10-K · February 20, 2026
Moderna recorded total revenue of $1.9 billion in 2025, driven largely by COVID vaccine sales and the commercial launch of mNEXSPIKE (launched Q3 2025 and described as the leading product in the U.S. retail channel).…
Earnings analysis · 10-Q
MRNA earnings analysis
Filed May 1, 2026 · Our reading of the company's report
The latest report
Moderna reported Q1 2026 total revenue of $389 million, significantly exceeding consensus estimates of $233.8 million. However, the net loss per share of $(3.40) was larger than the previous year's loss of $(2.52).…
Read full summary
Moderna reported Q1 2026 total revenue of $389 million, significantly exceeding consensus estimates of $233.8 million. However, the net loss per share of $(3.40) was larger than the previous year's loss of $(2.52). Notably, the company incurred $955 million in cost of sales, primarily due to a $950 million litigation settlement expense. Management anticipates continued revenue growth in 2026 due to increased sales of COVID vaccines driven by international markets.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-3.4
- Segment
- Net product sales
- Segment
- Other revenue
What stood out
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Q1 2026 Revenue Growth
Moderna reported total revenue of $389 million, a 260% increase compared to $108 million in Q1 2025.
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Significant EPS Improvement
The actual diluted EPS of $(3.40) beat estimates of $(3.71), showing a 0.68% surprise.
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Ongoing Cost Management
Total operating expenses increased by 53% to $1.777 billion, but R&D expenses decreased 24% to $649 million.
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Settlement Agreement Impact
Q1 2026 cost of sales included $878 million related to the litigation settlement, affecting profitability.
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International Sales Boost
Net product sales outside the U.S. were $239 million, up from $0 in Q1 2025.
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Cash Balance Decrease
Cash and cash equivalents decreased from $2.6 billion to $1.9 billion, impacted by operating cash flows.
What to watch
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High Litigation Settlement Expenses
Record a $950 million litigation charge that severely impacted operational profitability.
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Declining Market Demand for Vaccines
Market dynamics pose a risk of reduced demand for COVID vaccines amidst competition.
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Increased Operating Losses
Projected loss of $1.3 billion for Q1 2026, raising concerns about financial sustainability.
Management's outlook
Management provided an outlook for modest revenue growth in 2026, driven by international sales, without specific numeric guidance.
Earlier filings 4
10-Q · November 6, 2025
Moderna reported Q3 revenue of $1,016 million and GAAP loss per diluted share of $(0.51). Revenue and product sales were materially lower year-over-year (Q3 2025 revenue $1,016M vs Q3 2024 $1,862M) but the quarter…
10-Q · May 1, 2025
Moderna reported Q1 2025 revenue of $108.0 million and GAAP diluted loss per share of $(2.52), with a sharp contraction in gross margin to 16.7% and an operating loss of $1,050 million. Operating cash burn remained…
10-Q · August 1, 2024
Moderna reported Q2 revenue of $241,000,000 and a GAAP net loss of $1,279,000,000 (EPS $(3.33)). Gross margin recovered to 52.3% (cost of sales $115M) after a large prior-year cost base, but the company remains…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.