Revenue grew from $150.4M in 2Q24 to $193.4M in 3Q26 with gross margin steady at roughly 77%, but operating margin remained negative at -3.2% in 3Q26, indicating that cost discipline has not yet translated into profitability.
Novocure Ltd (NVCR) annual income statement — 13-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 |
|---|
| Sales/Revenue | 725.39M | 655.35M | 605.22M | 509.34M | 537.84M | 535.03M | 494.37M | 351.32M | 248.07M | 177.03M | 82.89M | 33.09M | 15.49M | 10.36M |
| Revenue Growth % | 12.94% | 8.28% | 18.82% | -5.3% | 0.53% | 8.23% | 40.72% | 41.62% | 40.13% | 113.57% | 150.52% | 113.6% | 49.53% | - |
| Cost of Goods Sold | 166.72M | 166.88M | 137.18M | 128.28M | 114.87M | 114.88M | 106.5M | 88.61M | 80.05M | 55.61M | 46.28M | 20.61M | 10.04M | 7.01M |
| COGS % of Revenue | - | 25.46% | 22.67% | 25.19% | 21.36% | 21.47% | 21.54% | 25.22% | 32.27% | 31.41% | 55.84% | 62.29% | 64.79% | 67.7% |
| Gross Profit | 558.67M | 488.47M | 468.04M | 381.06M | 422.97M | 420.15M | 387.87M | 262.71M | 168.02M | 121.42M | 36.61M | 12.48M | 5.45M | 3.35M |
| Gross Margin % | 77.02% | 74.54% | 77.33% | 74.81% | 78.64% | 78.53% | 78.46% | 74.78% | 67.73% | 68.59% | 44.16% | 37.71% | 35.21% | 32.3% |
| Gross Profit Growth % | - | 4.37% | 22.83% | -9.91% | 0.67% | 8.32% | 47.64% | 56.36% | 38.38% | 231.69% | 193.39% | 128.77% | 63% | - |
| Operating Expenses | 683.21M | 642.27M | 638.53M | 614.67M | 512.5M | 464.49M | 357.46M | 263.63M | 201.69M | 160.75M | 151.92M | 116.47M | 85.61M | 67.81M |
| OpEx % of Revenue | - | 98% | 105.5% | 120.68% | 95.29% | 86.81% | 72.31% | 75.04% | 81.31% | 90.8% | 183.29% | 352.02% | 552.68% | 654.55% |
| Selling, General & Admin | 454.43M | 417.73M | 428.89M | 390.87M | 306.41M | 263.18M | 225.45M | 184.62M | 151.12M | 122.64M | 110.46M | 72.72M | 45.23M | 33.01M |
| SG&A % of Revenue | - | 63.74% | 70.87% | 76.74% | 56.97% | 49.19% | 45.6% | 52.55% | 60.92% | 69.28% | 133.26% | 219.8% | 291.99% | 318.64% |
| Research & Development | 228.79M | 224.54M | 209.65M | 223.06M | 206.09M | 201.3M | 132.01M | 79M | 50.57M | 38.1M | 41.47M | 43.75M | 40.38M | 34.8M |
| R&D % of Revenue | - | 34.26% | 34.64% | 43.79% | 38.32% | 37.62% | 26.7% | 22.49% | 20.39% | 21.52% | 50.03% | 132.22% | 260.69% | 335.91% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -124.55M | -153.8M | -170.5M | -232.87M | -89.52M | -44.33M | 30.4M | -914K | -33.67M | -39.33M | -115.32M | -104M | -80.16M | -64.46M |
| Operating Margin % | -17.17% | -23.47% | -28.17% | -45.72% | -16.64% | -8.29% | 6.15% | -0.26% | -13.57% | -22.22% | -139.12% | -314.31% | -517.47% | -622.25% |
| Operating Income Growth % | - | 9.79% | 26.78% | -160.12% | -101.93% | -245.83% | 3426.15% | 97.29% | 14.38% | 65.9% | -10.89% | -29.74% | -24.35% | - |
| EBITDA | -107.48M | -139.15M | -159.26M | -221.9M | -78.9M | -34.08M | 39.55M | 7.55M | -24.67M | -31.65M | -109.67M | -100.84M | -78.19M | -63.24M |
| EBITDA Margin % | -14.82% | -21.23% | -26.31% | -43.57% | -14.67% | -6.37% | 8% | 2.15% | -9.94% | -17.88% | -132.31% | -304.78% | -504.8% | -610.51% |
| EBITDA Growth % | 34.13% | 12.63% | 28.23% | -181.25% | -131.5% | -186.17% | 424.13% | 130.59% | 22.07% | 71.14% | -8.75% | -28.97% | -23.64% | - |
| D&A (Non-Cash Add-back) | 17.07M | 14.65M | 11.23M | 10.97M | 10.62M | 10.25M | 9.15M | 8.46M | 9.01M | 7.68M | 5.65M | 3.15M | 1.96M | 1.22M |
| EBIT | -121.27M | -136.25M | -120.82M | -188.42M | -78.51M | -48.63M | 35.68M | 5.05M | -32.45M | -36.8M | -114.54M | -104.27M | -80.26M | -64.35M |
| Net Interest Income | -7.94M | 18.11M | 39.33M | 41.13M | 7.68M | -7.74M | -12.3M | -7.91M | -12.27M | -9.72M | -5.75M | -2.79M | -40K | -12.4M |
| Interest Income | 0 | 18.11M | 51M | 46.04M | 15.79M | 1.1M | 5.75M | 6.73M | 4.64M | 1.98M | 1.17M | 84K | 143K | 267K |
| Interest Expense | 7.94M | 0 | 11.66M | 4.91M | 8.11M | 8.84M | 18.05M | 14.64M | 16.91M | 11.69M | 6.92M | 2.88M | 183K | 12.67M |
| Other Income/Expense | -6M | 17.55M | 39.33M | 41.13M | 7.68M | -7.74M | -12.3M | -7.91M | -12.27M | -9.17M | -6.15M | -3.15M | -144K | -12.56M |
| Pretax Income | -130.54M | -136.25M | -131.16M | -191.74M | -81.85M | -52.08M | 18.1M | -8.82M | -45.94M | -48.5M | -121.46M | -107.15M | -80.3M | -77.02M |
| Pretax Margin % | -18% | -20.79% | -21.67% | -37.64% | -15.22% | -9.73% | 3.66% | -2.51% | -18.52% | -27.4% | -146.54% | -323.83% | -518.4% | -743.48% |
| Income Tax | -8.81M | -23K | 37.47M | 15.3M | 10.69M | 6.28M | -1.71M | -1.59M | 17.62M | 13.16M | 10.38M | 4.43M | 382K | 353K |
| Effective Tax Rate % | 6.75% | 0.02% | -28.56% | -7.98% | -13.06% | -12.05% | -9.42% | 18.06% | -38.35% | -27.15% | -8.55% | -4.14% | -0.48% | -0.46% |
| Net Income | -121.73M | -136.23M | -168.63M | -207.04M | -92.53M | -58.35M | 19.81M | -7.23M | -63.56M | -61.66M | -131.84M | -111.58M | -80.68M | -77.37M |
| Net Margin % | -16.78% | -20.79% | -27.86% | -40.65% | -17.2% | -10.91% | 4.01% | -2.06% | -25.62% | -34.83% | -159.06% | -337.24% | -520.87% | -746.89% |
| Net Income Growth % | 31.48% | 19.21% | 18.55% | -123.75% | -58.58% | -394.58% | 373.97% | 88.62% | -3.08% | 53.23% | -18.16% | -38.3% | -4.28% | - |
| Net Income (Continuing) | -121.73M | -136.23M | -168.63M | -207.04M | -92.53M | -58.35M | 19.81M | -7.23M | -63.56M | -61.66M | -131.84M | -111.58M | -80.68M | -77.37M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.04 | -1.22 | -1.56 | -1.95 | -0.88 | -0.56 | 0.18 | -0.07 | -0.69 | -0.70 | -1.54 | -1.34 | -1.12 | -6.43 |
| EPS Growth % | 34.16% | 21.79% | 20% | -121.59% | -57.14% | -411.11% | 341.94% | 89.22% | 1.43% | 54.55% | -14.93% | -19.64% | 82.58% | - |
| EPS (Basic) | - | -1.22 | -1.56 | -1.95 | -0.88 | -0.56 | 0.20 | -0.07 | -0.69 | -0.70 | -1.54 | -1.34 | -1.12 | -6.43 |
| Diluted Shares Outstanding | 116.79M | 111.47M | 107.83M | 106.39M | 104.66M | 103.43M | 108.88M | 97.24M | 91.83M | 88.55M | 85.56M | 83.54M | 72.14M | 12.04M |
| Basic Shares Outstanding | 116.79M | 111.47M | 107.83M | 106.39M | 104.66M | 103.43M | 100.93M | 97.24M | 91.83M | 88.55M | 85.56M | 83.23M | 72.14M | 12.04M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying NVCR stock.
For fiscal year 2025, Novocure Ltd (NVCR) reported total revenue of $655.4M. This represents a 6226.4% increase compared to $10.4M in 2013.
Novocure Ltd (NVCR) reported a net loss of $136.2M for the fiscal year ending 2025.
Novocure Ltd (NVCR) reported an operating income of $-153.8M, resulting in an operating profit margin of -23.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Novocure Ltd (NVCR) generated $488.5M in gross profit for the year, representing a gross profit margin of 74.5%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Persistent operating losses
Metrics are mathematically derived from official filings.
Revenue Growth Re-Accelerating Into Late 2026
Based on reported figures, NVCR's quarterly revenue rose from $150.4M in 2Q24 to $193.4M in 3Q26, with year-over-year growth of 15.7% in the latest quarter, a notable recovery from the 7.8% to 8.1% pace seen across late 2025.
The reacceleration in the most recent quarters suggests that commercial uptake in newer indications, rather than saturation in the core glioblastoma base, is now driving incremental volume. Investors should still test whether this growth is durable, since the prior two-year pattern shows growth fluctuating sharply between roughly 6% and 22%. The lack of a clean, sustained trend warrants further investigation before extrapolating the latest quarter.
Gross Margin Stable Despite Revenue Swings
According to reported financial statements, NVCR's gross margin held between 73.2% and 79.2% across the ten quarters, ending at 77.0% in 3Q26, indicating that unit economics on the disposable array model have remained largely intact.
The relatively narrow band suggests limited exposure to input cost volatility and reasonable pricing discipline on the recurring therapy. However, quarter-to-quarter moves of several points, including the drop to 73.2% in 3Q25, may reflect revenue recognition timing or mix effects rather than structural change. Gross margin alone cannot establish profitability without a corresponding decline in the fixed R&D and SG&A base.
Operating Leverage Still Not Visible
Based on NVCR's reported figures, operating margin improved from -39.3% in 4Q24 to -3.2% in 3Q26, but the company has not yet posted positive operating income in any of the ten reported quarters.
The narrowing operating loss appears to reflect SG&A stabilizing near $96.9M to $101.6M per quarter while revenue grew, which is the leverage the business model requires. Nonetheless, R&D spend of $58.1M in 3Q26 remains a substantial fixed drag, and the path to breakeven depends on revenue continuing to outpace these costs. The sustainability of this improvement warrants monitoring over the next several quarters.
Net Income Distorted by Stock Compensation
As reported in financial statements, NVCR's net loss in 1Q26 of -$71.1M coincided with stock-based compensation of $63.0M, while the zero SBC figure in 4Q25 appears inconsistent with the surrounding quarters and may reflect a data gap.
Stock-based compensation represents a large share of the quarterly loss in several periods, suggesting that GAAP net income understates the cash cost of operations only partially and overstates volatility. The 4Q25 zero SBC entry should be treated as data unavailable rather than evidence of a policy change. Analysts should reconcile SBC against cash flow statements before drawing conclusions about underlying earnings power.
Persistent Losses Challenge the Growth Narrative
Based on reported figures, NVCR has posted a net loss in every one of the ten quarters shown, including -$10.4M in 3Q26, which raises questions about whether recent revenue growth can translate into sustainable profitability without further dilution or capital raises.
The bear case would focus on the fact that R&D and SG&A together consistently exceed gross profit, implying that current GBM revenue cannot fund the clinical pipeline on its own. Concentration in a single therapy, combined with trial-dependent expansion, may indicate execution risk that the recent quarterly beat does not fully resolve. Investors should monitor whether operating losses continue to narrow at the current pace.