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Moderna Inc (MRNA) Financial History

20 years of revenue, earnings, cash-flow and balance-sheet history from public filings.

HEALTHCARE · Biotechnology · DATA UPDATED 2026-07-16

Moderna Inc (MRNA) operates in the Biotechnology industry and is headquartered in Cambridge, United States with about 4,700 employees. Its market capitalization is roughly $21 billion. In the fiscal year ended 2025-12-31, MRNA reported $1.9B in revenue and ($2.8B) in net income.

Moderna, Inc., a biotechnology company, provides messenger RNA medicines in the United States, Europe, and internationally.

Interactive charts & full statements → Open the MRNA valuation workbench →

MRNA Revenue & Earnings History — Annual Income Statement

Income statement	TTM → 2026-03-31	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31
Total Revenue	$2.2B	$1.9B	$3.2B	$6.8B	$18.9B	$17.7B	$274M	$48M	$123M	$206M	$108M	$0M	$0M
Gross Profit	($309M)	$1.1B	$1.7B	$2.2B	$13.5B	$15.1B	$267M	$48M	($332M)	$185M	$93M	$0M	$0M
Gross Margin %	-13.9%	55.4%	54.2%	31.5%	71.3%	85.2%	97.1%	100.0%	-270.6%	90.0%	86.1%	—	100.0%
Operating Income (EBIT)	($3.4B)	($3.1B)	($3.9B)	($4.2B)	$9.4B	$13.3B	($763M)	($546M)	($413M)	($269M)	($224M)	($1M)	($4M)
Operating Margin %	-153.4%	-158.1%	-123.3%	-61.9%	49.9%	75.0%	-278.0%	-1136.1%	-337.3%	-130.9%	-206.4%	—	-704.0%
Net Income	($3.2B)	($2.8B)	($3.6B)	($4.7B)	$8.4B	$12.2B	($747M)	($514M)	($385M)	($256M)	($216M)	($1M)	($6M)
Net Margin %	-143.6%	-145.2%	-111.3%	-68.8%	44.3%	68.8%	-272.2%	-1070.1%	-314.0%	-124.3%	-199.5%	—	-1295.4%
EBITDA	($2.9B)	($2.6B)	($3.4B)	($3.3B)	$10.0B	$13.5B	($732M)	($515M)	($388M)	($235M)	($209M)	—	—
Earnings Per Share (EPS)	$-8.15	$-7.25	$-9.27	$-12.34	$20.10	$28.31	$-1.96	$-1.55	$-4.74	$-0.68	$-0.58	$-0.02	—
Shares Outstanding (M)	395M	389M	384M	382M	416M	431M	381M	331M	81M	376M	376M	61M	—

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

MRNA Quarterly Revenue & Earnings — Last 8 Quarters

Quarterly income statement	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30
Total Revenue	$389M	$678M	$1.0B	$142M	$107M	$956M	$1.9B	$221M
Gross Profit	($566M)	$226M	$8M	$23M	$17M	$217M	$1.3B	$106M
Gross Margin %	-145.5%	33.3%	0.8%	16.2%	15.9%	22.7%	72.3%	48.0%
Operating Income (EBIT)	($1.4B)	($857M)	($260M)	($907M)	($1.1B)	($1.2B)	($70M)	($1.4B)
Operating Margin %	-356.8%	-126.4%	-25.6%	-638.7%	-981.3%	-130.3%	-3.8%	-616.7%
Net Income	($1.3B)	($826M)	($200M)	($825M)	($971M)	($1.1B)	$13M	($1.3B)
Net Margin %	-345.2%	-121.8%	-19.7%	-581.0%	-907.5%	-117.2%	0.7%	-578.7%
EBITDA	($1.3B)	($732M)	($135M)	($760M)	($924M)	($1.1B)	$79M	($1.2B)
Earnings Per Share (EPS)	$-3.40	$-2.11	$-0.51	$-2.13	$-2.52	$-2.91	$0.03	$-3.33
Shares Outstanding (M)	395M	392M	390M	388M	386M	385M	399M	384M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

MRNA Free Cash Flow History

Cash flow	TTM → 2026-03-31	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31
Cash from Operations (CFO)	($1.4B)	($1.9B)	($3.0B)	($3.1B)	$5.0B	$13.6B	$2.0B	($459M)	($331M)	($331M)	$67M	($1M)	($5M)
Capital Expenditures (CapEx)	$137M	$192M	$1.1B	$707M	$400M	$284M	$67M	$32M	$106M	$58M	$33M	$0M	$0M
Free Cash Flow (FCF)	($1.6B)	($2.1B)	($4.1B)	($3.8B)	$4.6B	$13.3B	$2.0B	($491M)	($437M)	($390M)	$34M	($1M)	($5M)
FCF Margin %	-71.1%	-106.2%	-126.8%	-55.9%	24.3%	75.2%	713.9%	-1021.1%	-356.4%	-189.4%	31.0%	—	-955.8%
Dividends Paid	—	—	—	$270M	$184M	$124M	$7M	—	—	$1M	$1M	—	—

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

MRNA Quarterly Free Cash Flow — Last 8 Quarters

Quarterly cash flow	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30
Cash from Operations (CFO)	($630M)	$951M	($847M)	($919M)	($1.0B)	$825M	($1.6B)	($1.3B)
Capital Expenditures (CapEx)	$62M	$39M	$33M	$3M	$127M	$522M	$151M	$182M
Free Cash Flow (FCF)	($692M)	$912M	($880M)	($922M)	($1.2B)	$303M	($1.7B)	($1.5B)
FCF Margin %	-177.9%	134.5%	-86.6%	-649.3%	-1087.9%	31.7%	-92.6%	-658.8%

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

MRNA Balance Sheet History

Balance sheet	2026-03-31	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31
Total Assets	$11.5B	$12.3B	$14.1B	$18.4B	$25.9B	$24.7B	$7.3B	$1.6B	$2.0B	$1.1B	$1.4B	$0M	$9M
Cash & Cash Equivalents	$1.9B	$2.6B	$1.9B	$2.9B	$3.2B	$6.8B	$2.6B	$236M	$658M	$135M	$50M	$0M	$2M
Total Liabilities	$4.1B	$3.7B	$3.2B	$4.6B	$6.7B	$10.5B	$4.8B	$415M	$432M	$459M	$575M	$0M	$14M
Total Debt (Short + Long-Term)	$640M	$590M	$37M	$25M	$196M	$211M	$30M	$68M	$79M	$88M	$38M	$0M	$0M
Total Shareholders' Equity	$7.4B	$8.7B	$10.9B	$13.9B	$19.1B	$14.1B	$2.6B	$1.2B	$1.5B	$625M	$842M	$0M	($4M)

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

Quarterly statements, profitability ratios, price history, insider activity and institutional holders are in the interactive MRNA viewer.

Other Companies in Biotechnology

BIIB · Biogen — $30 billion
ROIV · Roivant Sciences Ltd. — $26 billion
INSM · Insmed Incorporated — $26 billion
INCY · Incyte — $24 billion
ASND · Ascendis Pharma A/S — $17 billion
BBIO · BridgeBio Pharma, Inc. — $16 billion
JAZZ · Jazz Pharmaceuticals plc — $16 billion
EXEL · Exelixis, Inc. — $14 billion

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