Novavax (NVAX) financial statements
Novavax reported revenue of $1.1B in fiscal 2025, up 61.1% a year over 9 years.
Net income was $440M and the operating margin 40.3%, against -1752.8% in 2016.
Free cash flow was -$251M.
The diluted share count fell 36% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Novavax's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $15M | $31M | $34M | $19M | $476M | $1.1B | $2.0B | $984M | $682M | $1.1B |
| Cost of revenue | — | — | — | — | $0 | $0 | $903M | $344M | $203M | $73M |
| Gross profit | — | — | — | — | $476M | $1.1B | $1.1B | $640M | $479M | $1.1B |
| Research and development | $238M | $168M | $174M | $114M | $747M | $2.5B | $1.2B | $738M | $391M | $342M |
| Selling, general and admin | $47M | $34M | $34M | $34M | $145M | $298M | $489M | $469M | $337M | $157M |
| Operating income | -$269M | -$172M | -$174M | -$121M | -$417M | -$1.7B | -$645M | -$567M | -$249M | $453M |
| Interest expense | $13M | $14M | $14M | $14M | $15M | $21M | $20M | $14M | $20M | $23M |
| Pre-tax income | — | — | — | -$133M | -$418M | -$1.7B | -$654M | -$543M | -$177M | $442M |
| Income tax | — | — | — | $0 | $0 | $29M | $4M | $2M | $11M | $2M |
| Net income | -$280M | -$184M | -$185M | -$133M | -$418M | -$1.7B | -$658M | -$545M | -$187M | $440M |
| EPS (diluted) | -$1.03 | -$12.56 | -$9.99 | -$5.51 | -$7.27 | -$23.44 | -$8.42 | -$5.41 | -$1.23 | $2.58 |
| Diluted shares | 271M | 15M | 18M | 24M | 58M | 74M | 78M | 101M | 152M | 173M |
| Gross margin | — | — | — | — | 100.0% | 100.0% | 54.5% | 65.1% | 70.3% | 93.5% |
| Operating margin | -1752.8% | -550.8% | -507.2% | -646.1% | -87.6% | -147.1% | -32.5% | -57.6% | -36.5% | 40.3% |
| Net margin | -1823.5% | -589.5% | -538.8% | -711.0% | -87.9% | -152.1% | -33.2% | -55.4% | -27.5% | 39.2% |
Balance sheet
Fiscal years, from Novavax's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $235M | $157M | $92M | $79M | $711M | $1.5B | $1.3B | $569M | $923M | $735M |
| Receivables | $233,000 | — | — | $8M | $262M | $455M | — | — | — | — |
| Inventory | — | — | — | — | — | $9M | $37M | $42M | $9M | $12M |
| Total current assets | $288M | $203M | $119M | $97M | $1.2B | $2.2B | $1.7B | $1.1B | $1.1B | $978M |
| Property, plant and equipment | $40M | $36M | $28M | $11M | $180M | $226M | $294M | $306M | $138M | $45M |
| Goodwill | $52M | $54M | $52M | $51M | $135M | $131M | $126M | $127M | $107M | $113M |
| Total assets | $394M | $302M | $208M | $173M | $1.6B | $2.6B | $2.3B | $1.8B | $1.6B | $1.2B |
| Total current liabilities | $66M | $74M | $46M | $26M | $580M | $2.4B | $2.5B | $1.6B | $1.2B | $460M |
| Total liabilities | $400M | $404M | $376M | $359M | $955M | $2.9B | $2.9B | $2.5B | $2.2B | $1.3B |
| Shareholders' equity | -$6M | -$102M | -$168M | -$186M | $627M | -$352M | -$634M | -$717M | -$624M | -$128M |
| Net debt | -$144M | -$106M | -$70M | -$79M | -$553M | -$1.5B | -$1.3B | -$569M | -$530M | -$241M |
Cash flow
Fiscal years, from Novavax's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$259M | -$144M | -$185M | -$137M | -$43M | $323M | -$416M | -$714M | -$87M | -$245M |
| Capital spending | $18M | $4M | $1M | $2M | $55M | $60M | $93M | $59M | $15M | $6M |
| Free cash flow | -$277M | -$149M | -$186M | -$138M | -$97M | $262M | -$509M | -$773M | -$102M | -$251M |
| Stock-based compensation | $19M | $20M | $18M | $17M | $128M | $184M | $130M | $85M | $48M | $36M |
| Free cash flow margin | -1804.0% | -476.9% | -543.0% | -742.0% | -20.5% | 22.9% | -25.7% | -78.6% | -14.9% | -22.3% |
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Open NVAX in InvestinglyQuestions
What was Novavax's revenue in 2025?
$1.1B in fiscal 2025, from its 10-K filing.
How much free cash flow does Novavax generate?
-$251M in fiscal 2025 (operating cash flow minus capital spending).
From Novavax's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.