Moderna, Inc. (MRNA) Cash Flow Statement
Where MRNA’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- −$1.87B
- Capital expenditures
- $192.0M 9.9% of revenue
- Free cash flow
- −$2.06B −106.2% margin
- Returned to shareholders
- —
- Change in cash
- $668.0M cash at year-end $2.60B
Cash from operations
−$1.87B
Capital expenditures
−$192.0M
Investments (net)
+$2.15B
Acquisitions & other
−$10.0M
Net borrowing (repayment)
+$560.0M
Shares issued
+$35.0M
Change in cash
$668.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
MRNA operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
MRNA cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $66.7M2016 | −$1.87B2025 | — | |
| Capital expenditures | $33.1M2016 | $192.0M2025 | +21.6%/yr | |
| Free cash flow | $33.6M2016 | −$2.06B2025 | — | |
| Free cash flow margin | 31.0%2016 | −106.2%2025 | −137.2 pts | |
| Operating cash flow / net income | 1.122021 | 0.602022 | −0.52 | |
| Stock-based compensation | $39.4M2016 | $483.0M2025 | +32.1%/yr | |
| Dividends paid | $633,0002016 | $270.0M2023 | +137.5%/yr | |
| Share buybacks (net) | $02016 | $02024 | — | |
| Capex / revenue | 30.6%2016 | 9.9%2025 | −20.7 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
MRNA cash flow by activity
OperatingInvestingFinancingChange in cash
MRNA net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
MRNA cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$2.82B | −$3.56B | −$4.71B | $8.36B | $12.20B | −$747.1M | −$514.0M | −$384.7M | −$255.9M | −$216.2M |
| Depreciation & amortization | $215.0M | $189.0M | $621.0M | $348.0M | $232.0M | $31.3M | $31.0M | $24.9M | $20.5M | $15.1M |
| Stock-based compensation | $483.0M | $429.0M | $305.0M | $226.0M | $142.0M | $93.0M | $81.1M | $72.6M | $40.1M | $39.4M |
| Change in working capital | $254.0M | −$78.0M | −$139.0M | −$3.46B | $990.0M | $2.58B | −$53.7M | −$42.6M | −$137.2M | $226.0M |
| Other non-cash items | −$3.0M | $17.0M | $809.0M | −$500.0M | $54.0M | $72.7M | −$3.4M | −$975,000 | $1.1M | $2.5M |
| Cash from operating activities | −$1.87B | −$3.00B | −$3.12B | $4.98B | $13.62B | $2.03B | −$459.0M | −$330.9M | −$331.5M | $66.7M |
| Investing activities | ||||||||||
| Capital expenditures | −$192.0M | −$1.05B | −$707.0M | −$400.0M | −$284.0M | −$67.4M | −$31.6M | −$105.8M | −$58.4M | −$33.1M |
| Investments (net) | $2.15B | $1.95B | $3.70B | −$5.18B | −$8.24B | −$1.60B | $16.6M | −$267.3M | $475.8M | −$648.6M |
| Acquisitions & other investing | −$10.0M | $1.05B | $1.22B | $400.0M | $0 | $0 | $0 | $622,000 | −$1.3M | $33.1M |
| Cash from investing activities | $1.95B | $1.95B | $4.21B | −$5.18B | −$8.52B | −$1.67B | −$14.9M | −$372.5M | $416.1M | −$648.6M |
| Financing activities | ||||||||||
| Dividends paid | — | — | −$270.0M | −$184.0M | −$124.0M | −$7.0M | — | — | −$1.5M | −$633,000 |
| Share repurchases & issuance (net) | — | $0 | −$1.15B | −$3.33B | −$857.0M | $7.0M | $2.9M | −$8.2M | $0 | $0 |
| Net borrowing (repayment) | $560.0M | −$10.0M | −$270.0M | −$184.0M | −$140.0M | −$6.2M | $971,000 | $9.5M | $1.4M | $1.4M |
| Shares issued | $35.0M | $66.0M | $46.0M | $65.0M | $0 | $1.85B | $549.5M | $1.22B | $0 | $0 |
| Other financing | −$2.0M | $0 | $270.0M | $184.0M | $248.0M | $186.7M | −$502.2M | $1.4M | $212,000 | $472.1M |
| Cash from financing activities | $593.0M | $56.0M | −$1.38B | −$3.45B | −$873.0M | $2.03B | $51.1M | $1.23B | $168,000 | $472.9M |
| Summary | ||||||||||
| Net change in cash | $668.0M | −$999.0M | −$289.0M | −$3.64B | $4.22B | $2.39B | −$422.8M | $523.5M | $84.8M | −$109.0M |
| Cash at end of period | $2.60B | $1.93B | $2.93B | $3.22B | $6.86B | $2.64B | $247.7M | $658.4M | $134.9M | $50.1M |
| Free cash flow | −$2.06B | −$4.05B | −$3.83B | $4.58B | $13.34B | $1.96B | −$490.5M | −$436.6M | −$389.9M | $33.6M |
| Free cash flow margin | −106.2% | −126.8% | −55.9% | 24.3% | 75.2% | 713.9% | −1,021.2% | −356.4% | −189.4% | 31.0% |
| Capex / revenue | 9.9% | 32.9% | 10.3% | 2.1% | 1.6% | 24.6% | 65.7% | 86.3% | 28.4% | 30.6% |
| Operating cash flow / net income | — | — | — | 0.60 | 1.12 | — | — | — | — | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −$782.0M | −$1.34B | −$826.0M | −$200.0M | −$825.0M | −$971.0M | −$1.12B | $13.0M | −$1.28B | −$1.18B | $217.0M | −$3.63B |
| Depreciation & amortization | $63.0M | $59.0M | $67.0M | $52.0M | $57.0M | $39.0M | $60.0M | $52.0M | $41.0M | $36.0M | $202.0M | $249.0M |
| Stock-based compensation | $120.0M | $104.0M | $113.0M | $125.0M | $130.0M | $115.0M | $104.0M | $112.0M | $112.0M | $101.0M | $79.0M | $77.0M |
| Change in working capital | −$18.0M | $553.0M | $1.58B | −$818.0M | −$297.0M | −$211.0M | $1.74B | $86.0M | −$146.0M | $60.0M | $249.0M | $182.0M |
| Other non-cash items | $91.0M | −$3.0M | $17.0M | −$6.0M | $16.0M | −$9.0M | $44.0M | −$1.83B | −$2.0M | −$11.0M | −$125.0M | $1.52B |
| Cash from operating activities | −$526.0M | −$630.0M | $951.0M | −$847.0M | −$919.0M | −$1.04B | $825.0M | −$1.57B | −$1.27B | −$989.0M | $622.0M | −$1.60B |
| Investing activities | ||||||||||||
| Capital expenditures | −$37.0M | −$62.0M | −$39.0M | −$33.0M | −$3.0M | −$127.0M | −$522.0M | −$151.0M | −$182.0M | −$196.0M | −$220.0M | −$140.0M |
| Investments (net) | $366.0M | −$14.0M | −$9.0M | $700.0M | $564.0M | $730.0M | −$539.0M | $721.0M | $1.65B | $118.0M | −$538.0M | $789.0M |
| Acquisitions & other investing | $0 | $0 | $0 | $33.0M | $3.0M | $127.0M | $522.0M | $151.0M | $182.0M | $196.0M | $220.0M | $140.0M |
| Cash from investing activities | $329.0M | −$76.0M | −$48.0M | $700.0M | $564.0M | $730.0M | −$539.0M | $721.0M | $1.65B | $118.0M | −$538.0M | $789.0M |
| Financing activities | ||||||||||||
| Dividends paid | — | — | — | — | — | — | — | — | — | — | — | −$59.0M |
| Share repurchases & issuance (net) | −$2.0M | — | — | — | — | — | $0 | $0 | $0 | $0 | $0 | $1.0M |
| Net borrowing (repayment) | −$7.0M | $0 | $566.0M | −$3.0M | −$5.0M | $2.0M | −$14.0M | $3.0M | — | — | — | −$65.0M |
| Shares issued | $23.0M | $19.0M | $16.0M | $2.0M | $14.0M | $3.0M | $11.0M | $8.0M | $32.0M | $15.0M | $15.0M | $6.0M |
| Other financing | $0 | −$2.0M | −$22.0M | $0 | $0 | −$1.0M | $0 | $0 | $2.0M | −$1.0M | −$124.0M | $59.0M |
| Cash from financing activities | $14.0M | $17.0M | $560.0M | −$1.0M | $9.0M | $4.0M | −$3.0M | $11.0M | $34.0M | $14.0M | −$109.0M | −$58.0M |
| Summary | ||||||||||||
| Net change in cash | −$185.0M | −$688.0M | $1.46B | −$147.0M | −$345.0M | −$303.0M | $282.0M | −$833.0M | $409.0M | −$857.0M | −$25.0M | −$869.0M |
| Cash at end of period | $1.72B | $1.91B | $2.60B | $1.13B | $1.28B | $1.63B | $1.93B | $1.65B | $2.48B | $2.07B | $2.93B | $2.95B |
| Free cash flow | −$563.0M | −$692.0M | $912.0M | −$880.0M | −$922.0M | −$1.16B | $303.0M | −$1.72B | −$1.46B | −$1.19B | $402.0M | −$1.74B |
| Free cash flow margin | −388.3% | −177.9% | 134.5% | −86.6% | −649.3% | −1,087.9% | 31.7% | −92.6% | −658.8% | −709.6% | 14.3% | −95.0% |
| Capex / revenue | 25.5% | 15.9% | 5.8% | 3.2% | 2.1% | 118.7% | 54.6% | 8.1% | 82.4% | 117.4% | 7.8% | 7.6% |
| Operating cash flow / net income | — | — | — | — | — | — | — | −120.46 | — | — | 2.87 | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
MRNA cash generation
In fiscal 2025 (ended December 31, 2025), Moderna generated -$1.9 billion of cash from operations and spent $192.0 million on capital expenditures, leaving free cash flow of -$2.1 billion, −106.2% of revenue. Cash and equivalents rose by $668.0 million over the year.
Related: MRNA income statement, MRNA balance sheet. See the MRNA stock overview for the latest quote and news.
MRNA cash flow FAQ
What is Moderna's free cash flow?
Moderna's free cash flow was -$2.1 billion in fiscal 2025: -$1.9 billion of operating cash flow minus $192.0 million of capital expenditures It was -$4.1 billion a year earlier..
How much cash does Moderna generate from operations?
Moderna generated -$1.9 billion of cash from operating activities in fiscal 2025.
How much does Moderna spend on capital expenditures?
Moderna spent $192.0 million on capital expenditures in fiscal 2025, 9.9% of revenue, compared with $1.1 billion the year before.