Moderna, Inc. (MRNA) Financial Statements

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Moderna financial statements at a glance

Moderna reported revenue of $1.92 billion for fiscal year 2025 (ended December 31, 2025), down 39.9% from fiscal year 2024. Net income was -$2.82 billion, a net margin of 146.8% loss.

At the end of fiscal year 2025 it had total assets of $12.34 billion, total liabilities of $3.69 billion and shareholders' equity of $8.65 billion, with cash and short-term investments of $5.80 billion and total debt of $1.31 billion.

Its operations brought in -$1.87 billion of cash; capital spending was $202.00 million, leaving free cash flow of -$2.08 billion.

The tables below show the income statement, balance sheet and cash flow statement; the key figures of the last 5 fiscal years are at the bottom of the page.

Figures from company filings, in USD; latest fiscal year ended December 31, 2025.

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Moderna, Inc.

MRNAUnited States
Healthcare
USD (Local)

Income Statement

Annual • USD

Total Revenue
1.92B
Prev Year: 3.20B
YoY: -39.9%
Operating Revenue
3.30B
Prev Year: 4.52B
YoY: -26.9%
Total Operating Income as Reported
-3.07B
Prev Year: -3.94B
YoY: +22.0%
Diluted NI Available to Com Stockholders
-2.82B
Prev Year: -3.56B
YoY: +20.7%
Gain on Sale of Securities
-5.00M
Prev Year: -56.00M
YoY: +91.1%
Other Operating Expenses
-22.00M
Prev Year: -37.00M
YoY: +40.5%
Cost of Revenue
868.00M
Prev Year: 1.46B
YoY: -40.5%
Gross Profit
1.05B
Prev Year: 1.74B
YoY: -39.4%
Operating Expense
4.13B
Prev Year: 5.68B
YoY: -27.3%
Selling General and Administrative
1.02B
Prev Year: 1.17B
YoY: -13.0%
Research and Development
3.13B
Prev Year: 4.54B
YoY: -31.0%
Operating Income
-3.07B
Prev Year: -3.94B
YoY: +22.0%
Net Non Operating Interest Income Expense
304.00M
Prev Year: 401.00M
YoY: -24.2%
Non-operating Interest Income
314.00M
Prev Year: 425.00M
YoY: -26.1%
Non-operating Interest Expense
10.00M
Prev Year: 24.00M
YoY: -58.3%
Other Income Expense
2.00M
Prev Year: -63.00M
YoY: +103.2%
Other Non-operating Income (expense)
7.00M
Prev Year: -7.00M
YoY: +200.0%
Pre-tax Income
-2.77B
Prev Year: -3.61B
YoY: +23.3%
Provision for Income Taxes
54.00M
Prev Year: -46.00M
YoY: +217.4%
Net Income Common Stockholders
-2.82B
Prev Year: -3.56B
YoY: +20.7%
Net Income
-2.82B
Prev Year: -3.56B
YoY: +20.7%
Net Income Including Non-Controlling Interests
-2.82B
Prev Year: -3.56B
YoY: +20.7%
Net Income from Continuing Operations
-2.82B
Prev Year: -3.56B
YoY: +20.7%
Net Income from Continuing and Discontinued Operation
-2.82B
Prev Year: -3.56B
YoY: +20.7%
Normalized Income
-2.82B
Prev Year: -3.51B
YoY: +19.7%
Basic EPS
-
Prev Year: -9.28
Interest Income
314.00M
Prev Year: 425.00M
YoY: -26.1%
Diluted EPS
-
Prev Year: -9.28
Interest Expense
10.00M
Prev Year: 24.00M
YoY: -58.3%
Weighted Average Shares (basic)
-
Prev Year: 384.00M
Net Interest Income
304.00M
Prev Year: 401.00M
YoY: -24.2%
Weighted Average Shares (diluted)
-
Prev Year: 384.00M
EBIT
-2.76B
Prev Year: -3.58B
YoY: +23.0%
EBITDA
-2.54B
Prev Year: -3.39B
YoY: +25.0%
Reconciled Cost of Revenue
868.00M
Prev Year: 1.46B
YoY: -40.5%
Reconciled Depreciation
215.00M
Prev Year: 189.00M
YoY: +13.8%
Net Income from Continuing Operation Net Minority Interest
-2.82B
Prev Year: -3.56B
YoY: +20.7%
Normalized EBITDA
-2.54B
Prev Year: -3.34B
YoY: +24.0%
Tax Rate for Calcs
0.21
Prev Year: 0.01
YoY: +2000.0%
Tax Effect of Unusual Items
-1.05M
Prev Year: 0
Total Unusual Items
-5.00M
Prev Year: -56.00M
YoY: +91.1%
Total Unusual Items Excluding Goodwill
-5.00M
Prev Year: -56.00M
YoY: +91.1%
Total Expenses
5.00B
Prev Year: 7.14B
YoY: -30.0%
Values in USD

Moderna key figures by fiscal year

FY2025FY2024FY2023FY2022FY2021
Revenue$1.9B$3.2B$6.8B$18.9B$17.7B
Gross profit$1.1B$1.7B$2.1B$13.5B$15.1B
Operating income-$3.1B-$3.9B-$4.2B$9.4B$13.3B
Net income-$2.8B-$3.6B-$4.7B$8.4B$12.2B
Diluted EPS–-$9.28-$12.33$20.12$28.29
Total assets$12.3B$14.1B$18.4B$25.9B$24.7B
Total liabilities$3.7B$3.2B$4.6B$6.7B$10.5B
Shareholders' equity$8.7B$10.9B$13.9B$19.1B$14.1B
Cash and short-term investments$5.8B$7.0B$8.6B$9.9B$10.7B
Total debt$1.3B$747.0M$1.2B$1.2B$916.0M
Operating cash flow-$1.9B-$3.0B-$3.1B$5.0B$13.6B
Capital spending$202.0M$1.1B$707.0M$400.0M$284.0M
Free cash flow-$2.1B-$4.1B-$3.8B$4.6B$13.3B

In USD. Fiscal years as reported by the company; statements on this page go back to fiscal year 2016.

Questions and answers

What was Moderna's revenue in fiscal year 2025?

$1.92 billion, down 39.9% from $3.20 billion in fiscal year 2024.

How much profit does Moderna make?

Moderna reported net income of -$2.82 billion for fiscal year 2025 (146.8% of revenue); operating income was -$3.07 billion.

How much cash and debt does Moderna have?

At the end of fiscal year 2025: cash and short-term investments of $5.80 billion and total debt of $1.31 billion.

What is Moderna's free cash flow?

-$2.08 billion in fiscal year 2025 (operating cash flow of -$1.87 billion minus capital spending of $202.00 million).

Disclaimer: This analysis is for informational and educational purposes only and does not constitute financial, investment, tax, or legal advice. Data may be incomplete, delayed, or contain inaccuracies. Consult with a qualified financial advisor before making any investment decisions.
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