ModernaMRNAEarnings & Financial Report
Moderna, Inc. is an American pharmaceutical and biotechnology company based in Cambridge, Massachusetts, that focuses on RNA therapeutics, primarily mRNA vaccines. 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".
MRNA Q3 FY2025 Key Financial Metrics
Revenue
$1.0B
Gross Profit
$809.0M
Operating Profit
$-260.0M
Net Profit
$-200.0M
Gross Margin
79.6%
Operating Margin
-25.6%
Net Margin
-19.7%
YoY Growth
-45.4%
EPS
$-0.51
Moderna Q3 FY2025 Financial Summary
Moderna reported revenue of $1.0B (down 45.4% YoY) for Q3 FY2025, with a net profit of $-200.0M (down 1638.5% YoY) (-19.7% margin). Cost of goods sold was $207.0M, operating expenses totaled $1.1B.
Key Financial Metrics
| Total Revenue | $1.0B |
|---|---|
| Net Profit | $-200.0M |
| Gross Margin | 79.6% |
| Operating Margin | -25.6% |
| Report Period | Q3 FY2025 |
Revenue Breakdown
Moderna Q3 FY2025 revenue of $1.0B breaks down across 5 segments, led by COVID19 at $971.0M (95.6% of total).
| Segment | Revenue | % of Total |
|---|---|---|
| COVID19 | $971.0M | 95.6% |
| Other Revenue | $20.0M | 2.0% |
| Grant | $14.0M | 1.4% |
| Collaboration Arrangement Including Arrangements With Affiliate | $7.0M | 0.7% |
| License And Royalty | $2.0M | 0.2% |
Moderna Revenue by Segment — Quarterly Trend
Moderna revenue by segment across the last 4 reported quarters, showing how each business line (such as COVID19 and Other Revenue) has evolved quarter over quarter.
| Segment | Q3 FY2025 | Q4 FY2024 | Q3 FY2024 | Q4 FY2023 |
|---|---|---|---|---|
| COVID19 | $971.0M | — | $1.8B | — |
| Other Revenue | $20.0M | — | — | — |
| Grant | $14.0M | — | — | — |
| Collaboration Arrangement Including Arrangements With Affiliate | $7.0M | — | $28.0M | — |
| License And Royalty | $2.0M | — | $7.0M | — |
Moderna Annual Revenue by Year
Moderna annual revenue history includes year-by-year totals (for example, 2022 revenue was $19.3B).
| Year | Annual Revenue | |
|---|---|---|
| 2022 | $19.3B | — |
Moderna Quarterly Revenue & Net Profit History
Moderna results over the last 8 reported quarters, including revenue, net profit and year-over-year growth.
| Quarter | Revenue | Revenue YoY | Net Profit | Net Margin |
|---|---|---|---|---|
| Q3 FY2025 | $1.0B | -45.4% | $-200.0M | -19.7% |
| Q4 FY2024 | $966.0M | -65.6% | $-1.1B | -115.9% |
| Q3 FY2024 | $1.9B | +1.7% | $13.0M | 0.7% |
| Q4 FY2023 | $2.8B | -44.7% | $217.0M | 7.7% |
| Q3 FY2023 | $1.8B | -45.6% | $-3.6B | -198.3% |
| Q1 FY2023 | $1.9B | -69.3% | $79.0M | 4.2% |
| Q4 FY2022 | $5.1B | -29.5% | $1.5B | 28.8% |
| Q3 FY2022 | $3.4B | -32.3% | $1.0B | 31.0% |
Income Statement
| Q3 2022 | Q4 2022 | Q1 2023 | Q3 2023 | Q4 2023 | Q3 2024 | Q4 2024 | Q3 2025 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $3.36B | $5.08B | $1.86B | $1.83B | $2.81B | $1.86B | $966.0M | $1.02B |
| YoY Growth | -32.3% | -29.5% | -69.3% | -45.6% | -44.7% | 1.7% | -65.6% | -45.4% |
Balance Sheet
| Q3 2022 | Q4 2022 | Q1 2023 | Q3 2023 | Q4 2023 | Q3 2024 | Q4 2024 | Q3 2025 | |
|---|---|---|---|---|---|---|---|---|
| Assets | $26.06B | $25.86B | $24.13B | $19.45B | $18.43B | $15.80B | $14.14B | $12.13B |
| Liabilities | $8.06B | $6.74B | $5.26B | $6.00B | $4.57B | $3.88B | $3.24B | $2.81B |
| Equity | $17.99B | $19.12B | $18.86B | $13.46B | $13.85B | $11.93B | $10.90B | $9.33B |
Cash Flow
| Q3 2022 | Q4 2022 | Q1 2023 | Q3 2023 | Q4 2023 | Q3 2024 | Q4 2024 | Q3 2025 | |
|---|---|---|---|---|---|---|---|---|
| Operating CF | $252.0M | $1.66B | $-1.23B | $-1.60B | $622.0M | $-1.57B | $825.0M | $-847.0M |