What is Novavax's retained earnings?

Novavax (NVAX) reported retained earnings of -$4.58B in Q1 2026.

How has Novavax's retained earnings changed year-over-year?

Novavax's retained earnings decreased by 2.0% year-over-year, from -$4.49B to -$4.58B.

What is the long-term trend for Novavax's retained earnings?

Over 5 years (2020 to 2025), Novavax's retained earnings has grown at a 19.5% compound annual growth rate (CAGR), from -$1.87B to -$4.57B.

What does retained earnings mean?

Cumulative net income earned since inception minus all dividends paid — the total profits reinvested in the business over its lifetime.

Novavax NVAX Retained Earnings

Retained Earnings at other companies

ModernaMRNA

$5.88B-35.2%

Roivant SciencesROIV

-$501.81M-532%

Merck & Co.MRK

$66.72B+0.9%

Vaxcyte, Inc.PCVX

-$2.48B-61.9%

Viridian Therapeutics, Inc.VRDN

-$1.44B-33.3%

ALN

Alnylam PharmaceuticalsALNY

-$6.5B+11.6%

Other financials

Income statement

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Revenue$139.5M-79.1%

Gross profit$108.8M-83.3%

Operating income-$15.4M-103%

Net income-$9.5M-102%

EPS (diluted)-$0.06-102%

Balance sheet

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Cash & equivalents$228.4M-13.3%

Total debt$295.1M+404%

Total equity-$144.8M-91.4%

Total assets$1.0B-19.3%

Cash flow

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Operating cash flow-$32.4M+82.5%

CapEx$1.3M-20.4%

Free cash flow-$33.7M+82.0%

Valuation

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Market cap$1.46B+35.6%

Enterprise value$1.53B+76.9%

P/S2.5×+1.6×

Profitability

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Gross margin85%-2.5pp

Operating margin-13.1%-45.9pp

Net margin-14.7%-52.9pp

FCF margin-58.9%-61.4pp

Returns & leverage

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Return on equity-238.6%—

Debt / equity1.5×—

Current ratio2.5×+0.4×

Where this comes from

Reported directly by Novavax in its filing.

Tagged under the XBRL concept us-gaap:RetainedEarningsAccumulatedDeficit.

The official record: Novavax’s 10-Q, filed May 6, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Novavax's retained earnings?: Novavax (NVAX) reported retained earnings of -$4.58B in Q1 2026.
How has Novavax's retained earnings changed year-over-year?: Novavax's retained earnings decreased by 2.0% year-over-year, from -$4.49B to -$4.58B.
What is the long-term trend for Novavax's retained earnings?: Over 5 years (2020 to 2025), Novavax's retained earnings has grown at a 19.5% compound annual growth rate (CAGR), from -$1.87B to -$4.57B.
What does retained earnings mean?: Cumulative net income earned since inception minus all dividends paid — the total profits reinvested in the business over its lifetime.