Revenue has collapsed from $1.9B in 2024Q3 to $145M in 2026Q2, with gross margin deteriorating to 35.9% and net losses of -$782M in the latest quarter.
Moderna, Inc. (MRNA) annual income statement — 10-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 |
|---|
| Sales/Revenue | 2.23B | 1.94B | 3.2B | 6.85B | 18.88B | 17.74B | 803.39M | 60.21M | 135.07M | 205.82M | 108.4M |
| Revenue Growth % | -27.19% | -39.23% | -53.29% | -63.72% | 6.42% | 2107.63% | 1234.34% | -55.42% | -34.38% | 89.88% | - |
| Cost of Goods Sold | 2.51B | 868M | 1.46B | 4.69B | 5.42B | 2.62B | 39.18M | 31.02M | 24.86M | 20.54M | 15.11M |
| COGS % of Revenue | - | 44.65% | 45.76% | 68.53% | 28.69% | 14.76% | 4.88% | 51.52% | 18.41% | 9.98% | 13.94% |
| Gross Profit | -280M | 1.08B | 1.74B | 2.15B | 13.46B | 15.12B | 764.21M | 29.19M | 110.21M | 185.29M | 93.28M |
| Gross Margin % | -12.57% | 55.35% | 54.24% | 31.47% | 71.31% | 85.24% | 95.12% | 48.48% | 81.59% | 90.02% | 86.06% |
| Gross Profit Growth % | - | -37.98% | -19.49% | -83.99% | -10.98% | 1878.38% | 2518.24% | -73.52% | -40.52% | 98.63% | - |
| Operating Expenses | 3.04B | 4.15B | 5.68B | 6.39B | 4.04B | 1.82B | 1.53B | 574.91M | 94.25M | 454.64M | 317.05M |
| OpEx % of Revenue | - | 213.48% | 177.56% | 93.37% | 21.4% | 10.28% | 190.11% | 954.85% | 69.78% | 220.89% | 292.5% |
| Selling, General & Admin | 965M | 1.02B | 1.17B | 1.55B | 1.13B | 567M | 188.27M | 109.62M | 94.25M | 64.72M | 57.45M |
| SG&A % of Revenue | - | 52.37% | 36.7% | 22.62% | 6% | 3.2% | 23.43% | 182.07% | 69.78% | 31.45% | 53% |
| Research & Development | 2.88B | 3.13B | 4.54B | 4.84B | 3.29B | 1.99B | 1.37B | 496.31M | 454.08M | 410.46M | 274.72M |
| R&D % of Revenue | - | 161.11% | 142.01% | 70.75% | 17.46% | 11.23% | 170.57% | 824.31% | 336.19% | 199.42% | 253.44% |
| Other Operating Expenses | -1000K | 0 | -37M | 0 | -388M | -735M | -31.25M | -31.02M | -454.08M | -20.54M | -15.11M |
| Operating Income | -3.32B | -3.07B | -3.94B | -4.24B | 9.42B | 13.3B | -763.14M | -545.72M | -468.87M | -269.36M | -223.77M |
| Operating Margin % | -149.01% | -158.13% | -123.32% | -61.9% | 49.91% | 74.97% | -94.99% | -906.38% | -347.13% | -130.87% | -206.44% |
| Operating Income Growth % | - | 22.08% | 6.94% | -145% | -29.15% | 1842.27% | -39.84% | -16.39% | -74.07% | -20.37% | - |
| EBITDA | -3.08B | -2.86B | -3.76B | -3.62B | 9.77B | 13.53B | -731.89M | -514.7M | -444M | -248.82M | -208.66M |
| EBITDA Margin % | -138.2% | -147.07% | -117.41% | -52.83% | 51.75% | 76.27% | -91.1% | -854.85% | -328.73% | -120.89% | -192.5% |
| EBITDA Growth % | -0.46% | 23.88% | -3.81% | -137.04% | -27.79% | 1948.36% | -42.2% | -15.92% | -78.44% | -19.25% | - |
| D&A (Non-Cash Add-back) | 241M | 215M | 189M | 621M | 348M | 232M | 31.25M | 31.02M | 24.86M | 20.54M | 15.11M |
| EBIT | -3.07B | -2.77B | -3.58B | -3.9B | 9.6B | 13.3B | -734.63M | -508.1M | -436.91M | -255.86M | -223.77M |
| Net Interest Income | 257M | 304M | 401M | 383M | 171M | 0 | 14.83M | 31.92M | 23.93M | 15.1M | 11.31M |
| Interest Income | 282M | 314M | 425M | 421M | 200M | 18M | 24.71M | 38.53M | 27.02M | 15.23M | 11.31M |
| Interest Expense | 25M | 10M | 24M | 38M | 29M | 18M | 9.89M | 6.61M | 3.1M | 132K | 0 |
| Other Income/Expense | 233M | 306M | 338M | 297M | 155M | -11M | 18.63M | 31M | 28.86M | 13.36M | 8.6M |
| Pretax Income | -3.09B | -2.77B | -3.61B | -3.94B | 9.57B | 13.29B | -744.51M | -514.72M | -440.01M | -256M | -215.17M |
| Pretax Margin % | -138.55% | -142.39% | -112.75% | -57.56% | 50.73% | 74.9% | -92.67% | -854.88% | -325.77% | -124.38% | -198.5% |
| Income Tax | 64M | 54M | -46M | 772M | 1.21B | 1.08B | 2.55M | -695K | 326K | -80K | 1.04M |
| Effective Tax Rate % | -2.07% | -1.95% | 1.28% | -19.58% | 12.67% | 8.15% | -0.34% | 0.14% | -0.07% | 0.03% | -0.48% |
| Net Income | -3.15B | -2.82B | -3.56B | -4.71B | 8.36B | 12.2B | -747.06M | -514.02M | -384.73M | -255.92M | -216.21M |
| Net Margin % | -141.43% | -145.16% | -111.32% | -68.84% | 44.3% | 68.8% | -92.99% | -853.73% | -284.84% | -124.34% | -199.46% |
| Net Income Growth % | -8.54% | 20.75% | 24.46% | -156.37% | -31.47% | 1733.33% | -45.34% | -33.6% | -50.34% | -18.36% | - |
| Net Income (Continuing) | -3.15B | -2.82B | -3.56B | -4.71B | 8.36B | 12.2B | -747.06M | -514.02M | -384.73M | -255.92M | -216.21M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -7.96 | -7.26 | -9.27 | -12.34 | 20.10 | 28.29 | -1.96 | -1.55 | -1.17 | -0.72 | -3.79 |
| EPS Growth % | -6.01% | 21.68% | 24.88% | -161.39% | -28.95% | 1543.37% | -26.45% | -32.48% | -62.5% | 81% | - |
| EPS (Basic) | - | -7.26 | -9.27 | -12.34 | 21.26 | 30.31 | -1.96 | -1.55 | -1.17 | -0.72 | -3.79 |
| Diluted Shares Outstanding | 396M | 389M | 384M | 382M | 416M | 431M | 381.33M | 330.8M | 328.8M | 376M | 64.09M |
| Basic Shares Outstanding | 396M | 389M | 384M | 382M | 394M | 403M | 381.33M | 330.8M | 328.8M | 376M | 64.09M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying MRNA stock.
For fiscal year 2025, Moderna, Inc. (MRNA) reported total revenue of $1.94B. This represents a 1693.4% increase compared to $108.4M in 2016.
Moderna, Inc. (MRNA) reported a net loss of $2.82B for the fiscal year ending 2025.
Moderna, Inc. (MRNA) reported an operating income of $-3074.0M, resulting in an operating profit margin of -158.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Moderna, Inc. (MRNA) generated $1.08B in gross profit for the year, representing a gross profit margin of 55.3%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Commercial revenue collapse
Metrics are mathematically derived from official filings.
Respiratory Franchise in Structural Decline
Moderna's revenue has contracted sharply from pandemic peaks, with 2025Q4 revenue down 29.1% year-over-year to $678M, reflecting the transition to a seasonal commercial market. According to recent SEC filings, the company's top line remains heavily dependent on COVID-19 vaccine sales.
The revenue trajectory shows a clear deceleration from the pandemic-era highs, with quarterly revenue oscillating between $107M and $1.9B over the past two years. The 2024Q3 spike to $1.9B appears to be a one-off catch-up from deferred revenue recognition, not a sustainable trend. The underlying commercial demand for Spikevax is weakening, as evidenced by the 2026Q2 revenue of just $145M, a 2.1% increase from the prior year but still far below the levels needed to support the cost base. The launch of mRESVIA (RSV vaccine) has not yet offset the decline in COVID-19 sales, and the company's reliance on seasonal respiratory vaccines suggests continued volatility.
Gross Margin Collapse from Capacity Underutilization
Gross margin has deteriorated from 72.3% in 2024Q3 to 35.9% in 2026Q2, with 2026Q1 posting a negative margin of -145.5% due to inventory write-downs. As reported in financial statements, the company's fixed-cost manufacturing footprint is misaligned with current demand.
The gross margin compression is severe and appears structural, not cyclical. The negative gross margin in 2026Q1 was driven by $955M in COGS against only $389M in revenue, indicating significant inventory write-downs and underutilized capacity. Even in quarters without write-downs, gross margins remain in the 16-36% range, far below the 70%+ levels seen in 2024Q3. This suggests that Moderna's manufacturing costs are too high for the current revenue scale, and the company's 'right-sizing' efforts may take several quarters to restore even mid-40s gross margins. The margin recovery is contingent on either higher-margin therapeutic products or a significant reduction in fixed costs.
Negative Operating Leverage Amplifies Losses
Operating leverage is deeply negative, with operating income swinging from -$70M in 2024Q3 to -$815M in 2026Q2 as R&D and SG&A costs remain sticky despite revenue declines. Based on reported figures, the company's cost structure is not scaling down with revenue.
Moderna's operating expenses have remained remarkably stable, with R&D spending consistently above $650M per quarter and SG&A above $170M, even as revenue has collapsed. This creates a severe negative operating leverage effect: each dollar of lost revenue drops almost entirely to the operating loss line. The 2026Q2 operating margin of -5.6% (on a quarterly basis) understates the magnitude of the loss because revenue is so low; the annualized operating loss is over $3B. The company's ability to achieve operating leverage will depend on either growing revenue from new products or cutting R&D and SG&A, but the latter appears unlikely given the pipeline's needs.
Losses Deepened by Non-Cash Charges
Net income quality is poor, with 2026Q1 net loss of -$1.3B including a $955M COGS charge for inventory write-downs, while stock-based compensation adds $100-130M quarterly. According to recent earnings releases, these non-cash items obscure the underlying cash burn.
The reported net losses are heavily influenced by non-cash charges, particularly inventory write-downs and impairments. In 2026Q1, the negative gross margin of -145.5% was almost entirely due to a $955M COGS charge, which is not indicative of ongoing operational performance. Stock-based compensation (SBC) has been consistently around $100-130M per quarter, adding to the GAAP losses but not affecting cash flow. The EPS figures are also distorted by these charges, with 2026Q1 EPS of -$3.40 versus -$2.52 in the prior year. Investors should focus on cash burn rather than GAAP net income, as the company's cash position is the key solvency metric.
R&D Engine Drives Persistent Cash Burn
R&D expenses remain the largest cost line, averaging over $700M per quarter, while SG&A has been trimmed to $216M in 2026Q2. As disclosed in financial statements, the company's investment in its pipeline is the primary driver of its negative operating income.
The cost structure is dominated by R&D, which has not declined in absolute terms despite the revenue collapse. This reflects management's strategy to prioritize pipeline advancement over near-term profitability. SG&A has shown some discipline, declining from $351M in 2024Q4 to $216M in 2026Q2, but the reduction is insufficient to offset the R&D burden. The company's 'right-sizing' of manufacturing is expected to reduce COGS over time, but the R&D engine will likely remain a significant cash drain for the foreseeable future. The key question is whether the pipeline can generate enough value to justify this spending, but that is a long-term bet.
Commercial Viability Questioned by Short Sellers
The bear case centers on Moderna's inability to transition from pandemic-era sales to a sustainable commercial franchise, with 2026Q2 revenue of $145M falling far short of expectations. As reported in Q2 earnings, the EPS miss of -$1.97 versus -$1.38 estimate highlights ongoing commercial weakness.
Short sellers would argue that Moderna's revenue base is structurally impaired, with COVID-19 vaccine demand declining faster than anticipated and the RSV vaccine facing intense competition from GSK and Pfizer. The company's gross margins are far below peers like BioNTech (77.6%) and Novavax (93.7%), suggesting a lack of pricing power. The reliance on collaboration revenue and milestone payments may be masking the true product demand. Furthermore, the company's cash burn rate of over $1B per quarter implies a finite runway, and if the pipeline fails to deliver, the stock could face significant downside. The market's 'platform premium' valuation may be unjustified if the platform cannot generate commercial returns.