Moderna, Inc. (MRNA) financial statements: income statement, balance sheet and cash flow

Moderna, Inc.'s income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Moderna, Inc. reported revenue of $1.9B (-39.9% year on year) and net income of ($2.8B) (+20.8% year on year).

Income statement

Moderna, Inc. income statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Total revenue	$1.9B	$3.2B	$6.8B	$19.3B
Cost of sales	$868.0M	$1.5B	$4.7B	$5.4B
Research and development	$3.1B	$4.5B	$4.8B	$3.3B
Selling, general and administrative	$1.0B	$1.2B	$1.5B	$1.1B
Total operating expenses	$5.0B	$7.2B	$11.1B	$9.8B
Loss from operations	($3.1B)	($3.9B)	($4.2B)	$9.4B
Interest income	$314.0M	$425.0M	$421.0M	$200.0M
Other expense, net	($8.0M)	($87.0M)	($124.0M)	($45.0M)
Loss before income taxes	($2.8B)	($3.6B)	($3.9B)	$9.6B
Provision for (benefit from) tax provision	$54.0M	($46.0M)	$772.0M	$1.2B
Net loss	($2.8B)	($3.6B)	($4.7B)	$8.4B
Basic (in usd per share)	-$7.26	-$9.28	-$12.33	$21.26
Diluted (in usd per share)	-$7.26	-$9.28	-$12.33	$20.12
Basic (in shares)	389.0M	384.0M	382.0M	394.0M
Diluted (in shares)	389.0M	384.0M	382.0M	416.0M

Moderna, Inc. income statement, quarters

Line item	Jun 30, 2026 · Q2	Mar 31, 2026 · Q1	Sep 30, 2025 · Q3	Jun 30, 2025 · Q2
Total revenue	$145.0M	$389.0M	$1.0B	$142.0M
Cost of sales	$93.0M	$955.0M	$207.0M	$119.0M
Research and development	$651.0M	$649.0M	$801.0M	$700.0M
Selling, general and administrative	$216.0M	$173.0M	$268.0M	$230.0M
Total operating expenses	$960.0M	$1.8B	$1.3B	$1.0B
Loss from operations	($815.0M)	($1.4B)	($260.0M)	($907.0M)
Interest income	$67.0M	$72.0M	$73.0M	$81.0M
Other (expense) income, net	($19.0M)	($18.0M)	$0	$8.0M
Loss before income taxes	($767.0M)	($1.3B)	($187.0M)	($818.0M)
Provision for income taxes	$15.0M	$9.0M	$13.0M	$7.0M
Net loss	($782.0M)	($1.3B)	($200.0M)	($825.0M)
Basic (in usd per share)	-$1.97	-$3.40	-$0.51	-$2.13
Diluted (in usd per share)	-$1.97	-$3.40	-$0.51	-$2.13
Basic (in shares)	398.0M	395.0M	390.0M	388.0M
Diluted (in shares)	398.0M	395.0M	390.0M	388.0M

Balance sheet

Moderna, Inc. balance sheet, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Cash and cash equivalents	$2.6B	$1.9B	$2.9B	$3.2B
Investments	$3.2B	$5.1B	$5.7B	$6.7B
Accounts receivable, net	$184.0M	$358.0M	$892.0M	$1.4B
Inventory	$153.0M	$117.0M	$202.0M	$949.0M
Prepaid expenses and other current assets	$408.0M	$599.0M	$627.0M	$1.2B
Total current assets	$6.5B	$8.1B	$10.3B	$13.4B
Investments, non-current	$2.3B	$2.5B	$4.7B	$8.3B
Property, plant and equipment, net	$2.1B	$2.2B	$1.9B	$2.0B
Right-of-use assets, operating leases	$719.0M	$759.0M	$713.0M	$121.0M
Other non-current assets	$605.0M	$594.0M	$685.0M	$988.0M
Total assets	$12.3B	$14.1B	$18.4B	$25.9B
Accounts payable	$317.0M	$405.0M	$520.0M	$487.0M
Accrued liabilities	$1.4B	$1.4B	$1.8B	$2.1B
Deferred revenue	$99.0M	$153.0M	$568.0M	$2.0B
Other current liabilities	$185.0M	$221.0M	$66.0M	$249.0M
Total current liabilities	$2.0B	$2.2B	$3.0B	$4.9B
Deferred revenue, non-current	$153.0M	$58.0M	$83.0M	$673.0M
Operating lease liabilities, non-current	$653.0M	$671.0M	$643.0M	$92.0M
Financing lease liabilities, non-current	$20.0M	$39.0M	$575.0M	$912.0M
Long-term debt	$590.0M	—	—	—
Other non-current liabilities	$285.0M	$267.0M	$256.0M	$135.0M
Total liabilities	$3.7B	$3.2B	$4.6B	$6.7B
Preferred stock, $0.0001; 162 shares authorized as of December 31, 2025 and 2024; no shares issued or outstanding at December 31, 2025 and 2024	0	0	0	0
Common stock, par value $0.0001; 1,600 shares authorized as of December 31, 2025 and 2024; 394 and 386 shares issued and outstanding as of December 31, 2025 and 2024, respectively	0	0	0	0
Additional paid-in capital	$1.4B	$866.0M	$371.0M	$1.2B
Accumulated other comprehensive income (loss)	$45.0M	($10.0M)	($123.0M)	($370.0M)
Retained earnings	$7.2B	$10.0B	$13.6B	$18.3B
Total stockholders’ equity	$8.7B	$10.9B	$13.9B	$19.1B
Total liabilities and stockholders’ equity	$12.3B	$14.1B	$18.4B	$25.9B

Moderna, Inc. balance sheet, quarters

Line item	Jun 30, 2026	Mar 31, 2026	Sep 30, 2025	Jun 30, 2025
Cash and cash equivalents	$1.7B	$1.9B	$1.1B	$1.3B
Investments	$3.4B	$3.3B	$3.4B	$3.9B
Accounts receivable, net	$17.0M	$71.0M	$1.0B	$36.0M
Inventory	$280.0M	$146.0M	$332.0M	$240.0M
Prepaid expenses and other current assets	$380.0M	$348.0M	$716.0M	$764.0M
Total current assets	$5.8B	$5.8B	$6.6B	$6.2B
Investments, non-current	$1.8B	$2.3B	$2.1B	$2.4B
Property, plant and equipment, net	$2.1B	$2.1B	$2.1B	$2.2B
Right-of-use assets, operating leases	$697.0M	$706.0M	$738.0M	$750.0M
Other non-current assets	$618.0M	$675.0M	$530.0M	$546.0M
Total assets	$11.0B	$11.5B	$12.1B	$12.0B
Accounts payable	$167.0M	$161.0M	$267.0M	$175.0M
Accrued liabilities	$1.9B	$1.9B	$1.2B	$987.0M
Deferred revenue	$295.0M	$102.0M	$163.0M	$218.0M
Other current liabilities	$163.0M	$220.0M	$73.0M	$192.0M
Total current liabilities	$2.5B	$2.4B	$1.7B	$1.6B
Deferred revenue, non-current	$147.0M	$154.0M	$157.0M	$65.0M
Operating lease liabilities, non-current	$638.0M	$645.0M	$660.0M	$666.0M
Financing lease liabilities, non-current	$6.0M	$13.0M	$26.0M	$32.0M
Long-term debt	$591.0M	$590.0M	—	—
Other non-current liabilities	$284.0M	$283.0M	$281.0M	$276.0M
Total liabilities	$4.2B	$4.1B	$2.8B	$2.6B
Preferred stock, par value $0.0001; 162 shares authorized as of June 30, 2026 and December 31, 2025; no shares issued or outstanding at June 30, 2026 and December 31, 2025	0	0	0	0
Common stock, par value $0.0001; 1,600 shares authorized as of June 30, 2026 and December 31, 2025; 399 and 394 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	0	0	0	0
Additional paid-in capital	$1.6B	$1.5B	$1.3B	$1.1B
Accumulated other comprehensive income	$19.0M	$25.0M	$27.0M	$23.0M
Retained earnings	$5.1B	$5.9B	$8.0B	$8.2B
Total stockholders’ equity	$6.8B	$7.4B	$9.3B	$9.4B
Total liabilities and stockholders’ equity	$11.0B	$11.5B	$12.1B	$12.0B

Cash flow statement

Moderna, Inc. cash flow statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Net loss	($2.8B)	($3.6B)	($4.7B)	$8.4B
Stock-based compensation	$483.0M	$429.0M	$305.0M	$226.0M
Depreciation and amortization	$215.0M	$189.0M	$621.0M	$348.0M
Amortization/accretion of investments	($67.0M)	($95.0M)	($61.0M)	$31.0M
Loss on equity investments, net	$8.0M	$52.0M	$35.0M	—
Other non-cash items	$77.0M	$60.0M	$7.0M	$28.0M
Accounts receivable, net	$156.0M	$534.0M	$493.0M	$1.8B
Prepaid expenses and other assets	$153.0M	$145.0M	$974.0M	($1.7B)
Inventory	($34.0M)	$83.0M	$747.0M	$492.0M
Right-of-use assets, operating leases	$38.0M	($53.0M)	($605.0M)	$21.0M
Accounts payable	($92.0M)	($69.0M)	$13.0M	$240.0M
Accrued liabilities	($2.0M)	($385.0M)	($340.0M)	$612.0M
Deferred revenue	$41.0M	($439.0M)	($2.1B)	($4.2B)
Operating lease liabilities	($21.0M)	$28.0M	$551.0M	($14.0M)
Other liabilities	($6.0M)	$78.0M	$73.0M	$88.0M
Net cash used in operating activities	($1.9B)	($3.0B)	($3.1B)	$5.0B
Purchases of marketable securities	($5.8B)	($6.5B)	($3.8B)	($11.4B)
Proceeds from maturities of marketable securities	$5.6B	$5.6B	$5.6B	$3.2B
Proceeds from sales of marketable securities	$2.4B	$4.0B	$3.2B	$3.5B
Purchases of property, plant and equipment	($192.0M)	($1.1B)	($707.0M)	($400.0M)
Acquisition of business, net of cash acquired	$0	$0	($85.0M)	—
Purchase of intangible asset	($10.0M)	—	—	—
Investment in convertible notes and equity securities	$0	$0	($23.0M)	($40.0M)
Net cash provided by investing activities	$1.9B	$1.9B	$4.2B	($5.2B)
Proceeds from credit facility	$600.0M	—	—	—
Payment of credit facility issuance costs	($22.0M)	—	—	—
Proceeds from issuance of common stock through equity plans	$35.0M	$66.0M	$46.0M	$65.0M
Tax payments related to net share settlements on equity awards	($2.0M)	$0	($1.2B)	($3.3B)
Changes in financing lease liabilities	($18.0M)	($10.0M)	($270.0M)	($184.0M)
Net cash provided by (used in) financing activities	$593.0M	$56.0M	($1.4B)	($3.4B)
Effect of changes in exchange rates on cash and cash equivalents	$2.0M	—	—	—
Net increase (decrease) in cash, cash equivalents and restricted cash	$668.0M	($999.0M)	($289.0M)	($3.6B)
Cash, cash equivalents and restricted cash, beginning of year	$1.9B	$2.9B	$3.2B	$6.9B
Cash, cash equivalents and restricted cash, end of year	$2.6B	$1.9B	$2.9B	$3.2B
Cash paid (received) for income taxes	$26.0M	$197.0M	($357.0M)	$2.7B
Cash paid for interest	$10.0M	$24.0M	$39.0M	$25.0M
Purchases of property, plant and equipment included in accounts payable and accrued liabilities	$83.0M	$97.0M	$130.0M	$72.0M

Moderna, Inc. cash flow statement, quarters

Line item	Jun 30, 2026 · YTD	Mar 31, 2026 · Q1	Sep 30, 2025 · YTD	Jun 30, 2025 · YTD
Net loss	($2.1B)	($1.3B)	($2.0B)	($1.8B)
Stock-based compensation	$224.0M	$104.0M	$370.0M	$245.0M
Depreciation and amortization	$122.0M	$59.0M	$148.0M	$96.0M
Amortization/accretion of investments	($21.0M)	($11.0M)	($54.0M)	($37.0M)
Loss on equity investments, net	$2.0M	$2.0M	$5.0M	$8.0M
Other non-cash items	$10.0M	$6.0M	$50.0M	$36.0M
Accounts receivable, net	$167.0M	$114.0M	($703.0M)	$310.0M
Prepaid expenses and other assets	$70.0M	$54.0M	($84.0M)	($150.0M)
Inventory	($126.0M)	$6.0M	($213.0M)	($122.0M)
Right-of-use assets, operating leases	$21.0M	$11.0M	$28.0M	$19.0M
Accounts payable	($128.0M)	($120.0M)	($114.0M)	($203.0M)
Accrued liabilities	$475.0M	$464.0M	($196.0M)	($395.0M)
Deferred revenue	$195.0M	$5.0M	$108.0M	$68.0M
Operating lease liabilities	($15.0M)	($7.0M)	($15.0M)	($10.0M)
Other liabilities	($27.0M)	$26.0M	($137.0M)	($25.0M)
Net cash used in operating activities	($1.2B)	($630.0M)	($2.8B)	($2.0B)
Purchases of marketable securities	($1.9B)	($1.3B)	($4.2B)	($3.1B)
Proceeds from maturities of marketable securities	$1.4B	$732.0M	$4.6B	$3.4B
Proceeds from sales of marketable securities	$814.0M	$602.0M	$1.7B	$1.1B
Purchases of property, plant and equipment	($99.0M)	($62.0M)	($153.0M)	($120.0M)
Purchase of intangible asset	$0	$0	($10.0M)	($10.0M)
Net cash provided by investing activities	$253.0M	($76.0M)	$2.0B	$1.3B
Proceeds from issuance of common stock through equity plans	$42.0M	$19.0M	$19.0M	$17.0M
Tax payments related to net share settlements on equity awards	($4.0M)	($2.0M)	($1.0M)	($1.0M)
Changes in financing lease liabilities	($7.0M)	$0	($6.0M)	($3.0M)
Net cash provided by financing activities	$31.0M	$17.0M	$12.0M	$13.0M
Effect of changes in exchange rates on cash and cash equivalents	($1.0M)	$1.0M	$2.0M	$1.0M
Net decrease in cash, cash equivalents and restricted cash	($873.0M)	($688.0M)	($795.0M)	($648.0M)
Cash, cash equivalents and restricted cash, beginning of year	$2.6B	$2.6B	$1.9B	$1.9B
Cash, cash equivalents and restricted cash, end of period	$1.7B	$1.9B	$1.1B	$1.3B
Purchases of property and equipment included in accounts payable and accrued liabilities	$36.0M	$35.0M	$42.0M	$47.0M
Purchases of intangible asset included in accounts payable and accrued liabilities	$74.0M	$74.0M	—	—

Moderna, Inc. score and earnings-call analysis · All covered companies

Figures as reported in SEC filings. General information, not investment advice.