Moderna, Inc. (MRNA) Income Statement
MRNA 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsMRNA revenue and net income
Where MRNA's revenue goes
2025Each bar shows an amount and its share of revenue. MRNA kept −145.2% of revenue as net income.
MRNA profit margins
MRNA growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −39.2% | −53.1% | +47.9% | — |
| Gross profit | −38.0% | −56.9% | +32.2% | — |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
MRNA quarterly EPS vs estimates
Moderna beat the analyst EPS estimate in 6 of the last 8 quarters. Next report: November 6, 2026 (estimate $-1.10).
MRNA income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.94B | $3.20B | $6.85B | $18.88B | $17.74B | $274.5M | $48.0M | $122.5M | $205.8M | $108.4M |
| Cost of revenue | $868.0M | $1.46B | $4.69B | $5.42B | $2.62B | $7.9M | $496.3M | $454.1M | $20.5M | $15.1M |
| Gross profit | $1.08B | $1.74B | $2.15B | $13.46B | $15.12B | $266.6M | $48.0M | −$331.6M | $185.3M | $93.3M |
| Research & development | $3.13B | $4.54B | $4.84B | $3.29B | $1.99B | $1.37B | $496.3M | $454.1M | $410.5M | $274.7M |
| Sales, general & admin | $1.02B | $1.17B | $1.55B | $1.01B | $567.0M | $188.3M | $109.6M | $94.3M | $64.7M | $57.5M |
| Total operating expenses | $4.15B | $5.68B | $6.39B | $4.04B | $1.82B | $1.03B | $593.8M | $535.8M | $454.6M | $317.1M |
| Operating income | −$3.07B | −$3.94B | −$4.24B | $9.42B | $13.30B | −$763.1M | −$545.7M | −$413.3M | −$269.4M | −$223.8M |
| Interest income | $314.0M | $425.0M | $405.0M | $200.0M | $18.0M | $24.7M | $38.5M | $27.0M | $15.2M | $11.3M |
| Interest expense | $10.0M | $24.0M | $38.0M | $29.0M | $18.0M | $9.9M | $6.6M | $3.1M | $132,000 | $0 |
| Income before taxes | −$2.77B | −$3.61B | −$3.94B | $9.57B | $13.29B | −$744.5M | −$514.7M | −$384.4M | −$256.0M | −$215.2M |
| Income taxes | $54.0M | −$46.0M | $772.0M | $1.21B | $1.08B | $2.6M | −$695,000 | $326,000 | −$80,000 | $1.0M |
| Net income | −$2.82B | −$3.56B | −$4.71B | $8.36B | $12.20B | −$747.1M | −$514.0M | −$384.7M | −$255.9M | −$216.2M |
| EBITDA | −$2.55B | −$3.39B | −$3.28B | $9.95B | $13.53B | −$731.9M | −$514.7M | −$388.4M | −$235.3M | −$208.7M |
| EPS (diluted) | −$7.27 | −$9.28 | −$12.41 | $19.96 | $28.29 | −$1.94 | −$1.55 | −$2.59 | −$0.86 | −$3.54 |
| Gross margin | 55.3% | 54.2% | 31.5% | 71.3% | 85.2% | 97.1% | 100.0% | −270.6% | 90.0% | 86.1% |
| Operating margin | −158.1% | −123.3% | −61.9% | 49.9% | 75.0% | −278.0% | −1,136.1% | −337.3% | −130.9% | −206.4% |
| Net margin | −145.2% | −111.3% | −68.8% | 44.3% | 68.8% | −272.2% | −1,070.1% | −314.0% | −124.3% | −199.5% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $145.0M | $389.0M | $678.0M | $1.02B | $142.0M | $107.0M | $956.0M | $1.85B | $221.0M | $167.0M | $2.81B | $1.83B |
| Cost of revenue | $93.0M | $955.0M | $452.0M | $1.01B | $119.0M | $90.0M | $739.0M | $514.0M | $115.0M | $96.0M | $929.0M | $2.24B |
| Gross profit | $52.0M | −$566.0M | $226.0M | $8.0M | $23.0M | $17.0M | $217.0M | $1.34B | $106.0M | $71.0M | $1.88B | −$410.0M |
| Research & development | $651.0M | $649.0M | $775.0M | $801.0M | $700.0M | $856.0M | $1.12B | $1.14B | $1.22B | $1.03B | $1.41B | $1.16B |
| Sales, general & admin | $216.0M | $173.0M | $308.0M | $268.0M | $230.0M | $212.0M | $351.0M | $281.0M | $268.0M | $274.0M | $470.0M | $442.0M |
| Total operating expenses | $867.0M | $822.0M | $1.08B | $268.0M | $930.0M | $1.07B | $1.46B | $1.41B | $1.47B | $1.34B | $1.88B | $1.60B |
| Operating income | −$815.0M | −$1.39B | −$857.0M | −$260.0M | −$907.0M | −$1.05B | −$1.25B | −$70.0M | −$1.36B | −$1.27B | $6.0M | −$2.01B |
| Interest income | $67.0M | $72.0M | $70.0M | $73.0M | $81.0M | $90.0M | $91.0M | $103.0M | $111.0M | $120.0M | $103.0M | $105.0M |
| Interest expense | $17.0M | $17.0M | $8.0M | $0 | $1.0M | $1.0M | $6.0M | $6.0M | $6.0M | $6.0M | $6.0M | $10.0M |
| Income before taxes | −$767.0M | −$1.33B | −$799.0M | −$187.0M | −$818.0M | −$964.0M | −$1.18B | $21.0M | −$1.28B | −$1.17B | $70.0M | −$1.96B |
| Income taxes | $15.0M | $9.0M | $27.0M | $13.0M | $7.0M | $7.0M | −$64.0M | $8.0M | — | $10.0M | −$147.0M | $1.67B |
| 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 |
| EBITDA | −$704.0M | −$1.26B | −$732.0M | −$135.0M | −$760.0M | −$924.0M | −$1.12B | $79.0M | −$1.23B | −$1.12B | $278.0M | −$1.70B |
| EPS (diluted) | −$1.97 | −$3.40 | −$2.11 | −$0.51 | −$2.13 | −$2.52 | −$2.91 | $0.03 | −$3.33 | −$3.07 | $0.55 | −$9.53 |
| Gross margin | 35.9% | −145.5% | 33.3% | 0.8% | 16.2% | 15.9% | 22.7% | 72.3% | 48.0% | 42.5% | 67.0% | −22.4% |
| Operating margin | −562.1% | −356.8% | −126.4% | −25.6% | −638.7% | −981.3% | −130.3% | −3.8% | −616.7% | −758.1% | 0.2% | −109.9% |
| Net margin | −539.3% | −345.2% | −121.8% | −19.7% | −581.0% | −907.5% | −117.2% | 0.7% | −578.7% | −703.6% | 7.7% | −198.3% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in MRNA's financial statements (latest annual report filed February 20, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
MRNA financial results
In fiscal year 2025 (ended December 31, 2025), Moderna reported revenue of $1.9 billion, down 39.2% from the year before. It had a net loss of $2.8 billion, a net profit margin of −145.2%. Diluted earnings per share came to −$7.27. Over five years revenue grew at an average rate of 47.9% a year.
See the MRNA stock overview for the latest quote and news, or the MRNA chart for price history and technical indicators.
MRNA income statement FAQ
What is Moderna's annual revenue?
Moderna reported total revenue of $1.9 billion for fiscal year 2025, which ended on December 31, 2025. That was down 39.2% from $3.2 billion the previous year.
Is Moderna profitable?
No. Moderna reported a net loss of $2.8 billion in fiscal 2025, a net profit margin of −145.2%; its operating margin was −158.1%.
What is Moderna's gross margin?
Moderna's gross margin was 55.3% in fiscal 2025: for every $100 of revenue, Moderna kept $55 after the direct cost of its products and services.
How much does Moderna spend on research and development?
Moderna spent $3.1 billion on research and development in fiscal 2025, 161.1% of revenue.
How fast is Moderna growing?
Revenue grew 47.9% a year on average over the last five fiscal years, from $274.5 million to $1.9 billion.
What are Moderna's earnings per share?
Moderna earned $-7.27 per diluted share in fiscal 2025, compared with $-9.28 a year earlier.
When will Moderna report its next earnings?
Moderna is expected to report results for the quarter ending September 30, 2026 on November 6, 2026 before the market opens.
When does Moderna's fiscal year end?
Moderna's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 20, 2026.