Company file · MRNA

Moderna

Moderna's revenue fell 39.9% in FY2025, to $1.9B, and it posted a net loss of $2.8B (FY2024: net loss of $3.6B)

Revenue fell 39.9% to $1.9B in FY2025, from $3.2B in FY2024. It posted a net loss of $2.8B. Product Sales was the largest product or service, at 94% of revenue.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Feb 20, 2026) · Latest quarter: 10-Q for the quarter ended Jun 30, 2026 (filed Jul 31, 2026) · Data pulled Oct 29, 2026

Key facts

Moderna (Nasdaq: MRNA) closed fiscal 2025 on Dec 31, 2025 with revenue of $1.9B, down 39.9% from a year before; net income came to −$2.8B, compared with −$3.6B. Its newest quarterly report covers the three months to Jun 30, 2026: revenue of $145M, up 2.1% on the same stretch of the prior year, and net income of −$782M. Broken down by product or service, Product Sales led with 94% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 20, 2026) and 10-Q for the quarter ended Jun 30, 2026 (filed Jul 31, 2026).

Revenue$1.9BFY2025 · −39.9% vs FY2024

Net income−$2.8BFY2025 · vs −$3.6B in FY2024

Operating cash flow−$1.9BFY2025

Cash & equivalents$1.7Bat Jun 30, 2026 · −33.6% vs FY2025 end

Total debt$591Mat Jun 30, 2026 · +0.2% vs FY2025 end

Diluted shares389MFY2025 avg · +1.3% vs FY2024

Revenue and net income, three fiscal yearsBy fiscal year, $bn

RevenueNet income

Source: 10-K FY2025, filed Feb 20, 2026

Quarterly revenue: fiscal 2026 vs a year earlierFiscal Q1–Q2, $bn (each quarter from that quarter's 10-Q)

FY2025FY2026

Source: 10-Q filed May 1, 2026 · 10-Q filed Jul 31, 2026

How it makes money

By product or service, FY2025

LineAmountSharevs FY2024
Product Sales$1.8B94%−41.5%
Product and Service, Other$126M6%−0.8%

Source: 10-K FY2025, XBRL breakdown

By product or service in FY2025: Product Sales (94%) and Product and Service, Other (6%), as shares of total revenue. Total revenue was $1.9B.

By product or service: three-year mixShare of the total each fiscal year

FY2023

97%

FY2024

96%

FY2025

94%

Product SalesProduct and Service, Other

Source: 10-K FY2025

By region, FY2025

United States$1.2B62%−32.8%

Rest of World$692M36%−18.9%

Europe$53M3%−91.1%

Share is of the FY2025 total; the last column is the change from FY2024.

Learn more: Revenue vs. net income · Gross, operating and net margin

What changed last quarter

How the quarter compared with a year earlier

Comparing Q2 2026 (Apr to Jun 2026) compared with Q2 2025 (Apr to Jun 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q2 2026Q2 2025

Company

Revenue

$145M Q2 2026

$142M Q2 2025

2.1% increase

Net income

−$782M Q2 2026

−$825M Q2 2025

n/m (change not meaningful)

A hatched bar is a loss, drawn by its size. The % change isn't shown when either quarter is a loss.

Source: Moderna 10-Q for the quarter ended Jun 30, 2026, filed Jul 31, 2026

By product or service

Product Sales

$94M Q2 2026

$114M Q2 2025

17.5% decrease

Product and Service, Other

$51M Q2 2026

$28M Q2 2025

82.1% increase

Source: Moderna 10-Q for the quarter ended Jun 30, 2026, filed Jul 31, 2026

Cash & equivalents $1.7B at Jun 30, 2026, vs $2.6B at FY2025 end.
Total debt $591M at Jun 30, 2026, vs $590M at FY2025 end.
Operating cash flow, first 6 months of fiscal 2026: −$1.2B vs −$2.0B a year earlier.

The bull case and the bear case

The bull case

Operating cash flow rose 37.6% in FY2025 to −$1.9B. 10-K, FY2025
Revenue in the quarter ended Jun 30, 2026 was $145M, up 2.1% on a year earlier. 10-Q, quarter ended Jun 30, 2026

The bear case

Revenue fell 39.9% in FY2025 to $1.9B, from $3.2B a year earlier. 10-K, FY2025
It reported a net loss of $2.8B in FY2025. 10-K, FY2025
Diluted shares rose 1.3% in FY2025, which spreads profit across more shares. 10-K, FY2025
Product Sales revenue fell 41.5% in FY2025 to $1.8B. 10-K, FY2025

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

Moderna is in the biotechnology industry, part of the health care sector. The SEC files it under Biological Products, (No Diagnostic Substances).

The full description of Moderna's business is in Item 1 of its 10-K, linked below. This page shows its revenue by product or service and region.

Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.

Source: 10-K, Item 1 Business

Risks common in this industry

These are general risks for companies in the biotechnology industry. They are not a summary of Moderna’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.

RegulationApprovals, safety rules and government oversight shape what it can sell and how.
Pricing and reimbursementPayers, insurers and governments influence what it can charge.
CompetitionNew treatments, generics and rival products can take share.
LitigationProduct liability and other legal claims can lead to costs.
SupplyManufacturing and supplier problems can interrupt products.

Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$	FY2023	FY2024	FY2025
Revenue	$6.8B	$3.2B	$1.9B
Net income	−$4.7B	−$3.6B	−$2.8B
Operating cash flow	−$3.1B	−$3.0B	−$1.9B
Cash & equivalents (year end)	$2.9B	$1.9B	$2.6B
Total debt (year end)	–	$0M	$590M
Diluted shares	382M	384M	389M

Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
Total debt: Long-term debt, at carrying value.
Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator

About these numbers

Recent filings

Form	Filed	Period
10-Q	Jul 31, 2026	Jun 30, 2026
10-Q	May 1, 2026	Mar 31, 2026
DEF 14A	Mar 16, 2026	May 6, 2026
10-K	Feb 20, 2026	Dec 31, 2025

Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters

Common questions about Moderna

How does Moderna make money?

Fiscal 2025 revenue: $1.9B. By product or service in FY2025: Product Sales (94%) and Product and Service, Other (6%), as shares of total revenue. Total revenue was $1.9B. Source: 10-K for fiscal 2025, filed Feb 20, 2026.

What was Moderna's revenue in fiscal 2025?

$1.9B, down 39.9% from fiscal 2024 ($3.2B). The year ended Dec 31, 2025; for fiscal 2023 the figure was $6.8B. Source: 10-K for fiscal 2025, filed Feb 20, 2026.

Is Moderna profitable?

Net income was −$2.8B in fiscal 2025 (compared with −$3.6B; fiscal 2024 was −$3.6B). That counts as a GAAP loss. The latest quarter, ended Jun 30, 2026: net income was −$782M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 20, 2026.

What did Moderna report in its latest quarterly filing?

For the three months to Jun 30, 2026: revenue $145M (up 2.1% from $142M) and net income −$782M (compared with −$825M from −$825M). Source: 10-Q for the quarter ended Jun 30, 2026, filed Jul 31, 2026.

How much cash and debt does Moderna have?

As of Jun 30, 2026: $1.7B of cash and cash equivalents, $591M of total debt. Total debt here is long-term debt, at carrying value. Source: 10-Q filed Jul 31, 2026.

What are the main risks Moderna faces?

Moderna's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 20, 2026. Risks that are common among companies in the biotechnology industry include Regulation; pricing and reimbursement; competition; litigation; supply. The first: Approvals, safety rules and government oversight shape what it can sell and how. Source: 10-K, Item 1A Risk Factors.

Where do these Moderna numbers come from?

The 10-K filed Feb 20, 2026 (fiscal 2025) and the 10-Q filed Jul 31, 2026 (quarter ended Jun 30, 2026), as published in the SEC's XBRL data. Click any number to open the filing it came from. Methodology explains how fiscal years and missing numbers are handled.

Disclosures

Editor holdings in MRNA: The editor holds no position in Moderna (MRNA). As of Oct 25, 2026.
Trading rule: The editor does not buy or sell MRNA from 3 days before to 3 days after this page is published or substantively updated.
Compensation: Nobody paid for this page. No affiliate links on this page.
Sources: The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated: Oct 29, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold MRNA, and it doesn't consider your situation.

Compare with peers

Company	Fiscal year	Revenue	Revenue growth	Net income
ModernaMRNA	FY2025	$1.9B	−39.9%	−$2.8B
AbbVieABBV	FY2025	$61.2B	+8.6%	$4.2B
AmgenAMGN	FY2025	$36.8B	+10.0%	$7.7B
GileadGILD	FY2025	$29.4B	+2.4%	$8.5B
Vertex PharmaceuticalsVRTX	FY2025	$12.0B	+8.9%	$4.0B

Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

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