Novavax Inc (NVAX) Financial Statements
Industry: Biological Products, (No Diagnostic Substances)
In fiscal 2025, Novavax reported revenue of $1.12B, up 64.7% from $682.2M the year before. Net income was $440.3M (a 39.2% net margin), or $2.58 per diluted share. Gross margin was 93.5% and operating margin was 40.3%. Operating activities generated -$244.6M of cash, leaving -$244.6M of free cash flow. At fiscal year end, Novavax held $1.18B in total assets against $1.30B in total liabilities, including $240.6M of cash and equivalents.
Open the full interactive Novavax financials → Quarterly statements, key ratios, valuation history and price charts.
Novavax Key Stats
| Share Price | $12.82 |
|---|---|
| Market Cap | $2.11B |
| P/E Ratio | 5.0 |
| Revenue YoY Growth | +64.7% |
| 52-Week Range | $6.22 – $12.82 |
| Shares Outstanding | 164.6 million (basic, 2026 Q2) |
Novavax Income Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Revenue | $475.6M | $1.15B | $1.98B | $983.7M | $682.2M | $1.12B |
| Cost of Goods Sold | $892.3M | $2.83B | $2.63B | $1.55B | $931.1M | $670.7M |
| Gross Profit | -$416.7M | -$1.69B | $1.08B | $639.9M | $479.4M | $1.05B |
| Operating Income | -$416.7M | -$1.69B | -$644.7M | -$566.5M | -$248.9M | $452.8M |
| Pre-Tax Income | -$418.3M | -$1.71B | -$653.6M | -$543.0M | -$176.6M | $442.2M |
| Income Tax | — | $29.2M | $4.3M | $2.0M | $10.9M | $1.9M |
| Net Income | -$418.3M | -$1.74B | -$657.9M | -$545.1M | -$187.5M | $440.3M |
| Diluted EPS | -$7.27 | -$23.44 | -$8.42 | -$5.41 | -$1.23 | $2.58 |
Novavax Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $70.4M | $147.1M | $139.5M | $56.7M |
| Net Income | -$202.4M | $17.5M | -$9.5M | -$53.4M |
| Diluted EPS | -$1.25 | $0.10 | -$0.06 | -$0.32 |
Novavax Balance Sheet
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $553.4M | $1.52B | $1.34B | $568.5M | $530.2M | $240.6M |
| Current Assets | $1.25B | $2.16B | $1.70B | $1.14B | $1.13B | $978.3M |
| Total Assets | $1.58B | $2.58B | $2.26B | $1.80B | $1.56B | $1.18B |
| Current Liabilities | $579.7M | $2.39B | $2.46B | $1.64B | $1.15B | $459.9M |
| Total Long-Term Debt | $322.0M | $323.5M | $491.3M | $168.0M | $169.7M | $244.2M |
| Total Liabilities | $955.3M | $2.93B | $2.89B | $2.51B | $2.18B | $1.30B |
| Shareholders' Equity | $627.2M | -$351.7M | -$634.1M | -$716.9M | -$623.8M | -$127.8M |
Novavax Cash Flow Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash From Operations | -$42.5M | $322.9M | -$415.9M | -$714.0M | -$87.3M | -$244.6M |
| Cash From Investing | -$377.8M | $100.2M | -$93.0M | -$58.8M | -$204.0M | -$78.3M |
| Cash From Financing | $984.8M | $461.7M | $325.0M | $4.5M | $260.6M | $27.7M |
| Free Cash Flow | -$97.2M | $265.5M | -$415.9M | -$714.0M | -$87.3M | -$244.6M |
Figures from Novavax's 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full Novavax financials page for every line item.
Novavax Company Profile
| Ticker | NVAX |
|---|---|
| Exchange | Nasdaq |
| Industry | Biological Products, (No Diagnostic Substances) |
| Headquarters | Gaithersburg, Maryland |
| Incorporated in | Delaware |
| Fiscal Year End | December 31 |
| SEC Filer Category | Large accelerated filer |
| SEC CIK | 0001000694 |
Frequently Asked Questions
What was Novavax's revenue in fiscal 2025?
Novavax (NVAX) reported revenue of $1.12B for fiscal 2025.
What is Novavax's annual revenue history?
Novavax's annual revenue by fiscal year: 2020: $475.6M; 2021: $1.15B; 2022: $1.98B; 2023: $983.7M; 2024: $682.2M; 2025: $1.12B.
What was Novavax's net income in fiscal 2025?
Novavax reported net income of $440.3M for fiscal 2025.
What was Novavax's earnings per share (EPS) in fiscal 2025?
Novavax's diluted EPS was $2.58 for fiscal 2025 (adjusted for any later stock splits).
How much free cash flow did Novavax generate in fiscal 2025?
Novavax generated -$244.6M of free cash flow in fiscal 2025.
What was Novavax's revenue last quarter?
In its most recent reported quarter (2026 Q2), Novavax reported revenue of $56.7M.
How much debt does Novavax have?
Novavax reported $244.2M of long-term debt, including the current portion, at the end of fiscal 2025.
How many shares of Novavax are outstanding?
Novavax reported a weighted average of 164.6 million basic shares outstanding in 2026 Q2.
What is Novavax's market cap?
Based on its latest closing price, Novavax (NVAX) has a market capitalization of about $2.11B.
When does Novavax's fiscal year end?
Novavax's fiscal year end, as registered with the SEC, is December 31.
Where is Novavax headquartered?
Novavax lists its business address in Gaithersburg, Maryland in its SEC filings.
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