Novavax, Inc. (NVAX)

Novavax Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Net Income	440.3	-187.5	-545.06	-657.94	-1,744
Depreciation & Amortization	27.61	48.5	41.23	29.05	12.66
Loss (Gain) From Sale of Assets	97.85	-51.95	-	-	-
Asset Writedown & Restructuring Costs	4.88	4.13	10.08	-	-
Stock-Based Compensation	36.02	48.15	85.36	130.3	183.63
Other Operating Activities	36.42	2.92	71.27	443.8	136.79
Change in Accounts Receivable	61.04	354.09	-274.44	249.17	-183.39
Change in Inventory	-3.24	12.91	-74.46	-477.8	-8.87
Change in Accounts Payable	-322.57	-385.63	-378.81	913.4	600.33
Change in Unearned Revenue	-622.94	67.11	350.87	-1,046	1,326
Operating Cash Flow	-244.64	-87.26	-713.97	-415.94	322.95
Capital Expenditures	-5.56	-13.06	-53.77	-89.06	-54.5
Sale of Property, Plant & Equipment	-	192.64	-	-	-
Sale (Purchase) of Intangibles	-0.83	-1.58	-5.04	-3.93	-2.99
Investment in Securities	-91.53	-382.04	-	-	157.64
Other Investing Activities	19.65	-	-	-	-
Investing Cash Flow	-78.27	-204.04	-58.81	-92.99	100.15
Long-Term Debt Issued	42.61	-	-	175.25	-
Long-Term Debt Repaid	-10.07	-3.99	-352.35	-93.6	-127.91
Net Debt Issued (Repaid)	32.54	-3.99	-352.35	81.66	-127.91
Issuance of Common Stock	-	264.58	360.4	249.23	589.62
Other Financing Activities	-4.8	-	-3.59	-5.9	-
Financing Cash Flow	27.74	260.58	4.47	324.99	461.71
Foreign Exchange Rate Adjustments	5.93	-7.8	3.27	4.52	-5.29
Net Cash Flow	-289.24	-38.52	-765.04	-179.41	879.52
Free Cash Flow	-250.2	-100.32	-767.74	-504.99	268.45
Free Cash Flow Margin	-22.27%	-14.71%	-78.05%	-25.48%	23.42%
Free Cash Flow Per Share	-1.45	-0.66	-7.62	-6.46	3.61
Cash Interest Paid	-	17.57	17.35	18.04	19.43
Cash Income Tax Paid	-	0.95	0.19	17.98	12.61
Levered Free Cash Flow	-365.95	-175.64	-979.22	-213.32	727.41
Unlevered Free Cash Flow	-351.86	-163.09	-970.21	-200.9	740.62
Change in Working Capital	-887.71	48.48	-376.84	-361.15	1,734

Updated Feb 26, 2026. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

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