MRNA · Moderna, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $389.00M | - | $1.02B | $142.00M | $108.00M | - | $1.86B | $344.00M | $167.00M | - |
| Cost of Revenue | $955.00M | - | $207.00M | $119.00M | $90.00M | - | $514.00M | $115.00M | $96.00M | - |
| Gross Profit | ($566.00M) | - | $809.00M | $23.00M | $18.00M | - | $1.35B | $229.00M | $71.00M | - |
| R&D | $649.00M | - | $801.00M | $700.00M | $856.00M | - | $1.14B | $1.22B | $1.06B | - |
| SG&A | $173.00M | - | $268.00M | $230.00M | $212.00M | - | $281.00M | $268.00M | $274.00M | - |
| Total Operating Expenses | $1.78B | - | $1.28B | $1.05B | $1.16B | - | $1.93B | $1.60B | $1.43B | - |
| D&A | $56.00M | - | $51.00M | $56.00M | $38.00M | - | $51.00M | $40.00M | $35.00M | - |
| Operating Income | ($1.39B) | - | ($260.00M) | ($907.00M) | ($1.05B) | - | ($70.00M) | ($1.36B) | ($1.27B) | - |
| Interest Expense | - | - | - | - | - | - | - | - | - | - |
| Income Tax | $9.00M | - | $13.00M | $7.00M | $7.00M | - | $8.00M | $0 | $10.00M | - |
| Net Income | ($1.34B) | - | ($200.00M) | ($825.00M) | ($971.00M) | - | $13.00M | ($1.28B) | ($1.18B) | - |
| EPS - Basic | ($3.40) | - | ($0.51) | ($2.13) | ($2.52) | - | $0.03 | ($3.33) | ($3.07) | - |
| EPS - Diluted | ($3.40) | - | ($0.51) | ($2.13) | ($2.52) | - | $0.03 | ($3.33) | ($3.07) | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.91B | $2.60B | $1.13B | $1.28B | $1.62B | $1.93B | $1.64B | $2.48B | $2.05B | $2.91B |
| Accounts Receivable | $71.00M | $184.00M | $1.05B | $36.00M | $78.00M | $358.00M | $1.56B | $163.00M | $137.00M | $892.00M |
| Inventory | $146.00M | $153.00M | $332.00M | $240.00M | $128.00M | $117.00M | $412.00M | $399.00M | $295.00M | $202.00M |
| Accounts Payable | $161.00M | $317.00M | $267.00M | $175.00M | $226.00M | $405.00M | $373.00M | $279.00M | $183.00M | $520.00M |
| Current Assets | $5.77B | $6.54B | $6.60B | $6.17B | $6.77B | $8.10B | $9.67B | $9.66B | $9.60B | $10.32B |
| Total Assets | $11.49B | $12.34B | $12.13B | $12.01B | $12.70B | $14.14B | $15.80B | $15.68B | $16.73B | $18.43B |
| Current Liabilities | $2.40B | $1.99B | $1.68B | $1.57B | $1.60B | $2.21B | $2.20B | $2.36B | $2.38B | $3.02B |
| Long-term Debt | $590.00M | $590.00M | - | - | - | $0 | - | - | - | - |
| Total Liabilities | $4.08B | $3.69B | $2.81B | $2.61B | $2.64B | $3.24B | $3.88B | $3.97B | $3.91B | $4.57B |
| Stockholders' Equity | $7.41B | $8.65B | $9.33B | $9.40B | $10.07B | $10.90B | $11.93B | $11.71B | $12.82B | $13.85B |
| Retained Earnings | $5.88B | $7.22B | $8.05B | $8.25B | $9.07B | $10.04B | $11.16B | $11.15B | $12.43B | $13.61B |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | ($630.00M) | - | - | - | ($1.04B) | - | - | - | ($989.00M) | - |
| Investing Cash Flow | ($76.00M) | - | - | - | $730.00M | - | - | - | $118.00M | - |
| Financing Cash Flow | $17.00M | - | - | - | $4.00M | - | - | - | $14.00M | - |
| CapEx | $62.00M | - | - | - | $117.00M | - | - | - | $196.00M | - |
| Free Cash Flow | ($692.00M) | - | - | - | ($1.15B) | - | - | - | ($1.19B) | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | -145.5% | - | 79.6% | 16.2% | 16.7% | - | 72.4% | 66.6% | 42.5% | - |
| Operating margin | -356.8% | - | -25.6% | -638.7% | -972.2% | - | -3.8% | -396.2% | -758.1% | - |
| EBITDA margin | -342.4% | - | -20.6% | -599.3% | -937.0% | - | -1.0% | -384.6% | -737.1% | - |
| Net margin | -345.2% | - | -19.7% | -581.0% | -899.1% | - | 0.7% | -371.8% | -703.6% | - |
| Free cash flow margin | -177.9% | - | - | - | -1068.5% | - | - | - | -709.6% | - |
| FCF / Net income | 0.52 | - | - | - | 1.19 | - | - | - | 1.01 | - |
| R&D / Revenue | 166.8% | - | 78.8% | 493.0% | 792.6% | - | 61.1% | 354.9% | 636.5% | - |
| SG&A / Revenue | 44.5% | - | 26.4% | 162.0% | 196.3% | - | 15.1% | 77.9% | 164.1% | - |
| Effective tax rate | - | - | - | - | - | - | 38.1% | - | - | - |
| Return on assets | -11.7% | - | -1.6% | -6.9% | -7.6% | - | 0.1% | -8.2% | -7.0% | - |
| Return on equity | -18.1% | - | -2.1% | -8.8% | -9.6% | - | 0.1% | -10.9% | -9.2% | - |
| Return on invested capital | -13.7% | - | - | - | - | - | - | - | - | - |
| Liquidity | ||||||||||
| Current ratio | 2.41 | 3.29 | 3.93 | 3.93 | 4.22 | 3.67 | 4.39 | 4.09 | 4.03 | 3.42 |
| Quick ratio | 2.35 | 3.22 | 3.73 | 3.77 | 4.14 | 3.62 | 4.20 | 3.92 | 3.91 | 3.36 |
| Cash ratio | 0.80 | 1.31 | 0.67 | 0.81 | 1.01 | 0.87 | 0.75 | 1.05 | 0.86 | 0.96 |
| Leverage | ||||||||||
| Debt / Equity | 0.08 | 0.07 | - | - | - | 0.00 | - | - | - | - |
| Debt / Assets | 0.05 | 0.05 | - | - | - | 0.00 | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Interest coverage | - | - | - | - | - | - | - | - | - | - |
| Equity multiplier | 1.55 | 1.43 | 1.30 | 1.28 | 1.26 | 1.30 | 1.32 | 1.34 | 1.31 | 1.33 |
| Liabilities / Assets | 0.36 | 0.30 | 0.23 | 0.22 | 0.21 | 0.23 | 0.25 | 0.25 | 0.23 | 0.25 |
| Efficiency | ||||||||||
| Asset turnover | 0.03 | - | 0.08 | 0.01 | 0.01 | - | 0.12 | 0.02 | 0.01 | - |
| Inventory turnover | 6.54 | - | 0.62 | 0.50 | 0.70 | - | 1.25 | 0.29 | 0.33 | - |
| Days sales outstanding | 67d | - | 376d | 93d | 264d | - | 307d | 173d | 299d | - |
| Days inventory outstanding | 56d | - | 585d | 736d | 519d | - | 293d | 1266d | 1122d | - |
| Days payable outstanding | 62d | - | 471d | 537d | 917d | - | 265d | 886d | 696d | - |
| Cash conversion cycle | 61d | - | 490d | 292d | -134d | - | 334d | 554d | 725d | - |
| Valuation | ||||||||||
| P / E | - | - | - | - | - | - | 2227.7x | - | - | - |
| P / B | 2.7x | - | 1.1x | 1.1x | 1.1x | - | 2.2x | 3.9x | 3.2x | - |
| P / S | 51.6x | - | 9.9x | 75.4x | 101.3x | - | 14.3x | 132.6x | 243.7x | - |
| EV / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Growth | ||||||||||
| Revenue growth (YoY) | 260.2% | - | -45.4% | -58.7% | -35.3% | - | -44.6% | 0.0% | -91.0% | - |
| Revenue CAGR (3y) | -40.7% | - | -32.9% | -69.0% | -73.9% | - | -27.9% | -57.1% | -55.8% | - |
| Revenue CAGR (5y) | -27.5% | - | 45.1% | 16.4% | 66.7% | - | 155.7% | 92.3% | 59.8% | - |
| Gross profit growth (YoY) | - | - | -40.0% | -90.0% | -74.6% | - | 20.0% | - | -93.4% | - |
| Operating income growth (YoY) | -32.2% | - | -271.4% | 33.5% | 17.1% | - | 96.5% | 27.0% | -245.9% | - |
| Net income growth (YoY) | -38.3% | - | - | 35.5% | 17.4% | - | - | 7.3% | - | - |
| EPS growth (YoY) | -34.9% | - | - | 36.0% | 17.9% | - | - | 8.0% | - | - |
| EPS CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| FCF growth (YoY) | 40.0% | - | - | - | 2.6% | - | - | - | 11.4% | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | -26.4% | -20.6% | -21.8% | -19.7% | -21.5% | -21.3% | -11.4% | -30.9% | -32.1% | -27.6% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Product / service
$3.89B totalProduct Sales$1.82B · 46.8%
COVID19$1.81B · 46.6%
Product And Service Other$126.00M · 3.2%
Stand Ready Manufacturing Revenue$80.00M · 2.1%
Grant$22.00M · 0.6%
Collaboration Arrangement Including Arrangements With Affiliate$13.00M · 0.3%
License And Royalty$11.00M · 0.3%
RSV$8.00M · 0.2%
Geographic
$1.94B totalUS$1.20B · 61.7%
Rest Of World$692.00M · 35.6%
Europe$53.00M · 2.7%
Peer comparison
Same SIC group: Biological Products, (No Diagnostic Substances)
Comparing Moderna against the 5 most active filers in the same SIC group.