Revenue volatility remains high, with quarterly figures swinging from a peak of $104.2 million in 2025Q4 to $39.2 million in 2026Q1, reflecting the unstable nature of milestone-based recognition.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Jun'17 | Jun'16 | Jun'15 | Jun'14 | Jun'13 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 255.61M | 237.26M | 28.7M | 7.38M | 107K | 892K | 4.05M | 9.86M | 4.16M | 5.84M | 8.9M | 9.3M | 24.6M | 68.7M | 33.6M | 14.84M | 35.01M | 10.49M | 0 | 0 | 89.87M | 108.06M | 142.18M | 176.57M | 195.97M | 234.83M | 228.78M | 233.6M | 243.1M | 228.7M | 239.9M |
| Revenue Growth % | 439.32% | 726.68% | 288.94% | 6796.26% | -88% | -77.95% | -58.97% | 137.12% | -28.77% | -34.39% | -4.3% | -62.2% | -64.19% | 104.46% | 126.45% | -57.61% | 233.73% | - | - | -100% | -16.83% | -24% | -19.48% | -9.9% | -16.55% | 2.64% | -2.06% | -3.91% | 6.3% | -4.67% | 18.76% |
| Cost of Goods Sold | 0 | 0 | 0 | 4.5M | 0 | 48.75M | 19.86M | 0 | 17.27M | 12.36M | 17.63M | 100K | 3.6M | 51.1M | 19.7M | 1.46M | 3.95M | 1.99M | 0 | 0 | 62.71M | 67.22M | 88.07M | 81.35M | 119.94M | 152.61M | 152.75M | 155.2M | 166.9M | 173.8M | 174M |
| COGS % of Revenue | - | - | - | 60.98% | - | 5465.13% | 490.93% | - | 415.36% | 211.59% | 198.13% | 1.08% | 14.63% | 74.38% | 58.63% | 9.86% | 11.29% | 18.95% | - | - | 69.78% | 62.21% | 61.94% | 46.07% | 61.2% | 64.99% | 66.77% | 66.44% | 68.65% | 75.99% | 72.53% |
| Gross Profit | 255.61M | 237.26M | 28.7M | 2.88M | 107K | -47.86M | -15.82M | 9.86M | -13.12M | -6.52M | -8.73M | 9.2M | 21M | 17.6M | 13.9M | 13.38M | 31.05M | 8.5M | 0 | 0 | 27.16M | 40.84M | 54.12M | 95.22M | 76.03M | 82.22M | 76.03M | 78.4M | 76.2M | 54.9M | 65.9M |
| Gross Margin % | 100% | 100% | 100% | 39.02% | 100% | -5365.13% | -390.93% | 100% | -315.36% | -111.59% | -98.13% | 98.92% | 85.37% | 25.62% | 41.37% | 90.14% | 88.71% | 81.05% | - | - | 30.22% | 37.79% | 38.06% | 53.93% | 38.8% | 35.01% | 33.23% | 33.56% | 31.35% | 24.01% | 27.47% |
| Gross Profit Growth % | - | 726.68% | 896.87% | 2590.65% | 100.22% | -202.57% | -260.38% | 175.19% | -101.29% | 25.39% | -194.93% | -56.19% | 19.32% | 26.62% | 3.93% | -56.93% | 265.3% | - | - | -100% | -33.5% | -24.53% | -43.17% | 25.24% | -7.53% | 8.14% | -3.03% | 2.89% | 38.8% | -16.69% | 22.26% |
| Operating Expenses | 217.43M | 219.18M | 94.99M | 86.23M | 114.69M | 24.89M | 14.35M | 25.65M | 23.96M | 83K | 36.3M | 34.3M | 29.2M | 27.7M | 33.5M | 23.14M | 32.25M | 26.48M | 24.97M | 44.93M | 61.32M | 122.64M | 106.16M | 89.73M | 60.24M | -34.8M | 72.45M | 72.6M | 77.6M | 60.6M | 54.7M |
| OpEx % of Revenue | - | 92.38% | 330.99% | 1168.53% | 107190.65% | 2790.92% | 354.75% | 260.06% | 576% | 1.42% | 407.87% | 368.82% | 118.7% | 40.32% | 99.7% | 155.93% | 92.14% | 252.43% | - | - | 68.23% | 113.5% | 74.66% | 50.82% | 30.74% | -14.82% | 31.67% | 31.08% | 31.92% | 26.5% | 22.8% |
| Selling, General & Admin | 17.18M | 17.61M | 20.78M | 22.58M | 29.39M | 21.89M | 15.2M | 6.19M | 6.68M | 2.6M | 5.7M | 5.6M | 6.6M | 6.9M | 13.6M | 5.37M | 6.17M | 9.99M | 12.41M | 26.09M | 32.58M | 37.04M | 46.19M | 62.25M | 38.38M | 52.59M | 48.34M | 47M | 44.3M | 31.6M | 30.1M |
| SG&A % of Revenue | - | 7.42% | 72.4% | 306.06% | 27463.55% | 2454.04% | 375.73% | 62.74% | 160.64% | 44.51% | 64.04% | 60.22% | 26.83% | 10.04% | 40.48% | 36.2% | 17.64% | 95.21% | - | - | 36.25% | 34.28% | 32.48% | 35.26% | 19.59% | 22.4% | 21.13% | 20.12% | 18.22% | 13.82% | 12.55% |
| Research & Development | 200.25M | 201.58M | 74.21M | 68.14M | 81.05M | 48.75M | 19.86M | 14.54M | 17.27M | 12.36M | 28.3M | 26.3M | 19.8M | 17.5M | 15.5M | 17.77M | 26.08M | 16.49M | 12.56M | 18.84M | 28.75M | 57.79M | 59.55M | 29.04M | 21.1M | 15.33M | 14.27M | 15.5M | 21.8M | 19.1M | 16.7M |
| R&D % of Revenue | - | 84.96% | 258.58% | 923.46% | 75751.4% | 5465.13% | 490.93% | 147.43% | 415.36% | 211.59% | 317.98% | 282.8% | 80.49% | 25.47% | 46.13% | 119.73% | 74.5% | 157.21% | - | - | 31.99% | 53.48% | 41.88% | 16.45% | 10.77% | 6.53% | 6.24% | 6.64% | 8.97% | 8.35% | 6.96% |
| Other Operating Expenses | 0 | 0 | 0 | -4.5M | 4.25M | -45.74M | -20.71M | 4.92M | 0 | 0 | 200K | 100K | 300K | 200K | 1.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 38.18M | 18.07M | -66.29M | -83.35M | -114.59M | -72.75M | -30.17M | -15.79M | -21.76M | -9.12M | -27.5M | -25.2M | -19.5M | -11.5M | -22.1M | -9.76M | -1.2M | -17.98M | -24.97M | -44.93M | -61.32M | -122.64M | -52.05M | -12.9M | 3.67M | 117.01M | 3.58M | 5.8M | -1.4M | -5.7M | 11.2M |
| Operating Margin % | 14.94% | 7.62% | -230.99% | -1129.52% | -107090.65% | -8156.05% | -745.67% | -160.06% | -523.11% | -156.11% | -308.99% | -270.97% | -79.27% | -16.74% | -65.77% | -65.79% | -3.42% | -171.38% | - | - | -68.23% | -113.5% | -36.6% | -7.31% | 1.87% | 49.83% | 1.57% | 2.48% | -0.58% | -2.49% | 4.67% |
| Operating Income Growth % | - | 127.26% | 20.46% | 27.26% | -57.5% | -141.14% | -91.13% | 27.45% | -138.68% | 66.85% | -9.13% | -29.23% | -69.57% | 47.96% | -126.39% | -714.86% | 93.34% | 28.01% | 44.42% | 26.73% | 50% | -135.64% | -303.29% | -451.63% | -96.86% | 3167.55% | -38.26% | 514.29% | 75.44% | -150.89% | 216.67% |
| EBITDA | 45.64M | 26.65M | -57.44M | -74.72M | -108.78M | -70.32M | -28.32M | -12.19M | -18.55M | -8.73M | -27.4M | -25.1M | -18.4M | -9.1M | -19.1M | -9.53M | -822K | -17.47M | -24.4M | -43.21M | -60.37M | -119.21M | -33.87M | 1.33M | 13.75M | 126.5M | 13.42M | 15.9M | 10.1M | 4.2M | 19.1M |
| EBITDA Margin % | 17.86% | 11.23% | -200.15% | -1012.64% | -101665.42% | -7883.41% | -700.05% | -123.6% | -446.09% | -149.6% | -307.87% | -269.89% | -74.8% | -13.25% | -56.85% | -64.19% | -2.35% | -166.59% | - | - | -67.17% | -110.32% | -23.82% | 0.75% | 7.02% | 53.87% | 5.87% | 6.81% | 4.15% | 1.84% | 7.96% |
| EBITDA Growth % | 194.61% | 146.4% | 23.13% | 31.31% | -54.7% | -148.27% | -132.37% | 34.3% | -112.4% | 68.12% | -9.16% | -36.41% | -102.2% | 52.36% | -100.52% | -1058.76% | 95.3% | 28.38% | 43.53% | 28.43% | 49.36% | -251.99% | -2644.48% | -90.32% | -89.13% | 842.71% | -15.6% | 57.43% | 140.48% | -78.01% | 834.62% |
| D&A (Non-Cash Add-back) | 7.46M | 8.58M | 8.85M | 8.62M | 5.8M | 2.43M | 1.85M | 3.6M | 3.2M | 380K | 100K | 100K | 1.1M | 2.4M | 3M | 237K | 376K | 502K | 574K | 1.73M | 954K | 3.43M | 18.18M | 14.24M | 10.08M | 9.49M | 9.84M | 10.1M | 11.5M | 9.9M | 7.9M |
| EBIT | 39.84M | 19.63M | -63.72M | -80.76M | -106.39M | -68.88M | -30.11M | -15.77M | -15.22M | -9.12M | -27.3M | -25.1M | -19.2M | -11.3M | -19.6M | -9.53M | -677K | -17.66M | -21.85M | -35.33M | -61.32M | -122.64M | -52.05M | 5.48M | 15.79M | 117.01M | 3.58M | 5.8M | -1.4M | -5.7M | 11.2M |
| Net Interest Income | -621K | -1.23M | -426K | 1.21M | -58K | -1.4M | -1.8M | -2.24M | -2.62M | 0 | -1.8M | -300K | 0 | 200K | 1.3M | 194K | 20K | -703K | 677K | 2.57M | 424K | 997K | -571K | -736K | -843K | -924K | -3.55M | 0 | -5.7M | 0 | -4M |
| Interest Income | 1.71M | 1.6M | 2.54M | 2.65M | 1.25M | 81K | 75K | 149K | 58K | 2.98M | 0 | 0 | 0 | 200K | 1.3M | 194K | 230K | 368K | 4.58M | 6.03M | 4.15M | 4.09M | 1.63M | 614K | 1.29M | 1.2M | 33K | 0 | 0 | 0 | 0 |
| Interest Expense | 2.33M | 2.82M | 2.97M | 1.45M | 1.3M | 1.48M | 1.87M | 2.39M | 2.68M | 0 | 1.8M | 300K | 0 | 0 | 0 | 0 | 210K | 1.07M | 3.9M | 3.45M | 3.72M | 3.1M | 2.2M | 1.35M | 2.13M | 2.13M | 3.58M | 0 | 5.7M | 0 | 4M |
| Other Income/Expense | -675K | -1.27M | -395K | 1.14M | 6.9M | 2.39M | -1.81M | -2.37M | 3.86M | -467K | -1.7M | -200K | 300K | 200K | 13.3M | -2.02M | 311K | -751K | -777K | 6.15M | 7.45M | -31.29M | 870K | -532K | -1M | -952K | 525K | 1.8M | -14.7M | -10.2M | -3.2M |
| Pretax Income | 37.51M | 16.8M | -66.69M | -82.2M | -107.69M | -70.36M | -31.98M | -18.16M | -17.9M | -9.58M | -29.1M | -25.4M | -19.2M | -11.3M | -8.8M | -9.53M | -887K | -18.73M | -25.75M | -38.78M | -60.71M | -121.48M | -51.17M | -13.44M | 2.67M | 116.06M | 4.11M | 7.6M | -16.1M | -15.9M | 8M |
| Pretax Margin % | 14.67% | 7.08% | -232.36% | -1114.03% | -100645.79% | -7888.23% | -790.46% | -184.09% | -430.34% | -164.1% | -326.97% | -273.12% | -78.05% | -16.45% | -26.19% | -64.23% | -2.53% | -178.54% | - | - | -67.55% | -112.43% | -35.99% | -7.61% | 1.36% | 49.42% | 1.79% | 3.25% | -6.62% | -6.95% | 3.33% |
| Income Tax | 410K | 476K | 260K | 261K | 67K | 107K | 238K | 490K | 109K | 0 | 300K | 0 | -100K | -300K | 100K | -2.02M | -1.76M | 0 | -2.77M | -14.27M | -753K | -2.92M | 4.73M | -6.61M | 615K | 11.38M | 87K | 2.5M | 20.4M | -4.7M | -6.2M |
| Effective Tax Rate % | 1.09% | 2.83% | -0.39% | -0.32% | -0.06% | -0.15% | -0.74% | -2.7% | -0.61% | 0% | -1.03% | 0% | 0.52% | 2.65% | -1.14% | 21.17% | 198.99% | 0% | 10.74% | 36.78% | 1.24% | 2.4% | -9.24% | 49.16% | 23.03% | 9.8% | 2.12% | 32.89% | -126.71% | 29.56% | -77.5% |
| Net Income | 37.1M | 16.33M | -66.95M | -82.47M | -107.76M | -70.47M | -32.22M | -18.64M | -18.01M | -12.46M | -29.4M | -25.4M | -19.1M | -11M | -8.9M | -4.53M | 878K | -18.73M | -18.74M | 47.07M | -58.7M | -128.45M | -50.39M | -6.83M | 2.06M | 104.68M | 4.36M | 3.3M | -21.8M | -11.2M | 13.3M |
| Net Margin % | 14.51% | 6.88% | -233.27% | -1117.56% | -100708.41% | -7900.22% | -796.34% | -189.06% | -432.96% | -213.39% | -330.34% | -273.12% | -77.64% | -16.01% | -26.49% | -30.54% | 2.51% | -178.54% | - | - | -65.32% | -118.87% | -35.44% | -3.87% | 1.05% | 44.58% | 1.91% | 1.41% | -8.97% | -4.9% | 5.54% |
| Net Income Growth % | 163.83% | 124.39% | 18.82% | 23.47% | -52.91% | -118.72% | -72.81% | -3.54% | -44.52% | 57.62% | -15.75% | -32.98% | -73.64% | -23.6% | -96.42% | -616.06% | 104.69% | 0.06% | -139.81% | 180.18% | 54.3% | -154.91% | -637.56% | -432.46% | -98.04% | 2301.51% | 32.09% | 115.14% | -94.64% | -184.21% | 175.57% |
| Net Income (Continuing) | 37.1M | 16.33M | -66.95M | -82.47M | -107.76M | -70.47M | -32.22M | -18.64M | -18.01M | -9.58M | -29.4M | -25.4M | -19.1M | -11M | -8.9M | -7.51M | 878K | -18.73M | -22.98M | -38.98M | -53.71M | -128.45M | -50.39M | -6.83M | 2.06M | 104.68M | 4.02M | 3.3M | -21.8M | -11.2M | 14.2M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.15 | 0.07 | -0.14 | -0.17 | -0.22 | -0.14 | -0.07 | -0.09 | -0.29 | -0.28 | -0.84 | -0.72 | -0.59 | -0.39 | -0.35 | -0.71 | 0.13 | -2.44 | -2.38 | 5.15 | -6.36 | -14.16 | -5.67 | -0.92 | 0.26 | 15.58 | 0.79 | 0.59 | -4.12 | -2.11 | 2.44 |
| EPS Growth % | 176.21% | 150% | 17.65% | 22.73% | -57.14% | -111.8% | 23.14% | 69.82% | -0.71% | 66.19% | -15.77% | -21.72% | -53.89% | -11.24% | 50.85% | -634.85% | 105.41% | -2.39% | -146.31% | 180.97% | 55.11% | -149.68% | -513.85% | -450% | -98.31% | 1866.67% | 33.33% | 114.4% | -95.27% | -186.49% | 170.58% |
| EPS (Basic) | - | 0.07 | -0.14 | -0.17 | -0.22 | -0.14 | -0.07 | -0.09 | -0.29 | -0.33 | -0.84 | -0.72 | -0.59 | -0.39 | -0.35 | -0.71 | 0.13 | -2.44 | -2.38 | 5.15 | -6.36 | -14.16 | -5.68 | -0.92 | 0.26 | 18.22 | 0.79 | 0.66 | -4.12 | -2.11 | 2.51 |
| Diluted Shares Outstanding | 242.18M | 230.35M | 487.26M | 487.26M | 487.26M | 487.26M | 487.26M | 215.7M | 63.16M | 44.07M | 35.13M | 35.12M | 32.15M | 28.5M | 25.65M | 6.41M | 6.73M | 7.67M | 7.86M | 9.14M | 9.23M | 9.07M | 8.88M | 7.39M | 6M | 6.8M | 5.72M | 5.43M | 5.29M | 5.3M | 5.45M |
| Basic Shares Outstanding | 240.65M | 230.27M | 487.26M | 487.26M | 487.26M | 487.26M | 487.26M | 215.7M | 63.16M | 37.84M | 35.13M | 35.12M | 32.15M | 28.5M | 25.65M | 6.41M | 6.71M | 7.67M | 7.86M | 9.14M | 9.23M | 9.07M | 8.88M | 7.39M | 5.85M | 5.75M | 5.55M | 5.29M | 5.29M | 5.3M | 5.3M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Clinical trial funding dependency
As reported in recent financial filings, Vaxart's quarterly revenue reached a peak of $104.2 million in 2025Q4, yet the subsequent decline to $39.2 million in 2026Q1 highlights the inherent instability of a business model reliant on non-recurring government grants and milestone-based recognition rather than commercial product sales.
The significant revenue fluctuations suggest that the company's top-line performance is decoupled from organic commercial growth. Investors should interpret these figures as indicators of successful grant procurement rather than a sustainable trajectory of product adoption or market penetration.
Based on the provided income statement data, Vaxart has maintained a 100% gross margin for the majority of the last ten quarters, which reflects the company's current status as a licensing and service-based entity rather than a commercial manufacturer of its enteric-coated tablet platform.
This margin profile is likely to face structural compression if the company transitions to internal manufacturing, as the introduction of variable COGS will replace the current service-heavy revenue model. The current 100% margin should not be viewed as a permanent indicator of pricing power or operational efficiency.
According to the historical income statement, Vaxart's operating expenses, particularly R&D, frequently exceed revenue, as evidenced by the $75.9 million R&D spend in 2025Q3, which suggests that the company has yet to achieve the scale necessary to leverage its fixed cost base effectively.
The lack of consistent operating leverage implies that every incremental dollar of revenue is currently being absorbed by the high costs of clinical advancement. Until the pipeline reaches a commercial stage, the company appears tethered to a high-burn operational structure that necessitates continuous external funding.
While Vaxart has successfully secured federal support, the reliance on non-dilutive funding, as noted in recent SEC filings, creates a significant risk profile where any shift in government priorities could force the company to return to dilutive equity markets to sustain its clinical trial operations.
Short-term profitability metrics are heavily skewed by one-time milestone payments, which may obscure the underlying cash burn rate. Investors should monitor the company's ability to maintain these funding levels, as the current valuation appears to hinge on the assumption that federal support will persist indefinitely.
Quick answers to the most common questions about buying VXRT stock.
For fiscal year 2025, Vaxart, Inc. (VXRT) reported total revenue of $237.3M. This represents a 1.1% decline compared to $239.9M in 1996.
Vaxart, Inc. (VXRT) is profitable, generating $16.3M in net income for the fiscal year ending 2025 with a net profit margin of 6.9%.
Vaxart, Inc. (VXRT) reported an operating income of $18.1M, resulting in an operating profit margin of 7.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Vaxart, Inc. (VXRT) generated $237.3M in gross profit for the year, representing a gross profit margin of 100.0%. This demonstrates the company's core pricing power and production efficiency.