Saturday 31 October 2026 Export MRNA’s income statement to Excel — free account

Moderna, Inc.

MRNA Healthcare Biotechnology

Moderna, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $1.9 billion, down 39.9% from fiscal 2024.

Revenue: +2.11%
EPS: +7.51%
Free cash flow: +38.9%
Total debt: +1,765.6%

Quarter to June 2026, against a year earlier

221.72 1.04 −0.47%

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Market cap: $88.9B
P/E: 0.0×
Fwd P/E: −26.1×
Dividend yield: —
F-score: 3/9
Altman Z: 2.46
Beneish M: −3.52
Dividend safety: n/a

Overview Business Profile Earnings & Analysis Segments Filings

Moderna, Inc. (MRNA) revenue by segment, product and region

Where the money comes from and where it goes

Fiscal 2022: revenue by products and services, and margins
Net product sales	18,435	95.70%
Other revenue	828	4.30%
Gross margin		71.88%
Operating margin		48.90%
Pre-tax margin		49.71%

Revenue by product or service $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2018	FY2016
Collaboration Arrangement	—	—	—	—	—	123 90.70%	69 63.76%
Collaborative Arrangement With Affiliate	—	—	—	—	—	—	32 29.92%
Also reported: a second breakdown of the same revenue
COVID	1,810 93.11%	3,084 95.30%	6,671 97.42%	18,435 95.70%	—	—	—
Stand-ready manufacturing revenue	80 4.12%	0 0.00%	0 0.00%	—	—	—	—
Grant revenue	22 1.13%	37 1.14%	94 1.37%	388 2.01%	735 3.98%	13 9.30%	7 6.33%
Collaboration Arrangement, Including Arrangements With Affiliate	13 0.67%	48 1.48%	83 1.21%	440 2.28%	61 0.33%	—	—
Licensing and royalty revenue	11 0.57%	42 1.30%	0 0.00%	0 0.00%	—	—	—
RSV	8 0.41%	25 0.77%	0 0.00%	0 0.00%	—	—	—
Other revenue	126	127	—	—	796	—	—
Net product sales	1,818	3,109	—	—	—	—	—
Revenue	1,944	3,236	6,848	19,263	18,471	135	108

Gross profit by product or service $m, and margin

	FY2025	FY2024	FY2023	FY2022	FY2021	FY2018	FY2016
Product Sales, Distribution Fees	‡	‡	‡	‡	‡	‡	‡
Gross profit	‡	‡	‡	‡	‡	‡	‡
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Revenue by region $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
United States	1,199 61.68%	1,785 55.16%	1,895 27.67%	5,150 26.74%	6,177 33.44%	764 95.14%	55 91.67%	89 65.95%
Rest of world	692 35.60%	853 26.36%	3,598 52.54%	7,298 37.89%	5,448 29.49%	6 0.75%	0 0.00%	—
Europe	53 2.73%	598 18.48%	1,355 19.79%	6,815 35.38%	6,846 37.06%	33 4.11%	5 8.33%	—
Non-US	—	—	—	—	—	—	—	46 34.05%
Revenue	1,944	3,236	6,848	19,263	18,471	803	60	135

As each company reports them in its 10-K and 10-Q filings, in US dollars. Where a later filing recast a year's segments, the year is shown as recast; a period whose breakdown does not add up to the company's revenue is left out.