Moderna, Inc. (MRNA) financials
NASDAQ · Healthcare · Biotechnology · 4,700 employees · CEO Stéphane Bancel
- Price
- $221.72 -0.47%
- Market cap
- $88.5B
- Enterprise value
- $88.1B
- Last report
- Q2 '26 filed 2026-07-31
- Next report
- 2026-11-06
Revenue (TTM)$2.23B-27.2% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)-149.0%-42.1 pp vs a year agoOperating income -$3.32B
Net income (TTM)-$3.15B-8.5% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)-$1.22B+65.1% vs a year agoCapex $171M
Diluted EPS (TTM)-$7.98-6.0% vs a year agoSum of the last 4 quarters
Net cash$3.85B-12.3% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $88.5B EV $88.1B
- Revenue
- $2.23B Trailing 12 months
- Revenue growth
- +8% FY2026 consensus
- Profit margin
- -141.4% Net income / revenue, TTM
- P/E
- -27.8× Forward -26.3× (FY2026)
- P/S
- 39.7× Price / sales, TTM
- EV / EBITDA
- -31.1× TTM
- Free cash flow
- -$1.22B Trailing 12 months
- Net income
- -$3.15B Trailing 12 months
- Revenue estimate
- $2.1B FY2026 consensus
- Earnings
- 2026-11-06
- Dividend
- – No dividend
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-07-31): revenue beat by 40.9%, EPS beat by 3.0%Revenue $145M vs $103M expected (+40.9%); EPS -$1.97 vs -$2.03 (+3.0%).
- Revenue growth slowing: 2.1% year on yearQ2 '26 revenue $145M, against an average of 38.4% over the four quarters before.
- Operating margin -149.0% (TTM), -42.1 pp on a year agoOperating income grew -1.4% while revenue grew -27.2%.
- Capex 7.7% of revenue (a year ago 26.2%)$171M invested in the last 4 quarters (-78.7% on a year earlier). Free cash flow -$1.22B.
- Diluted share count up 2.1% in a year396M diluted shares in Q2 '26, 388M a year earlier.
- Net cash $3.85BCash + short-term investments $5.14B, debt incl. leases $1.29B; a year ago net cash $4.39B.
Last quarter: Q2 '26
Quarter ended 2026-06-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q2 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $145M | $142M | +2.1% |
| Gross margin | 35.9% | 16.2% | +19.7 pp |
| Operating income | -$815M | -$907M | +10.1% |
| Operating margin | -562.1% | -638.7% | +76.7 pp |
| Net income | -$782M | -$825M | +5.2% |
| Diluted EPS | -$1.96 | -$2.13 | +8.0% |
| Operating cash flow | -$526M | -$919M | +42.8% |
| Capex | $37M | $3M | +1,133.3% |
| Free cash flow | -$563M | -$922M | +38.9% |
| R&D | $651M | $700M | -7.0% |
| Stock-based compensation | $120M | $130M | -7.7% |
Reported vs consensus
2026-07-31| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $145M | $103M | +40.9% |
| EPS (as estimated) | -$1.97 | -$2.03 | +3.0% |
From the report of 2026-07-31 for Q2 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q2 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Product Sales | $171M | -2.8% | 100.0% | $3.55B | -2.3% |
Revenue by region
share of total| Segment | Q2 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Rest Of The World | $8M | -69.2% | 8.5% | $570M | -28.9% | |
| United States | $70M | -20.5% | 74.5% | $1.22B | -25.5% | |
| Europe | $16M | – | 17.0% | $308M | – |
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- -$1.05B
- Capex
- -$171M
- Buybacks
- -$2M
- Dividends
- $0
- Acquisitions
- $0
- Net debt issued
- $542M
- Stock-based compensation
- $349M
- Free cash flow
- -$1.22B
- Returned to shareholders / FCF
- -0.2%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | -27.8× | 8.4× 2 of 5 years | 8.4× – 8.4× |
| EV / EBITDA | -31.1× | 7.0× 2 of 5 years | 6.9× – 7.1× |
| EV / Sales | 39.5× | 4.9× | 3.6× – 5.6× |
| Price / FCF | -72.4× | 11.6× 2 of 5 years | 7.7× – 15.4× |
| Price / Book | 13.0× | 3.3× | 1.3× – 7.2× |
| FCF yield | -1.4% | -6.8% | -25.4% – 13.0% |
| Return on invested capital | -39.2% | 5.4% | -32.5% – 77.5% |
| Return on equity | -39.2% | 6.1% | -34.0% – 86.3% |
Analysts
Consensus target $132.70 (-40.1%)
range $25.00 – $245.00 · rating Hold
Strong buy0
Buy7
Hold16
Sell6
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $2.1B | +8.1% | -$8.42 | -16.0% | -26.3× | 17 |
| FY2027 | $2.43B | +15.9% | -$4.76 | +43.5% | -46.6× | 16 |
| FY2028 | $3.38B | +38.8% | -$2.85 | +40.1% | -77.8× | 15 |
| FY2029 | $5.56B | +64.5% | $0.36 | +112.5% | 623.6× | 9 |
| FY2030 | $7.58B | +36.4% | $3.52 | +890.4% | 63.0× | 6 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 286 figures Moderna, Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| Accounts Payable, Current | $167M | $175M | -4.6% | $317M | $405M | -21.7% |
| Accounts Receivable, after Allowance for Credit Loss | $17M | $36M | -52.8% | $184M | $358M | -48.6% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $17M | $36M | -52.8% | $184M | $358M | -48.6% |
| Accounts Receivable, Allowance for Credit Loss | $6M | $12M | -50.0% | $3M | $0 | – |
| Accounts Receivable, Allowance for Credit Loss, Current | $02025-12-31 | $0 | – | $0 | $0 | – |
| Accounts Receivable, before Allowance for Credit Loss | $120M | $260M | -53.8% | $368M | $698M | -47.3% |
| Accounts Receivable, Credit Loss Expense (Reversal) | – | – | – | $0 | $0 | – |
| Accrued Liabilities, Current | $1.91B | $987M | +93.4% | $1.39B | $1.43B | -2.9% |
| Accrued Royalties, Current | $954M | $6M | +15,800.0% | $31M | $46M | -32.6% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | $19M | $23M | -17.4% | $45M | -$10M | +550.0% |
| Additional Paid in Capital | $1.64B | $1.13B | +45.9% | $1.38B | $866M | +59.6% |
| Advertising Expense | – | – | – | $133M | $146M | -8.9% |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 42M | 46M | -8.7% | 38M | 34M | +11.8% |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $120M | $130M | -7.7% | $483M | $429M | +12.6% |
| Asset Impairment Charges | – | – | – | $0 | $0 | – |
| Assets | $11B | $12B | -8.7% | $12.3B | $14.1B | -12.8% |
| Assets, Current | $5.82B | $6.17B | -5.8% | $6.54B | $8.1B | -19.2% |
| Capital Expenditures Incurred but Not yet Paid | $1M | -$3M | +133.3% | $83M | $97M | -14.4% |
| Cash and Cash Equivalents, at Carrying Value | $1.72B | $1.28B | +34.7% | $2.6B | $1.93B | +34.7% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $1.72B | $1.28B | +34.6% | $2.6B | $1.93B | +34.6% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | -$185M | -$345M | +46.4% | $668M | -$999M | +166.9% |
| Common Stock, Par or Stated Value Per Share | $0.00 | $0.00 | 0.0% | $0.00 | $0.00 | 0.0% |
| Common Stock, Shares Authorized | 1.6B | 1.6B | 0.0% | 1.6B | 1.6B | 0.0% |
| Common Stock, Shares, Issued | 399M | 389M | +2.6% | 394M | 386M | +2.1% |
| Common Stock, Shares, Outstanding | 399M | 389M | +2.6% | 394M | 386M | +2.1% |
| Common Stock, Value, Issued | $0 | $0 | – | $0 | $0 | – |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | -$788M | -$812M | +3.0% | -$2.77B | -$3.45B | +19.8% |
| Contract with Customer, Liability | $442M | $283M | +56.2% | $252M | $211M | +19.4% |
| Contract with Customer, Liability, Cumulative Catch-up Adjustment to Revenue, Change in Measure of Progress | $235M | $134M | +75.4% | $320M | $264M | +21.2% |
| Contract with Customer, Liability, Current | $295M | $218M | +35.3% | $99M | $153M | -35.3% |
| Contract with Customer, Liability, Noncurrent | $147M | $65M | +126.2% | $153M | $58M | +163.8% |
| Contract with Customer, Refund Liability | $421M | $308M | +36.7% | $509M | $370M | +37.6% |
| Cost of Goods and Services Sold | $93M | $119M | -21.8% | $868M | $1.46B | -40.7% |
| Costs and Expenses | $960M | $1.05B | -8.5% | $5.02B | $7.18B | -30.1% |
| Current Federal Tax Expense (Benefit) | – | – | – | $11M | -$57M | +119.3% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $29M | $13M | +123.1% |
| Current Income Tax Expense (Benefit) | – | – | – | $44M | -$45M | +197.8% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $4M | -$1M | +500.0% |
| Debt Securities, Available-for-sale, Allowance for Credit Loss | $0 | $0 | – | $0 | $0 | – |
| Debt Securities, Available-for-sale, Allowance for Credit Loss, Not Previously Recorded | $0 | $0 | – | $0 | $0 | – |
| Debt Securities, Available-for-sale, Amortized Cost | $5.2B | $6.23B | -16.5% | $5.53B | $7.61B | -27.3% |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year One Through Five | $1.78B | $2.38B | -25.0% | $2.33B | $2.51B | -6.9% |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, Year One | $3.42B | $3.85B | -11.2% | $3.2B | $5.11B | -37.3% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $3M | $7M | -57.1% | $3M | $22M | -86.4% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $264M | $567M | -53.4% | $283M | $2.64B | -89.3% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $13M | $2M | +550.0% | $1M | $6M | -83.3% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $3.75B | $2B | +88.0% | $931M | $1.67B | -44.4% |
| Debt Securities, Available-for-sale, Current | $3.42B | $3.85B | -11.3% | $3.2B | $5.1B | -37.2% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year One Through Five | $1.77B | $2.37B | -25.4% | $2.34B | $2.49B | -6.3% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, Year One | $3.42B | $3.85B | -11.3% | $3.2B | $5.1B | -37.2% |
| Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Fair Value | $5.19B | $6.23B | -16.7% | $5.54B | $7.59B | -27.0% |
| Debt Securities, Available-for-sale, Noncurrent | $1.77B | $2.37B | -25.4% | $2.34B | $2.49B | -6.3% |
| Debt Securities, Available-for-sale, Unrealized Loss Position | $16M | $9M | +77.8% | $4M | $28M | -85.7% |
| Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $4.02B | $2.56B | +56.7% | $1.21B | $4.32B | -71.9% |
| Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | 283 security | 140 security | +102.1% | 108 security | 252 security | -57.1% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | $0 | $0 | – |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | $10M | -$1M | +1,100.0% |
| Deferred Income Tax Assets, Net | $82M | $81M | +1.2% | $81M | $81M | 0.0% |
| Deferred Income Tax Expense (Benefit) | – | – | – | $10M | -$1M | +1,100.0% |
| Deferred Income Tax Liabilities, Net | $255M | $237M | +7.6% | $249M | $231M | +7.8% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30, 10-Q 2024-06-30
Data as of 2026-11-01