Vaxart, Inc. (VXRT) Revenue History
Annual and quarterly revenue from 2014 to 2025
Compound Annual Growth Rate (CAGR)
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VXRT Revenue Growth
Revenue Breakdown (FY 2025)
VXRT's revenue distribution by segment and geography for fiscal year 2025
By Product/Segment
VXRT Revenue Analysis (2014–2025)
As of May 9, 2026, Vaxart, Inc. (VXRT) generated trailing twelve-month (TTM) revenue of $255.6 million, reflecting explosive growth of +87.9% year-over-year. The most recent quarter (Q1 2026) recorded $39.2 million in revenue, down 62.4% sequentially.
Looking at the longer-term picture, VXRT's 5-year compound annual growth rate (CAGR) stands at +125.8%, indicating outstanding long-term growth trajectory. The company achieved its highest annual revenue of $237.3 million in 2025, representing a new all-time high.
Revenue diversification analysis shows VXRT's business is primarily driven by Government Contract (90%), Collaboration Revenue (6%), and License (3%). With over half of revenue concentrated in Government Contract, the company maintains significant focus in this area while developing other growth vectors.
When compared to Healthcare sector peers including NVAX (-52.5% YoY), IBRX (+1026.0% YoY), and CODX (-83.2% YoY), VXRT has underperformed the peer group in terms of revenue growth. Compare VXRT vs NVAX →
VXRT Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| VXRTCurrent | $256M | +87.9% | +125.8% | 7.6% | |
 NVAX | $1.1B | -52.5% | +118.8% | 50.1% | |
 IBRX | $15M | +1026.0% | +221.4% | -2334.2% | |
 CODX | $622,489 | -83.2% | -61.6% | -5025.5% | |
 OCGN | $4M | +8.8% | +152.5% | -1425.7% | |
 DYAI | $3M | -21.9% | +15.8% | -168.8% |
VXRT Historical Revenue Data (2014–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $237.3M | +726.7% | $237.3M | 100.0% | $18.1M | 7.6% |
| 2024 | $28.7M | +288.9% | $28.7M | 100.0% | $-66,293,000 | -231.0% |
| 2023 | $7.4M | +6796.3% | $2.9M | 39.0% | $-83,347,000 | -1129.5% |
| 2022 | $107K | -88.0% | $107K | 100.0% | $-114,587,000 | -107090.7% |
| 2021 | $892K | -78.0% | $-47,857,000 | -5365.1% | $-72,752,000 | -8156.1% |
| 2020 | $4.0M | -59.0% | $-15,817,000 | -390.9% | $-30,170,000 | -745.7% |
| 2019 | $9.9M | +137.1% | $9.9M | 100.0% | $-15,785,000 | -160.1% |
| 2018 | $4.2M | -28.8% | $-13,116,000 | -315.4% | $-21,756,000 | -523.1% |
| 2017 | $5.8M | -34.4% | $-6,516,000 | -111.6% | $-9,115,000 | -156.1% |
| 2016 | $8.9M | -4.3% | $-8,734,000 | -98.1% | $-27,500,000 | -309.0% |
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Start ComparisonVXRT — Frequently Asked Questions
Quick answers to the most common questions about buying VXRT stock.
Is VXRT's revenue growth accelerating or slowing?
VXRT revenue is accelerating at +87.9% year-over-year, exceeding the 5-year CAGR of +125.8%. TTM revenue reached $256M. Growth momentum has increased versus prior periods.
What is VXRT's long-term revenue growth rate?
Vaxart, Inc.'s 5-year revenue CAGR of +125.8% reflects the sustained expansion pattern. Current YoY growth of +87.9% is above this long-term average.
How is VXRT's revenue distributed by segment?
VXRT reports revenue by product line and geographic region. Annual and quarterly breakdowns from 2014-2025 are available for download. Segment mix reveals concentration and diversification trends.