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Financials · MRNA

Moderna Inc. (MRNA) financials

For the twelve months ended Jun 30, 2026, Moderna Inc. reported $2.23B of revenue and -$3.15B of net income.

Revenue, TTM
$2.23B
Revenue growth, YoY
-27.6%
Net income, TTM
-$3.15B
Net margin
-141.4%
Free cash flow, TTM
-$1.24B
EPS, diluted, TTM
-$7.98
Cash
$1.72B
Total debt
$591.00M
P/S
45.55
Market cap
$101.48B
Annual revenue$1.94B
FY2016FY2025
Annual net income-$2.82B
FY2016FY2025
Annual free cash flow-$2.06B
FY2016FY2025

MRNA revenue and earnings growth

MRNA revenueQ2 2026$145.00M

Quarter YoY
+2.1%
QoQ
-62.7%
FY YoY
-39.9%
5Y CAGR
+19.3%

MRNA revenue was $145.00M in fiscal Q2 2026 (ended Jun 30, 2026), up 2.1% from a year earlier and down 62.7% from the prior quarter. For the full fiscal 2025 it was $1.94B, down 39.9% from fiscal 2024. Compound annual growth was +19.3% over 5 years. It rose in 4 of the last 9 fiscal years.

MRNA net incomeQ2 2026-$782.00M

MRNA net income was -$782.00M in fiscal Q2 2026 (ended Jun 30, 2026), compared with -$825.00M a year earlier. For the full fiscal 2025 it was -$2.82B, compared with -$3.56B in fiscal 2024.

MRNA EPSQ2 2026-$1.97

MRNA diluted EPS was -$1.97 in fiscal Q2 2026 (ended Jun 30, 2026), compared with -$2.13 a year earlier. For the full fiscal 2025 it was -$7.26, compared with -$9.28 in fiscal 2024.

MRNA free cash flowQ2 2026-$563.00M

MRNA free cash flow was -$563.00M in fiscal Q2 2026 (ended Jun 30, 2026), compared with -$922.00M a year earlier. For the full fiscal 2025 it was -$2.06B, compared with -$4.05B in fiscal 2024.

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Income statement

Income statement
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Revenue$1.94B$3.24B$6.85B$19.26B$18.47B$803.00M$60.00M$135.07M$205.82M$108.40M
Cost of revenue$868.00M$1.46B$4.69B$5.42B$2.62B$8.00M$0$0--
Gross profit$1.08B$1.77B$2.15B$13.85B$15.85B$795.00M$60.00M$135.07M--
Research and development$3.13B$4.54B$4.84B$3.29B$1.99B$1.37B$496.00M$454.08M$410.46M$274.72M
Selling, general and admin$1.02B$1.17B$1.55B$1.13B$567.00M$188.00M$110.00M$94.25M$64.72M$57.45M
Operating income-$3.07B-$3.94B-$4.24B$9.42B$13.30B-$763.00M-$546.00M-$413.27M-$269.36M-$223.77M
Pre-tax income-$2.77B-$3.61B-$3.94B$9.57B$13.29B-$744.00M-$515.00M-$384.41M-$256.00M-$215.17M
Income tax$54.00M-$46.00M$772.00M$1.21B$1.08B$3.00M-$1.00M$326.0K-$80.0K$1.04M
Net income-$2.82B-$3.56B-$4.71B$8.36B$12.20B-$747.00M-$514.00M-$384.73M-$255.92M-$216.21M
EPS, basic-$7.26-$9.28-$12.33$21.26$30.31-$1.96-$1.55-$4.95-$4.18-$3.79
EPS, diluted-$7.26-$9.28-$12.33$20.12$28.29-$1.96-$1.55-$4.95-$4.18-$3.79
Diluted shares389.0M384.0M382.0M416.0M431.0M381.0M331.0M81.1M64.5M60.7M

Balance sheet

Balance sheet
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Cash and equivalents$2.60B$1.93B$2.91B$3.22B$6.86B$2.64B$248.00M$670.00M$147.61M$61.56M
Receivables$184.00M$358.00M$892.00M$1.39B$3.17B$1.39B$5.37M$11.69M$11.88M-
Inventory$153.00M$117.00M$202.00M$949.00M$1.44B$47.00M$0---
Current assets$6.54B$8.10B$10.32B$13.43B$16.07B$6.30B$1.13B$1.56B$783.22M-
Goodwill$52.00M$52.00M$52.00M$0------
Total assets$12.34B$14.14B$18.43B$25.86B$24.67B$7.34B$1.59B$1.96B$1.08B-
Current liabilities$1.99B$2.21B$3.02B$4.92B$9.13B$4.39B$143.12M$222.80M$191.46M-
Long-term debt$590.00M$0--------
Total debt$590.00M$0--------
Total liabilities$3.69B$3.24B$4.57B$6.74B$10.52B$4.78B$414.61M$431.91M$459.19M-
Shareholders' equity$8.65B$10.90B$13.85B$19.12B$14.14B$2.56B$1.18B$1.53B-$551.37M-$334.81M

Cash flow

Cash flow
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Operating cash flow-$1.87B-$3.00B-$3.12B$4.98B$13.62B$2.03B-$459.00M-$330.87M-$331.48M$66.73M
Capital expenditures$192.00M$1.05B$707.00M$400.00M$284.00M$68.00M$32.00M$105.77M$58.40M$33.14M
Free cash flow-$2.06B-$4.05B-$3.83B$4.58B$13.34B$1.96B-$491.00M-$436.63M-$389.88M$33.59M
Investing cash flow$1.95B$1.95B$4.21B-$5.18B-$8.52B-$1.67B-$15.00M-$373.09M$417.36M-$648.61M
Financing cash flow$593.00M$56.00M-$1.38B-$3.45B-$873.00M$2.03B$52.00M$1.23B$168.0K$472.91M
Share repurchases$2.00M$0$1.15B$3.33B$857.00M$0$0---
Stock-based compensation$483.00M$429.00M$305.00M$226.00M$142.00M$93.00M$81.00M$72.56M$40.05M$39.36M
Depreciation and amortization$211.00M$185.00M$617.00M$348.00M$232.00M$31.00M$31.00M$24.86M$20.54M$15.11M

Key ratios

Key ratios
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Revenue growth, YoY-39.9%-52.7%-64.4%4.3%2200.2%1238.3%-55.6%-34.4%89.9%-
Net income growth, YoY----31.5%------
EPS growth, YoY----28.9%------
Gross margin55.3%54.8%31.5%71.9%85.8%99.0%100.0%100.0%--
Operating margin-158.1%-121.9%-61.9%48.9%72.0%-95.0%-910.0%-306.0%-130.9%-206.4%
Net margin-145.2%-110.0%-68.8%43.4%66.1%-93.0%-856.7%-284.8%-124.3%-199.5%
Free cash flow margin-106.2%-125.3%-55.9%23.8%72.2%244.0%-818.3%-323.3%-189.4%31.0%
Return on equity-32.6%-32.7%-34.0%43.7%86.3%-29.2%-43.7%-25.1%--
Return on assets-22.9%-25.2%-25.6%32.3%49.5%-10.2%-32.3%-19.6%-23.6%-
Current ratio3.293.673.422.731.761.437.897.024.09-
Debt to equity0.070.00--------

Source: XBRL data Moderna Inc. files with the SEC, latest filing dated Jul 31, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.

* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.

Per-share figures are as filed. The filings show no stock split in these periods.

EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.

MRNA peers

CompanyRevenueGrowthNet incomeNet marginMarket cap
MRNA$2.23B-27.6%-$3.15B-141.4%$101.48B
MRK$67.38B+4.9%$2.45B3.6%$361.71B
AZN$58.74B+8.6%$10.22B17.4%$289.10B
PFE$63.63B+1.3%$4.03B6.3%$167.49B
GSK£32.67B+4.1%£5.72B17.5%$101.80B
BNTX€2.87B+4.3%-€1.14B-39.6%$21.98B

MRNA FAQ

9 questions
  • What is MRNA revenue?
    Moderna Inc. (MRNA) reported $2.23B of revenue for the twelve months ended Jun 30, 2026. That is down 27.6% from the year before. Revenue for fiscal 2025 was $1.94B.
  • Is MRNA profitable?
    No. Moderna Inc. reported a net loss of $3.15B for the twelve months ended Jun 30, 2026.
  • How much cash and debt does MRNA have?
    Moderna Inc. reported $1.72B in cash and cash equivalents and $591.00M of debt on its most recent balance sheet in SEC filings.
  • How fast is MRNA revenue growing?
    Moderna Inc.'s revenue changed -39.9% in fiscal 2025, to $1.94B. Its compound annual growth rate was +19.3% over 5 years.
  • What is MRNA gross margin?
    Moderna Inc.'s gross profit was $521.00M on $2.23B of revenue for the twelve months ended Jun 30, 2026, a gross margin of 23.4%.
  • What is MRNA free cash flow?
    Moderna Inc. generated -$1.24B of free cash flow for the twelve months ended Jun 30, 2026, which is operating cash flow of -$1.07B less capital expenditures.
  • What is MRNA earnings per share?
    Diluted earnings per share were -$7.98 for the twelve months ended Jun 30, 2026, from SEC filings, restated for any stock split those filings show.
  • When did MRNA last report financial results?
    The latest statements here come from Moderna Inc.'s 10-Q filed on Jul 31, 2026, covering the period ended Jun 30, 2026.
  • Where does this MRNA financial data come from?
    Quantisnow builds these statements from the structured XBRL data Moderna Inc. files with the SEC. It is provided for information only and is not investment advice.