Novavax (NVAX) Q3 FY2026 earnings: revenue $68 million, down 3.0% on the year

Novavax Inc. (NVAX) reported revenue of $68 million for Q3 FY2026, the quarter ended 30 September 2026, down 3.0% on the same quarter a year earlier. Net income was -$31 million, and diluted earnings per share $-0.19. The figures are the company's own, from the 10-Q it filed with the SEC on 5 November 2026.

Revenue

$68 million

-3.0% on the year · +20.5% on the quarter

Q4 FY2024Q3 FY2026

Operating margin

-45.8%

-252.7% a year earlier

Q4 FY2024Q3 FY2026

Net income

-$31 million

Q4 FY2024Q3 FY2026

Diluted EPS

-$0.19

Q4 FY2024Q3 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 6 raised, 2 narrowed, 1 new, 1 kept.

Total revenue fell 3%: Total revenue was $68 million against $70 million a year earlier. Product sales rose while licensing, royalties and other revenue fell.
Net loss narrowed to $31 million: Net loss was $31 million, against $202 million a year earlier. The prior-year figure included an impairment of assets held for sale of $97 million.
R&D spend fell on Sanofi wind-down: R&D expense was $52 million against $98 million a year earlier. GAAP R&D fell 47% and non-GAAP R&D fell 7%.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Revenue	68.3	56.7	70.4	+20.5%	-3.0%
Cost of revenue	23.5	14.2	21.5	+64.9%	+9.3%
Gross profit	44.8	42.5	48.9	+5.6%	-8.5%
Gross margin	65.6%	74.9%	69.5%
Research and development	52.4	70.7	98.3	-25.8%	-46.6%
Selling, general and administrative	23.6	26.7	31.7	-11.3%	-25.3%
Operating income	-31.3	-54.9	-178
Operating margin	-45.8%	-96.8%	-252.7%
Interest expense	5.4	5.7	5.5	-5.1%	-1.5%
Pre-tax income	-29.7	-51.7	-203
Income tax	1.7	1.7	-0.7	+0.6%
Net income	-31.4	-53.4	-202
Net margin	-45.9%	-94.2%	-287.3%
Diluted EPS	-$0.19	-$0.32	-$1.25

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Operating cash flow	-94.2	-72.8	108
Capital expenditure	1.0	0.6	2.0	+73.6%	-49.4%
Free cash flow	-95.3	-73.4	106
Free cash flow margin	-139.5%	-129.4%	150.2%
Cash from investing	128	34.9	-137	+266.2%
Cash from financing	-2.0	1.2	42.4
Depreciation and amortisation	3.0	3.1	6.6	-0.3%	-53.7%
Share-based compensation	8.0	8.1	8.5	-1.7%	-6.9%
Diluted shares, weighted	165m	165m	162m	+0.2%	+1.6%
Shares outstanding at period end	165m	165m	162m	+0.1%	+1.6%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Shareholders' equity	-217	-191	-157
Debt	292	291	244	+0.2%	+19.8%
Finance lease liabilities	1.5	1.7	2.3	-11.3%	-32.8%
Other liabilities	811	853	1,090	-4.9%	-25.6%
Total liabilities and equity	888	956	1,180	-7.1%	-24.7%
Fixed assets	36.3	38.1	49.1	-4.9%	-26.1%
Goodwill	112	113	113	-0.4%	-0.9%
Investments	400	528	495	-24.2%	-19.2%
Cash and equivalents	222	191	268	+16.2%	-17.0%
Inventory	18.5	10.0	13.5	+84.9%	+36.9%
Other assets	98.8	75.6	241	+30.8%	-59.1%
Total assets	888	956	1,180	-7.1%	-24.7%

Questions

What was Novavax's revenue in Q3 FY2026?

Novavax (NVAX) reported revenue of $68 million for Q3 FY2026, the quarter ended 30 September 2026, down 3.0% on the same quarter a year earlier.

How much did Novavax earn in Q3 FY2026?

Net loss for Q3 FY2026 was $31 million, and the diluted loss per share $0.19.

When did Novavax report Q3 FY2026 results?

Novavax filed its 10-Q for the quarter ended 30 September 2026 with the SEC on 5 November 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	222	704	186	735	357	81.0	424	187	291	93.9	415	84.5	88.3	667	239	70.4	147	140	56.7	68.3
Cost of revenue	0.0	15.2	271	435	182	34.1	55.8	98.9	155	59.2	46.2	60.6	36.7	14.1	15.3	21.5	22.1	30.7	14.2	23.5
Gross profit	222	689	-85.2	300	176	46.9	369	88.1	136	34.6	369	23.9	51.6	653	224	48.9	125	109	42.5	44.8
Gross margin	100%	98%	-46%	41%	49%	58%	87%	47%	47%	37%	89%	28%	58%	98%	94%	69%	85%	78%	75%	66%
R&D	963	383	290	304	258	247	219	106	165	92.7	107	87.2	104	88.9	79.2	98.3	75.9	95.5	70.7	52.4
SG&A	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	70.7	n/a	48.1	43.6	31.7	34.1	28.8	26.7	23.6
Operating income	-825	209	-483	-127	-244	-313	55.5	-126	-184	-145	161	-134	-131	516	101	-178	14.2	-15.4	-54.9	-31.3
Operating margin	-371%	30%	-260%	-17%	-68%	-386%	13%	-67%	-63%	-154%	39%	-159%	-148%	77%	42%	-253%	10%	-11%	-97%	-46%
Interest expense	5.1	4.9	6.2	4.2	4.6	4.3	3.1	2.9	4.1	4.1	4.1	4.2	7.6	5.7	5.5	5.5	5.8	4.9	5.7	5.4
Pre-tax income	-830	206	-509	-166	-185	-293	57.9	-131	-177	-145	165	-122	-73.6	520	107	-203	17.9	-8.5	-51.7	-29.7
Tax rate	n/a	1%	n/a	n/a	n/a	n/a	-0%	n/a	n/a	n/a	1%	n/a	n/a	0%	1%	n/a	2%	n/a	n/a	n/a
Net income	-846	203	-510	-169	-182	-294	58.0	-131	-178	-148	162	-121	-81.0	519	107	-202	17.5	-9.5	-53.4	-31.4
Net margin	-381%	29%	-275%	-23%	-51%	-363%	14%	-70%	-61%	-157%	39%	-144%	-92%	78%	45%	-287%	12%	-7%	-94%	-46%
Diluted EPS	-$11.33	$2.56	-$6.53	-$2.15	-$2.30	-$3.41	$0.58	-$1.26	-$1.44	-$1.05	$0.99	-$0.76	-$0.51	$2.93	$0.62	-$1.25	$0.11	-$0.06	-$0.32	-$0.19
Operating cash flow	-342	-88.5	-171	-38.7	-118	-326	-172	-39.7	-177	-83.6	314	-145	-173	-186	-127	108	-39.5	-32.4	-72.8	-94.2
Capital expenditure	16.4	16.8	24.6	24.6	23.0	19.8	7.0	18.2	8.8	6.9	2.9	1.4	1.9	1.2	0.2	2.0	2.1	1.3	0.6	1.0
Free cash flow	-359	-105	-195	-63.3	-141	-345	-179	-57.8	-186	-90.4	311	-146	-175	-187	-128	106	-41.6	-33.7	-73.4	-95.3
Shares outstanding	76m	78m	78m	78m	86m	86m	94m	119m	140m	140m	160m	160m	160m	162m	162m	162m	163m	164m	165m	165m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 30 September 2026, filed 5 November 2026: the filing.