Moderna (MRNA): financials, SEC filings and peers

Moderna (MRNA) is a biotechnology company in the Health Care sector of the S&P 500, headquartered in Cambridge, Massachusetts.

It was founded in 2010 and joined the S&P 500 on July 21, 2021.

Its fiscal year ends in December, and its shares trade on the Nasdaq.

In its SEC filings it is classified as “Biological Products, (No Diagnostic Substances)”.

Moderna at a glance

Revenue (12 months): $2.5B
Revenue growth: +13.1%
Operating margin: -116.0%
Net income (12 months): −$2.8B
Free cash flow (12 months): −$2.0B
Cash: $1.2B
Debt: $591M
Diluted EPS (12 months): $-7.10

Twelve months to September 30, 2026, from the 10-Q filed November 6, 2026.

Latest twelve months

Over the twelve months to September 30, 2026, Moderna reported revenue of $2.5 billion, up 13.1% from a year earlier.

Its operating margin was -116.0%, up 39.1 percentage points from a year earlier: for every $100 of sales, about $0 was left as operating profit.

Moderna reported a net loss of $2.8 billion over the period.

Operating cash flow was −$1.8 billion and capital spending $185 million, leaving free cash flow of −$2.0 billion (-78.0% of revenue).

At the end of the period it held $1.2 billion in cash and $591 million in debt, a net cash position of $604 million.

The diluted share count rose 10.3% in a year, which dilutes existing shareholders.

Five-year trend

Revenue went from $803 million in fiscal 2020 to $1.9 billion in fiscal 2025, about 19.3% a year.
Operating margin narrowed from -95.0% to -158.1% over the same years.
Free cash flow was negative in 3 of the last 6 fiscal years.
Moderna reported a net loss in 4 of the last 6 fiscal years.

Fiscal year	2021	2022	2023	2024	2025
Revenue	$18.5B	$19.3B	$6.8B	$3.2B	$1.9B
Revenue growth	2200.2%	4.3%	-64.4%	-52.7%	-39.9%
Operating margin	72.0%	48.9%	-61.9%	-121.9%	-158.1%
Net income	$12.2B	$8.4B	−$4.7B	−$3.6B	−$2.8B
Free cash flow	$13.3B	$4.6B	−$3.8B	−$4.1B	−$2.1B
Diluted EPS	$28.29	$20.12	$-12.33	$-9.28	$-7.26

Fiscal years as reported in Moderna’s 10-K filings. Free cash flow is operating cash flow minus capital spending.

Recent SEC filings

10-Q filed November 6, 2026 — quarterly report
8-K filed November 6, 2026 — Earnings results
8-K filed September 30, 2026 — Executive or director change; Regulation FD disclosure
8-K filed September 1, 2026 — Material agreement; New debt obligation
10-Q filed July 31, 2026 — quarterly report
8-K filed July 31, 2026 — Earnings results
8-K filed July 8, 2026 — Executive or director change; Regulation FD disclosure
8-K filed May 11, 2026 — Bylaw or fiscal-year change; Shareholder vote results

All Moderna filings on SEC EDGAR

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Questions about Moderna

Is Moderna's revenue growing?

Yes. Revenue for the twelve months to September 30, 2026 was $2.5 billion, up 13.1% from a year earlier, according to its SEC filings.

Is Moderna profitable?

Not over the latest twelve months: it reported a net loss of $2.8 billion for the period to September 30, 2026.

Does Moderna have more cash or more debt?

At September 30, 2026 it had $1.2 billion in cash and $591 million in debt, so more cash than debt.

When did Moderna last file financial results?

Its latest quarterly report (10-Q) was filed with the SEC on November 6, 2026.

Which companies are similar to Moderna?

In the S&P 500, Moderna is grouped in Biotechnology within the Health Care sector. AbbVie (ABBV), Amgen (AMGN), Biogen (BIIB), Gilead Sciences (GILD), Incyte (INCY) are in the same group.

Understand the numbers

Source: Moderna’s filings with the U.S. Securities and Exchange Commission (EDGAR), retrieved November 10, 2026. Figures are as reported by the company and may be restated. This page is for information only and is not financial advice.