Novavax annual free cash flow
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2025
Novavax Free Cash Flow (FCF) History (NVAX)
Novavax reported −$245.5M in free cash flow for fiscal 2025, a decrease of $156.6M from the previous fiscal year, with a free cash flow margin of −21.85%.
View full Novavax company overviewNovavax free cash flow by year
| Fiscal year | Period ended | Free cash flow | Change | Growth | FCF margin |
|---|---|---|---|---|---|
| 2025 | 2025-12-31 | −$245.5M | −$156.6M | — | −21.85% |
| 2024 | 2024-12-31 | −$88.8M | $630.2M | — | −13.02% |
| 2023 | 2023-12-31 | −$719.0M | −$299.1M | — | −73.09% |
| 2022 | 2022-12-31 | −$419.9M | −$685.3M | — | −21.19% |
| 2021 | 2021-12-31 | $265.5M | $362.6M | — | +23.16% |
| 2020 | 2020-12-31 | −$97.2M | $41.3M | — | −20.43% |
| 2019 | 2019-12-31 | −$138.5M | $47.7M | — | −742.04% |
| 2018 | 2018-12-31 | −$186.2M | −$37.5M | — | −543.04% |
| 2017 | 2017-12-31 | −$148.7M | $128.3M | — | −476.86% |
| 2016 | 2016-12-31 | −$277.0M | −$132.6M | — | −1804.01% |
| 2015 | 2015-12-31 | −$144.4M | −$70.1M | — | −398.23% |
| 2014 | 2014-12-31 | −$74.3M | −$23.1M | — | −242.28% |
| 2013 | 2013-12-31 | −$51.1M | −$28.6M | — | −244.53% |
| 2012 | 2012-12-31 | −$22.6M | $1.7M | — | −102.24% |
| 2011 | 2011-12-31 | −$24.2M | $10.2M | — | −165.03% |
| 2010 | 2010-12-31 | −$34.4M | −$833,000 | — | −10031.49% |
| 2009 | 2009-12-31 | −$33.6M | — | — | — |
Novavax quarterly free cash flow
Q3.10
Q1.11
Q2.11
Q3.11
Q4.11
Q1.12
Q2.12
Q3.12
Q4.12
Q1.13
Q2.13
Q3.13
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Q1.14
Q2.14
Q3.14
Q4.14
Q1.15
Q2.15
Q3.15
Q4.15
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Q2.16
Q3.16
Q4.16
Q1.17
Q2.17
Q3.17
Q4.17
Q1.18
Q2.18
Q3.18
Q4.18
Q1.19
Q2.19
Q3.19
Q4.19
Q1.20
Q2.20
Q3.20
Q4.20
Q1.21
Q2.21
Q3.21
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Q1.22
Q2.22
Q3.22
Q4.22
Q1.23
Q2.23
Q3.23
Q4.23
Q1.24
Q2.24
Q3.24
Q4.24
Q1.25
Q2.25
Q3.25
Q4.25
| Fiscal quarter | Period ended | Free cash flow | Change | YoY growth | FCF margin |
|---|---|---|---|---|---|
| Q4 2025 | 2025-12-31 | −$39.6M | $133.8M | — | −26.95% |
| Q3 2025 | 2025-09-30 | $107.8M | $253.3M | — | +153.03% |
| Q2 2025 | 2025-06-30 | −$127.7M | −$441.8M | — | −53.39% |
| Q1 2025 | 2025-03-31 | −$185.9M | −$102.0M | — | −27.88% |
| Q4 2024 | 2024-12-31 | −$173.5M | $3.5M | — | −196.45% |
| Q3 2024 | 2024-09-30 | −$145.5M | −$105.6M | — | −172.11% |
| Q2 2024 | 2024-06-30 | $314.0M | $486.8M | — | +75.58% |
| Q1 2024 | 2024-03-31 | −$83.9M | $245.4M | — | −89.42% |
| Q4 2023 | 2023-12-31 | −$177.0M | −$16.8M | — | −60.76% |
| Q3 2023 | 2023-09-30 | −$39.9M | $3.7M | — | −21.33% |
| Q2 2023 | 2023-06-30 | −$172.7M | $22.7M | — | −40.70% |
| Q1 2023 | 2023-03-31 | −$329.4M | −$224.0M | — | −406.85% |
| Q4 2022 | 2022-12-31 | −$160.2M | $198.6M | — | −44.82% |
| Q3 2022 | 2022-09-30 | −$43.6M | $110.7M | — | −5.93% |
| Q2 2022 | 2022-06-30 | −$195.5M | −$324.7M | — | −105.14% |
| Q1 2022 | 2022-03-31 | −$105.3M | −$754.6M | — | −14.96% |
| Q4 2021 | 2021-12-31 | −$358.8M | −$188.2M | — | −161.46% |
| Q3 2021 | 2021-09-30 | −$154.3M | −$139.1M | — | −86.29% |
| Q2 2021 | 2021-06-30 | $129.3M | $17.4M | +15.54% | +43.37% |
| Q1 2021 | 2021-03-31 | $649.3M | $672.5M | — | +145.18% |
| Q4 2020 | 2020-12-31 | −$170.6M | −$146.6M | — | −61.00% |
| Q3 2020 | 2020-09-30 | −$15.2M | $17.4M | — | −9.69% |
| Q2 2020 | 2020-06-30 | $111.9M | $142.4M | — | +314.80% |
| Q1 2020 | 2020-03-31 | −$23.2M | $28.2M | — | −687.95% |
| Q4 2019 | 2019-12-31 | −$24.0M | $21.8M | — | −271.77% |
| Q3 2019 | 2019-09-30 | −$32.6M | $1.3M | — | −1301.12% |
| Q2 2019 | 2019-06-30 | −$30.5M | $9.8M | — | −908.25% |
| Q1 2019 | 2019-03-31 | −$51.4M | $14.8M | — | −1291.11% |
| Q4 2018 | 2018-12-31 | −$45.8M | −$1.7M | — | −747.23% |
| Q3 2018 | 2018-09-30 | −$33.9M | $11.5M | — | −438.38% |
| Q2 2018 | 2018-06-30 | −$40.3M | −$26.6M | — | −373.90% |
| Q1 2018 | 2018-03-31 | −$66.2M | −$20.6M | — | −686.06% |
| Q4 2017 | 2017-12-31 | −$44.0M | $23.7M | — | −423.02% |
| Q3 2017 | 2017-09-30 | −$45.4M | $20.9M | — | −543.61% |
| Q2 2017 | 2017-06-30 | −$13.6M | $53.9M | — | −202.57% |
| Q1 2017 | 2017-03-31 | −$45.6M | $29.8M | — | −802.48% |
| Q4 2016 | 2016-12-31 | −$67.7M | −$8.4M | — | −1254.71% |
| Q3 2016 | 2016-09-30 | −$66.3M | −$33.4M | — | −2052.58% |
| Q2 2016 | 2016-06-30 | −$67.6M | −$50.9M | — | −2697.05% |
| Q1 2016 | 2016-03-31 | −$75.3M | −$40.0M | — | −1786.34% |
| Q4 2015 | 2015-12-31 | −$59.4M | −$37.2M | — | −1014.54% |
| Q3 2015 | 2015-09-30 | −$32.9M | −$14.0M | — | −504.75% |
| Q2 2015 | 2015-06-30 | −$16.7M | −$4.8M | — | −119.31% |
| Q1 2015 | 2015-03-31 | −$35.4M | −$14.0M | — | −357.94% |
| Q4 2014 | 2014-12-31 | −$22.2M | −$8.9M | — | −329.55% |
| Q3 2014 | 2014-09-30 | −$18.9M | −$2.4M | — | −230.16% |
| Q2 2014 | 2014-06-30 | −$11.9M | −$2.6M | — | −144.06% |
| Q1 2014 | 2014-03-31 | −$21.3M | −$9.2M | — | −285.71% |
| Q4 2013 | 2013-12-31 | −$13.3M | −$7.9M | — | −151.86% |
| Q3 2013 | 2013-09-30 | −$16.5M | −$10.7M | — | −343.29% |
| Q2 2013 | 2013-06-30 | −$9.2M | −$2.8M | — | −261.91% |
| Q1 2013 | 2013-03-31 | −$12.1M | −$7.1M | — | −316.33% |
| Q4 2012 | 2012-12-31 | −$5.4M | −$2.3M | — | −118.07% |
| Q3 2012 | 2012-09-30 | −$5.8M | −$2.2M | — | −99.86% |
| Q2 2012 | 2012-06-30 | −$6.4M | $2.1M | — | −90.53% |
| Q1 2012 | 2012-03-31 | −$5.0M | $4.1M | — | −107.54% |
| Q4 2011 | 2011-12-31 | −$3.1M | $6.0M | — | — |
| Q3 2011 | 2011-09-30 | −$3.6M | — | — | −71.03% |
| Q2 2011 | 2011-06-30 | −$8.5M | — | — | — |
| Q1 2011 | 2011-03-31 | −$9.1M | — | — | — |
| Q3 2010 | 2010-09-30 | −$9.0M | — | — | — |
Novavax free cash flow growth trends
Over the last five reported fiscal years, free cash flow declined from −$97.2M to −$245.5M, a net decrease of $148.3M. Novavax's latest reported quarter, Q4 2025, generated −$39.6M in free cash flow, an increase of $133.8M year over year.
About the metric
What free cash flow means
Free cash flow is the cash a company generates from operations after capital expenditures. Positive FCF can fund dividends, buybacks, debt repayment, or reinvestment; negative FCF means capital spending exceeded operating cash flow for that period.
Calculation and source
How free cash flow is calculated
TickerStat calculates free cash flow as SEC-reported operating cash flow minus capital expenditures. FCF margin equals free cash flow divided by revenue. Fiscal periods can differ from calendar years, so the tables include exact period-end dates.
Review Novavax filings at SEC.gov ↗