Moderna
MRNA · NasdaqBiological Products, (No Diagnostic Substances) · Fiscal year ends Dec 31
Moderna reported revenue of $1.9B in the fiscal year ended Dec 2025, down 39.9% from the year before. Operating income was −$3.1B, an operating margin of −158.1%, and net income was −$2.8B. Operating cash flow of −$1.9B less capital expenditure of $192M left free cash flow of −$2.1B. It held more cash than debt (net cash $2B).
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $18.5B | $19.3B | $6.8B | $3.2B | $1.9B |
| Cost of revenue | $2.6B | $5.4B | $4.7B | $1.5B | $868M |
| Gross profit | $15.9B | $13.8B | $2.2B | $1.8B | $1.1B |
| Research & development | $2B | $3.3B | $4.8B | $4.5B | $3.1B |
| Operating income | $13.3B | $9.4B | −$4.2B | −$3.9B | −$3.1B |
| Pre-tax income | $13.3B | $9.6B | −$3.9B | −$3.6B | −$2.8B |
| Income tax | $1.1B | $1.2B | $772M | −$46M | $54M |
| Net income | $12.2B | $8.4B | −$4.7B | −$3.6B | −$2.8B |
| Diluted EPS | 28.29 | 20.12 | −12.33 | −9.28 | −7.26 |
| Diluted shares | 431M | 416M | 382M | 384M | 389M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $6.8B | $3.2B | $2.9B | $1.9B | $2.6B |
| Receivables | $3.2B | $1.4B | $892M | $358M | $184M |
| Inventory | $1.4B | $949M | $202M | $117M | $153M |
| Current assets | $16.1B | $13.4B | $10.3B | $8.1B | $6.5B |
| Goodwill | – | $0 | $52M | $52M | $52M |
| Total assets | $24.7B | $25.9B | $18.4B | $14.1B | $12.3B |
| Payables | $302M | $487M | $520M | $405M | $317M |
| Deferred revenue | $6.3B | $2B | $568M | $153M | $99M |
| Current liabilities | $9.1B | $4.9B | $3B | $2.2B | $2B |
| Long-term debt | – | – | – | $0 | $590M |
| Total liabilities | $10.5B | $6.7B | $4.6B | $3.2B | $3.7B |
| Shareholders' equity | $14.1B | $19.1B | $13.9B | $10.9B | $8.7B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $13.6B | $5B | −$3.1B | −$3B | −$1.9B |
| Capital expenditure | $284M | $400M | $707M | $1.1B | $192M |
| Free cash flow | $13.3B | $4.6B | −$3.8B | −$4.1B | −$2.1B |
| Depreciation & amortisation | $232M | $348M | $617M | $185M | $211M |
| Stock-based compensation | $142M | $226M | $305M | $429M | $483M |
| Acquisitions | $0 | $0 | $85M | $0 | $0 |
| Share buybacks | $857M | $3.3B | $1.2B | $0 | $2M |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 4.3% | −64.4% | −52.7% | −39.9% |
| Operating income growth (YoY) | – | −29.2% | −145.0% | – | – |
| EPS growth (YoY) | – | −28.9% | −161.3% | – | – |
| Gross margin | 85.8% | 71.9% | 31.5% | 54.8% | 55.3% |
| Operating margin | 72.0% | 48.9% | −61.9% | −121.9% | −158.1% |
| Net margin | 66.1% | 43.4% | −68.8% | −110.0% | −145.2% |
| Return on equityBlank when equity is negative | 86.3% | 43.7% | −34.0% | −32.7% | −32.6% |
| ROCEEBIT ÷ (assets − current liabilities) | 85.6% | 45.0% | −27.5% | −33.1% | −29.7% |
| Free cash flow margin | 72.2% | 23.8% | −55.9% | −125.3% | −106.2% |
| Cash conversion (CFO ÷ net income) | 1.12x | 0.60x | 0.66x | 0.84x | 0.66x |
| Receivable days | 63 | 26 | 48 | 40 | 35 |
| Inventory days | 201 | 64 | 16 | 29 | 64 |
| Payable days | 42 | 33 | 40 | 101 | 133 |
| Debt ÷ equity | – | – | – | 0.00x | 0.07x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | – | – | – | −$1.9B | −$2B |
| Current ratio | 1.76x | 2.73x | 3.42x | 3.67x | 3.29x |
Recent filings
More in Biological Products, (No Diagnostic Substances)
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.