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How Moderna (MRNA) makes money: Q2 2026 revenue breakdown
The quarter in brief
Revenue grew 2.1% y/y to $145M, operating margin −562.1% vs −638.7%, net loss $782M (vs net loss $825M a year earlier).
Total revenue
$145M
up 2.1% y/y
Next report
not announced yet
How does Moderna make money?
Moderna brought in $145 million of revenue in Q2 2026, up 2.1% year over year. The largest source was Net product sales: $94.0 million, or 65% of the total; other lines add the remaining 35%.
Revenue by source, Q2 2026
- Net product sales$94.0M · 65% · −17.5%
- Other revenue$51.0M · 35% · +82.1%
Shares of $145M total revenue; changes are year over year, as reported. ≈ marks lines derived from disclosed totals. The same flows are drawn in the Sankey chart below.
All figures in $M.
| Line item | Amount and change |
|---|---|
| Net product sales | $94 · −17.5% |
| Other revenue | $51 · +82.1% |
| Total revenue | $145 · +2.1% |
| Interest income | $67 · −17.3% |
| Net loss | $782 · −5.2% |
| Cost of sales | $93 · −21.8% |
| Research and development | $651 · −7.0% |
| Selling, general and administrative | $216 · −6.1% |
| Other (expense) income, net | $19 · +138% |
| Provision for income taxes | $15 |
Verdict: revenue grew 2.1% y/y to $145M, operating margin −562.1% vs −638.7%, net loss $782M (vs net loss $825M a year earlier).
Revenue was $87 million in the U.S. and $58 million in international markets; mFLUSIVA, the seasonal influenza vaccine candidate, had an August 5 PDUFA goal date in the U.S.
Source and notation
Source: Moderna press release, 8-K EX-99.1 of 07/31/2026 (SEC EDGAR). Every figure was matched against the income statement in the release and checked against SEC XBRL.
Open the chart as a PNG image ↗ · for sharing and presentations · free to reuse, CC BY 4.0
- Cost of sales was $93 million, including $41 million of inventory write-downs and $23 million of unutilized manufacturing capacity costs; it decreased 22% year over year.
- Research and development expenses were $651 million, a 7% decrease, on lower clinical development costs after the wind-down of several late-stage programs; SG&A fell 6% to $216 million.
- mRNA-1403, the norovirus vaccine candidate, did not meet statistical criteria for early success at the Phase 3 interim analysis.
- Operating loss was $815M, a −562.1% margin vs −638.7% a year earlier.
- Diluted EPS was −$1.97 vs −$2.13 a year earlier.
What distorts the picture in this report and what to watch beyond the headlines.
Who runs the company now
As of 10/20/2026, per the company’s SEC filings: signatures on the latest report and leadership-change filings.
Positions: the company’s SEC filings. Spotted an error, or is this you and you’d like it corrected or removed? Contact us
How this is compiled
Who runs the company now comes from primary sources only: for US companies, the CEO and CFO signatures on the latest SEC report, and a separate board chair from the proxy statement (DEF 14A); for Russian and Kazakh issuers, the company website and its disclosures. We recheck weekly; if a name can’t be confirmed, or a leadership-change filing came out after the report, we don’t show it until it’s reviewed. History comes from proxy statements, disclosures, Wikipedia and Wikidata; years show when a term started and ended, “since” means the person is in office now. An outcome for a previous employer is shown only when the linked document states it.
Sources · 2
- SEC EDGAR: 10-Q 2026-07-31 · SEC EDGAR · 10/20/2026
- SEC EDGAR: 10-Q 2026-07-31 · SEC EDGAR · 10/20/2026
Moderna, Inc. is an American pharmaceutical and biotechnology company based in Cambridge, Massachusetts, that focuses on RNA therapeutics, primarily mRNA vaccines. · Text: Wikipedia, CC BY-SA 4.0, abridged
These vaccines use a copy of a molecule called messenger RNA (mRNA) to carry instructions for proteins to produce an immune response. The company's name is derived from the terms "modified", "RNA", and "modern".
Heads-up
- a net loss in Q2 2026 ($782 · −5.2%)
Most likely because cost of sales was $93 million, including $41 million of inventory write-downs and $23 million of unutilized manufacturing capacity costs; it decreased 22% year over year; research and development expenses were $651 million, a 7% decrease. Based on the Q2 2026 report.
The company's report ↗Company guidance
Same quarter a year ago (ended September 30, 2025): revenue $1.016B, EPS (GAAP) −$0.51
How we calculate
Year-ago figures are GAAP, from the company's SEC filings (XBRL); EPS is diluted.
MRNA earnings history: past report dates
| Jul 31, 2026 Fri | 7:03 ambefore market open | Jun 30, 2026 | $145M+2% y/y | −$1.97+8% y/y |
| May 1, 2026 Fri | 6:32 ambefore market open | Mar 31, 2026 | $389M+260% y/y | −$3.40−35% y/y |
| Jan 12, 2026 Mon | 7:01 ambefore market open | Dec 31, 2025 | ≈$678M−30% y/y | ≈−$2.10+28% y/y |
| Nov 6, 2025 Thu | 7:03 ambefore market open | Sep 30, 2025 | $1.0B−45% y/y | −$0.51 |
| Aug 1, 2025 Fri | 7:02 ambefore market open | Jun 30, 2025 | $142M−41% y/y | −$2.13+36% y/y |
| May 1, 2025 Thu | 6:31 ambefore market open | Mar 31, 2025 | $108M−35% y/y | −$2.52+18% y/y |
| Jan 13, 2025 Mon | 7:03 ambefore market open | Dec 31, 2024 | ≈$966M−66% y/y | ≈−$2.91 |
| Nov 7, 2024 Thu | 6:33 ambefore market open | Sep 30, 2024 | $1.9B+2% y/y | $0.03 |
| Aug 1, 2024 Thu | 6:31 ambefore market open | Jun 30, 2024 | $241M−30% y/y | −$3.33+8% y/y |
| May 2, 2024 Thu | 6:31 ambefore market open | Mar 31, 2024 | $167M−91% y/y | −$3.07 |
| Jan 8, 2024 Mon | 7:03 ambefore market open | Dec 31, 2023 | ≈$2.8B−45% y/y | ≈$0.63−83% y/y |
| Nov 2, 2023 Thu | 6:33 ambefore market open | Sep 30, 2023 | $1.8B−46% y/y | −$9.53 |
| Aug 3, 2023 Thu | 6:33 ambefore market open | Jun 30, 2023 | $344M−93% y/y | −$3.62 |
| May 4, 2023 Thu | 6:33 ambefore market open | Mar 31, 2023 | $1.9B−69% y/y | $0.19−98% y/y |
| Jan 9, 2023 Mon | 7:03 ambefore market open | Dec 31, 2022 | ≈$5.1B−29% y/y | ≈$3.66−68% y/y |
| Aug 3, 2022 Wed | 7:04 ambefore market open | Jun 30, 2022 | $4.7B+9% y/y | $5.24−19% y/y |
| May 4, 2022 Wed | 6:58 ambefore market open | Mar 31, 2022 | $6.1B+213% y/y | $8.58+202% y/y |
| Jan 10, 2022 Mon | 7:22 ambefore market open | Dec 31, 2021 | ≈$7.2B | ≈$11.29 |
| Nov 4, 2021 Thu | 7:04 ambefore market open | Sep 30, 2021 | $5.0B | $7.70 |
| Aug 5, 2021 Thu | 6:42 ambefore market open | Jun 30, 2021 | $4.4B | $6.46 |
| Apr 13, 2021 Tue | 5:28 pmafter market close | Mar 31, 2021 | $1.9B | $2.84 |
| Feb 25, 2021 Thu | 7:07 ambefore market open | Dec 31, 2020 | ≈$571M | ≈−$0.70−89% y/y |
| Oct 29, 2020 Thu | 7:07 ambefore market open | Sep 30, 2020 | $157M+821% y/y | −$0.59−59% y/y |
| Aug 5, 2020 Wed | 7:22 ambefore market open | Jun 30, 2020 | $67M+412% y/y | −$0.31+24% y/y |
| May 7, 2020 Thu | 7:12 ambefore market open | Mar 31, 2020 | $8M−50% y/y | −$0.35+13% y/y |
| Jan 6, 2020 Mon | 7:00 ambefore market open | Dec 31, 2019 | $14M−60% y/y | −$0.37+68% y/y |
| Nov 6, 2019 Wed | 7:00 ambefore market open | Sep 30, 2019 | $17M−59% y/y | −$0.37+72% y/y |
| May 8, 2019 Wed | 7:00 ambefore market open | Mar 31, 2019 | $16M−45% y/y | −$0.40+66% y/y |
| Jan 8, 2019 Tue | 8:30 ambefore market open | Dec 31, 2018 | $35M−61% y/y | −$1.14−78% y/y |
Show all 29 reports since 2019Show fewer
How we count
Report date and time — when the company filed its results press release with the SEC (Form 8-K, Item 2.02); the regular session runs 9:30 am – 4:00 pm ET. Companies that file the 8-K late in the evening publish the release the next morning: the date is that morning, before market open, and the evening filing time is not shown. Revenue and diluted EPS — the company’s XBRL filings, EPS adjusted for stock splits; ≈ — fourth quarter derived as full year minus three quarters. Source: SEC EDGAR.
Moderna: 10-year financials
| 2025 | 1,944 | −3,074 | −2,822 | −2,065 |
| 2024 | 3,236 | −3,945 | −3,561 | −4,055 |
| 2023 | 6,848 | −4,239 | −4,714 | −3,825 |
| 2022 | 19,263 | 9,420 | 8,362 | 4,581 |
| 2021 | 18,471 | 13,296 | 12,202 | 13,336 |
| 2020 | 803 | −763 | −747 | 1,959 |
| 2019 | 60 | −546 | −514 | −491 |
| 2018 | 135 | −413 | −385 | −437 |
| 2017 | 206 | −269 | −256 | −390 |
| 2016 | 108 | −224 | −216 | 33.6 |
$ millions, annual 10-K reports on SEC EDGAR (US GAAP)*.
How we calculate
Figures are annual report lines; if a year was later restated (discontinued operations, mergers), we use the latest filing that shows it. Free cash flow is operating cash flow minus capital expenditures; dividends are cash paid to common shareholders during the year. “—” means the line isn’t in the filing. History starts in 2016: earlier years aren’t in the company’s SEC filings (it’s younger or was spun off).
Shareholders’ equity at Jun 30, 2026: $6.8B (62% of total assets). Compare with other S&P 500 companies →
Included in screener lists: S&P 500 companies with no net debt
Moderna (MRNA) earnings: FAQ
How does Moderna make money?
Moderna brought in $145 million of revenue in Q2 2026, up 2.1% year over year. The largest source was Net product sales: $94.0 million, or 65% of the total; other lines add the remaining 35%.
When is MRNA's next earnings date?
We have not yet seen an announcement of the date from Moderna (MRNA). Based on last year's report on Nov 6, 2025, the next report is expected around Nov 5, 2026.
What time does MRNA report earnings?
Moderna usually reports before market open: its latest results release was filed with the SEC at 7:03 am ET on Jul 31, 2026.
When did MRNA last report earnings?
Moderna reported Q2 2026 results on Jul 31, 2026.
Where can I find Moderna's financial statements?
On SEC EDGAR: quarterly reports (10-Q), the annual report (10-K) and earnings releases (8-K). The “Verified” badge next to the chart links to MRNA's filings; this page breaks the latest report down in a Sankey chart.
How has Moderna's revenue changed since 2016?
Per its 10-K filings, revenue grew 17.9x: $108M in 2016 and $1,944M in 2025. The peak was $19,263M in 2022. Year-by-year figures are in the table above.
New to earnings reports? Start with how to read an earnings report.
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