Gross margin | 77.6% | 77.6% | 75.8% | 73.2% | 73.9% | 75.1% | 79.2% | 77.2% | 77.0% | 75.7% | 75.7% | 74.8% |
| Operating margin | −5.8% | −38.7% | −23.2% | −21.5% | −24.9% | −24.4% | −39.3% | −20.7% | −22.4% | −30.0% | −38.7% | −45.7% |
| Net margin | −8.5% | −40.9% | −14.1% | −22.3% | −25.3% | −22.1% | −40.9% | −19.7% | −22.2% | −28.0% | −35.2% | −38.9% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in NVCR's financial statements (latest annual report filed February 26, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
NVCR financial results
In fiscal year 2025 (ended December 31, 2025), NovoCure reported revenue of $655.4 million, up 8.3% from the year before. It had a net loss of $136.2 million, a net profit margin of −20.8%. Diluted earnings per share came to −$1.22. Over five years revenue grew at an average rate of 5.8% a year.
See the NVCR stock overview for the latest quote and news, or the NVCR chart for price history and technical indicators.
NVCR income statement FAQ
What is NovoCure's annual revenue?
NovoCure reported total revenue of $655.4 million for fiscal year 2025, which ended on December 31, 2025. That was up 8.3% from $605.2 million the previous year.
Is NovoCure profitable?
No. NovoCure reported a net loss of $136.2 million in fiscal 2025, a net profit margin of −20.8%; its operating margin was −23.5%.
What is NovoCure's gross margin?
NovoCure's gross margin was 74.5% in fiscal 2025: for every $100 of revenue, NovoCure kept $75 after the direct cost of its products and services.
How much does NovoCure spend on research and development?
NovoCure spent $224.5 million on research and development in fiscal 2025, 34.3% of revenue.
How fast is NovoCure growing?
Revenue grew 5.8% a year on average over the last five fiscal years, from $494.4 million to $655.4 million.
What are NovoCure's earnings per share?
NovoCure earned $-1.22 per diluted share in fiscal 2025, compared with $-1.56 a year earlier.
When will NovoCure report its next earnings?
NovoCure is expected to report results for the quarter ending September 30, 2026 on October 29, 2026 before the market opens.
When does NovoCure's fiscal year end?
NovoCure's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 26, 2026.