MRNA

MKT CAP:$20B

Moderna, Inc.

Market Cap

$20B

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Healthcare·Biotechnology·🇺🇸·NASDAQ

Stock Price

$53.66+$22.80 (+73.88%)

Apr 23, 2026

Company Details

Moderna, Inc., a biotechnology company, discovers, develops, and commercializes messenger RNA therapeutics and vaccines for the treatment of infectious diseases, immuno-oncology, rare diseases, cardiovascular diseases, and auto-immune disea...

CEO

Stéphane Bancel

IPO Date

Dec 7, 2018

Website

www.modernatx.com

Key Metrics TTM

Revenue

$4.5B

-34.0% YoY

Net Income

-$2.1B

EPS (Diluted)

-$5.50

Free Cash Flow

-$2.1B

Revenue / Share

$11.49

Gross Margin

39.8%

Operating Margin

-54.0%

Net Margin

-47.3%

FCF Margin

-45.6%

P/S

4.5x

P/E

—

Earnings Reports

Q1 2026

May 7, 2026

PENDING

FY 2025

Feb 20, 2026

$1.9B-39.2%EPS -$7.26

Q4 2025

Feb 20, 2026

$678M-29.1%EPS -$2.11

Q3 2025

Nov 6, 2025

$1.0B-45.2%EPS -$0.51

FY 2024

Feb 21, 2025

$3.2B-53.3%EPS -$9.27

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 21	$1.7B	$1.6B	$1.3B
Q2 21	$4.2B	$3.5B	$3.1B
Q3 21	$4.8B	$4.1B	$3.6B
Q4 21	$6.9B	$6.0B	$5.4B
Q1 22	$5.9B	$4.9B	$4.2B
Q2 22	$4.6B	$3.2B	$2.4B
Q3 22	$3.2B	$2.1B	$1.2B
Q4 22	$5.1B	$3.2B	$1.6B
Q1 23	$1.8B	$1.0B	-$366M
Q2 23	$344M	-$387M	-$1.9B
Q3 23	$1.8B	-$410M	-$2.0B
Q4 23	$2.8B	$1.9B	$6M
Q3 24	$1.9B	$1.3B	-$70M
Q4 24	$956M	$217M	-$1.2B
Q3 25	$1.0B	$8M	-$260M
Q4 25	$678M	$226M	-$857M

Valuation

Quarter	P/S	P/E
Q1 21	7.9x	33.6x
Q2 21	3.0x	5.8x
Q3 21	1.8x	2.8x
Q4 21	1.1x	1.6x
Q1 22	0.9x	1.4x
Q2 22	0.9x	1.4x
Q3 22	1.0x	1.7x
Q4 22	1.1x	2.4x
Q1 23	1.4x	4.2x
Q2 23	1.9x	16.7x
Q3 23	2.2x	—
Q4 23	2.9x	—
Q3 24	2.9x	—
Q4 24	2.7x	—
Q3 25	3.0x	—
Q4 25	4.5x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$2.8B	$2.6B
Q2 22	$304M	$217M
Q3 22	$252M	$163M
Q4 22	$1.7B	$1.6B
Q1 23	-$1.2B	-$1.3B
Q2 23	-$915M	-$1.1B
Q3 23	-$1.6B	-$1.7B
Q4 23	$622M	$402M
Q1 24	-$989M	-$1.2B
Q2 24	-$1.3B	-$1.5B
Q3 24	-$1.6B	-$1.7B
Q4 24	$825M	$303M
Q1 25	-$1.0B	-$1.2B
Q2 25	-$919M	-$922M
Q3 25	-$847M	-$880M
Q4 25	$951M	$912M

Capital Expenditures

Quarter	CapEx
Q1 22	$132M
Q2 22	$87M
Q3 22	$89M
Q4 22	$92M
Q1 23	$113M
Q2 23	$234M
Q3 23	$140M
Q4 23	$220M
Q1 24	$196M
Q2 24	$182M
Q3 24	$151M
Q4 24	$522M
Q1 25	$127M
Q2 25	$3M
Q3 25	$33M
Q4 25	$39M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 21	+20677.2%	+242.5%
Q2 21	+6252.6%	+511.7%
Q3 21	+2958.1%	+223.4%
Q4 21	+1117.5%	+82.0%
Q1 22	+240.8%	+259.1%
Q2 22	+8.3%	+83.8%
Q3 22	-33.3%	+61.6%
Q4 22	-25.9%	+131.9%
Q1 23	-69.1%	+28.7%
Q2 23	-92.5%	+4.3%
Q3 23	-43.1%	+87.1%
Q4 23	-45.4%	-21.4%
Q3 24	+0.9%	-12.7%
Q4 24	+177.9%	-0.4%
Q3 25	-44.5%	-66.8%
Q4 25	-75.9%	-45.3%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$44M	0.7%
Q2 22	$50M	1.1%
Q3 22	$70M	2.2%
Q4 22	$62M	1.2%
Q1 23	$75M	4.1%
Q2 23	$74M	21.5%
Q3 23	$77M	4.2%
Q4 23	$79M	2.8%
Q1 24	$101M	—
Q2 24	$112M	—
Q3 24	$112M	6.0%
Q4 24	$104M	10.9%
Q1 25	$115M	—
Q2 25	$130M	—
Q3 25	$0	0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q1 21	$401M	—	—	$77M
Q2 21	$421M	—	—	$121M
Q3 21	$521M	—	—	$168M
Q4 21	$648M	—	—	$201M
Q1 22	$554M	—	—	$268M
Q2 22	$710M	—	—	$211M
Q3 22	$820M	—	—	$278M
Q4 22	$1.2B	$254M	$121M	—
Q1 23	$1.1B	—	—	$305M
Q2 23	$1.1B	—	—	$332M
Q3 23	$1.2B	—	—	$442M
Q4 23	$1.4B	$266M	$204M	—
Q3 24	$1.1B	—	—	$281M
Q4 24	$1.1B	—	—	$351M
Q3 25	$801M	—	—	$268M
Q4 25	$775M	—	—	$308M

Revenue Segments

Quarter	Collaboration Arrangement	Grant	Product Sales
Q1 22	$15M	$126M	$5.9B
Q2 22	$35M	$183M	$4.5B
Q1 23	$2M	$24M	$1.8B

Revenue by Geography

Quarter	Rest Of The World	United States	Europe
Q1 21	$375M	$1.4B	—
Q2 21	$2.1B	$2.1B	—
Q3 21	$3.6B	$1.2B	—
Q1 22	$2.9B	$945M	$2.1B
Q2 22	$1.7B	$1.4B	$1.4B
Q3 22	$1.1B	$985M	$1.0B
Q1 23	$1.3B	$1M	$576M
Q3 23	$741M	$913M	$103M
Q3 24	$324M	$1.2B	$281M
Q3 25	$175M	$782M	$16M
Q4 25	$347M	$298M	$37M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$5.0B	$5.1B	$10.1B
Q2 22	$2.9B	$5.0B	$7.9B
Q3 22	$3.0B	$5.3B	$8.3B
Q4 22	$3.2B	$6.7B	$9.9B
Q1 23	$3.4B	$5.5B	$8.9B
Q2 23	$3.8B	$4.7B	$8.5B
Q3 23	$2.9B	$4.6B	$7.6B
Q4 23	$2.9B	$5.7B	$8.6B
Q1 24	$2.1B	$6.5B	$8.5B
Q2 24	$2.5B	$6.0B	$8.5B
Q3 24	$1.6B	$5.2B	$6.9B
Q4 24	$1.9B	$5.1B	$7.0B
Q1 25	$1.6B	$4.4B	$6.0B
Q2 25	$1.3B	$3.9B	$5.1B
Q3 25	$1.1B	$3.4B	$4.5B
Q4 25	$2.6B	$3.2B	$5.8B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 21	430M	+8.4%	+21.8%
Q2 21	431M	+0.2%	+13.1%
Q3 21	434M	+0.7%	+9.9%
Q4 21	431M	-0.7%	+8.6%
Q1 22	426M	-1.2%	-0.9%
Q2 22	419M	-1.6%	-2.8%
Q3 22	412M	-1.7%	-5.1%
Q4 22	405M	-1.7%	-6.0%
Q1 23	405M	0.0%	-4.9%
Q2 23	381M	-5.9%	-9.1%
Q3 23	381M	0.0%	-7.5%
Q4 23	395M	+3.7%	-2.5%
Q3 24	399M	+1.0%	-1.5%
Q4 24	385M	-3.5%	+1.0%
Q3 25	390M	+1.3%	+2.4%
Q4 25	392M	+0.5%	-0.8%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 21	$1M	1K
Q2 21	$3M	1K
Q3 21	$4M	1K
Q4 21	$3M	3K
Q1 22	$2M	3K
Q2 22	$2M	3K
Q3 22	$1M	3K
Q4 22	$1M	4K
Q1 23	$471.3K	4K
Q2 23	$88.2K	4K
Q3 23	$469.5K	4K
Q4 23	$502.3K	6K
Q3 24	$331.3K	6K
Q4 24	$164.8K	6K
Q3 25	$175.2K	6K
Q4 25	$144.3K	5K

Revenue / Employee