Moderna, Inc. (MRNA) Revenue History
Annual and quarterly revenue from 2016 to 2025
Compound Annual Growth Rate (CAGR)
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MRNA Revenue Growth
Revenue Breakdown (FY 2025)
MRNA's revenue distribution by segment and geography for fiscal year 2025
By Product/Segment
By Geography
MRNA Revenue Analysis (2016–2025)
As of May 6, 2026, Moderna, Inc. (MRNA) generated trailing twelve-month (TTM) revenue of $2.23 billion, reflecting explosive growth of +263.6% year-over-year. The most recent quarter (Q1 2026) recorded $389.0 million in revenue, down 42.6% sequentially.
Looking at the longer-term picture, MRNA's 5-year compound annual growth rate (CAGR) stands at +19.3%, indicating consistent double-digit revenue growth. The company achieved its highest annual revenue of $18.88 billion in 2022.
Revenue diversification analysis shows MRNA's business is primarily driven by Product Sales (100%). With over half of revenue concentrated in Product Sales, the company maintains significant focus in this area while developing other growth vectors.
When compared to Healthcare sector peers including BNTX (+4.0% YoY), NVAX (+64.7% YoY), and CVAC (+682.0% YoY), MRNA has underperformed the peer group in terms of revenue growth. Compare MRNA vs BNTX →
MRNA Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| MRNACurrent | $2.2B | +263.6% | +19.3% | -158.1% | |
 BNTX | $2.8B | +4.0% | +41.7% | -22.6% | |
 NVAX | $1.1B | +64.7% | +118.8% | 40.3% | |
 CVAC | $535M | +682.0% | +98.4% | 33.2% | |
 PFE | $62.6B | +1.4% | +8.5% | 24.7% | |
 JNJ | $88.8B | +3.7% | +1.6% | 24.9% |
MRNA Historical Revenue Data (2016–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $1.94B | -39.2% | $1.08B | 55.3% | $-3,074,000,000 | -158.1% |
| 2024 | $3.20B | -53.3% | $1.74B | 54.2% | $-3,945,000,000 | -123.3% |
| 2023 | $6.85B | -63.7% | $2.15B | 31.5% | $-4,239,000,000 | -61.9% |
| 2022 | $18.88B | +6.4% | $13.46B | 71.3% | $9.42B | 49.9% |
| 2021 | $17.74B | +2107.6% | $15.12B | 85.2% | $13.30B | 75.0% |
| 2020 | $803.4M | +1234.3% | $764.2M | 95.1% | $-763,144,000 | -95.0% |
| 2019 | $60.2M | -55.4% | $29.2M | 48.5% | $-545,720,000 | -906.4% |
| 2018 | $135.1M | -34.4% | $110.2M | 81.6% | $-468,866,000 | -347.1% |
| 2017 | $205.8M | +89.9% | $185.3M | 90.0% | $-269,356,000 | -130.9% |
| 2016 | $108.4M | - | $93.3M | 86.1% | $-223,771,000 | -206.4% |
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Start ComparisonMRNA — Frequently Asked Questions
Quick answers to the most common questions about buying MRNA stock.
Is MRNA's revenue growth accelerating or slowing?
MRNA revenue is accelerating at +263.6% year-over-year, exceeding the 5-year CAGR of +19.3%. TTM revenue reached $2.2B. Growth momentum has increased versus prior periods.
What is MRNA's long-term revenue growth rate?
Moderna, Inc.'s 5-year revenue CAGR of +19.3% reflects the sustained expansion pattern. Current YoY growth of +263.6% is above this long-term average.
How is MRNA's revenue distributed by segment?
MRNA reports revenue by product line and geographic region. Annual and quarterly breakdowns from 2016-2025 are available for download. Segment mix reveals concentration and diversification trends.