Moderna, Inc. income statement & cash flow
In the fiscal year ended Dec 31, 2025, Moderna, Inc. reported net income of −$2.82B on revenue of $1.94B. Operating cash flow was −$1.87B and capital expenditures were $192.00M, leaving −$2.06B of free cash flow (operating cash flow minus capital expenditures).
Income statement and cash flow summary
| Fiscal year ended | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $108.40M | $205.82M | $135.07M | $60.00M | $803.00M | $18.47B | $19.26B | $6.85B | $3.24B | $1.94B |
| Operating income | −$223.77M | −$269.36M | −$413.27M | −$546.00M | −$763.00M | $13.30B | $9.42B | −$4.24B | −$3.94B | −$3.07B |
| Net income | −$216.21M | −$255.92M | −$384.73M | −$514.00M | −$747.00M | $12.20B | $8.36B | −$4.71B | −$3.56B | −$2.82B |
| Diluted EPS | — | — | — | −$1.55 | −$1.96 | $28.29 | $20.12 | −$12.33 | −$9.28 | −$7.26 |
| Operating cash flow | $66.73M | −$331.48M | −$330.87M | −$459.00M | $2.03B | $13.62B | $4.98B | −$3.12B | −$3.00B | −$1.87B |
| Capital expenditures | $33.14M | $58.40M | $105.77M | $32.00M | $68.00M | $284.00M | $400.00M | $707.00M | $1.05B | $192.00M |
| Reported in | 10-K 2019 | 10-K 2020 | 10-K 2021 | 10-K 2022 | 10-K 2023 | 10-K 2024 | 10-K 2025 | 10-K 2026 | 10-K 2026 | 10-K 2026 |
Margins
Each figure divided by revenue for the same fiscal year.
| Fiscal year ended | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| Dec 2025 | — | -158.1% | -145.2% |
| Dec 2024 | — | -121.9% | -110.0% |
| Dec 2023 | — | -61.9% | -68.8% |
| Dec 2022 | — | 48.9% | 43.4% |
| Dec 2021 | — | 72.0% | 66.1% |
Source: SEC EDGAR XBRL company facts for CIK 1682852 (raw data). Most recent filing in this dataset: 10-Q filed Jul 31, 2026. SEC data file dated Nov 3, 2026; page built Nov 5, 2026. Figures are as most recently reported, including restatements. How we select figures.