Moderna (MRNA) financial statements
Moderna reported revenue of $1.9B in fiscal 2025, up 37.8% a year over 9 years.
Net income was -$2.8B and the operating margin -158.1%, against -206.4% in 2016.
Free cash flow was -$2.1B, and the company returned $2M in net buybacks.
The diluted share count rose 540% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Moderna's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $108M | $206M | $135M | $60M | $803M | $18.5B | $19.3B | $6.8B | $3.2B | $1.9B |
| Cost of revenue | — | — | $0 | $0 | $8M | $2.6B | $5.4B | $4.7B | $1.5B | $868M |
| Gross profit | — | — | $135M | $60M | $795M | $15.9B | $13.8B | $2.2B | $1.8B | $1.1B |
| Research and development | $275M | $410M | $454M | $496M | $1.4B | $2.0B | $3.3B | $4.8B | $4.5B | $3.1B |
| Selling, general and admin | $57M | $65M | $94M | $110M | $188M | $567M | $1.1B | $1.5B | $1.2B | $1.0B |
| Operating income | -$224M | -$269M | -$413M | -$546M | -$763M | $13.3B | $9.4B | -$4.2B | -$3.9B | -$3.1B |
| Pre-tax income | -$215M | -$256M | -$384M | -$515M | -$744M | $13.3B | $9.6B | -$3.9B | -$3.6B | -$2.8B |
| Income tax | $1M | -$80,000 | $326,000 | -$1M | $3M | $1.1B | $1.2B | $772M | -$46M | $54M |
| Net income | -$216M | -$256M | -$385M | -$514M | -$747M | $12.2B | $8.4B | -$4.7B | -$3.6B | -$2.8B |
| EPS (diluted) | -$3.79 | -$4.18 | -$4.95 | -$1.55 | -$1.96 | $28.29 | $20.12 | -$12.33 | -$9.28 | -$7.26 |
| Diluted shares | 61M | 64M | 81M | 331M | 381M | 431M | 416M | 382M | 384M | 389M |
| Gross margin | — | — | 100.0% | 100.0% | 99.0% | 85.8% | 71.9% | 31.5% | 54.8% | 55.3% |
| Operating margin | -206.4% | -130.9% | -306.0% | -910.0% | -95.0% | 72.0% | 48.9% | -61.9% | -121.9% | -158.1% |
| Net margin | -199.5% | -124.3% | -284.8% | -856.7% | -93.0% | 66.1% | 43.4% | -68.8% | -110.0% | -145.2% |
Balance sheet
Fiscal years, from Moderna's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $50M | $756M | $1.5B | $1.1B | $4.6B | $10.7B | $9.9B | $8.6B | $7.0B | $5.8B |
| Receivables | — | $12M | $12M | $5M | $1.4B | $3.2B | $1.4B | $892M | $358M | $184M |
| Inventory | — | — | — | $0 | $47M | $1.4B | $949M | $202M | $117M | $153M |
| Total current assets | — | $783M | $1.6B | $1.1B | $6.3B | $16.1B | $13.4B | $10.3B | $8.1B | $6.5B |
| Property, plant and equipment | — | $139M | $212M | $201M | $297M | $1.2B | $2.0B | $1.9B | $2.2B | $2.1B |
| Goodwill | — | — | — | — | — | — | $0 | $52M | $52M | $52M |
| Total assets | — | $1.1B | $2.0B | $1.6B | $7.3B | $24.7B | $25.9B | $18.4B | $14.1B | $12.3B |
| Total current liabilities | — | $191M | $223M | $143M | $4.4B | $9.1B | $4.9B | $3.0B | $2.2B | $2.0B |
| Long-term debt | — | — | — | — | — | — | — | — | $0 | $590M |
| Total liabilities | — | $459M | $432M | $415M | $4.8B | $10.5B | $6.7B | $4.6B | $3.2B | $3.7B |
| Shareholders' equity | -$335M | -$551M | $1.5B | $1.2B | $2.6B | $14.1B | $19.1B | $13.9B | $10.9B | $8.7B |
| Net debt | -$50M | -$135M | -$658M | -$236M | -$2.6B | -$6.8B | -$3.2B | -$2.9B | -$1.9B | -$2.0B |
Cash flow
Fiscal years, from Moderna's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $67M | -$331M | -$331M | -$459M | $2.0B | $13.6B | $5.0B | -$3.1B | -$3.0B | -$1.9B |
| Capital spending | $33M | $58M | $106M | $32M | $68M | $284M | $400M | $707M | $1.1B | $192M |
| Free cash flow | $34M | -$390M | -$437M | -$491M | $2.0B | $13.3B | $4.6B | -$3.8B | -$4.1B | -$2.1B |
| Stock-based compensation | $39M | $40M | $73M | $81M | $93M | $142M | $226M | $305M | $429M | $483M |
| Share buybacks (net) | — | — | — | $0 | $0 | -$857M | -$3.3B | -$1.2B | $0 | -$2M |
| Free cash flow margin | 31.0% | -189.4% | -323.3% | -818.3% | 244.0% | 72.2% | 23.8% | -55.9% | -125.3% | -106.2% |
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Open MRNA in InvestinglyQuestions
What was Moderna's revenue in 2025?
$1.9B in fiscal 2025, from its 10-K filing.
How much free cash flow does Moderna generate?
-$2.1B in fiscal 2025 (operating cash flow minus capital spending).
From Moderna's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.