Revenue has declined sharply from $2.8 billion in 2023Q4 to $389 million in 2026Q1, while gross margins have deteriorated to a negative 145.5% due to inventory write-downs and manufacturing underutilization.
| 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 % | -29.12% | -39.23% | -53.29% | -63.72% | 6.42% | 2107.63% | 1234.34% | -55.42% | -34.38% | 89.88% | - |
| Cost of Goods Sold | 2.53B | 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 | -309M | 1.08B | 1.74B | 2.15B | 13.46B | 15.12B | 764.21M | 29.19M | 110.21M | 185.29M | 93.28M |
| Gross Margin % | -13.89% | 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 | 3.1B | 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 | 979M | 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 | 2.92B | 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 | -3.41B | -3.07B | -3.94B | -4.24B | 9.42B | 13.3B | -763.14M | -545.72M | -468.87M | -269.36M | -223.77M |
| Operating Margin % | -153.35% | -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 | -3.24B | -2.86B | -3.76B | -3.62B | 9.77B | 13.53B | -731.89M | -514.7M | -444M | -248.82M | -208.66M |
| EBITDA Margin % | -145.44% | -147.07% | -117.41% | -52.83% | 51.75% | 76.27% | -91.1% | -854.85% | -328.73% | -120.89% | -192.5% |
| EBITDA Growth % | 8.51% | 23.88% | -3.81% | -137.04% | -27.79% | 1948.36% | -42.2% | -15.92% | -78.44% | -19.25% | - |
| D&A (Non-Cash Add-back) | 176M | 215M | 189M | 621M | 348M | 232M | 31.25M | 31.02M | 24.86M | 20.54M | 15.11M |
| EBIT | -1.8B | -2.77B | -3.58B | -3.9B | 9.42B | 13.3B | -734.63M | -508.1M | -436.91M | -255.86M | -223.77M |
| Net Interest Income | 223M | 314M | 401M | 383M | 171M | 0 | 14.83M | 31.92M | 23.93M | 15.1M | 11.31M |
| Interest Income | 296M | 314M | 425M | 421M | 200M | 18M | 24.71M | 38.53M | 27.02M | 15.23M | 11.31M |
| Interest Expense | 1M | 0 | 24M | 38M | 29M | 18M | 9.89M | 6.61M | 3.1M | 132K | 0 |
| Other Income/Expense | 274M | 306M | 338M | 297M | 155M | -11M | 18.63M | 31M | 28.86M | 13.36M | 8.6M |
| Pretax Income | -3.14B | -2.77B | -3.61B | -3.94B | 9.57B | 13.29B | -744.51M | -514.72M | -440.01M | -256M | -215.17M |
| Pretax Margin % | -141.03% | -142.39% | -112.75% | -57.56% | 50.73% | 74.9% | -92.67% | -854.88% | -325.77% | -124.38% | -198.5% |
| Income Tax | 56M | 54M | -46M | 772M | 1.21B | 1.08B | 2.55M | -695K | 326K | -80K | 1.04M |
| Effective Tax Rate % | -1.78% | -1.95% | 1.28% | -19.58% | 12.67% | 8.15% | -0.34% | 0.14% | -0.07% | 0.03% | -0.48% |
| Net Income | -3.19B | -2.82B | -3.56B | -4.71B | 8.36B | 12.2B | -747.06M | -514.02M | -384.73M | -255.92M | -216.21M |
| Net Margin % | -143.55% | -145.16% | -111.32% | -68.84% | 44.3% | 68.8% | -92.99% | -853.73% | -284.84% | -124.34% | -199.46% |
| Net Income Growth % | 4.86% | 20.75% | 24.46% | -156.37% | -31.47% | 1733.33% | -45.34% | -33.6% | -50.34% | -18.36% | - |
| Net Income (Continuing) | -3.19B | -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) | -8.09 | -7.26 | -9.27 | -12.34 | 20.10 | 28.29 | -1.96 | -1.55 | -1.17 | -0.72 | -3.79 |
| EPS Growth % | 6.62% | 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 | 395M | 389M | 384M | 382M | 416M | 431M | 381.33M | 330.8M | 328.8M | 376M | 64.09M |
| Basic Shares Outstanding | 395M | 389M | 384M | 382M | 394M | 403M | 381.33M | 330.8M | 328.8M | 376M | 64.09M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - |
Excessive Fixed Cost Base
As reported in recent financial filings, Moderna's revenue trajectory has faced significant headwinds, with quarterly figures declining from $2.8 billion in 2023Q4 to $389 million in 2026Q1, reflecting the difficult transition from pandemic-era government procurement to a more volatile, seasonal commercial market for respiratory vaccine products.
The sharp deceleration in top-line growth suggests that the company is struggling to establish a predictable recurring revenue base in the competitive commercial landscape. Investors should monitor whether the launch of mRESVIA can offset the ongoing erosion of COVID-19 vaccine demand, as current figures indicate a lack of top-line durability.
Based on the company's latest income statement, gross margins have deteriorated significantly, reaching a negative 145.5% in 2026Q1, a stark reversal from the 72.3% peak observed in 2024Q3, primarily driven by inventory write-downs and the underutilization of a manufacturing footprint designed for much higher volumes.
This margin collapse appears to be a direct consequence of the company's inability to align its high fixed-cost manufacturing infrastructure with current, lower-demand realities. The negative gross margin suggests that the current cost structure is fundamentally misaligned with the company's commercial output, warranting further investigation into potential long-term impairment risks.
According to the provided data, Moderna's operating leverage remains severely constrained, as R&D expenses consistently exceed gross profit, resulting in an operating margin of -3.6% in 2026Q1 and highlighting the company's reliance on heavy investment to sustain its pipeline despite declining core product revenue.
The persistent gap between R&D spending and gross profit suggests that the company is prioritizing long-term platform development over immediate operational efficiency. This strategy appears to leave the firm vulnerable to cash burn, as the operating income fails to scale alongside the company's ambitious clinical trial roadmap.
As indicated by the income statement, the company's cost structure is dominated by substantial R&D outlays and manufacturing overhead, with R&D expenses alone reaching $649 million in 2026Q1, which significantly outweighs the company's ability to generate gross profit in the current post-pandemic commercial environment.
The high level of R&D spending suggests that management is aggressively betting on the future utility of its mRNA platform, yet this approach creates a heavy drag on the bottom line. Investors should monitor whether these costs are truly variable or if they represent a permanent, high-cost base that will continue to pressure earnings.
Based on the reported figures, the company's transition to a negative net income of $1.3 billion in 2026Q1 raises significant questions regarding the sustainability of its current capital allocation strategy, particularly as the firm attempts to bridge the gap between pandemic-era cash reserves and future commercial success.
Short-term observers may focus on the rapid depletion of capital as a sign that the company's platform-based business model is not yet commercially viable at scale. The reliance on non-operating items and the volatility of quarterly results suggest that the path to consistent profitability remains highly speculative and dependent on future clinical milestones.
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.