Revenue growth accelerated to 15.6% YoY in 2026Q2, reaching $183.6M, while gross margin expanded to 77.6% and operating loss narrowed to -$10.6M, indicating early operating leverage.
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 | 699.19M | 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 % | 10.95% | 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 | 166.92M | 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 | 532.27M | 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 % | 76.13% | 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 | 686.67M | 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 | 461.95M | 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 | 224.72M | 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 | -154.4M | -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 % | -22.08% | -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 | -139.84M | -136.6M | -159.26M | -221.9M | -78.9M | -34.08M | 39.55M | 7.48M | -24.67M | -31.65M | -109.67M | -100.84M | -78.19M | -63.24M |
| EBITDA Margin % | -20% | -20.84% | -26.31% | -43.57% | -14.67% | -6.37% | 8% | 2.13% | -9.94% | -17.88% | -132.31% | -304.78% | -504.8% | -610.51% |
| EBITDA Growth % | 12.85% | 14.23% | 28.23% | -181.25% | -131.5% | -186.17% | 428.83% | 130.32% | 22.07% | 71.14% | -8.75% | -28.97% | -23.64% | - |
| D&A (Non-Cash Add-back) | 14.56M | 17.2M | 11.23M | 10.97M | 10.62M | 10.25M | 9.15M | 8.39M | 9.01M | 7.68M | 5.65M | 3.15M | 1.96M | 1.22M |
| EBIT | -148.96M | -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 | 3.6M | 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 | 6M | 18.11M | 51M | 46.04M | 15.79M | 1.1M | 5.75M | 6.73M | 4.64M | 1.98M | 1.17M | 84K | 143K | 267K |
| Interest Expense | 2.4M | 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 | 1.71M | 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 | -152.69M | -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 % | -21.84% | -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 | -4.12M | -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 % | 2.7% | 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 | -148.56M | -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 % | -21.25% | -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 % | 13.09% | 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) | -148.56M | -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) | -1.28 | -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 % | 16.67% | 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 | 116.01M | 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 | 116.01M | 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
Dependence on LUNAR trial success
Metrics are mathematically derived from official filings.
Revenue Momentum Accelerates on LUNAR Launch
According to recent SEC filings, NVCR's revenue grew 15.6% year-over-year in 2026Q2, reaching $183.6M, the highest quarterly level in the dataset, suggesting the LUNAR-driven NSCLC launch is gaining traction.
The sequential acceleration from 12.3% in 2026Q1 to 15.6% in 2026Q2, coupled with a record revenue print, indicates that the commercial ramp in non-GBM indications may be contributing more than previously expected. However, the sustainability of this growth hinges on patient adoption and duration of therapy, which remain unproven outside GBM. Investors should monitor whether this pace can be maintained as the base effect normalizes.
Gross Margin Expansion Signals Pricing Power
As reported in financial statements, NVCR's gross margin improved to 77.6% in 2026Q2, up from 73.9% a year earlier, reflecting stable pricing and efficient manufacturing of disposable arrays.
The 370 basis point year-over-year expansion in gross margin suggests that the company is achieving better cost absorption as volumes scale, and that pricing power remains intact despite competitive pressures. This is a positive structural signal, but the sustainability of this margin depends on maintaining the mix of higher-margin GBM sales versus newer indications, which may carry different cost profiles.
Operating Leverage Emerges as Losses Narrow
Based on reported figures, NVCR's operating loss narrowed to -$10.6M in 2026Q2 from -$39.5M in the prior-year quarter, as revenue growth outpaced expense growth, indicating early signs of operating leverage.
The dramatic improvement in operating margin from -24.9% to -5.8% year-over-year suggests that the fixed cost base is being spread over a larger revenue base, and that SG&A discipline is improving. However, the absolute loss remains, and the path to profitability is still dependent on continued revenue growth without proportional cost increases. The spike in SG&A in 2026Q1 (to $144.2M) and 2024Q4 (to $139.9M) highlights the volatility in quarterly expenses, which could obscure the underlying trend.
Earnings Quality Clouded by SBC and One-Time Items
In the latest quarter, NVCR reported EPS of -$0.13, beating estimates, but stock-based compensation of $17.0M and a $63.0M SBC charge in 2026Q1 distort the true cash burn, warranting careful adjustment.
The wide swings in SBC, from zero in 2025Q4 to $63.0M in 2026Q1, suggest that reported net income is subject to significant non-cash charges that do not reflect operational performance. The beat in 2026Q2 may be flattered by lower SBC and potentially favorable one-time items, so investors should focus on cash-based metrics to assess the underlying profitability trend. The negative net margin of -8.5% in 2026Q2, while improved, still indicates that the company is not yet self-sustaining.
R&D and SG&A Remain the Primary Cost Drivers
According to the income statement data, R&D and SG&A combined accounted for 83% of revenue in 2026Q2, with SG&A at $101.6M and R&D at $51.4M, reflecting heavy investment in clinical trials and commercial infrastructure.
The cost structure is dominated by fixed investments in R&D and SG&A, which are necessary to support the expansion into new indications and geographies. While SG&A has remained relatively stable around $100M in recent quarters, the spike in 2026Q1 to $144.2M suggests that the company may be investing in launch activities for LUNAR, which could pressure margins if not matched by revenue growth. R&D expenses have also been elevated, indicating a continued commitment to pipeline development, but this creates a high burn rate that must be funded by external capital or future revenue.
2026Q2 Marks a Turning Point in Commercial Execution
The 2026Q2 results represent a clear inflection point, with revenue hitting a record $183.6M and operating loss narrowing to -$10.6M, the smallest in the dataset, signaling that the LUNAR launch may be gaining traction.
This quarter stands out as the first time the company has demonstrated meaningful operating leverage, with revenue growth of 15.6% and a significant reduction in losses. The improvement appears to be driven by both top-line acceleration and cost discipline, but the durability of this inflection is uncertain. If the company can sustain this trajectory, it could reach operating breakeven within the next few quarters, but any setback in the LUNAR commercial ramp or clinical data could reverse this progress.
What Could Invalidate the Base Case
Despite the strong quarter, NVCR's net loss of -$15.7M and debt/equity ratio of 0.85 indicate that the path to cash-flow breakeven remains unproven, and the reliance on LUNAR success poses a significant risk.
Short-sellers might argue that the 2026Q2 improvement is partly due to one-time factors, such as lower SBC and favorable revenue recognition adjustments, which may not be sustainable. The high fixed cost base and ongoing R&D investment mean that any slowdown in revenue growth could quickly reverse the operating leverage gains. Additionally, the market's skepticism about the compliance ceiling for TTFields in non-brain indications could lead to lower real-world duration of therapy, undermining the long-term revenue potential. Investors should monitor the sustainability of the growth rate and the company's ability to manage its cash burn without dilutive financing.