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Novavax NVAX Q4 2025 Annual earnings

Reported February 26, 2026 · Before market open

Revenue$147.1MBeat by $57.3M
EPS$0.11Beat by $0.77
Revenue estimate$89.8M
EPS estimate-$0.66

Next report

Nov 5, 2026 (in 2 months)
Revenue estimate$72.7M
EPS estimate-$0.37

Financials

Q4 2025

Income statement

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Revenue$147.1M+66.6%
Gross profit$125.0M+142%
Operating income$14.2M+111%
Net income$17.5M+122%
EPS (diluted)$0.05+110%

Balance sheet

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Cash & equivalents$240.6M-54.6%
Total debt$280.6M+178%
Total equity-$127.8M+79.5%
Total assets$1.2B-24.6%

Cash flow

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Operating cash flow-$39.5M+77.2%
CapEx$2.1M+7.5%
Free cash flow-$41.6M+76.3%

Valuation & ratios

Valuation

as of 12/31/25
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Market cap$1.09B-15.2%
Enterprise value$1.13B+31.9%
P/E2.5×—
P/S1×-0.9×

Profitability

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Gross margin93.5%+23.2pp
Operating margin40.3%+27.3pp
Net margin39.2%+27.8pp

Returns & leverage

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Current ratio2.1×+1.1×

Segments

By geography

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Rest of North America$143.9M+12,802%
Rest of the world$32.5M+76.4%
Europe$3.4M+59.9%

By product

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Milestones$50.0M—
Royalties$7.8M—

By segment

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Reportable Segment$147.1M+66.6%

FAQ

When did Novavax report Q4 2025 earnings?
Novavax (NVAX) reported Q4 2025 earnings on February 26, 2026 before market open.
What were Novavax's Q4 2025 revenue and EPS?
Novavax reported revenue of $147.1M and eps of $0.11 for Q4 2025.
Did Novavax beat estimates in Q4 2025?
Revenue beat the consensus estimate of $89.8M by $57.3M. EPS beat the consensus estimate of $-0.66 by $0.77.
How did Novavax's Q4 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue grew 66.6% from $88.3M a year earlier.
Where can I find Novavax's Q4 2025 SEC filings?
You can read the 8-K earnings release (0001000694-26-000011) and the 10-K periodic report (0001000694-26-000007) directly on SEC EDGAR. The filing index links above go to sec.gov.